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			<title>A&amp;O Shearman | FinReg</title>
			<link>https://finreg.aoshearman.com</link>
			<description><![CDATA[The following posts provide a snapshot of selected UK, EU and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructures, asset managers and corporates.]]></description>
			<atom:link href="https://finreg.aoshearman.com/rss/blogs" rel="self" type="application/rss+xml" />
			
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					      <title>ESMA publishes findings from its CSA on MiFID II sustainability aspects</title>
					      <link>https://finreg.aoshearman.com/esma-publishes-findings-from-its-csa-on-mifid-ii-sustainability-aspects</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a statement setting out the results of its common supervisory action (CSA) with national competent authorities on the integration of sustainability in firms&apos; suitability assessment and product governance processes and procedures under the Markets in Financial Instruments Directive (MiFID II). ESMA announced the launch of the CSA in October 2023, and the exercise took place over the course of 2024 and 2025. The statement summarises the results of the CSA, highlights the key themes that have emerged from the work and provides some high level interim supervisory expectations on a few key areas to foster consistent implementation while reducing burden during the current transition period.

Read more.]]></description>
					      
						      <pubDate>Wed, 06 May 2026 15:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-publishes-findings-from-its-csa-on-mifid-ii-sustainability-aspects</guid>
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					      <title>ESMA publishes MiCAR guidelines compliance tables</title>
					      <link>https://finreg.aoshearman.com/esma-publishes-micar-guidelines-compliance-tables</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a compliance table under the Markets in Cryptoassets Regulation (MiCAR) setting out member state compliance with its guidelines on when a third-country firm is deemed to solicit clients established or situated in the EU, and the supervision practices to detect and prevent circumvention of the reverse solicitation exemption under MiCAR. This follows an earlier compliance table published on 5 May, setting out member state compliance with ESMA&apos;s guidelines on procedures and policies (including client rights) in the context of cryptoasset transfer services under MiCAR on investor protection.]]></description>
					      
						      <pubDate>Wed, 06 May 2026 14:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-publishes-micar-guidelines-compliance-tables</guid>
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					      <title>CPMI and IOSCO consultation on updated guidance and public disclosures to implement initial margin proposals</title>
					      <link>https://finreg.aoshearman.com/cpmi-and-iosco-consultation-on-updated-guidance-and-public-disclosures-to-implement-initial-margin-proposals</link>
					      <description><![CDATA[
The BIS Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have published a joint consultation and updated versions of their 2017 central counterparties (CCP) resilience guidance, and their 2015 public quantitative disclosure standards (PQDs) for CCPs. The purpose of the proposed amendments is to incorporate relevant proposals from the January 2025 BCBS-CPMI-IOSCO report on the transparency and responsiveness of initial margin in centrally cleared markets. The proposed amendments address areas such as the use of margin simulation tools, measurement of initial margin responsiveness, governance of margin models, the use of margin model overrides, and enhancements to CCP public disclosures. The consultation clarifies that the proposed amendments are not intended to create additional standards for CCPs beyond those set out in the Principles for Financial Market Infrastructure. The deadline for comments is 30 June.]]></description>
					      
						      <pubDate>Wed, 06 May 2026 13:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/cpmi-and-iosco-consultation-on-updated-guidance-and-public-disclosures-to-implement-initial-margin-proposals</guid>
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					      <title>UK FCA statement announces review of claims management practices</title>
					      <link>https://finreg.aoshearman.com/uk-fca-statement-announces-review-of-claims-management-practices</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a statement announcing it is launching a review of the claims management market, prompted by concerns that some claims management companies (CMCs) and law firms are delivering poor consumer outcomes. The review will examine the root causes of poor practices across the market, including aggressive marketing, misleading advertising, unfair exit fees, and instances where consumers are being signed up without their consent or by multiple firms, leading to confusion and delaying compensation. While these issues in relation to motor finance claims have been brought into sharper focus, the FCA has also noted concerns about the handling of other claims.

Working with the Solicitors Regulation Authority and other regulatory partners, the FCA will examine: (i) whether consumers receive fair value, and whether existing price caps are still fit for purpose; (ii) financial incentives and whether these create potential conflicts of interest; and (iii) review whether the full end-to-end consumer journey, including lead generation, marketing and advertising, delivers good consumer outcomes. The review will also consider whether different approaches across different regulatory regimes affect firm behaviour and if some firms are failing to secure the appropriate permissions. The FCA expects full and open cooperation from all firms in the review and indicates that it, together with its regulatory and enforcement partners, may take robust action where this is not the case. It will also make recommendations to the government for any potential legislative reform, including whether CMCs and law firms should be subject to stronger compensation mechanisms if they cause harm.]]></description>
					      
						      <pubDate>Wed, 06 May 2026 13:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-statement-announces-review-of-claims-management-practices</guid>
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					      <title>UK FCA announces new joint regulatory taskforce to tackle poor practice in motor finance claims</title>
					      <link>https://finreg.aoshearman.com/uk-fca-announces-new-joint-regulatory-taskforce-to-tackle-poor-practice-in-motor-finance-claims</link>
					      <description><![CDATA[
The UK Financial Conduct Authority has announced the creation of a joint regulatory taskforce—with the Solicitors Regulation Authority, Information Commissioner&apos;s Office and Advertising Standards Authority—to tackle poor practices in the handling of motor finance claims by certain claims management companies and law firms. The taskforce will coordinate intelligence sharing and take targeted, coordinated actions using the full extent of their powers to mitigate harm to consumers. Regulatory actions will be progressed, with outcomes communicated jointly, signalling a unified regulatory response and clear expectations for market behaviour. The taskforce will focus on addressing misleading advertising and sign-up processes, meritless claims, multiple representation and unfair exit fees. It will also look at firms&apos; financial and operational resilience including, but not limited to, the quality and integrity of accounting and audit practices. The taskforce will run for a minimum of six months followed by a progress review.]]></description>
					      
						      <pubDate>Wed, 06 May 2026 13:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-announces-new-joint-regulatory-taskforce-to-tackle-poor-practice-in-motor-finance-claims</guid>
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					      <title>ESMA consults on a new approach to updating MMF stress test parameters</title>
					      <link>https://finreg.aoshearman.com/esma-consults-on-a-new-approach-to-updating-mmf-stress-test-parameters</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has launched a consultation on a new approach to updating the parameters for stress test scenarios under the Money Market Funds (MMF) Regulation. Under the MMF Regulation, ESMA is required to develop guidelines establishing common reference parameters of the stress test scenarios to be included in the stress tests that MMFs or managers of MMFs are required to conduct and update these guidelines annually based on the input provided by the European Systemic Risk Board (ESRB).

ESMA proposes to replace the annual update of the parameters included in the guidelines (section 5 of the guidelines that includes the calibrations) with an annual update of a dedicated page on the ESMA website where the parameters would be made available. This approach is intended to streamline the update of the parameters, improve accessibility for MMF managers across the EU, and provide greater flexibility in terms of timing, as the new parameters would be immediately available and applicable without waiting for the translations of the guidelines to be finalised. The guidelines would continue to set out the framework and methodology for MMF stress testing, while the ESMA webpage would exclusively be used to publish the updated annual calibration of the parameters. From a supervisory perspective, the change would allow market participants to use the new set of parameters closer to the publication of the related ESRB scenario and reduce the risk of discrepancies. The change is also intended to reduce burden and simplify the process for ESMA and national competent authorities, in line with ESMA&apos;s simplification and burden reduction initiative.

Read more.]]></description>
					      
						      <pubDate>Tue, 05 May 2026 15:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-consults-on-a-new-approach-to-updating-mmf-stress-test-parameters</guid>
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					      <title>Listed Investment Companies (Classification etc) Bill will make no further progress</title>
					      <link>https://finreg.aoshearman.com/listed-investment-companies-classification-etc-bill-will-make-no-further-progress</link>
					      <description><![CDATA[
The UK Parliament has published an updated webpage confirming that the Listed Investment Companies (Classification etc) Bill, a Private Members&apos; Bill introduced in September 2024, will make no further progress as the 2024-2026 session of Parliament has come to an end. The Bill made provision about listed investment companies; the classification and characteristics of those companies; and for connected purposes. It related to collective investment undertakings of the closed-end type, the shares of which are admitted to trading on any market or venue operated by a UK recognised investment exchange, known as Listed Closed-End Investment Companies and did not relate to collective investment undertakings other than the closed-end type.]]></description>
					      
						      <pubDate>Tue, 05 May 2026 15:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/listed-investment-companies-classification-etc-bill-will-make-no-further-progress</guid>
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					      <title>Official translations of ESMA guidelines on internal controls for BMAs, CRAs and MTIs</title>
					      <link>https://finreg.aoshearman.com/official-translations-of-esma-guidelines-on-internal-controls-for-bmas-cras-and-mtis</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published official translations of its final guidelines on internal controls for benchmark administrators (BMAs), credit rating agencies (CRAs) and market transparency infrastructures (MTIs), which include trade repositories, data reporting services providers and securitisation repositories. They repeal and replace ESMA&apos;s previous CRA-specific internal control guidance, extend coverage to BMAs and MTIs, and update expectations to address technology-related risks and integration of new technologies. The final report was initially published by ESMA in December 2025. The guidelines will apply from 1 October.]]></description>
					      
						      <pubDate>Tue, 05 May 2026 14:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/official-translations-of-esma-guidelines-on-internal-controls-for-bmas-cras-and-mtis</guid>
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					      <title>EC adopts Delegated Regulation on fees to validate pro forma models under EMIR</title>
					      <link>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-on-fees-to-validate-pro-forma-models-under-emir</link>
					      <description><![CDATA[
The European Commission has adopted a Delegated Regulation supplementing the European Market Infrastructure Regulation ((EU) No 648/2012) (EMIR), specifying the method for the determination of fees charged by the European Banking Authority (EBA) for the validation of pro forma initial margin models. EMIR, as amended by EMIR 3, requires that counterparties apply for authorisation to their competent authorities before using, or adopting a change to, a model for initial margin calculation used as a risk-mitigation technique for over-the-counter (OTC) derivative contracts not cleared by a central counterparty. The EBA is required to establish a central validation function for the elements and general aspects of pro forma models, and any changes to those. It can also charge an annual fee per pro forma model to counterparties using the pro forma models it validates.

Read more.]]></description>
					      
						      <pubDate>Tue, 05 May 2026 13:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-on-fees-to-validate-pro-forma-models-under-emir</guid>
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					      <title>ESMA final report on integrated collection of funds&apos; data under AIFMD II</title>
					      <link>https://finreg.aoshearman.com/esma-final-report-on-integrated-collection-of-funds-data-under-aifmd-ii</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its final report on the integrated collection of funds&apos; data, as part of its broader simplification and burden reduction agenda for EU reporting frameworks and due to legislative changes introduced by the Directive amending the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive (AIFMD II). ESMA proposes moving away from fragmented national reporting requirements towards a common EU reporting framework based on a single reporting template, designed to be proportionate to different fund sizes and investment strategies, with the aim of reducing duplication and improving data consistency. This would operate under a hybrid operational model, with data collected at national level but with data validation, storage and analytics being organised at EU level. The EU-level centralised data hub would facilitate data sharing between authorities and limit duplicative data requests.

ESMA will take forward the conclusions of the report in the context of its forthcoming work on the regulatory and implementing technical standards under AIFMD II. It will publish a consultation paper later this year, with the aim of finalising the technical standards by April 2027. After that, the implementation of the new template and the remaining recommendations will be phased in, with the first phase integrating reporting under AIFMD II, and the second phase expanding the integrated framework to other reporting obligations. The go-live of reporting is expected in H1 2029 at the earliest.]]></description>
					      
						      <pubDate>Mon, 04 May 2026 15:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-final-report-on-integrated-collection-of-funds-data-under-aifmd-ii</guid>
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					      <title>The Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026 published</title>
					      <link>https://finreg.aoshearman.com/the-credit-institutions-and-investment-firms-miscellaneous-definitions-amendment-regulations-2026-published</link>
					      <description><![CDATA[
The Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026 were published with an explanatory memorandum. This follows HM Treasury&apos;s policy response on applying the Financial Services and Markets Act 2000 model of regulation to the UK Capital Requirements Regulation (UK CRR). The Regulations make amendments to support the transition away from retained EU law by ensuring that key prudential definitions continue to be set out in domestic legislation ahead of the revocation of relevant provisions in the UK CRR. The draft version was laid before Parliament in March. The Regulations enter into force on 1 January 2027.]]></description>
					      
						      <pubDate>Thu, 30 Apr 2026 15:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/the-credit-institutions-and-investment-firms-miscellaneous-definitions-amendment-regulations-2026-published</guid>
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					      <title>ESMA call for evidence on the market structure of European equity markets</title>
					      <link>https://finreg.aoshearman.com/esma-call-for-evidence-on-the-market-structure-of-european-equity-markets</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has launched a call for evidence on the structure of European equity markets, presenting an analysis of trends between 2022 and 2025 based on transaction data reported under the Markets in Financial Instruments Regulation (MiFIR). ESMA&apos;s analysis suggests that equity markets continue to function well overall, with stable levels of addressable liquidity and on book trading, although it notes a decline in lit continuous trading that has been offset by greater use of other trading mechanisms, including closing auctions, frequent batch auctions and systematic internaliser trading. The analysis also covers how liquidity is allocated across different trading mechanisms on a country by country basis.

ESMA invites stakeholder input on a broad range of topics including: (i) ESMA&apos;s understanding of the trading landscape; (ii) identified trends in relation to on- and off-book trading, and addressable and non-addressable liquidity; (iii) price formation; (iv) attractiveness and choice of venues; (v) dedicated questions on dark trading and 24-hour (or extended-hour) trading; (vi) growing use of benchmark transactions; and (vii) member preferencing. The call for evidence also confirms that ESMA has decided to repeal the Q&amp;A which states that periodic auctions are subject to the tick size regime.

The deadline for responses is 30 June, with a feedback statement expected in the second half of the year.]]></description>
					      
						      <pubDate>Thu, 30 Apr 2026 15:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-call-for-evidence-on-the-market-structure-of-european-equity-markets</guid>
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					      <title>ESMA launches sixth stress test exercise for CCPs</title>
					      <link>https://finreg.aoshearman.com/esma-launches-sixth-stress-test-exercise-for-ccps</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has launched its sixth EU‑wide stress test exercise for central counterparties (CCPs), under the European Market Infrastructure Regulation (EMIR). The stress test aims to assess CCPs&apos; resilience to severe but plausible adverse market scenarios and identify potential vulnerabilities. The exercise, supported by an adverse scenario developed by the European Systemic Risk Board (ESRB), covers 16 CCPs, including all authorised EU CCPs and two UK‑based Tier 2 CCPs, and enhances the analytical framework by introducing improved methodologies and expanded scope. For the first time, it assesses the aggregate impact of CCPs&apos; recovery and resolution arrangements on market participants and EU financial stability. ESMA will launch data collection in early May, with results expected to be published in Q1 2027.]]></description>
					      
						      <pubDate>Thu, 30 Apr 2026 14:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-launches-sixth-stress-test-exercise-for-ccps</guid>
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					      <title>UK FCA confirms cryptoasset firms can request pre-application meetings from May</title>
					      <link>https://finreg.aoshearman.com/uk-fca-confirms-cryptoasset-firms-can-request-pre-application-meetings-from-may</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has announced that from 11 May, cryptoasset firms preparing for the new UK cryptoasset regime will be able to request pre‑application meetings through the FCA&apos;s pre‑application support service (PASS). The meetings are free of charge and are intended to allow firms to discuss proposed business models and regulatory expectations with the FCA and to raise questions ahead of applying for authorisation or a variation of permission. Meetings will take place from July, before the authorisation gateway opens on 30 September. The new cryptoasset regulatory regime scheduled to commence on 25 October 2027. For further background on the regime, you may wish to watch our webinars which are available here.]]></description>
					      
						      <pubDate>Thu, 30 Apr 2026 14:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-confirms-cryptoasset-firms-can-request-pre-application-meetings-from-may</guid>
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					      <title>ESMA consults on guidelines on endorsement under the ESG Ratings Regulation</title>
					      <link>https://finreg.aoshearman.com/esma-consults-on-guidelines-on-endorsement-under-the-esg-ratings-regulation</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has launched a consultation on draft guidelines on endorsement under the Environmental, Social and Governance (ESG) Ratings Regulation (EU) 2024/3005, setting out its proposed approach to the endorsement of non‑EU ESG ratings. The proposed guidelines are intended to complement the statutory endorsement conditions by specifying the information and documentation ESG rating providers are expected to submit when applying to ESMA for endorsement of non‑EU ESG ratings, as well as the ongoing requirements on the processes and controls to be demonstrated on an ongoing basis following authorisation. The deadline for comments is 29 May, after which ESMA will finalise the guidelines and publish a final report. Further information on the outcome of the consultation and the adoption of the guidelines will be communicated before the end of July. The guidelines are expected to apply three months after publication in all EU official languages on ESMA&apos;s website, with ESMA taking them into account for supervisory purposes from 2 August.]]></description>
					      
						      <pubDate>Wed, 29 Apr 2026 16:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-consults-on-guidelines-on-endorsement-under-the-esg-ratings-regulation</guid>
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					      <title>UK PRA and BoE statement of policy on approach to CBA</title>
					      <link>https://finreg.aoshearman.com/uk-pra-and-boe-statement-of-policy-on-approach-to-cba</link>
					      <description><![CDATA[
The Bank of England (BoE) and the UK Prudential Regulation Authority (PRA) have published updated Statements of Policy (SoP) setting out their respective approaches to cost benefit analysis (CBA). The BoE SoP sets out how it conducts CBAs when making rules for financial market infrastructures, in particular central counterparties and central securities depositories. It explains that CBA is integral to the BoE&apos;s policymaking and statutory obligations under the Financial Services and Markets Act 2000, with a primary focus on assessing impacts on UK financial stability and economic output, while also having regard to innovation.

The updated PRA SoP14/24 similarly confirms that CBA is an integral part of PRA policymaking for PRA regulated firms and explains how the PRA assesses expected costs and benefits (including impacts on safety and soundness, policyholder protection, competition and UK competitiveness). In parallel, it published a technical note setting out its standard cost model, which provides a structured and proportionate methodology for estimating firms&apos; direct operational compliance costs or savings arising from regulatory changes. The PRA welcomes feedback on the model, as stated in a new webpage, to support its continuous improvement.]]></description>
					      
						      <pubDate>Wed, 29 Apr 2026 16:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-and-boe-statement-of-policy-on-approach-to-cba</guid>
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					      <title>EBA decision to streamline guidelines on connected clients under CRR</title>
					      <link>https://finreg.aoshearman.com/eba-decision-to-streamline-guidelines-on-connected-clients-under-crr</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a decision confirming it has streamlined its guidelines on connected clients as defined under the Capital Requirements Regulation, by partially deleting certain sections following the entry into force of Commission Delegated Regulation (EU) 2024/1728. This Delegated Regulation introduces binding regulatory technical standards specifying when institutions must identify groups of connected clients, rendering some existing guideline provisions redundant. As a result, the EBA has removed those elements of the guidelines that are no longer necessary. The decision is accompanied by a consolidated version of the guidelines, reflecting the partial deletions and applies to credit institutions across the EU.]]></description>
					      
						      <pubDate>Wed, 29 Apr 2026 15:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-decision-to-streamline-guidelines-on-connected-clients-under-crr</guid>
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					      <title>UK FCA Market Watch 85—market conduct and transaction reporting issues</title>
					      <link>https://finreg.aoshearman.com/uk-fca-market-watch-85market-conduct-and-transaction-reporting-issues</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Market Watch 85, setting out how the information‑sharing provisions in the Economic Crime and Corporate Transparency Act 2023 (ECCTA) can be used by firms to prevent, detect and investigate economic crime, including criminal market abuse. The FCA explains that ECCTA allows in-scope firms to share customer or former customer information with other firms directly where specified &quot;warning&quot; or &quot;request&quot; conditions are met, while providing protection from breaches of confidentiality and civil liability, subject to continued compliance with data protection requirements. The warning condition applies where a firm has taken (or would have taken) safeguarding action, such as terminating or restricting the service provided to a customer, due to suspected criminal market manipulation. The request condition applies where a firm has requested information from another firm, which it reasonably believes holds information that may assist it in taking &quot;relevant action&quot;, including preventing, detecting or investigating economic crime.

Read more.]]></description>
					      
						      <pubDate>Wed, 29 Apr 2026 14:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-market-watch-85market-conduct-and-transaction-reporting-issues</guid>
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					      <title>UK FCA consults on changes to the financial promotion rules for consumer credit</title>
					      <link>https://finreg.aoshearman.com/uk-fca-consults-on-changes-to-the-financial-promotion-rules-for-consumer-credit</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP26/15, setting out proposals to review and simplify the financial promotions rules in the Consumer Credit sourcebook (CONC). This follows feedback to the 2024 call for input that the regime is overly complex and outdated, particularly in light of the consumer duty. The FCA proposes removing a number of prescriptive rules and guidance that overlap with the duty, while retaining key consumer protections. This includes the ability for consumers to bring private actions for breaches of the financial promotions rules, which is not available for breaches of the consumer duty. The draft rules also include minor amendments to CONC 3.3.1AG to reflect changes introduced by the Digital Markets, Competition and Consumer Act 2024.

Furthermore, CP26/15 includes a discussion paper on cost disclosure, seeking views on the effectiveness of representative annual percentage rate (commonly referred to as APR) disclosures in light of research that indicates a lack of understanding among consumers as to how APR functions as a measure of cost.

Read more.]]></description>
					      
						      <pubDate>Wed, 29 Apr 2026 14:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-consults-on-changes-to-the-financial-promotion-rules-for-consumer-credit</guid>
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					      <title>EBA updates correlated currencies used to calculate CRR requirements for foreign exchange risk</title>
					      <link>https://finreg.aoshearman.com/eba-updates-correlated-currencies-used-to-calculate-crr-requirements-for-foreign-exchange-risk</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has updated the list of correlated currencies in accordance with the technical standards mandated by Article 354 of the EU Capital Requirements Regulation (Regulation (EU) No 575/2013) (CRR). Article 354 allows institutions to provide lower own funds requirements against positions in relevant closely correlated currencies.

The EBA updated the list by way of a draft Implementing Regulation amending the relevant technical standards (which are set out in Implementing Regulation (EU) 2015/2197), with an Annex confirming the revised list. The update is intended to ensure that the listed currency correlations continue to reflect actual market conditions and is based on the EBA&apos;s latest assessment using data up to 31 March 2025. The amendments do not introduce any methodological or substantive policy changes, but instead apply the existing framework in Implementing Regulation (EU) 2015/2197 to an updated data set. Once adopted, the Amending Implementing Regulation will replace the current Annex to Implementing Regulation (EU) 2015/2197 and will enter into force on the 20th day following publication in the Official Journal of the European Union. The revised list has been submitted to the European Commission for endorsement, as confirmed in the EBA&apos;s press release.]]></description>
					      
						      <pubDate>Tue, 28 Apr 2026 16:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-updates-correlated-currencies-used-to-calculate-crr-requirements-for-foreign-exchange-risk</guid>
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					      <title>Implementing Regulation under EU BMR exempting certain spot FX benchmarks published in OJ</title>
					      <link>https://finreg.aoshearman.com/implementing-regulation-under-eu-bmr-exempting-certain-spot-fx-benchmarks-published-in-oj</link>
					      <description><![CDATA[
The Commission Implementing Regulation (EU) 2026/905 supplementing the EU Benchmark Regulation (EU) 2016/1011 (BMR) was published in the Official Journal of the European Union (OJ). The Implementing Regulation designates a list of spot foreign exchange (FX) benchmarks that meet the criteria in Article 18a of the BMR, with the effect that those benchmarks are excluded from the scope of the BMR. The designated benchmarks are:


	USD/INR (U.S. dollar/-Indian rupee).
	USD/KRW (U.S. dollar/-Korean won).
	USD/TWD (U.S. dollar/-Taiwan dollar).
	USD/PHP (U.S. dollar/-Philippine peso).

A draft version of the Regulation was published in January for consultation following feedback from a May 2025 consultation assessing whether the benchmarks satisfy the Article 18a conditions, including their widespread use for hedging purposes and the absence of equivalent EU‑administered benchmarks. The Regulation enters into force on 17 May, being the 20th day following its publication in the OJ.]]></description>
					      
						      <pubDate>Mon, 27 Apr 2026 15:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/implementing-regulation-under-eu-bmr-exempting-certain-spot-fx-benchmarks-published-in-oj</guid>
				    </item>
			
					 <item>
					      <title>UK FCA Primary Market Bulletin 63 - POATRs regime</title>
					      <link>https://finreg.aoshearman.com/uk-fca-primary-market-bulletin-63-poatrs-regime</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Primary Market Bulletin 63 (PMB 63) setting out updates relevant to primary market participants following the implementation of the Public Offers and Admissions to Trading Regulations 2024 (POATRs).

The FCA finalises technical note (TN) 717.3 on sponsors&apos; record keeping requirements, following consultation in PMB 61 and without further amendments, and consults on revised guidance in TN 619.2 on working capital statement disclosures. The proposed revisions include new guidelines allowing issuers, in limited circumstances, to rely on uncommitted facilities in their working capital deductions, subject to appropriate disclosure. The deadline for responses to the consultation on TN 619.2 is 15 June. The bulletin also provides a summary of minor amendments to the UK Listing Rules (UKLR) sourcebook and the Prospectus Rules: Admission to Trading on a Regulated Market (PRM) sourcebook made through quarterly consultation papers, and signals future consultations on POATRs-related rule changes in Q4 this year— inviting market participants and advisers to notify the FCA of any &quot;snagging&quot; issues with the UKLR or PRM by the end of August.

Read more.]]></description>
					      
						      <pubDate>Mon, 27 Apr 2026 14:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-primary-market-bulletin-63-poatrs-regime</guid>
				    </item>
			
					 <item>
					      <title>UK FCA consults on changes to information flows for UK equity IPOs</title>
					      <link>https://finreg.aoshearman.com/uk-fca-consults-on-changes-to-information-flows-for-uk-equity-ipos</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP26/14, setting out proposals to amend its rules on information sharing during UK equity initial public offerings (IPOs). The FCA proposes to amend its conduct of business sourcebook (COBS) to: (i) remove the mandatory seven‑day waiting period between the publication of an approved registration document or prospectus and connected research, and; (ii) repeal the related requirements mandating that syndicate banks intending to publish connected IPO research share the same information with a range of unconnected analysts, as they do with their own research analysts. The FCA considers that the current regime, introduced in 2018 to encourage the production of unconnected research and mitigate conflicts of interest, has not achieved its intended effects and has instead lengthened IPO timelines, increased costs and exposed issuers to additional market risk.

The consultation also proposes a technical correction to COBS 12.2.21R. The correction addresses an inconsistency resulting from earlier changes made to the FCA rules when the UK MiFID Organisational Regulation (on-shored Regulation 2017/565) was revoked and its requirements transferred into FCA rules.

Finally, the FCA is seeking feedback on further potential reform, and the consultation paper includes discussion questions on alternative approaches to the timing of publishing an approved prospectus or registration document in conjunction with connected research, and restrictions on pre-mandate analyst/issuer communications.

The deadline for responses is 29 May.]]></description>
					      
						      <pubDate>Mon, 27 Apr 2026 14:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-consults-on-changes-to-information-flows-for-uk-equity-ipos</guid>
				    </item>
			
					 <item>
					      <title>UK FCA statement on motor finance redress scheme challenged</title>
					      <link>https://finreg.aoshearman.com/uk-fca-statement-on-motor-finance-redress-scheme-challenged</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a statement confirming that its proposed motor finance redress scheme has been formally challenged, which may delay compensation payments to affected consumers. The FCA expressed disappointment that the challenge could prolong uncertainty for both consumers and the motor finance market. The FCA is considering its response and will provide further details on its approach later this week.]]></description>
					      
						      <pubDate>Mon, 27 Apr 2026 14:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-statement-on-motor-finance-redress-scheme-challenged</guid>
				    </item>
			
					 <item>
					      <title>EC adopts ESG rating Delegated Regulations on fees and fines for ESG rating providers</title>
					      <link>https://finreg.aoshearman.com/ec-adopts-esg-rating-delegated-regulations-on-fees-and-fines-for-esg-rating-providers</link>
					      <description><![CDATA[
The European Commission (EC) has adopted two Delegated Regulations supplementing the Environmental, Social And Governance (ESG) Ratings Regulation (EU) 2024/3005 on the transparency and integrity of ESG rating activities. The first Delegated Regulation sets out regulatory technical standards (RTS) on the supervisory fees to be charged by the European Securities and Markets Authority (ESMA) to ESG rating providers. The second draft Delegated Regulation establishes the procedural framework for ESMA&apos;s imposition of fines and periodic penalty payments on ESG rating providers. Draft versions of the Regulations were published in January for feedback. The Council of the EU and the European Parliament will now scrutinise the Delegated Regulations, and if neither object, they will enter into force on the day following publication in the Official Journal of the European Union, applicable to all member states.]]></description>
					      
						      <pubDate>Fri, 24 Apr 2026 16:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-adopts-esg-rating-delegated-regulations-on-fees-and-fines-for-esg-rating-providers</guid>
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					 <item>
					      <title>UK FCA cyber coordination group insights 2025</title>
					      <link>https://finreg.aoshearman.com/uk-fca-cyber-coordination-group-insights-2025</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new webpage summarising discussions held with members of its cyber coordination group (CCG) on good and poor practice in cyber resilience. The FCA focuses on three areas: incident response and recovery; implications on emerging technologies (including AI and post‑quantum cryptography (PQC)); and insider risk management. The FCA notes that the insights do not introduce new regulatory expectations but are intended to help firms assess and strengthen their cyber resilience in line with existing expectations and operational resilience requirements.

On incident response and recovery, CCG members highlighted the importance of comprehensive service mapping of key personnel, technology assets and third-party services to strengthen response capabilities, the use of severe but plausible scenarios to test recovery at scale, and early and sustained senior management involvement in testing and response exercises. Many members also reported benefits from subscribing to the National Cyber Security Centre&apos;s early warning service. Key challenges include difficulty in mapping in complex organisations and technology environments, limited relationships with the board hindering early senior management involvement, and difficulties engaging with third parties where contractual requirements are limited or there&apos;s no shared history of expectations.

Read more.]]></description>
					      
						      <pubDate>Fri, 24 Apr 2026 15:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-cyber-coordination-group-insights-2025</guid>
				    </item>
			
					 <item>
					      <title>UK FCA Handbook Notice 140</title>
					      <link>https://finreg.aoshearman.com/uk-fca-handbook-notice-140</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Handbook Notice No. 140, outlining amendments to the FCA Handbook resulting from the following statutory instruments:


	Financial Services Compensation Scheme (FSCS) (Management Expenses Levy Limit 2026/2027) Instrument 2026, entering into force on 1 April. This amends the FEES manual to reflect the approved levy cap for 2026/27.
	Short Selling Rules Sourcebook Instrument 2026, entering into force on 13 July. This introduces a new short selling sourcebook, which replaces the assimilated EU short selling regime and establishes a new UK framework.
	Individual Accountability (SMCR Review) Instrument 2026, with most changes having entered into force on 24 April while certain provisions come into force later in July and September. This implements the Phase 1 reforms of the Senior Managers and Certification Regime, aimed at improving proportionality and efficiency.


Read more.]]></description>
					      
						      <pubDate>Fri, 24 Apr 2026 10:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-handbook-notice-140</guid>
				    </item>
			
					 <item>
					      <title>Joint EU declaration agreeing a &quot;one Europe, one market&quot; roadmap</title>
					      <link>https://finreg.aoshearman.com/joint-eu-declaration-agreeing-a-one-europe-one-market-roadmap</link>
					      <description><![CDATA[
The European Parliament, the Council of the EU and the European Commission have announced the signing of a joint declaration agreeing to a &quot;one Europe, one market roadmap&quot;, committing to deliver measures to strengthen and complete the EU Single Market by the end of 2027. The roadmap reflects a coordinated political and operational commitment to boost EU competitiveness amid geopolitical and economic volatility. It includes clear targets for legislative proposals and agreement by the co-legislators (set out in the annex), quarterly progress reviews, defined responsibilities for all EU institutions, and regular stocktaking to oversee implementation of the roadmap.

The annex groups key legislative and policy initiatives, together with indicative timelines, under five strategic building blocks: (i) simplifying rules; (ii) a more integrated Single Market, with the ten most harmful barriers removed; (iii) championing strong trade; (iv) reducing energy prices and decarbonising; and (v) driving digital and AI transformation. The three institutions commit to respecting these timelines and giving these initiatives the highest political priority in a manner that respects the legislative process and prerogatives of each institution.]]></description>
					      
						      <pubDate>Fri, 24 Apr 2026 10:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/joint-eu-declaration-agreeing-a-one-europe-one-market-roadmap</guid>
				    </item>
			
					 <item>
					      <title>UK PRA finalises low impact amendments to PRA rules and policy material: April</title>
					      <link>https://finreg.aoshearman.com/uk-pra-finalises-low-impact-amendments-to-pra-rules-and-policy-material-april</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published policy statement LIAF01/26, finalising a series of amendments to its Rulebook and policy materials that it considers low impact. The changes include:


	Finalisation of amendments to the Fees Part of the PRA Rulebook consulted on in the PRA&apos;s November 2025 consultation on regulatory fees and levies for 2026/27, which include updating invoice due dates for firms paying GBP50,000 or more in annual PRA and UK Financial Conduct Authority fees (effective 30 April).
	Removal of redundant MiFID Organisational Regulation references from the Skills, Knowledge and Expertise Part of the Rulebook following post‑EU withdrawal reforms (effective 30 April).
	Clarificatory amendments to Statement of Policy (SoP) 2/23 on the Small Domestic Deposit Taker (SDDT) regime, providing guidance for applicants with non‑UK parent undertakings (effective 23 April).


Read more.]]></description>
					      
						      <pubDate>Thu, 23 Apr 2026 15:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-finalises-low-impact-amendments-to-pra-rules-and-policy-material-april</guid>
				    </item>
			
					 <item>
					      <title>EBA responds to EC&apos;s proposed changes to its final draft RTS on operational risk</title>
					      <link>https://finreg.aoshearman.com/eba-responds-to-ecs-proposed-changes-to-its-final-draft-rts-on-operational-risk</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published an opinion responding to the European Commission&apos;s (EC) proposed amendments to the EBA&apos;s final draft regulatory technical standards (RTS) on operational risk under the Capital Requirements Regulation (CRR) as amended by CRR3. The EBA previously published reports on the final draft RTS and implementing technical standards in June 2025, followed by further final draft RTS on operational risk loss, in August 2025. In March, the EC informed the EBA in a letter of its intention to endorse the draft RTS with amendments, including bundling the RTS into one single Commission Delegated Regulation.

Read more.]]></description>
					      
						      <pubDate>Thu, 23 Apr 2026 15:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-responds-to-ecs-proposed-changes-to-its-final-draft-rts-on-operational-risk</guid>
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					 <item>
					      <title>Final compromise texts for proposed Payment Services Package published</title>
					      <link>https://finreg.aoshearman.com/final-compromise-texts-for-proposed-payment-services-package-published</link>
					      <description><![CDATA[
The Council of the EU has published notes from its General Secretariat to the Permanent Representatives Committee (COREPER), setting out the final compromise text for the proposed revised Payment Services Directive (PSD3) and Payment Services Regulation (PSR), collectively known as &quot;the Payment Services Package&quot;. The legislative package aims to modernise the EU&apos;s regulatory framework for payment services, building on the foundations of PSD2 to enhance consumer protection, strengthen fraud prevention and improve the functioning of open banking. It also seeks to address the pending challenges in the context of the impact and application of PSD2 in the internal market and adapt it to align with new market developments.

The Council also published an &quot;I&quot; item note from its General Secretariat, suggesting that COREPER approves the text of the draft Directive and draft Regulation with a view to reaching an agreement at second reading with the European Parliament (EP). The Council and the EP agreed their respective negotiating positions on the legislative proposals in June 2025 and April 2024, which we cover in more detail in our blog post titled &quot;European Council and Parliament reach provisional agreement on EU Payments Package&quot;. For more background on the proposed package, you may wish to read our article titled &quot;Paving the way for the future of payments - The PSD III package is here: discover its key features&quot;.]]></description>
					      
						      <pubDate>Thu, 23 Apr 2026 15:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/final-compromise-texts-for-proposed-payment-services-package-published</guid>
				    </item>
			
					 <item>
					      <title>UK PRA consults on low-impact amendments to PRA rules and policy material: April</title>
					      <link>https://finreg.aoshearman.com/uk-pra-consults-on-low-impact-amendments-to-pra-rules-and-policy-material-april</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published consultation paper LIAC01/26, proposing a series of low-impact amendments to its Rulebook and policy materials.

The proposals include:

	Amendments to the Groups Part of the PRA Rulebook to clarify the treatment of voting rights in proportional consolidation for CRR firms.
	Consequential changes to various PRA rules following the revocation of certain provisions in the Capital Requirements Regulations 2013 by HM Treasury through the Financial Services and Markets Act 2023 (Commencements No.12 and Saving Provisions) Regulations 2026, applying from 1 January 2027.
	Technical amendments to the UK countercyclical capital buffer technical standard in light of Basel 3.1 implementation, applying from 1 January 2027.
	Changes to Statements of Policy (SoP) on other systemically important institutions (O‑SIIs), including moving the designation exercise from an annual to a biennial assessment. These changes are proposed to apply from 1 November, alongside clarifications on the scope and application of the O‑SII buffer in SoP1/16 and SoP4/16, which are proposed to apply from July.
	Amendments to SoP1/20 to reduce the frequency of publication of Solvency II technical information to once every three years. This would apply in July.

The deadline for comments is 21 May.]]></description>
					      
						      <pubDate>Thu, 23 Apr 2026 10:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-consults-on-low-impact-amendments-to-pra-rules-and-policy-material-april</guid>
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					 <item>
					      <title>HMT response to consultation feedback on reforming the SMCR</title>
					      <link>https://finreg.aoshearman.com/hmt-response-to-consultation-feedback-on-reforming-the-smcr</link>
					      <description><![CDATA[
HM Treasury (HMT) has published the response to its July 2025 consultation on reforming the Senior Managers and Certification Regime (SMCR). The response concerns Phase 2 of the reforms and confirms the government&apos;s planned reforms to the Financial Services and Markets Act 2000, including to:


	Remove the Certification Regime from primary legislation, including the annual recertification requirement, and enable the regulators to consider a more proportionate and flexible framework in their rulebooks.
	Reduce the number of senior management functions that require regulator pre-approval. Regulators will be given a new power to specify circumstances where it would be suitable for a firm to notify the regulators of the appointment of a senior manager following the firm&apos;s assessment of fitness and propriety.

Read more.]]></description>
					      
						      <pubDate>Wed, 22 Apr 2026 15:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hmt-response-to-consultation-feedback-on-reforming-the-smcr</guid>
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					      <title>UK regulators final policy on reforms to the SMCR</title>
					      <link>https://finreg.aoshearman.com/uk-regulators-final-policy-on-reforms-to-the-smcr</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) and UK Prudential Regulation Authority (PRA) have published final policy statements (FCA PS26/6 and PRA PS12/26) on Phase 1 reforms to the Senior Managers and Certification Regime (SMCR). The reforms largely implement proposals as consulted on in July 2025. For more detail on the reforms, you may wish to read our blog post titled UK Senior Managers and Certification Regime overhaul: understanding proposals for reform.

The FCA&apos;s reforms focus on streamlining administrative requirements and include greater flexibility around the 12‑week rule (allowing firms 12 weeks to submit, rather than obtain approval for, Senior Management Function (SMF) applications), extended validity periods for criminal record checks, simplified requirements for statements of responsibilities and management responsibilities maps (with firms given up to six months to notify changes), removal of overlapping multiple certifications within the Certification Regime, updated guidance on Fit and Proper recertification, extended deadlines for updating the Directory (from seven to 20 business days), and raising certain enhanced firm thresholds by 30%.

Read more.]]></description>
					      
						      <pubDate>Wed, 22 Apr 2026 14:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-regulators-final-policy-on-reforms-to-the-smcr</guid>
				    </item>
			
					 <item>
					      <title>UK new package of reforms to boost innovation and modernise the payments sector</title>
					      <link>https://finreg.aoshearman.com/uk-new-package-of-reforms-to-boost-innovation-and-modernise-the-payments-sector</link>
					      <description><![CDATA[
HM Treasury has announced a package of reforms aimed at modernising the UK payments regulatory framework to support innovation while maintaining consumer protection. The government confirms that it will shortly consult on reforms which include:


	Integrating the regulation of payment services and electronic money into the UK&apos;s core financial services framework, creating a single regime covering both traditional and tokenised payments (including stablecoins and tokenised deposits).
	Regulating stablecoins used for payments under a new UK regulated activity, alongside legislation to reduce administrative burdens for stablecoin payment providers.
	Adapting payments regulation to address payments conducted by AI agents.
	Granting the FCA new powers to oversee the future development of open banking and commercial open banking payment schemes.
	Streamlining regulation by setting out the government&apos;s response to consolidating the UK Payments Systems Regulator within the UK Financial Conduct Authority.
	Appointing a Wholesale Digital Markets Champion to support the development of tokenised wholesale markets as part of the government&apos;s wholesale financial markets digital strategy.

]]></description>
					      
						      <pubDate>Tue, 21 Apr 2026 15:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-new-package-of-reforms-to-boost-innovation-and-modernise-the-payments-sector</guid>
				    </item>
			
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					      <title>HMT consultation response on consolidating the UK PSR within the UK FCA</title>
					      <link>https://finreg.aoshearman.com/hmt-consultation-response-on-consolidating-the-uk-psr-within-the-uk-fca</link>
					      <description><![CDATA[
HM Treasury (HMT) has published its response to its September 2025 consultation, confirming its intention to proceed with abolishing the UK Payment Systems Regulator (PSR) and consolidating its functions within the UK Financial Conduct Authority (FCA), subject to primary legislation. While responses were broadly supportive of integration within the FCA&apos;s existing FSMA framework, the government is still considering different legislative design options and will reflect further on feedback before finalising the model.

Key points from the response include:

	The PSR&apos;s functions under assimilated payment services legislation will transfer to the FCA, including functions under the Payment Services Regulations 2017, the Payment Card Interchange Fee Regulations 2015 and the Payment Accounts Regulations 2015 (including oversight of the Current Account Switching Service), alongside retention of a designation regime for bringing payment systems into and out of scope of regulation.
	Transitional legislation will preserve existing PSR requirements, technical standards and guidance (including those relating to the authorised push payment scam reimbursement regime), with the FCA determining its regulatory approach under the new framework. These transferred functions may be reviewed as part of HMT&apos;s wider programme to modernise and future proof payment services and e money law, which it will set out in detail in due course.


Read more.]]></description>
					      
						      <pubDate>Tue, 21 Apr 2026 15:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hmt-consultation-response-on-consolidating-the-uk-psr-within-the-uk-fca</guid>
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					      <title>HMT seeks feedback on draft SI amending the 2026 Cryptoasset Regulations</title>
					      <link>https://finreg.aoshearman.com/hmt-seeks-feedback-on-draft-si-amending-the-2026-cryptoasset-regulations</link>
					      <description><![CDATA[
HM Treasury (HMT) has published the draft Financial Services and Markets Act 2000 (Cryptoassets) (Amendment) Regulations 2026 and a policy note proposing targeted changes to the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026. The draft statutory instrument (SI) seeks to address unintended consequences of the cryptoasset regime and support the interim use of UK‑issued qualifying stablecoins (UKQS) for payments ahead of wider payments services reforms announced in a related press release. The reforms are expected to bring UKQS payment services into the regulated payments perimeter.

Read more.]]></description>
					      
						      <pubDate>Tue, 21 Apr 2026 14:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hmt-seeks-feedback-on-draft-si-amending-the-2026-cryptoasset-regulations</guid>
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					      <title>UK FCA speech on the next phase of fintech innovation</title>
					      <link>https://finreg.aoshearman.com/uk-fca-speech-on-the-next-phase-of-fintech-innovation</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a speech by Jessica Rusu, chief data, information and intelligence officer, setting out how the FCA intends to support fintech firms in the next phase of innovation amid rapid advances in AI and the emergence of &quot;agentic commerce&quot;.

The FCA highlighted its principles-led, outcomes focused approach to AI regulation and announced the next phase of its AI Lab, including: (i) an extended partnership with NVIDIA and NayaOne; (ii) a second cohort of firms entering AI Live Testing, which will conclude by the end of the year, with an evaluation report expected in Q1 2027; (iii) the scaling of the Supercharged Sandbox, giving more UK fintechs access to data and Nvidia compute to build their products, with a second intake opening on 5 May; and (iv) confirmation that the FCA will not introduce new AI specific rules at this stage, but will instead publish examples of good and poor practice later in the year. In parallel, the FCA emphasised the role of its recently published open finance roadmap and announced that its Scale Up Unit is now open for expressions of interest from solo regulated firms to support them in scaling and entering new markets.]]></description>
					      
						      <pubDate>Tue, 21 Apr 2026 14:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-speech-on-the-next-phase-of-fintech-innovation</guid>
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					      <title>UK FCA findings on managing potential risks from inactive appointed representatives</title>
					      <link>https://finreg.aoshearman.com/uk-fca-findings-on-managing-potential-risks-from-inactive-appointed-representatives</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new webpage setting out good and poor practice identified from a review on managing potential risks arising from inactive appointed representatives (ARs). The FCA states that where ARs carry out no regulated activities, principals cannot rely on transaction based oversight and must ensure effective governance, monitoring and engagement. Unexplained inactivity may indicate weaknesses in the principal&apos;s governance, monitoring, oversight and risk management and increase the risk of consumer harm. The FCA expects firms to: reflect on whether arrangements for inactive ARs remain appropriate; provide clear explanations in REP025 regulatory returns where ARs have not carried out regulated activities during the specific reporting period; and take timely action to reassess, suspend or terminate AR relationships where appropriate, including notifying the FCA when the status of the relationship changes.

Good practice included clear expectations set at onboarding, active and data led oversight, and early intervention on inactive ARs. Poor practice included situations where principals lacked understanding of AR business models, allowed prolonged inactivity without engagement, or failed to monitor how ARs presented themselves to consumers, increasing the risk of consumers being misled about regulatory status. The FCA notes that some firms have already strengthened oversight and offboarded inactive ARs following supervisory engagement and it expects all principals to review their arrangements to ensure risks are appropriately managed.]]></description>
					      
						      <pubDate>Tue, 21 Apr 2026 14:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-findings-on-managing-potential-risks-from-inactive-appointed-representatives</guid>
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					      <title>EC adopts Delegated Regulation on transparency and integrity of ESG rating activities</title>
					      <link>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-on-transparency-and-integrity-of-esg-rating-activities</link>
					      <description><![CDATA[
The European Commission has adopted two Delegated Regulations supplementing the Environmental, Social And Governance (ESG) Ratings Regulation (EU) 2024/3005 on the transparency and integrity of ESG rating activities. Both Regulations are based on the final draft RTS published by the European Securities and Markets Authority in October 2025. They will enter into force on the 20th day following publication in the Official Journal of the European Union and will apply from 2 July.

The first Delegated Regulation sets out regulatory technical standards (RTS) on the separation of ESG rating activities from other business activities carried on by ESG rating providers. It specifies the measures and safeguards applicable where a derogation from the separation requirement is relied upon, to prevent conflicts of interest. In particular, providers must establish separate organisational structures and working environments for staff involved in the rating process from any activities listed in Article 16(1) of the ESG Ratings Regulation. Staff will also require regular self declarations confirming non involvement in those activities. Additional technical and internal control measures apply where providers intend to carry on investment services and/or insurance or reinsurance activities, with further safeguards for those that provide, or intend to provide, benchmarks.

Read more.]]></description>
					      
						      <pubDate>Tue, 21 Apr 2026 11:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-on-transparency-and-integrity-of-esg-rating-activities</guid>
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					      <title>EC seeks further views on market risk prudential requirements for EU banks</title>
					      <link>https://finreg.aoshearman.com/ec-seeks-further-views-on-market-risk-prudential-requirements-for-eu-banks</link>
					      <description><![CDATA[
The European Commission has launched a consultation on a draft delegated act proposing targeted amendments to the EU prudential framework for banks&apos; market risk, specifically the Fundamental Review of the Trading Book (FRTB) under the Capital Requirements Regulation (CRR). While most Basel III reforms have applied since 1 January 2025, the FRTB has been deferred on several occasions, most recently to 1 January 2027 in response to uncertainty around implementation timelines and potential deviations from the Basel standards in other major jurisdictions. The draft delegated act sets out amendments, intended to apply from 1 January 2027, to support a level playing field for EU banks competing internationally in trading activities by offsetting the negative capital impact of the FRTB for a period of three years. The proposals reflect feedback from a November 2025 consultation and input from member state experts. Formal adoption of the delegated act is expected on 19 May, to provide banks and supervisors with greater certainty ahead of implementation.

Read more.]]></description>
					      
						      <pubDate>Tue, 21 Apr 2026 10:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-seeks-further-views-on-market-risk-prudential-requirements-for-eu-banks</guid>
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					      <title>UK FCA innovation insights report for 2025</title>
					      <link>https://finreg.aoshearman.com/uk-fca-innovation-insights-report-for-2025</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its innovation insights 2025 report, setting out key trends in UK fintech innovation, evolving regulatory risks and lessons from firms&apos; engagement with the FCA&apos;s innovation services. By sharing insights, the FCA aims to support earlier and clearer regulatory engagement and strengthen evidence-led policy and supervision.

The report notes that while global fintech investment exceeded USD130 billion in 2025, funding has become more selective, concentrating on fewer, more mature firms, with the UK ranking second globally for disclosed investment. It highlights a shift in the key challenge faced by firms, from product development to understanding how regulation applies to them, with demand for FCA support increasing significantly. This includes a 49% rise in applications to the Regulatory Sandbox and Innovation Pathways in 2025, particularly in relation to AI, distributed ledger technology, and open banking and open finance. In the report, the FCA also summarises steps taken in 2025 to expand its innovation services. Looking ahead, the FCA signals a focus in 2026 on clearer guidance, more structured testing pathways, broader engagement with incumbent firms, and supporting UK competitiveness and international growth.]]></description>
					      
						      <pubDate>Mon, 20 Apr 2026 14:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-innovation-insights-report-for-2025</guid>
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					      <title>UK FCA findings on market soundings in UK equity capital markets</title>
					      <link>https://finreg.aoshearman.com/uk-fca-findings-on-market-soundings-in-uk-equity-capital-markets</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published findings from its multi‑firm review examining the impact of market soundings on market quality in UK equity capital market (ECM) transactions. The review analysed data from 63 UK equity and equity linked transactions conducted by five wholesale banks between January 2023 and June 2025. The FCA found that trading volumes fell by an average of 13% during market sounding periods but did not observe material impacts on other market quality metrics, including effective and quoted spreads and market depth. On average, 33 investors were market sounded per transaction, with one instance approaching nearly 90 recipients; however, transactions that sounded above average numbers of recipients did not meaningfully increase overall demand or oversubscription after launch.

While the FCA does not prescribe limits on the number of market sounding recipients, it notes that the risk of inside information leakage may increase as the scale or duration of a market sounding grows and suggests firms consider whether their policies and procedures adequately reflect this. The FCA will continue to engage with banks and other market participants through supervisory work. In addition, the FCA sought feedback on Article 11 of the UK Market Abuse Regulation (MAR) with some banks suggesting improvements, including closer alignment with the EU market soundings regime and reduced record keeping requirements. The FCA will consider this feedback when assessing any future changes to UK MAR.]]></description>
					      
						      <pubDate>Mon, 20 Apr 2026 11:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-findings-on-market-soundings-in-uk-equity-capital-markets</guid>
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					      <title>EU reforms to the CMDI framework published in OJ</title>
					      <link>https://finreg.aoshearman.com/eu-reforms-to-the-cmdi-framework-published-in-oj</link>
					      <description><![CDATA[
The legislative package reforming the crisis management and deposit insurance (CMDI) framework for banks in the EU was published in the Official Journal of the European Union (OJ). The package includes targeted amendments to: (i) the Bank Recovery and Resolution Directive (BRRD) regarding early intervention measures, conditions for resolution and funding of resolution action and Directive 2014/24/EU, regarding valuation services in resolution; (ii) the Single Resolution Mechanism Regulation (SRMR) regarding early intervention measures and conditions for resolution and funding of resolution action; and (iii) the Deposit Guarantee Schemes Directive (DGSD) regarding the scope of deposit protection, use of deposit guarantee schemes funds, cross-border co-operation, and transparency.

The reforms aim to strengthen the EU&apos;s ability to manage bank failures, including small and medium-sized banks, by facilitating access to industry-funded safety nets, such as national resolution funds and the Single Resolution Fund. These tools are intended to supplement a failing bank&apos;s own loss-absorbing capacity, thereby reducing reliance on taxpayer-funded bailouts, referred to as the &quot;bridge the gap&quot; mechanism. The transposition deadline for amendments to the two directives is 11 May 2028. The amendments to the SRMR and DGSD are to apply (with some exceptions) from 11 May 2028 and the amendments to the BRRD from 12 May 2028.]]></description>
					      
						      <pubDate>Mon, 20 Apr 2026 10:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eu-reforms-to-the-cmdi-framework-published-in-oj</guid>
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					      <title>UK PRA consults on regulated fees and levies for 2026/27</title>
					      <link>https://finreg.aoshearman.com/uk-pra-consults-on-regulated-fees-and-levies-for-202627</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published consultation paper CP7/26, setting out proposed regulated fees and levies for 2026/27. The PRA proposes a total funding requirement of GBP346.6 million, a 1% decrease from 2025/26, which includes an annual funding requirement (AFR) of GBP329.3m. The AFR is the budgeted cost of ongoing regulatory activities and a 7% decrease from 2025/26, but may need to be revised when final estimates for costs are available.

The proposals include fee rates to meet the AFR; an increased cost allocation for the Future Banking Data programme; inflation-linked increases to internal model application, model maintenance and restructuring project fees; and changes to new firm authorisation fees. The PRA also sets out its proposed approach to allocating an estimated GBP2m surplus from 2025/26. The deadline for comments is 15 May. The PRA proposes to implement the changes from 13 July, except for the new internal model application fee and the model maintenance fee for calculating exposure values for securities financing transactions under the value-at-risk approach. This would take effect from the Basel 3.1 implementation date of 1 January 2027.]]></description>
					      
						      <pubDate>Fri, 17 Apr 2026 14:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-consults-on-regulated-fees-and-levies-for-202627</guid>
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					      <title>BoE consults on fees regime for FMI supervision for 2026/27</title>
					      <link>https://finreg.aoshearman.com/boe-consults-on-fees-regime-for-fmi-supervision-for-202627</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a consultation paper setting out its proposed fees regime for the supervision of financial market infrastructures (FMIs) for 2026/27.

Key proposals include a 3.2% reduction in UK central counterparties (CCPs) fees (excluding rulebook costs) and a 7.7% increase in UK central securities depositories (CSDs) fees to reflect work on repealing and replacing UK CSDR. The BoE intends to work with the UK Financial Conduct Authority and HM Treasury (HMT) to publish a full roadmap later this year on the repeal and replacement of UK CSDR, including a permanent regime for digital securities settlement.

In addition, the BoE proposes to maintain the UK CCP rulebook development costs, keeping the 2026/27 recovery instalment at GBP1.5 million, with any excess costs to be recovered in 2027/28. Fees for non‑UK CCPs and CSDs would be broadly unchanged, with small reductions for certain categories.

Read more.]]></description>
					      
						      <pubDate>Fri, 17 Apr 2026 14:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/boe-consults-on-fees-regime-for-fmi-supervision-for-202627</guid>
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					      <title>UK PRA business plan 2026/27</title>
					      <link>https://finreg.aoshearman.com/uk-pra-business-plan-202627</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published its business plan for 2026/27, setting out its regulatory and supervisory priorities for the year ahead.

The PRA&apos;s strategic priorities include:

	Maintaining the safety and soundness of the banking and insurance sectors, and ensuring continued resilience, with a focus on embedding major reforms such as Basel 3.1 and the small domestic deposit takers regime, as well as enhanced operational resilience and cyber risk management.
	Being at the forefront of identifying new and emerging risks, including those arising from geopolitical developments, economic and financial market developments and the evolving use of AI. The PRA will also continue to support the Basel Committee on Banking Supervision&apos;s targeted review of the prudential treatment of cryptoasset exposures and monitor sector-wide resilience while maintaining international and bilateral engagement.
	Supporting competitive, dynamic and innovative markets, while facilitating international competitiveness and growth through streamlined reporting (via the Future Banking Data programme) and tailoring support for fast-growing and innovative financial firms through its new scale-up unit and the concierge service for new inbound international firms.
	Running as an inclusive, efficient and responsive regulator within the Bank of England and increasing its adoption of emerging technology tools to improve its regulatory processes for firm authorisations, the Senior Managers and Certification Regime, internal model permission application and approvals.

The business plan sets out more detailed initiatives under each strategic priority.]]></description>
					      
						      <pubDate>Fri, 17 Apr 2026 11:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-business-plan-202627</guid>
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					      <title>EBA response to EC consultation on the competitiveness of the EU banking sector</title>
					      <link>https://finreg.aoshearman.com/eba-response-to-ec-consultation-on-the-competitiveness-of-the-eu-banking-sector</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its response to the European Commission&apos;s (EC) targeted consultation on the competitiveness of the EU banking sector. The EBA emphasises the importance of completing and deepening the single market and the banking union as key drivers of competitiveness. It also highlights the resilience of EU banks strengthened by the post‑financial crisis reforms, while noting ongoing challenges including geopolitical risks, exposures to non‑bank financial institutions and digital transformation.

Building on the findings from its October 2025 report on the efficiency of the regulatory and supervisory framework (which put forward 21 recommendations to simplify the banking rulebook) the EBA emphasises that competitiveness can be enhanced through targeted simplification. It states that such efforts should respect principles of: maintaining financial stability and credibility through continued commitment to Basel III standards; enabling banks to fully benefit from the single market while preserving and deepening it and the banking union; and ensuring an EU wide level playing field— applying proportionality where appropriate to avoid the fragmentation of the rulebook. The EBA confirms it will continue to work closely with the EC to support a competitive, resilient and stable EU banking sector.]]></description>
					      
						      <pubDate>Fri, 17 Apr 2026 10:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-response-to-ec-consultation-on-the-competitiveness-of-the-eu-banking-sector</guid>
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					      <title>EC adopts Delegated Regulation on equivalent mechanism for unfinished property under CRR3</title>
					      <link>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-on-equivalent-mechanism-for-unfinished-property-under-crr3</link>
					      <description><![CDATA[
The European Commission (EC) has adopted a Delegated Regulation supplementing the Capital Requirements Regulation (EU) No 575/2013 (CRR), as amended by the CRR3. It sets out regulatory technical standards (RTS) specifying what constitutes an equivalent legal mechanism to ensure that a residential property under construction is completed within a reasonable timeframe. The Delegated Regulation is based on the European Banking Authority&apos;s final draft RTS published in August 2025. Article 124 of the CRR sets out the requirements for assigning risk weights to exposures secured by mortgages on immovable property, including conditions under which exposures to properties under construction may qualify for preferential treatment. The EC has the power under Article 124(14) to specify what constitutes an equivalent legal mechanism to ensure that the property under construction is completed within a reasonable timeframe.

Read more.]]></description>
					      
						      <pubDate>Thu, 16 Apr 2026 15:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-on-equivalent-mechanism-for-unfinished-property-under-crr3</guid>
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					      <title>CPMI and IOSCO publish report on the UK&apos;s implementation of the PFMI</title>
					      <link>https://finreg.aoshearman.com/cpmi-and-iosco-publish-report-on-the-uks-implementation-of-the-pfmi</link>
					      <description><![CDATA[
The International Organization of Securities Commissions (IOSCO) and the Committee on Payments and Market Infrastructures (CPMI) have published a joint report setting out their findings of their level 2 assessment of the UK&apos;s implementation of the principles for financial market infrastructures (PFMI). These principles set expectations for the design and operation of key FMIs in order to enhance their safety and efficiency and, more broadly, limit systemic risk and foster transparency and financial stability. The report sets out the conclusions and recommendations of whether, and to what degree, the UK legal, regulatory and oversight frameworks applied to systemically important payment systems (PSs), central securities depositories (CSDs) and securities settlement systems (SSSs), as of 30 September 2023.

The report finds that the UK legal, regulatory and oversight frameworks for PSs are complete and consistent with all principles under the PFMI, while the UK legal, regulatory and oversight frameworks for CSDs and SSSs are complete and consistent in most aspects, with some areas for improvement where implementation was broadly or partly consistent or not consistent. For UK CSDs and SSSs that provide banking-type ancillary services, the framework was consistent with 15 principles, broadly consistent with five principles (that is, principles 9, 11, 15, 16 and 23) and not consistent with principle 10. For other UK CSDs and SSSs, additional gaps relating to principles 4 and 7 were found, where implementation was partly consistent.

Read more.]]></description>
					      
						      <pubDate>Thu, 16 Apr 2026 15:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/cpmi-and-iosco-publish-report-on-the-uks-implementation-of-the-pfmi</guid>
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					      <title>AMLA consults on group-wide requirements and guidelines for BWRAs</title>
					      <link>https://finreg.aoshearman.com/amla-consults-on-group-wide-requirements-and-guidelines-for-bwras</link>
					      <description><![CDATA[
The EU Authority for Anti‑Money Laundering and Countering the Financing of Terrorism (AMLA) has launched two consultations on draft measures setting out requirements for business‑wide risk assessments (BWRAs) and group‑wide anti-money laundering and countering the financing of terrorism (AML/CFT) frameworks under the EU Anti‑Money Laundering Regulation (AMLR).

The first consultation specifies draft regulatory technical standards (RTS) under Articles 16(4) and 17(3) of the AMLR, setting minimum standards for the design and implementation of group‑wide AML/CFT frameworks. They address organisational aspects of group wide AML/CFT requirements, provisions on information sharing within groups, criteria for identifying the parent undertaking in the Union where multiple obliged entities are linked to a third country head office, and the extension of group wide requirements to structures other than groups (which is particularly relevant to the non financial sector). The draft RTS also cover additional measures and requirements where branches or subsidiaries operate in third countries. AMLA proposes a single set of RTS to cover both Article 16(4) and Article 17(3) mandates. The deadline for comments is 15 June, with a public hearing scheduled for 20 May. Feedback will be considered with the final draft RTS due to be submitted by 30 September.

Read more.]]></description>
					      
						      <pubDate>Thu, 16 Apr 2026 14:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/amla-consults-on-group-wide-requirements-and-guidelines-for-bwras</guid>
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					      <title>UK FCA on consumer duty progress and what comes next</title>
					      <link>https://finreg.aoshearman.com/uk-fca-on-consumer-duty-progress-and-what-comes-next</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a blog post discussing the findings from firms&apos; year 2 consumer duty board reports and what firms can do now to help them prepare for the next round of reporting in Q3. Under the consumer duty, firms must report annually on what their monitoring found about customer outcomes, and what actions they will take as a result. The FCA notes that while firms have improved, further progress is needed ahead of the third reporting cycle.

The FCA observed stronger governance and board oversight, including more formal board review and approval of reports, better action plans and ownership, and wider use of quantitative and qualitative data to demonstrate customer outcomes. There is also more evidence of firms improving how they identify and monitor outcomes for vulnerable customers. However, the FCA notes that the quality and depth of analysis was variable.

Read more.]]></description>
					      
						      <pubDate>Thu, 16 Apr 2026 14:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-on-consumer-duty-progress-and-what-comes-next</guid>
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					      <title>ESMA issues call for evidence on restricted subscription and private credit ratings</title>
					      <link>https://finreg.aoshearman.com/esma-issues-call-for-evidence-on-restricted-subscription-and-private-credit-ratings</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has launched a call for evidence on the purposes, market practices, needs and risks associated with restricted subscription and private credit ratings. In particular, ESMA seeks views on:


	The characteristics and use cases of restricted subscription and private credit ratings, including their benefits compared with publicly disclosed ratings.
	The characteristics of the parties who are contracting for restricted subscription and private credit ratings and those to whom they are disclosed or distributed.
	Evidence on whether, and to what extent, the analytical processes, governance arrangements, and internal controls applied to restricted subscription and private credit ratings are comparable to those applied to public credit ratings.


ESMA requests evidence-based responses, including quantitative information where available, as well as concrete examples drawn from market practice. The deadline for comments is 31 May. Responses will be reviewed in Q2 with a view to assessing whether specific regulatory adjustments or clarifications may be needed to enhance clarity on the application of the Credit Rating Agencies Regulation (EC) No 1060/2009.]]></description>
					      
						      <pubDate>Thu, 16 Apr 2026 13:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-issues-call-for-evidence-on-restricted-subscription-and-private-credit-ratings</guid>
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					      <title>UK FCA final rules on changes to the UK short selling regime</title>
					      <link>https://finreg.aoshearman.com/uk-fca-final-rules-on-changes-to-the-uk-short-selling-regime</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published policy statement PS26/5, setting out its new rules and final statement of policy for the UK short selling regime. In addition, the FCA published an operational guide to provide more detailed information on the operational changes required and the timeframe for implementation. This follows the introduction of the Short Selling Regulations 2025 (SSR 2025) under the Financial Services and Markets Act 2023 and the October 2025 consultation on the draft rules. The FCA has created a new Short Selling Sourcebook within its Handbook, to consolidate existing requirements and to introduce targeted changes to reduce regulatory burdens and improve market efficiency. Following consultation feedback, the FCA&apos;s final rules make further changes in the following areas to provide additional clarity and enhance its proposals:


	Removing the requirement for market makers to notify each financial instrument they want to benefit from the market maker exemption. They will only be required to submit a single &quot;activity based&quot; notification which will enable them to use the exemption for market making activities in any financial instrument. Market makers must also submit an &quot;annual attestation&quot; to demonstrate their compliance with the conditions to use the exemption.
	Considering, as part of its forthcoming review of the disclosure guidance and transparency rules (DTRs), whether the existing disclosure framework in DTR 5 could be used or adapted to require issuers to publish issued share capital specifically for short selling purposes.


Read more.]]></description>
					      
						      <pubDate>Thu, 16 Apr 2026 12:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-final-rules-on-changes-to-the-uk-short-selling-regime</guid>
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					      <title>UK FCA consults on cryptoasset perimeter guidance</title>
					      <link>https://finreg.aoshearman.com/uk-fca-consults-on-cryptoasset-perimeter-guidance</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP26/13, proposing changes to the Perimeter Guidance Manual (PERG) within the FCA Handbook to clarify the scope of the new regulated cryptoasset activities and when permissions will be required. In addition, the consultation paper aims to provide clarity for firms transitioning from the FCA&apos;s current cryptoasset regime (under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017) (MLRs) to the new cryptoasset activities under the Financial Services and Markets Act 2000 (FSMA).

The proposed new chapter in PERG will contain guidance on how to determine whether an activity is within the perimeter, and guidance on the new specified investments and new regulated cryptoasset activities, including which permissions may be required for certain business models and how specific exclusions operate and other related issues. The FCA also clarifies that, as outlined by HM Treasury in the explanatory memorandum accompanying the Cryptoasset Regulations 2026, FSMA authorised cryptoasset firms will not need to register as &quot;cryptoasset exchange providers&quot; or &quot;custodian wallet providers&quot; under the MLRs but instead will only need to notify the FCA. However, these firms will still need to comply with the MLRs. The proposed guidance in full is set out in the draft Perimeter Guidance (Regulated Cryptoasset Activities) Instrument 2026, in Appendix 1 of the consultation paper.

Read more.]]></description>
					      
						      <pubDate>Wed, 15 Apr 2026 14:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-consults-on-cryptoasset-perimeter-guidance</guid>
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					      <title>UK OFSI strategy for 2026-2029</title>
					      <link>https://finreg.aoshearman.com/uk-ofsi-strategy-for-20262029</link>
					      <description><![CDATA[
The UK Office of Financial Sanctions Implementation (OFSI) has published its strategy for 2026-2029. The strategy is based around the &quot;Promote, Enable, Respond and Change&quot; (PERC) framework:


	Promote: To shape expectations and set the standard, OFSI will run targeted campaigns for priority sectors; publish clear guidance products and assessments showing what non-compliance is and how to avoid it; and work with domestic and international regulators to promote consistency. &quot;Promote&quot; key performance indicators (KPIs) include sector-specific engagement campaigns and delivering joint or co-branded public output (such as joint guidance, public statements, case studies or advisories) with international partners on a quarterly basis.
	Enable: OFSI will remove friction for legitimate activity and support sanctions compliance behaviour that is fast, predictable and scalable by encouraging early engagement from firms to address risks or uncertainties, providing direct, practical compliance advice on complex scenarios, and maintaining an effective and regularly updated licensing offer with high, publicised service standards. Engagement will be modern and digital by default, including online services, reporting and forms, supported by enhanced data use, data sharing and AI enabled workflows. The &quot;enable&quot; KPI is to close 50% of licensing cases within six months.


Read more.]]></description>
					      
						      <pubDate>Wed, 15 Apr 2026 14:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-ofsi-strategy-for-20262029</guid>
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					      <title>SRB response to EC consultation on the competitiveness of the EU banking sector</title>
					      <link>https://finreg.aoshearman.com/srb-response-to-ec-consultation-on-the-competitiveness-of-the-eu-banking-sector</link>
					      <description><![CDATA[
The Single Resolution Board (SRB) has published its response to the European Commission&apos;s (EC) targeted consultation on the competitiveness of the EU banking sector. The SRB emphasises that while the banking union has substantially strengthened the resilience of EU banks, its incomplete nature continues to hinder cross-border integration and efficiency.

The SRB highlights the need for progress towards a more integrated European deposit protection framework, a strengthened and more predictable approach to liquidity in resolution, and improvements to the cross border allocation of capital and liquidity within banking groups, supported by robust resolvability safeguards. It also calls for targeted simplification of the regulatory framework, including greater coherence across prudential, resolution and macroprudential requirements and streamlined minimum requirement for own funds and eligible liabilities processes, while maintaining overall resilience and financial stability. The SRB states that these measures would support both market integration and the international competitiveness of EU banks, and confirmed its intention to continue engaging with the EC as it develops its policy response.]]></description>
					      
						      <pubDate>Wed, 15 Apr 2026 11:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/srb-response-to-ec-consultation-on-the-competitiveness-of-the-eu-banking-sector</guid>
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					      <title>Eurosystem&apos;s response to EC consultation on the competitiveness of the EU banking sector</title>
					      <link>https://finreg.aoshearman.com/eurosystems-response-to-ec-consultation-on-the-competitiveness-of-the-eu-banking-sector</link>
					      <description><![CDATA[
The European Central Bank (ECB) has published its Governing Council&apos;s response to the European Commission&apos;s targeted consultation on the competitiveness of the EU banking sector. The response builds on the ECB&apos;s High-Level Task Force (HLTF) simplification proposals, endorsed by the ECB in December 2025. The response and proposals are endorsed by all euro area central banks.

Read more.]]></description>
					      
						      <pubDate>Tue, 14 Apr 2026 15:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eurosystems-response-to-ec-consultation-on-the-competitiveness-of-the-eu-banking-sector</guid>
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					      <title>EC adopts Delegated Regulation setting RTS on order execution policy</title>
					      <link>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-setting-rts-on-order-execution-policy</link>
					      <description><![CDATA[
The European Commission has adopted a Delegated Regulation supplementing Directive 2014/65/EU (MiFID II), with regard to regulatory technical standards (RTS) specifying the criteria to be taken into account by investment firms when establishing and assessing the effectiveness of their order execution policies. The Delegated Regulation is based on ESMA&apos;s final draft RTS published in April 2025. The RTS specify rules on, among other things: (i) selecting execution venues; (ii) monitoring investment firms&apos; execution policies; (iii) order routing; (iv) the handling of specific client instructions and related investor protection safeguards; (v) the periodic assessment of investment firms&apos; order execution policies; and (vi) how to identify classes and subclasses of financial instruments for which the investment firms execute orders on behalf of clients.

When the Delegated Regulation enters into force, it will repeal Delegated Regulation (EU) 2017/575 which sets out data to be published by execution venues on the quality of execution of transactions on their venues and Delegated Regulation (EU) 2017/576, which sets out obligations for investment firms to publish information on the identity of execution venues and the quality of execution obtained. The Delegated Regulation will enter into force on the 20th day following its publication in the Official Journal of the European Union. It will apply 18 months after entry into force, allowing firms time to update their order execution policies, procedures and systems.]]></description>
					      
						      <pubDate>Tue, 14 Apr 2026 15:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-setting-rts-on-order-execution-policy</guid>
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					      <title>UK FCA publishes open finance roadmap</title>
					      <link>https://finreg.aoshearman.com/uk-fca-publishes-open-finance-roadmap</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its open finance roadmap, setting out its vision for open finance in the UK from now until 2030. The FCA explains that the roadmap draws on lessons from open banking and international experience and takes a phased evidence-led and collaborative approach.

Read more.]]></description>
					      
						      <pubDate>Tue, 14 Apr 2026 15:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-publishes-open-finance-roadmap</guid>
				    </item>
			
					 <item>
					      <title>ESMA official translations of guidelines on the submission of periodic information</title>
					      <link>https://finreg.aoshearman.com/esma-official-translations-of-guidelines-on-the-submission-of-periodic-information</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a webpage with official translations of its guidelines on the periodic information that benchmark administrators, credit rating agencies (CRAs), data reporting services providers and market transparency infrastructures must submit to ESMA. The guidelines repeal and replace ESMA&apos;s previous 2019 guidelines on the submission of periodic information by CRAs, together with its previous 2021 guidelines on periodic information and notification of material changes to be submitted to ESMA by trade repositories. The guidelines have applied since 1 January 2026. They clarify the format and frequency of the different categories of information which ESMA expects to receive in its role as supervisor, as well as harmonising and simplifying periodic reporting by these entities. The related final report was originally published in June 2025.]]></description>
					      
						      <pubDate>Tue, 14 Apr 2026 13:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-official-translations-of-guidelines-on-the-submission-of-periodic-information</guid>
				    </item>
			
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					      <title>UK OFSI extends deadline for call for evidence on ownership and control test</title>
					      <link>https://finreg.aoshearman.com/uk-ofsi-extends-deadline-for-call-for-evidence-on-ownership-and-control-test</link>
					      <description><![CDATA[
The UK government, through the UK Office of Financial Sanctions Implementation (OFSI), has updated its webpage, extending the deadline for responses to its call for evidence on the application of the ownership and control test under the UK Financial Sanctions Regulations. The deadline for responses has been extended from 11:59pm on 13 April to 11:59pm on 20 April.]]></description>
					      
						      <pubDate>Mon, 13 Apr 2026 14:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-ofsi-extends-deadline-for-call-for-evidence-on-ownership-and-control-test</guid>
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					      <title>ESMA releases reporting templates and instructions for the AAR under EMIR 3</title>
					      <link>https://finreg.aoshearman.com/esma-releases-reporting-templates-and-instructions-for-the-aar-under-emir-3</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published the reporting templates and instructions for the active account requirement (AAR) under the revised European Market Infrastructure Regulation (EMIR 3). The new templates set out in detail how entities subject to the AAR should report the required information to their competent authorities. They cover counterparty information, activities and risk exposures, the representative obligation and declaration on operational conditions. The instructions are designed to ensure a consistent, structured and standardised collection of supervisory data. The first AAR reporting submission is expected on 31 July, covering the period from 25 June 2025 (when the AAR became applicable) to 30 June 2026. After the first reporting submission, reporting will take place every six months, with submissions due on 31 January and 31 July each year, each covering a twelve month reference period.]]></description>
					      
						      <pubDate>Mon, 13 Apr 2026 14:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-releases-reporting-templates-and-instructions-for-the-aar-under-emir-3</guid>
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					      <title>BoE publishes updated operational guides to enhance resolution readiness</title>
					      <link>https://finreg.aoshearman.com/boe-publishes-updated-operational-guides-to-enhance-resolution-readiness</link>
					      <description><![CDATA[
The Bank of England (BoE) has published new and updated guidance on how it could implement the UK&apos;s resolution regime in the event of a bank failure. The guidance includes:

	A new operational guide to transfer resolution. This new guidance provides clarity on how the BoE might execute a transfer resolution. This could include a scenario where some or all of a failing firm&apos;s business is transferred to a private sector purchaser, or to a temporary BoE owned bridge bank, and includes how it may require a recapitalisation payment. The guide also expands on the use of resolution powers to execute sales in bank failure scenarios.
	An updated operational guide to bail-resolution. This updated guidance sets out information on how the BoE could execute a bail-in resolution under the Banking Act 2009. The key addition in this updated guidance is the introduction of an alternate approach to bail-in where affected creditors receive non-transferable contingent beneficial interests. These interests simplify the bail-in process and represent a potential right to shares, or proceeds from the sale of shares, once the resolution is concluded. These interests would be created upon entry into resolution and exist until the share allocation for relevant creditors is finalised.


Read more.]]></description>
					      
						      <pubDate>Mon, 13 Apr 2026 13:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/boe-publishes-updated-operational-guides-to-enhance-resolution-readiness</guid>
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					      <title>EBA report on recovery plans dry runs</title>
					      <link>https://finreg.aoshearman.com/eba-report-on-recovery-plans-dry-runs</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a report analysing the recovery plan submissions of 16 European cross-border banking groups, whose parent institutions are located in ten different EU countries, with a particular focus on the practices observed in relation to recovery plan so-called &apos;dry runs&apos;. The exercise aims to inform institutions&apos; future designs of recovery plan dry runs and contribute to the development of useful benchmarks for their implementation—it is not intended to provide prescriptive guidance.

The analysis confirms that, although recovery plan dry runs are not explicitly covered in the regulatory framework, they are a highly effective tool for enhancing the operationalisation of recovery plans and strengthening institutions&apos; overall crisis preparedness frameworks. Most institutions recognise their value; however, approaches and levels of maturity vary significantly across institutions. Where dry runs are carried out primarily to meet supervisory expectations, they tend to be less effective, resembling compliance exercises with limited insights and follow-up actions. In contrast, institutions with more advanced practices use dry runs as genuine management tools, fully embedding recovery planning within their broader risk management framework. In these cases, dry runs strengthen internal preparedness by enhancing the credibility, feasibility and organisational understanding of recovery planning arrangements.

Read more.]]></description>
					      
						      <pubDate>Mon, 13 Apr 2026 12:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-report-on-recovery-plans-dry-runs</guid>
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					      <title>EBA consults on simplification of supervisory reporting framework under CRR</title>
					      <link>https://finreg.aoshearman.com/eba-consults-on-simplification-of-supervisory-reporting-framework-under-crr</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has announced a series of measures, including publishing two consultation papers, to simplify the supervisory reporting framework under the EU Capital Requirements Regulation (CRR). The aim is to deliver a simpler, smarter and more proportionate framework. The deadline for comments on both consultation papers is 10 July, except for IFRS 18-related changes in FINREP in the first consultation, where the deadline is 10 May. 

Read more.]]></description>
					      
						      <pubDate>Fri, 10 Apr 2026 16:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-consults-on-simplification-of-supervisory-reporting-framework-under-crr</guid>
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					      <title>EBA Decision on harmonising reporting of SEPA data by NCAs</title>
					      <link>https://finreg.aoshearman.com/eba-decision-on-harmonising-reporting-of-sepa-data-by-ncas</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a decision dated 1 April, harmonising how national competent authorities (NCAs) report data under the SEPA Regulation (EU) No 260/2012. Under Article 15(3) of the SEPA Regulation, payment service providers (PSPs) are required to report annually on charges for credit transfers and payment accounts, as well as the shares of transactions rejected due to EU sanctions. Under Article 15(4) of the SEPA Regulation, NCAs must currently share that information with both the European Commission (EC) and the EBA. To avoid double reporting, the decision provides that NCAs will now report this information only to the EBA, via a single reporting channel, on an annual basis by 9 October of each year. The EBA will then make this information available to the EC via its data collection ecosystem, the European Centralised Infrastructure of Data (EUCLID), as soon as possible after receiving it from the NCAs. The decision also clarifies that where NCAs already hold some of the required data, they are responsible for ensuring its accuracy and completeness, without re collecting it from PSPs. In addition, the Annex to the EBA&apos;s EUCLID Decision is amended to reflect this new reporting requirement. The decision takes effect immediately.]]></description>
					      
						      <pubDate>Fri, 10 Apr 2026 15:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-decision-on-harmonising-reporting-of-sepa-data-by-ncas</guid>
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					      <title>UK Risk Warnings Review final report published</title>
					      <link>https://finreg.aoshearman.com/uk-risk-warnings-review-final-report-published</link>
					      <description><![CDATA[
The final report from the Risk Warnings Review has been published. The report was commissioned by HM Treasury as part of the Leeds Reforms and sets out recommendations to improve the communication of investment risk to retail consumers.

The report advises moving away from the widespread use of standardised risk warnings which may be misunderstood by less experienced investors and disregarded by more experienced investors. Instead, it recommends rebalancing risk communications towards clearer, more contextual explanations of how investments can rise and fall, presented alongside potential benefits and relevant time horizons, which are seen as more likely to encourage positive actions.

Read more.]]></description>
					      
						      <pubDate>Thu, 09 Apr 2026 16:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-risk-warnings-review-final-report-published</guid>
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					      <title>UK FCA guidance on asset management authorisation applications</title>
					      <link>https://finreg.aoshearman.com/uk-fca-guidance-on-asset-management-authorisation-applications</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published findings from authorisation applications received from firms seeking to operate in the asset management sector, setting out examples of good and poor practice for firms.

Key findings include:

	Office location: The FCA expects day-to-day management decisions to be taken in the UK. The FCA noted concerns where key decision makers were unable to do so without overseas approval, or were managed by offshore senior managers.
	Outsourcing: Firms are expected to show accountability for compliance with relevant rules when outsourcing activities to third parties. Some firms demonstrated this using service level agreements to oversee and monitor activities.
	Business models: Firms are expected to assess the full risk of their activities to consumers, including compliance with the consumer duty when dealing with retail clients. Some firms failed evidence this, with some business models posing an unacceptably high level of risk, particularly to retail clients.
	Conflicts of interest: There were mixed findings around firms&apos; ability to demonstrate conflicts identification and management through maintaining registers and documenting reviews.


Read more.]]></description>
					      
						      <pubDate>Thu, 09 Apr 2026 16:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-guidance-on-asset-management-authorisation-applications</guid>
				    </item>
			
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					      <title>EBA publishes list of known data point model issues to support regulatory reporting</title>
					      <link>https://finreg.aoshearman.com/eba-publishes-list-of-known-data-point-model-issues-to-support-regulatory-reporting</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has announced that it will regularly publish a list of known issues relating to the data point model (DPM) framework, with the aim of enhancing transparency and supporting reporting institutions. The list will serve as a single reference point for recurring technical issues. This is part of the EBA&apos;s broader simplification efforts to support the implementation of reporting requirements and reduce unnecessary operational burden, while maintaining data quality and supervisory objectives. The list published on 9 April covers issues relating to pillar 3 disclosures and resolution planning reporting.]]></description>
					      
						      <pubDate>Thu, 09 Apr 2026 15:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-publishes-list-of-known-data-point-model-issues-to-support-regulatory-reporting</guid>
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					      <title>EBA consults on draft revised guidelines on exposures to shadow banking entities under CRR</title>
					      <link>https://finreg.aoshearman.com/eba-consults-on-draft-revised-guidelines-on-exposures-to-shadow-banking-entities-under-crr</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has launched a consultation on revised guidelines on limits on exposures to shadow banking entities (SBEs) carrying out banking activities outside a regulated framework, under Article 395(2) and (2a) of the Capital Requirements Regulation (CRR). The proposed revisions update the 2015 Guidelines to align with the harmonised CRR framework introduced by Commission Delegated Regulation (EU) 2023/2779, which now provides binding and maximum harmonised criteria for identifying SBEs. Accordingly, definitions and scoping elements previously contained in the guidelines have been removed, including the 0.25% materiality threshold, to ensure consistency with CRR reporting and disclosure requirements.

The guidelines retain their core purpose of setting supervisory expectations on how institutions should manage and monitor their exposures to SBEs to ensure that risks arising from such exposures are properly identified, measured, limited and controlled. They preserve existing governance requirements and the primary and fallback methods for setting exposure limits. No new quantitative limits are to be introduced at this stage. Input gathered through the consultation will inform the finalisation of the guidelines and broader EBA policy work, including a report on the contribution of SBEs to the capital markets union and an assessment of institutions&apos; exposures and limits, expected by December 2027. The deadline for comments is 9 July, with a virtual public hearing scheduled for 25 June.]]></description>
					      
						      <pubDate>Thu, 09 Apr 2026 14:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-consults-on-draft-revised-guidelines-on-exposures-to-shadow-banking-entities-under-crr</guid>
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					      <title>NGFS release package with new tools to manage nature-related financial risks</title>
					      <link>https://finreg.aoshearman.com/ngfs-release-package-with-new-tools-to-manage-nature-related-financial-risks</link>
					      <description><![CDATA[
The Network for Greening the Financial System (NGFS) has released a new package of materials aimed at supporting central banks and supervisors in assessing and managing nature‑related financial risks. The package builds on the NGFS&apos; 2024 Conceptual Framework and comprises three complementary notes covering: (i) nature‑related data, including guidance on identifying and prioritising relevant data sources and metrics, and the use of case studies and AI to improve data quality and availability; (ii) modelling tools for nature scenarios, highlighting current limitations in capturing interactions between nature, climate and the economy and setting out core design principles for future NGFS scenarios; and (iii) supervisory practices, proposing a pragmatic four‑step approach that builds on existing climate supervision and addresses current limitations. It offers a pathway towards a more integrated climate-nature prudential framework.]]></description>
					      
						      <pubDate>Thu, 09 Apr 2026 14:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ngfs-release-package-with-new-tools-to-manage-nature-related-financial-risks</guid>
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					      <title>ECB and ESRB joint report on buffer usability</title>
					      <link>https://finreg.aoshearman.com/ecb-and-esrb-joint-report-on-buffer-usability</link>
					      <description><![CDATA[
The European Central Bank (ECB) and the European Systemic Risk Board (ESRB) have published a joint report on the usability of capital buffers. The report analyses how prudential and resolution frameworks interact, and how this interaction may limit buffer usability.

Key takeaways include:

	Prudential and resolution frameworks are distinct but complementary. Their interaction is complicated. In particular, the report notes that the way common equity tier capital may be used to satisfy multiple requirements may limit its ability to absorb losses.
	In addition to the double-counting of capital, resolution frameworks can impact buffer usability when authorities use their discretionary powers to apply restrictions relating to the maximum distributable amount related to MREL.
	To evaluate the macroprudential impact of the relationship between the frameworks, a consistent methodology is needed. In line with this, the report defines the following key concepts: buffer usability; releasability; capital headroom; and loss-absorption capacity. It also provides a methodology for quantifying and evaluating these concepts. In addition, the report has developed the analytical framework, and updated the buffer usability simulation tool which has been used by national authorities in recent years.


Read more.]]></description>
					      
						      <pubDate>Thu, 09 Apr 2026 14:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ecb-and-esrb-joint-report-on-buffer-usability</guid>
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					      <title>UK FCA findings from multi-firm review on customer due diligence</title>
					      <link>https://finreg.aoshearman.com/uk-fca-findings-from-multi-firm-review-on-customer-due-diligence</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published findings of a multi‑firm review of customer due diligence (CDD), enhanced due diligence (EDD) and ongoing monitoring controls, setting out examples of good and poor practice for firms. The FCA assessed CDD systems and controls through a questionnaire, a desk-based review of policies and procedures, customer file reviews and interviews with staff at firms.

Key findings include:

	Policies and procedures: Stronger firms demonstrated clear distinctions between standard CDD and EDD, applying risk based approaches to higher risk customers, including politically exposed persons. However, weaknesses included unclear guidance on additional EDD measures, review frequency and how staff should identify and verify customers who cannot provide standard forms of identification. In some cases, firms failed to follow their own policies and procedures, including in relation to periodic customer reviews.


Read more.]]></description>
					      
						      <pubDate>Wed, 08 Apr 2026 15:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-findings-from-multi-firm-review-on-customer-due-diligence</guid>
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					      <title>EC adopts Delegated Regulations on disclosures and trading under MAR</title>
					      <link>https://finreg.aoshearman.com/ec-adopts-delegated-regulations-on-disclosures-and-trading-under-ma</link>
					      <description><![CDATA[
The European Commission (EC) has adopted two Delegated Regulations under the Market Abuse Regulation No 596/2014 (MAR) to reflect amendments introduced by the Listing Act (Regulation (EU) 2024/2809).

The first Delegated Regulation sets out requirements on the disclosure of inside information in protracted processes, including the conditions and arrangements for the delay of disclosure. Under Article 17(1) of MAR, issuers must disclose inside information as soon as possible, although Article 17(4) permits delayed disclosure in certain circumstances. The Listing Act amended this regime by excluding intermediate steps in protracted processes from disclosure, provided confidentiality is maintained, and by clarifying when disclosure may be delayed. The Delegated Regulation sets out non exhaustive lists of: (i) final events or circumstances that trigger disclosure along with the timing of such disclosure; and (ii) situations where there is a contrast between inside information whose disclosure is intended to be delayed, and the most recent public announcement or communication by the issuer or emission allowance market participant on the same subject. The Regulation will enter into force on the third day following its publication in the Official Journal of the European Union (OJ).

Read more.]]></description>
					      
						      <pubDate>Wed, 08 Apr 2026 15:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-adopts-delegated-regulations-on-disclosures-and-trading-under-ma</guid>
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					      <title>UK FCA Primary market bulletin No. 62</title>
					      <link>https://finreg.aoshearman.com/uk-fca-primary-market-bulletin-no-62</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Primary Market Bulletin 62. The bulletin highlights concerns about potentially manipulative investment approaches affecting micro-cap and small-cap issuers&apos; share prices, specifically an increase in: (i) fake investor approaches, where parties pose as genuine investors and leak news of a supposed takeover or push disclosure of the approach to the market to inflate share prices; and (ii) equity fundraisings linked to pump and dump schemes, often involving the issuance of large numbers of warrant instruments. Warrants are then exercised and the shares sold at the increased share price. The FCA emphasises the importance of robust due diligence by quoted companies and their advisers before engaging with investment proposals, including verifying investor identities, assessing whether proposals are genuine and reviewing investors&apos; track records for similar transactions.

The FCA also provides feedback from its recent reviews of sponsors&apos; work on the modified transfers process under the UK Listing Rules, sharing observations on due diligence, sponsor judgement and compliance with eligibility requirements. The FCA states it is encouraged to see the modified transfers process being used and sponsors applying their expertise and judgement.

In addition, the FCA notes the deadline of 20 April for responding to its consultation on proposed clarificatory amendments to the Prospectus sourcebook (PRM), in chapter 5 of the FCA&apos;s Quarterly Consultation Paper No. 51.]]></description>
					      
						      <pubDate>Wed, 08 Apr 2026 15:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-primary-market-bulletin-no-62</guid>
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					      <title>New UK transaction and post-trade reporting taskforce</title>
					      <link>https://finreg.aoshearman.com/new-uk-transaction-and-post-trade-reporting-taskforce</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) and the Bank of England (BoE) have opened the application window for prospective members of a new UK transaction and post-trade reporting taskforce. The purpose of the taskforce is to inform the UK&apos;s long‑term approach to harmonising transaction and post‑trade reporting requirements across regimes including the UK Markets in Financial Instruments Regulation (UK MiFIR), the UK European Market Infrastructure Regulation (UK EMIR) and the UK Securities Financing Transactions Regulation (UK SFTR). It is intended that the taskforce will run for 18 months, after which the position will be reviewed. Further detail is set out in the terms of reference for the taskforce.

The taskforce will comprise three working groups: a main policy group which will focus on opportunities for harmonisation and simplification, a strategy group which will provide insight from industry experience, and an architecture group, which will explore opportunities to leverage modern technologies. The FCA and the BoE will co-chair the working groups, which are expected to meet every two months or more often if needed. The deadline for applications is 23 April.]]></description>
					      
						      <pubDate>Thu, 02 Apr 2026 16:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/new-uk-transaction-and-post-trade-reporting-taskforce</guid>
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					      <title>UK FCA directions for the temporary permission regime for deferred payment credit in force</title>
					      <link>https://finreg.aoshearman.com/uk-fca-directions-for-the-temporary-permission-regime-for-deferred-payment-credit-in-force</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published an updated webpage with newly issued directions, setting out the process for firms to register for the temporary permission regime (TPR) for deferred payment credit (DPC), formerly known as buy now, pay later. The directions came into force the same day.

DPC will be regulated by the FCA from 15 July (&quot;regulation day&quot;). Firms which were carrying on DPC activity on 15 July 2025 may continue operating under the TPR while their authorisation applications are considered. To enter the TPR, firms must notify the FCA using the prescribed form during the notification window, which runs from 15 May to 1 July, and pay the registration fee of GBP280. Firms granted temporary permission will be able to submit their substantive authorisation applications from 8 July.

Firms that were not carrying on DPC activity on 15 July 2025, or do not intend to continue after regulation day, do not need to register. Firms without authorisation or temporary permission may also continue to service DPC agreements that were taken out before regulation day as these agreements will remain exempt.]]></description>
					      
						      <pubDate>Thu, 02 Apr 2026 16:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-directions-for-the-temporary-permission-regime-for-deferred-payment-credit-in-force</guid>
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					      <title>UK FOS response to FCA on the long-term impact of AI on retail financial services</title>
					      <link>https://finreg.aoshearman.com/uk-fos-response-to-fca-on-the-long-term-impact-of-ai-on-retail-financial-services</link>
					      <description><![CDATA[
The UK Financial Ombudsman Service (FOS) has published its response (dated February) to the FCA&apos;s Mills Review on the long‑term impact of AI on retail financial services. The response focuses on two areas: the increasing use of AI by consumers and professional representatives in complaint submissions; and financial firms&apos; use of AI.

The FOS observes an increase in consumers using AI, noting that AI can help consumers organise complaints, overcome language barriers and present clearer cases—especially consumers who are vulnerable and have difficulty expressing themselves in writing. However, there are also concerns where generative AI is used excessively or inaccurately, leading to lengthy, incoherent submissions and &quot;hallucinations&quot;. The FOS reports early indications from a small sample analysis that AI may have contributed to around 35% of responses to initial assessments, which can lead to a disproportionate amount of time spent on verifying accuracy. The FOS welcomes the FCA&apos;s focus on AI in retail financial services and calls for consistent guidance to firms and consumers as AI use evolves in the complaint process, offering to provide its own insights to support this work.

Read more.]]></description>
					      
						      <pubDate>Thu, 02 Apr 2026 15:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fos-response-to-fca-on-the-long-term-impact-of-ai-on-retail-financial-services</guid>
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					      <title>DRCF paper on the future of agentic AI</title>
					      <link>https://finreg.aoshearman.com/drcf-paper-on-the-future-of-agentic-ai</link>
					      <description><![CDATA[
The Digital Regulation Cooperation Forum (DRCF, comprising the UK Competition and Markets Authority, the UK Financial Conduct Authority, Information Commissioner&apos;s Office and Ofcom) has published a paper on the future of agentic AI and exploring how UK regulatory frameworks can help realise the opportunities of this technology in a responsible and safe way. The DRCF defines agentic AI as an agent that acts on behalf of users. Unlike standard generative AI, which responds to queries and creates outputs, agentic systems can assess goals, plan workflows and execute actions autonomously to impact real-world environments and interact with people or other agents.

While recognising that agentic AI could deliver significant benefits to consumers, the paper highlights that it can also amplify existing risks and introduce new ones, particularly in relation to data protection, consumer protection, online safety and cybersecurity. It considers potential future developments and sets out early views on cross regulatory implications across four key areas: (i) governance; (ii) data protection and cybersecurity; (iii) consumer rights and interests; and (iv) market dynamics and competition. The DRCF emphasises that agentic AI does not fall outside existing legal frameworks and that obligations on transparency, fairness, accountability and consumer outcomes continue to apply. The DRCF emphasises that organisational responsibility for legal compliance remains unchanged notwithstanding the autonomy of agentic AI, and that regulators will continue to work collectively and individually to support a clear and coherent regulatory approach enabling safe and responsible adoption.]]></description>
					      
						      <pubDate>Wed, 01 Apr 2026 16:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/drcf-paper-on-the-future-of-agentic-ai</guid>
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					      <title>UK PRA and FCA consult on changes to loan to income flow limit rule</title>
					      <link>https://finreg.aoshearman.com/uk-pra-and-fca-consult-on-changes-to-loan-to-income-flow-limit-rule</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) and UK Prudential Regulation Authority (PRA) have published consultation papers (CP26/12 / CP6/26), proposing changes to the loan to income (LTI) flow limit rule in mortgage lending. The regulators propose to remove the firm level 15% cap on high LTI lending (mortgages with an LTI ratio of 4.5 or above), while retaining the 15% limit in aggregate across the market, giving individual lenders greater flexibility to set their own high LTI strategies. This follows interim measures introduced in July 2025, under which PRA firms were permitted, via a modification by consent, to disapply the firm level cap, while FCA firms could seek individual guidance to lend above 15%, pending completion of the policy review.

Read more.]]></description>
					      
						      <pubDate>Wed, 01 Apr 2026 16:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-and-fca-consult-on-changes-to-loan-to-income-flow-limit-rule</guid>
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					      <title>BoE and PRA response on AI in financial services</title>
					      <link>https://finreg.aoshearman.com/boe-and-pra-response-on-ai-in-financial-services</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a joint letter from the BoE and the UK Prudential Regulation Authority (PRA) to the chancellor of the exchequer and relevant secretaries of state, setting out their approach to enabling the safe and responsible adoption of AI in the UK financial sector. The letter responds to a request of 28 January to publish a plan explaining how the authorities will help enable safe AI driven innovation as well as to report annually on how their supervisory and regulatory approach supports AI driven innovation and growth.

Planned work for this year includes:

	Embedding AI as a supervisory priority for 2026, with increased focus on AI‑related risks and practices through supervisory dialogue with firms.
	Conducting the next edition of the biennial survey of AI adoption across Bank‑ and FCA‑regulated firms.
	A report from the AI consortium on its work, including on generative AI and emerging trends such as the rise of agentic AI.


Read more.]]></description>
					      
						      <pubDate>Wed, 01 Apr 2026 15:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/boe-and-pra-response-on-ai-in-financial-services</guid>
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					      <title>UK FCA confirms an increase to FOS award limits</title>
					      <link>https://finreg.aoshearman.com/uk-fca-confirms-an-increase-to-fos-award-limits</link>
					      <description><![CDATA[
The UK Financial Ombudsman Service (FOS) has announced that the UK Financial Conduct Authority (FCA) has confirmed increases to FOS&apos; award limits for the 2026/27 financial year, in line with inflation measured by the Consumer Prices Index. From 1 April, the maximum award the FOS can require a firm to pay will increase to GBP455,000 for complaints relating to acts or omissions occurring on or after 1 April 2019 (an increase of GBP10,000 on the previous year), and to GBP205,000 for complaints relating to acts or omissions before that date (a rise of GBP5,000 over the previous year). The different limits set annually continue to apply depending on when the relevant complaint was brought to the FOS, with more information available on the FOS webpage on understanding compensation.]]></description>
					      
						      <pubDate>Wed, 01 Apr 2026 14:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-confirms-an-increase-to-fos-award-limits</guid>
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					      <title>ESMA Q&amp;As clarifying expectations ahead of the launch of the EU consolidated tapes</title>
					      <link>https://finreg.aoshearman.com/esma-qas-clarifying-expectations-ahead-of-the-launch-of-the-eu-consolidated-tapes</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published new Q&amp;As on the onboarding of data contributors to the EU&apos;s consolidated tapes (CTs) and on the operational rules for consolidated tape providers (CTPs), as part of preparations for their launch. This follows ESMA&apos;s earlier selection of the first CTPs, including the appointment of fairCT as the CTP for bonds in July 2025 and EuroCTP as the CTP for equities. The authorisation processes are currently ongoing for both, while the selection process for the derivatives CTP remains underway, with an announcement expected by July. ESMA expects data contributors to engage with the selected CTPs ahead of formal authorisation to ensure operational readiness, including agreeing data transmission protocols and completing connectivity and end to end testing. CTPs are expected to put appropriate safeguards in place to protect the confidentiality and integrity of information received during the preparatory phase.]]></description>
					      
						      <pubDate>Wed, 01 Apr 2026 11:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-qas-clarifying-expectations-ahead-of-the-launch-of-the-eu-consolidated-tapes</guid>
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					      <title>FPC record of March meeting</title>
					      <link>https://finreg.aoshearman.com/fpc-record-of-march-meeting</link>
					      <description><![CDATA[
The Bank of England (BoE) has published the record of the Financial Policy Committee&apos;s (FPC) meeting held on 27 March to identify risks to financial stability and agree policy actions aimed at safeguarding the resilience of the UK financial system. The FPC assesses that the conflict in the Middle East has triggered a substantial negative supply shock, leading to significant market moves (including higher and more volatile energy prices and higher government bond yields). While the financial system has been resilient so far, the shock is expected to weigh on growth, increase inflation and tighten financial conditions. The FPC highlights that these developments could interact with existing vulnerabilities it has previously identified in sovereign debt markets, risky asset valuations and risky credit markets (notably private credit), increasing the likelihood that multiple vulnerabilities could crystallise at the same time and amplify risks to financial stability. The FPC emphasises the need for timely and active risk management by market participants, including stress testing and liquidity preparedness that incorporate scenarios involving further sudden and significant price adjustments.

Read more.]]></description>
					      
						      <pubDate>Wed, 01 Apr 2026 09:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/fpc-record-of-march-meeting</guid>
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					      <title>BoE feedback statement on enhancing the resilience of the UK gilt repo market</title>
					      <link>https://finreg.aoshearman.com/boe-feedback-statement-on-enhancing-the-resilience-of-the-uk-gilt-repo-market</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a feedback statement to its September 2025 discussion paper which sought views on proposed reforms to enhancing the resilience of the gilt repo market. Respondents were supportive of the objective of strengthening market resilience and broadly agreed with the BoE&apos;s assessment of market dynamics, but raised a range of concerns about the proportionality and potential negative spillovers of market wide measures.

Respondents acknowledged that greater use of central clearing could reduce systemic risks, however based on the current structure of the gilt repo market, many firms emphasised that access barriers, operational constraints and cost considerations mean central clearing is currently unfeasible or uneconomical for a large proportion of market participants. Therefore, firms would welcome innovation in this space through the introduction of cross product margining and new access models. Respondents also highlighted the potential concentration of risk arising from increased reliance on a single central counterparty, although the BoE considers much of this risk to be mitigated by existing supervisory and regulatory frameworks for central counterparties and will investigate further. Some respondents warned that the costs, and operational and legal complexities, of introducing a clearing mandate could reduce market participation and liquidity in both gilt cash and repo markets in normal conditions.

Read more.]]></description>
					      
						      <pubDate>Wed, 01 Apr 2026 09:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/boe-feedback-statement-on-enhancing-the-resilience-of-the-uk-gilt-repo-market</guid>
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					      <title>UK PRA and FCA finalise the FSCS MELL for 2026/27</title>
					      <link>https://finreg.aoshearman.com/uk-pra-and-fca-finalise-the-fscs-mell-for-202627</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) and UK Prudential Regulation Authority (PRA) have published policy statements (PS26/4/PS8/26), finalising the Financial Services Compensation Scheme (FSCS) Management Expenses Levy Limit (MELL) for 2026/27 following the January consultation. The regulators largely maintain the approach as consulted on, setting the MELL at GBP113 million. This comprises a GBP108m management expenses budget to cover the FSCS&apos; ongoing operating costs and a GBP5m unlevied reserve, allowing the FSCS to meet unforeseen expenses without the need for further consultation.

In the January consultation, it was reported that the FSCS projected its management expenses to be GBP103.6m for the current financial year, in line with its budget. The FSCS has since revised its forecast and now expects a GBP2.5m underspend from the 2025/26 budget. Where actual expenses are lower than the budget when reconciled at year end, these funds will be used to offset the levy for the relevant classes in 2026/27. The MELL will apply from 1 April until 31 March 2027.]]></description>
					      
						      <pubDate>Tue, 31 Mar 2026 21:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-and-fca-finalise-the-fscs-mell-for-202627</guid>
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					      <title>UK FOS final plans and budget for 2026/27</title>
					      <link>https://finreg.aoshearman.com/uk-fos-final-plans-and-budget-for-202627</link>
					      <description><![CDATA[
The UK Financial Ombudsman Service (FOS) has published its final plans and budget for 2026/27, setting out its priorities for the next 12 months. The FOS expects to receive 199,000 new complaints in 2026/27 (down from nearly 306,000 in 2024/25 and around 210,000 in 2025/26), a decline which it attributes to fewer motor finance commission cases and fewer complaints from professional representatives. It does expect an increase in credit card and consumer credit complaints, however, because of cost of living pressures. It plans to resolve 266,500 cases over the year (covering both new and existing cases).

On its funding, the FOS states that while case fees and levies were held flat for two years at significantly reduced levels, increases are now needed due to inflationary challenges, reduced reserves and the cost of implementing reforms. Therefore, as consulted on in its November plans and budget consultation, from 1 April it will set the compulsory levy at GBP86 million, charge respondent firms GBP680 per case and introduce charges for professional representatives—GBP80 for cases they refer that are found in favour of the consumer and GBP260 where the case is found in favour of the firm (in which case the firm&apos;s case fee reduces to GBP500).]]></description>
					      
						      <pubDate>Tue, 31 Mar 2026 21:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fos-final-plans-and-budget-for-202627</guid>
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					      <title>ESAs final joint guidelines for ESG stress testing published in all official EU languages</title>
					      <link>https://finreg.aoshearman.com/esas-final-joint-guidelines-for-esg-stress-testing-published-in-all-official-eu-languages</link>
					      <description><![CDATA[
The European Supervisory Authorities (ESAs, comprising the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) have published official translations of their joint final guidelines on integrating environmental, social and governance (ESG) risks into financial stress tests for banks and insurers under the Capital Requirements Directive and the Solvency II Directive. First published in January, the guidelines aim to harmonise how competent authorities across the EU consistently incorporate ESG risks into their supervisory frameworks. They set expectations on long term considerations and common standards for ESG stress testing methodologies, including undertaking risk based materiality assessments across both short term (up to five years) and long term (at least ten years) horizons. The joint guidelines will apply from 1 January 2027. Competent authorities must now notify the respective ESA by 31 May on whether they comply or intend to comply with the guidelines, or where relevant, provide their reasons for non-compliance.]]></description>
					      
						      <pubDate>Tue, 31 Mar 2026 16:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esas-final-joint-guidelines-for-esg-stress-testing-published-in-all-official-eu-languages</guid>
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					      <title>ECB comprehensive payments strategy</title>
					      <link>https://finreg.aoshearman.com/ecb-comprehensive-payments-strategy</link>
					      <description><![CDATA[
The European Central Bank (ECB) has published its comprehensive payments strategy, setting out a consolidated, forward‑looking approach for the development of European payments across wholesale, business‑to‑business, retail and cross‑border use cases. The strategy has four strategic aims: (i) ensuring the effectiveness of monetary policy, financial stability and the smooth functioning of payment systems by maintaining the role of central bank money as the anchor of a two-tier monetary system; (ii) achieving strategic autonomy and increased resilience for European payments; (iii) fostering an integrated, competitive and innovative payments ecosystem; and (iv) supporting the international role of the euro.

These involve:

	Developing a European market for tokenised settlement assets by leveraging the innovative potential of tokenisation while maintaining central bank money as the anchor for settlement, complemented by private settlement assets. These private settlement assets include tokenised deposits and stablecoins that are EU-governed, euro-denominated and properly designed and regulated.
	Improving existing infrastructure and investing in distributed ledger technology (DLT)-based solutions for wholesale payments by continuing to support and invest in its RTGS settlement system T2 (including exploring the extension of its operating hours), while developing central bank money for the settlement of DLT-based wholesale payments and securities transactions through its Pontes and Appia initiatives.


Read more.]]></description>
					      
						      <pubDate>Tue, 31 Mar 2026 15:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ecb-comprehensive-payments-strategy</guid>
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					      <title>UK FCA final policy introducing a motor finance redress scheme</title>
					      <link>https://finreg.aoshearman.com/uk-fca-final-policy-introducing-a-motor-finance-redress-scheme</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published policy statement PS26/3 on the motor finance redress scheme, following the UK Supreme Court ruling on 1 August 2025. This follows the October 2025 consultation, which we cover in more detail in our blogpost titled &quot;FCA consultation on motor finance redress scheme&quot;. Following feedback, the FCA will proceed with the scheme although with several material changes, including:


	Splitting the originally proposed single scheme into two separate schemes, covering agreements from 6 April 2007 to 31 March 2014 and from 1 April 2014 to 1 November 2024, to mitigate the risk of a legal challenge delaying redress for later-period consumers. This means if the earlier period is subject to a legal challenge, redress for consumers with agreements from April 2014 shouldn&apos;t be delayed.
	Tightening eligibility criteria so only consumers treated unfairly are compensated. Inadequate disclosure of one or more of the following will give rise to a presumption of unfairness: (i) discretionary commission arrangements (DCAs), where the broker could adjust the interest rate offered to a customer to obtain a higher commission; (ii) a high commission arrangement; and (iii) certain contractual ties that gave a firm exclusivity or a right of first refusal, except where the lender can prove there were visible links between the lender, manufacturer and franchised dealer.


Read more.]]></description>
					      
						      <pubDate>Mon, 30 Mar 2026 15:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-final-policy-introducing-a-motor-finance-redress-scheme</guid>
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					      <title>ECB streamlines how it supervises banks&apos; internal models</title>
					      <link>https://finreg.aoshearman.com/ecb-streamlines-how-it-supervises-banks-internal-models</link>
					      <description><![CDATA[
The European Central Bank (ECB) has announced changes to streamline the supervision of banks&apos; internal models for credit risk, aimed at making the approval process for material model changes faster and more predictable while maintaining prudential safeguards. From 1 October, banks will be permitted to implement material changes to their internal models for credit risk shortly after submitting a complete application package. This will allow banks to implement model changes quickly, without having to maintain old and new models in parallel while awaiting supervisory review. This is subject to confirmation by the bank&apos;s internal control function that the revised model complies with regulatory requirements and that the bank is ready to implement the change. Where changes lead to lower risk weights, expedited approval will still apply, but any capital benefit will be capped by a supervisory floor applied to all approved model changes, and only lifted once the ECB completes a targeted on site review. The ECB will retain the option to apply the standard approval process in higher risk or sensitive cases, with banks waiting for the outcome of a dedicated on site investigation. Material model changes will no longer automatically trigger an on-site investigation. On the same day, the EBA also published final draft regulatory technical standards amending the framework for assessing the materiality of changes to internal ratings based models.]]></description>
					      
						      <pubDate>Mon, 30 Mar 2026 11:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ecb-streamlines-how-it-supervises-banks-internal-models</guid>
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					      <title>UK regulators launch joint taskforce to crack down on poor practice in motor finance claims</title>
					      <link>https://finreg.aoshearman.com/uk-regulators-launch-joint-taskforce-to-crack-down-on-poor-practice-in-motor-finance-claims</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has announced the launch of a joint regulatory taskforce with the UK Solicitors Regulation Authority, Information Commissioner&apos;s Office and Advertising Standards Authority to tackle poor practices in motor finance claims handling by some claims management companies and law firms. The taskforce will share intelligence and take coordinated enforcement action to mitigate harm to consumers, including by tackling unsolicited and misleading advertising, meritless claims, multiple representation and unfair exit fees. The announcement comes as the FCA published its final policy statement on the motor finance redress scheme. ]]></description>
					      
						      <pubDate>Mon, 30 Mar 2026 11:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-regulators-launch-joint-taskforce-to-crack-down-on-poor-practice-in-motor-finance-claims</guid>
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					      <title>EBA final draft RTS on changes to the internal ratings based approach under CRR</title>
					      <link>https://finreg.aoshearman.com/eba-final-draft-rts-on-changes-to-the-internal-ratings-based-approach-under-crr</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a final report with final draft regulatory technical standards (RTS) amending the framework for assessing the materiality of changes to internal ratings based models under the Capital Requirements Regulation (CRR). The aim is to streamline supervisory approvals and reduce undue delays in model implementation. The EBA notes that the high volume of model changes classified as &quot;material&quot; has strained supervisory resources under the current approval processes, creating uncertainty for institutions and hampering effective model use and timely model improvements.

Read more.]]></description>
					      
						      <pubDate>Mon, 30 Mar 2026 08:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-final-draft-rts-on-changes-to-the-internal-ratings-based-approach-under-crr</guid>
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					      <title>UK FCA and ICO joint statement with expectations on firms&apos; approaches to vulnerability related data</title>
					      <link>https://finreg.aoshearman.com/uk-fca-and-ico-joint-statement-with-expectations-on-firms-approaches-to-vulnerability-related-data</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) and the Information Commissioner&apos;s Office (ICO) have published a joint statement clarifying regulatory expectations on the use and sharing of vulnerability related data. The statement explains how firms should approach this in delivering good outcomes for retail consumers under the consumer duty, while complying with UK data protection law.

Firms are expected to understand and identify indicators of vulnerability within their customer base, design products, communications and support that respond appropriately to those needs, and put in place systems that allow consumers to disclose relevant circumstances so that support can be delivered consistently and fairly. Firms are also expected to apply and demonstrate compliance with the UK GDPR principles when processing customers&apos; personal information.

In relation to sharing data across distribution chains, manufacturers (such as lenders and payment networks) and distributors (such as intermediaries and financial advisers) are expected to work collaboratively and share relevant vulnerability‑related information, where necessary to avoid foreseeable harm. They are also expected to apply ICO&apos;s data sharing code of practice on how to share personal information in compliance with data protection law.

Read more.]]></description>
					      
						      <pubDate>Fri, 27 Mar 2026 21:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-and-ico-joint-statement-with-expectations-on-firms-approaches-to-vulnerability-related-data</guid>
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					      <title>UK FCA Handbook Notice 139</title>
					      <link>https://finreg.aoshearman.com/uk-fca-handbook-notice-139</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Handbook Notice No. 139, outlining amendments to the FCA Handbook resulting from the following statutory instruments:


	Redress Reforms Instrument 2026, which partially entered into force on 17 March with the remaining provisions coming into force on 1 June. This clarifies when firms should report emerging issues to the FCA and to improve the operational efficiency of the UK Financial Ombudsman and the Financial Services Compensation Scheme by streamlining processes and reducing the operational costs ultimately met by levy-paying firms.
	Notification of Third Party Arrangements and Operational Incident Reporting Instrument which comes into force on 18 March 2027. This makes changes to the Handbook to enhance incident and third party risk management, strengthen firms&apos; operational resilience and minimise harm.


Read more.]]></description>
					      
						      <pubDate>Fri, 27 Mar 2026 16:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-handbook-notice-139</guid>
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					      <title>UK DRCF insights paper on smart data frameworks</title>
					      <link>https://finreg.aoshearman.com/uk-drcf-insights-paper-on-smart-data-frameworks</link>
					      <description><![CDATA[
The Digital Regulation Cooperation Forum (DRCF) has published an insights paper (dated 26 March) on smart data frameworks, providing an international review and comparative analysis to inform the UK&apos;s implementation of cross sector smart data schemes under the Data (Use and Access) Act 2025 (DUAA). The paper notes a global shift away from single sector models, such as open banking, towards economy wide frameworks, while highlighting significant divergence in how jurisdictions have implemented them. The DRCF identifies three main approaches: (i) regulator mandated models, which provide legal certainty and consistent standards, but risk high compliance costs and reduced flexibility; (ii) market facilitated models, which support innovation, but often suffer from uneven adoption and unclear liability; and (iii) public infrastructure led approaches, which support interoperability but require significant upfront investment and sustained political commitment.

The paper outlines potential insights and considerations for the UK as it implements the DUAA, including:

	Establishing a central smart data governance body to coordinate scheme development across sectors, set baseline technical and security standards, ensure interoperability and provide a clear strategic direction.
	Introducing smart data schemes using a phased approach, prioritising sectors with clear consumer benefits and policy alignment (for example, energy and Net Zero), and tailoring implementation models depending on their digital maturity, market structure and regulatory landscape context.


Read more.]]></description>
					      
						      <pubDate>Fri, 27 Mar 2026 16:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-drcf-insights-paper-on-smart-data-frameworks</guid>
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					      <title>UK FCA findings from multi-firm review on operational resilience</title>
					      <link>https://finreg.aoshearman.com/uk-fca-findings-from-multi-firm-review-on-operational-resilience</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new webpage highlighting good and poor practice observed in firms&apos; annual operational resilience self‑assessments following the end of the transition period on 31 March 2025, relating to the application of the FCA&apos;s rules. The FCA encourages firms to use these observations to help review and evolve their approaches.

The FCA&apos;s findings are categorised under six headings:

	Important business services and impact tolerance: While good practice was observed in relation to methodologies and rationale for defining important business services and setting impact tolerances, documenting review cycles, and scenario testing to inform impact tolerance calibration, the FCA would like to see firms able to identify when harm would occur to consumers and when it would impact the market.
	Mapping resources: Firms have matured their approaches to mapping. Good practice includes clear ownership and accountability of mapping data and diversifying where key staff are based. The FCA emphasises the need for comprehensive mapping of people, processes, technology, facilities, information and third party dependencies, noting that firms often focus too narrowly on technology and insufficiently address third party vulnerabilities.


Read more.]]></description>
					      
						      <pubDate>Fri, 27 Mar 2026 15:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-findings-from-multi-firm-review-on-operational-resilience</guid>
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					      <title>Corrigendum to ECB Regulation on oversight of systemically important payment systems</title>
					      <link>https://finreg.aoshearman.com/corrigendum-to-ecb-regulation-on-oversight-of-systemically-important-payment-systems</link>
					      <description><![CDATA[
A Corrigendum to Regulation (EU) 2025/1355 of the European Central Bank on oversight requirements for systemically important payment systems, was published in the Official Journal of the European Union. The Corrigendum makes a purely technical correction to recital 2, replacing a typographical error. The correction does not introduce any substantive changes to the regulatory framework or to the oversight requirements applicable to systemically important payment systems.]]></description>
					      
						      <pubDate>Fri, 27 Mar 2026 15:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/corrigendum-to-ecb-regulation-on-oversight-of-systemically-important-payment-systems</guid>
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					      <title>European Commission takes action to ensure complete and timely transposition of EU directives</title>
					      <link>https://finreg.aoshearman.com/european-commission-takes-action-to-ensure-complete-and-timely-transposition-of-eu-directives</link>
					      <description><![CDATA[
The European Commission (EC) has announced that it is taking action against several EU member states that have failed to notify it of measures they have adopted to transpose EU directives into their national laws. In particular, it has sent letters of formal notice to:


	Belgium, Bulgaria, Cyprus, Denmark, Estonia, Greece, Spain, France, Italy, Latvia, Luxembourg, Lithuania, Malta, the Netherlands, Poland, Portugal, Romania, Slovenia and Sweden for failing to fully transpose the European Single Access Point (ESAP) Omnibus Directive (Directive 2023/2864).
	Belgium, Bulgaria, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovakia, Finland and Sweden for failing to fully transpose the amending Sixth Capital Requirements Directive (Directive 2024/1619).

The member states concerned now have two months to respond, complete their transposition and notify their measures to the EC. In the absence of a satisfactory response, the EC may decide to issue a reasoned opinion.]]></description>
					      
						      <pubDate>Fri, 27 Mar 2026 09:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/european-commission-takes-action-to-ensure-complete-and-timely-transposition-of-eu-directives</guid>
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					      <title>Implementing Regulation amending ITS to support Pillar 3 data hub</title>
					      <link>https://finreg.aoshearman.com/implementing-regulation-amending-its-to-support-pillar-3-data-hub</link>
					      <description><![CDATA[
Commission Implementing Regulation (EU) 2026/722 amending Implementing Regulation (EU) 2024/3172 was published in the Official Journal of the European Union (OJ). The Regulation amends the implementing technical standards (ITS) on public disclosures under the Capital Requirements Regulation (CRR) to support the introduction of the European Banking Authority&apos;s (EBA) Pillar 3 Data Hub and its single access point for disclosures. It requires institutions other than small and non complex institutions to submit Pillar 3 disclosures to the EBA via the Pillar 3 data hub using harmonised, uniform formats that are both human readable and machine readable. For small and non-complex institutions, the relevant IT tools are still being designed given the importance of making them proportionate.

Recognising that institutions may require additional time to comply with the new disclosure formats, the Regulation allows alternative means of disclosure for submissions with a 2025 reference date. In addition, the Regulation extends existing transitional disclosure provisions and defers the repeal of Implementing Regulation (EU) 2021/637 by one year, reflecting the postponement of the market risk own funds requirements to 1 January 2027. The Regulation will apply from 16 April, being the 20th day following publication in the OJ and is directly applicable in all member states.]]></description>
					      
						      <pubDate>Fri, 27 Mar 2026 08:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/implementing-regulation-amending-its-to-support-pillar-3-data-hub</guid>
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					      <title>ESMA publishes guidelines on stress test scenarios under the MMF Regulation</title>
					      <link>https://finreg.aoshearman.com/esma-publishes-guidelines-on-stress-test-scenarios-under-the-mmf-regulation</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published the official translations of its guidelines on stress test scenarios under the Regulation on Money Market Funds (MMF Regulation). The guidelines apply to competent authorities, MMFs and managers of MMFs as defined in the MMF Regulation. They apply in relation to Article 28 of the MMF Regulation and establish common reference parameters for the stress test scenarios to be included in the stress tests conducted by MMFs or managers of MMFs in accordance with that Article. The guidelines apply from 26 May with respect to parts in red, and the other parts of the guidelines already apply from the dates specified in Articles 44 and 47 of the MMF Regulation.]]></description>
					      
						      <pubDate>Thu, 26 Mar 2026 16:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-publishes-guidelines-on-stress-test-scenarios-under-the-mmf-regulation</guid>
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					      <title>UK FCA webpage on registration under MLRs ahead of new crypto regime</title>
					      <link>https://finreg.aoshearman.com/uk-fca-webpage-on-registration-under-mlrs-ahead-of-new-crypto-regime</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new webpage for cryptoasset firms who are considering applying for registration under the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs), ahead of the new UK crypto regime which is due to come into force on 25 October 2027. The FCA states that the webpage is not relevant to cryptoasset firms that will still need to be registered with the FCA under the MLRs but will not require authorisation under the new Financial Services and Markets Act 2000 (FSMA) crypto regime, as for these firms, the MLR gateway will continue to operate as normal.

The webpage covers:

	The requirement to be registered under the MLRs: Firms who provide in-scope cryptoasset services in the UK are required to be MLR-registered before trading, until the new FSMA regime starts. Once the FSMA regime applies, firms carrying out regulated cryptoasset activities will require FSMA authorisation, including firms already registered under the MLRs. Applications for FSMA authorisation will open on 30 September. Firms may apply for registration at any time before the new regime begins on 25 October 2027. However, they should only do so if they are confident that they can be registered early enough for it to be worthwhile before the new regime starts.


Read more.]]></description>
					      
						      <pubDate>Thu, 26 Mar 2026 16:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-webpage-on-registration-under-mlrs-ahead-of-new-crypto-regime</guid>
				    </item>
			
					 <item>
					      <title>European Parliament adopts CMDI proposals</title>
					      <link>https://finreg.aoshearman.com/european-parliament-adopts-cmdi-proposals</link>
					      <description><![CDATA[
The European Parliament has published a press release announcing that it has adopted the legislative package to reform the crisis management and deposit insurance (CMDI) framework for banks in the EU. The package includes targeted amendments to the Bank Recovery and Resolution Directive (BRRD), the Single Resolution Mechanism Regulation (SRM), and the Deposit Guarantee Schemes Directive (DGSD). The European Parliament has also published the following legislative resolutions: (i) a legislative resolution on the Council position at first reading with a view to the adoption of a Directive amending the DGSD as regards the scope of deposit protection, use of deposit guarantee schemes funds, cross-border co-operation, and transparency; (ii) a legislative resolution on the Council position at first reading with a view to the adoption of a Directive amending the BRRD, as regards early intervention measures, conditions for resolution and funding of resolution action and Directive 2014/24/EU, as regards valuation services in resolution; and (iii) a legislative resolution on the Council position at first reading with a view to the adoption of a Regulation amending the SRM Regulation as regards early intervention measures, conditions for resolution and funding of resolution action.

Read more.]]></description>
					      
						      <pubDate>Thu, 26 Mar 2026 16:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/european-parliament-adopts-cmdi-proposals</guid>
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					 <item>
					      <title>UK FCA annual work programme 2026/27</title>
					      <link>https://finreg.aoshearman.com/uk-fca-annual-work-programme-202627</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its annual work programme for 2026/27 setting out its planned activity for the second year of its five-year strategy. The programme is structured around the following four strategic priorities:


	Being a smarter regulator: to improve regulatory efficiency and proportionality, the FCA will continue to invest in digital, data and AI capabilities, reduce administrative burdens by simplifying rules and streamlining data returns (including removing three regular returns in April), and improve the authorisation process by further reducing authorisation timelines and continuing to report against new, shorter voluntary targets. In a press release published on the same day, the FCA announced it is developing a new internal AI-enabled authorisation tool, integrated into its existing systems. The FCA will also use generative AI to review documents received from firms, which, following successful testing, it will begin rolling out more widely across authorisations and supervision.


Read more.]]></description>
					      
						      <pubDate>Thu, 26 Mar 2026 16:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-annual-work-programme-202627</guid>
				    </item>
			
					 <item>
					      <title>PSR publishes annual plan and budget 2026/27</title>
					      <link>https://finreg.aoshearman.com/psr-publishes-annual-plan-and-budget-202627</link>
					      <description><![CDATA[
The UK Payment Systems Regulator (PSR) has published its annual plan and budget, setting out its key aims, activities and costs for 2026/27. The PSR&apos;s work programme for the year ahead will embed many of the changes it set out last year. It will also maintain momentum on major, long-term initiatives while responding to new challenges. Over the next year, the PSR will focus on:


	Delivering the National Payments Vision: The PSR will oversee the delivery of critical payments infrastructure, working closely with the Bank of England, HM Treasury and the UK Financial Conduct Authority (FCA) through the Payments Vision Delivery Committee.
	Continuing action to tackle authorised push payment fraud: This year, the PSR will publish the independent evaluation of the first year of its authorised push payment fraud reimbursement scheme and consider if it needs to take further action.
	Enhancing its approach to supervision and enforcement: The PSR will continue to strengthen its business model and align it with FCA practices. This will enhance the PSR&apos;s oversight of the firms it supervises.


Read more.]]></description>
					      
						      <pubDate>Thu, 26 Mar 2026 16:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/psr-publishes-annual-plan-and-budget-202627</guid>
				    </item>
			
					 <item>
					      <title>The draft Money Laundering and Terrorist Financing (Amendment) Regulations 2026</title>
					      <link>https://finreg.aoshearman.com/the-draft-money-laundering-and-terrorist-financing-amendment-regulations-2026</link>
					      <description><![CDATA[
The draft Money Laundering and Terrorist Financing (Amendment) Regulations 2026 were laid before UK Parliament, alongside a draft explanatory memorandum. The draft Regulations propose amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) to implement the government&apos;s consultation response to its 2024 consultation on improving the effectiveness of the MLRs. The amendments aim to strengthen the UK&apos;s anti-money laundering and counterterrorist financing (AML/CTF) regime and ensure maintained compliance with Financial Action Task Force standards.

Following feedback to the technical consultation on the draft Regulations in September 2025, the government has made a number of targeted changes, including:


	Pooled client accounts (PCAs): clarifying that banks may continue to apply a simplified, risk-based approach to PCAs where the PCA holder is: (i) subject to the MLRs or equivalent overseas regimes; (ii) the business relationship with the PCA-holder presents a low risk of money laundering and terrorist financing; and (iii) information on the identity of the underlying customers is available on request to the PCA-holder. Additional clarifications are also made.


Read more.]]></description>
					      
						      <pubDate>Thu, 26 Mar 2026 15:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/the-draft-money-laundering-and-terrorist-financing-amendment-regulations-2026</guid>
				    </item>
			
					 <item>
					      <title>UK FCA consults on regulated fees and levies for 2026/27</title>
					      <link>https://finreg.aoshearman.com/uk-fca-consults-on-regulated-fees-and-levies-for-202627</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP26/11 setting out its proposed fees and levies for 2026/27. The FCA is consulting on rules that enable it to raise regulatory fees and levies in 2026/27 to fund the FCA and UK Financial Ombudsman Service, as well as to collect specific levies on behalf of government departments.

The FCA is proposing to increase minimum and flat rate fees, as well as application fees, by 1%, in line with the increase in the ongoing regulatory activities (ORA) budget, and below the rate of inflation. To keep fee increases to a minimum, it has kept its budgeted headcount flat, which accounts for around two-thirds of the FCA&apos;s costs, and it has looked to absorb inflationary increases and cost uplifts by finding efficiencies and by identifying savings in its budget. The FCA highlights that this is the lowest rise in the ORA fees budget since 2017/18 and the lowest AFR increase in a decade, at just 0.7%. For 2026/27, the FCA also confirms that it does not intend to recover its costs associated with certain projects. This includes work on significant exceptional projects such as motor finance work. For costs incurred on these exceptional projects in 2026/27, the FCA will consult on its approach in its 2027 spring fee-rates consultation.

The deadline for comments is 30 April. The FCA plans to publish a policy statement in early July, subject to Board approval in June. Certain fee-payers have been invoiced from February for &apos;on-account&apos; payments. They will be invoiced for the remaining balance in September. Other firms will be invoiced from July, based on the new fees and levies. Firms can use the FCA&apos;s online fee calculator to estimate their fees for 2026/27.]]></description>
					      
						      <pubDate>Thu, 26 Mar 2026 15:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-consults-on-regulated-fees-and-levies-for-202627</guid>
				    </item>
			
					 <item>
					      <title>UK PRA policy statement on amendments to MREL reporting templates</title>
					      <link>https://finreg.aoshearman.com/uk-pra-policy-statement-on-amendments-to-mrel-reporting-templates</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published policy statement PS9/26 setting out its final rules on amendments to the Minimum Requirement for Own Funds and Eligible Liabilities (MREL) reporting templates. Following feedback to the July 2025 consultation, the PRA has made the final policy in line with the proposals consulted on. The PRA confirms amendments to the data elements in both the MREL resources template (MRL001) and the MREL debt template (MRL003), and the deletion of the MREL resources forecast template (MRL002), as well as consequential amendments to the reporting instructions and to Supervisory Statement 19/13.

The changes are intended to reduce the reporting burden on firms. The revised MRL001 and MRL003 templates will apply from 1 January 2027. In line with the frequency of MREL reporting, firms are expected to submit 2026 Q4 data based on the revised policy in February 2027. The PRA will also shortly publish a reporting taxonomy reflecting the final policy set out in PS9/26.

Until then, bail-in preferred resolution strategy firms are advised to continue using the existing MRL001 and MRL003 templates. Transfer-preferred resolution strategy firms no longer need to submit the MRL001 template with immediate effect. These firms can also stop reporting MRL002 in its entirety with immediate effect but should continue to use the existing MRL003 template until the revised version comes into effect.]]></description>
					      
						      <pubDate>Thu, 26 Mar 2026 11:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-policy-statement-on-amendments-to-mrel-reporting-templates</guid>
				    </item>
			
					 <item>
					      <title>UK PRA policy statement on amendments to resolution assessment threshold and recovery plans review frequency</title>
					      <link>https://finreg.aoshearman.com/uk-pra-policy-statement-on-amendments-to-resolution-assessment-threshold-and-recovery-plans-review-frequency</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published policy statement PS10/26 confirming its final amendments to the resolution assessment threshold and the frequency of recovery plan reviews. Following feedback to the July 2025 consultation, the final policy remains unchanged. Minor changes were made post consultation to the Recovery Plans instrument of the PRA&apos;s own volition, none of which affect the substance of those rules as consulted upon.

The PRA confirms it will: (i) raise the threshold at which firms come into scope of the Resolution Assessment Part of the PRA Rulebook on reporting and disclosure from GBP50 billion to GBP100 billion in retail deposits, ensuring only the very largest firms are subject to these requirements, commensurate with the risks their failure would pose; and (ii) reduce the required frequency for Small Domestic Deposit Takers (SDDTs) to review their recovery plans from at least annually to at least every two years. However, SDDTs experiencing changes which could have a material effect on their recovery plans are advised to update their plans more frequently than the two-year minimum. The PRA expects that SDDTs which are &apos;new and growing banks&apos; will likely need to review and update their recovery plans more regularly than the proposed minimum. In addition, the PRA has also published a revised version of its supervisory statement on recovery planning (SS9/17) which is set out in Appendix 4 of the policy statement.

The updated rules and changes to SS9/17 will be implemented from 1 April.]]></description>
					      
						      <pubDate>Thu, 26 Mar 2026 11:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-policy-statement-on-amendments-to-resolution-assessment-threshold-and-recovery-plans-review-frequency</guid>
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					      <title>UK PRA policy statement on Pillar 3 disclosures</title>
					      <link>https://finreg.aoshearman.com/uk-pra-policy-statement-on-pillar-3-disclosures</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published policy statement PS11/26 on disclosure, including resolvability resources, capital distribution constraints (CDCs) and the basis for firms&apos; Pillar 3 disclosures. Having considered the responses to the July 2025 consultation, the PRA has made no changes to the draft policy consulted on but has made minor corrections and clarifications to the draft rules and instructions. These clarifications do not affect the substance of the policy or rules as set out in the consultation paper.

The PRA&apos;s final policy includes:

	The introduction of standardised Minimum Requirement for Own Funds and Eligible Liabilities (MREL) disclosure templates, aligned with Basel Committee on Banking Supervision Total Loss Absorbing Capacity (TLAC) formats but adapted for the UK.
	Increased transparency and consistency of firms&apos; disclosure on MREL resources to strengthen market discipline, support confidence in orderly resolution and enhance overall financial stability.
	A new qualitative disclosure requirement for firms subject to capital distribution constraints to allow for more meaningful assessment by market participants of the likely impact of those capital distribution restrictions. As the Systemic Risk Buffer (SRB) has been replaced in the UK by the O-SII buffer since December 2020, the PRA has also removed the SRB disclosure requirement to ensure consistency with the current capital buffer framework.


Read more.]]></description>
					      
						      <pubDate>Thu, 26 Mar 2026 11:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-policy-statement-on-pillar-3-disclosures</guid>
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					 <item>
					      <title>UK FCA payments regulatory priorities report</title>
					      <link>https://finreg.aoshearman.com/uk-fca-payments-regulatory-priorities-report</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its regulatory priorities report for the payments sector. These reports replace the FCA&apos;s previous portfolio letters and will now be published annually for each industry sector. The report is directed at firms authorised or registered under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011. In the report, the FCA sets out four key priority areas for the next 12 months:


	Preparing for the future to support effective competition, innovation and growth: The FCA will continue policy work on open banking, stablecoins, and modernising payments regulation. It will support industry in establishing a Future Entity for open banking. It will also support HM Treasury (HMT) in introducing legislation to grant the FCA powers to set new rules for the long-term open banking regulatory framework. The FCA will work with HMT to future-proof payments regulation, including consideration of whether changes to or the development of regulation is needed to support agentic AI payments. It will also work with the sector to consider how stablecoins and other tokenised payment instruments can be brought into regulated payments.


Read more.]]></description>
					      
						      <pubDate>Wed, 25 Mar 2026 16:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-payments-regulatory-priorities-report</guid>
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					 <item>
					      <title>UK FCA consults on simplifying pensions and investment advice rules</title>
					      <link>https://finreg.aoshearman.com/uk-fca-consults-on-simplifying-pensions-and-investment-advice-rules</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP26/10 on simplifying rules relating to providing pensions and investment advice to consumers. With the targeted support rules now in place, the FCA&apos;s focus is on completing its outstanding policy work so that the market can develop and deliver a wide range of support for consumers. The consultation delivers on two separate commitments: (i) to consolidate, simplify and reframe the advice rules; and (ii) to review the FCA&apos;s existing rules relating to financial advisers&apos; ongoing services. These changes will complement targeted support and enable firms to provide a range of services to meet different consumer needs.

Key proposals include:

	Consolidating the suitability requirements in the Code of Business Sourcebook (COBS) 9 and COBS 9A into one set of common rules and expectations.
	Clarifying the existing flexibility in the FCA&apos;s suitability rules to offer different advice services and different recommendations to different clients, by replacing the rule requirement to consider &quot;necessary&quot; information with an expectation that advisers consider &quot;sufficient&quot; information when assessing suitability.
	Clarifying that firms do not always need to assess a customer&apos;s knowledge and experience before making a recommendation, where the type of product the firm envisages recommending is one reasonably identified as having a target market that includes clients with no experience in investing.


Read more.]]></description>
					      
						      <pubDate>Wed, 25 Mar 2026 16:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-consults-on-simplifying-pensions-and-investment-advice-rules</guid>
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					      <title>UK FCA confirms timing of announcement on motor finance redress scheme</title>
					      <link>https://finreg.aoshearman.com/uk-fca-confirms-timing-of-announcement-on-motor-finance-redress-scheme</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a statement confirming the timing of its announcement on its planned approach to the motor finance redress scheme, initially consulted on in October 2025. The statement follows an earlier FCA announcement on 4 March, in which it indicated that it was proposing to make several changes to the planned scheme. The FCA states that it intends to set out its approach shortly after markets close on Monday 30 March.]]></description>
					      
						      <pubDate>Tue, 24 Mar 2026 16:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-confirms-timing-of-announcement-on-motor-finance-redress-scheme</guid>
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					      <title>New UK FCA webpage on non-financial misconduct in financial services</title>
					      <link>https://finreg.aoshearman.com/new-uk-fca-webpage-on-non-financial-misconduct-in-financial-services</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new webpage setting out how firms should prepare for the new rules and guidance to help tackle non‑financial misconduct (NFM), which will come into force on 1 September. The FCA explains that NFM includes behaviour that is not of a clearly financial nature such as bullying, harassment and violence. It notes that if left unchecked, such conduct can harm individuals, firms and confidence in financial services. The changes are implemented through amendments to the FCA Handbook set out in policy statement PS25/23, published in December 2025.

In particular, the FCA is amending the Code of Conduct sourcebook (COCON) by introducing a new rule (COCON 1.1.7FR), which extends the scope of the conduct rules in non-banking firms to cover bullying, harassment or violence against colleagues, where it relates to an individual&apos;s role and where there is a sufficient work-related link. The rule will not apply retrospectively and does not extend the FCA&apos;s regulatory remit beyond Senior Managers and Certification Regime financial activities.

Read more.]]></description>
					      
						      <pubDate>Mon, 23 Mar 2026 17:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/new-uk-fca-webpage-on-non-financial-misconduct-in-financial-services</guid>
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					      <title>UK FCA sets out good and poor practice for firms when designing consumer segments for targeted support</title>
					      <link>https://finreg.aoshearman.com/uk-fca-sets-out-good-and-poor-practice-for-firms-when-designing-consumer-segments-for-targeted-support</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new webpage setting out good and poor practice to support firms when designing consumer segments under the new targeted support regime. The FCA emphasises that firms have flexibility in how they comply with the FCA&apos;s rules and that these examples are illustrative only; they should not be treated as a template nor as an exhaustive list of the things firms should consider when designing their segments.

Key points to note include:

	Defining common characteristics: firms must judge how to design consumer segments at a sufficiently granular level while not comprehensively considering the consumer&apos;s circumstances or characteristics. The complexity of a situation is likely to be relevant to the type and/or number of common characteristics needed to ensure that segments are sufficiently granular to ensure a ready-made suggestion is suitable for an individual in the consumer segment. More complex situations will usually require a higher number, or more detailed set, of common characteristics to define suitable ready-made suggestions. Where a firm cannot define a suitable suggestion without undertaking a comprehensive consideration of a consumer&apos;s circumstances or characteristics, it is likely that the consumer will be in a situation that cannot be addressed through targeted support.


Read more.]]></description>
					      
						      <pubDate>Mon, 23 Mar 2026 16:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-sets-out-good-and-poor-practice-for-firms-when-designing-consumer-segments-for-targeted-support</guid>
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					      <title>BCBS finalises technical amendment to Basel framework</title>
					      <link>https://finreg.aoshearman.com/bcbs-finalises-technical-amendment-to-basel-framework</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision (BCBS) has published a document containing a finalised technical amendment (TA) and a response to a frequently asked question (FAQ) to help promote the consistent global interpretation of the Basel framework. The TA relates to the standardised approach to operational risk. It clarifies the treatment of &quot;rental income from investment properties&quot; under the business indicator, which is used as a key input in calculating operational risk capital requirements. The TA was originally consulted on in June 2025 and, following feedback, it now incorporates similar changes to the treatment of &quot;interest expenses&quot;. The BCBS has agreed to implement the final revised standard by 1 April 2029. The amended text has also been incorporated into the consolidated Basel framework.

In addition, the document also includes a finalised response to an FAQ on market risk and consequential amendments to related FAQs. These have also been added to the Basel framework.]]></description>
					      
						      <pubDate>Mon, 23 Mar 2026 11:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/bcbs-finalises-technical-amendment-to-basel-framework</guid>
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					      <title>UK FCA statement highlights risks when dealing with unregulated lenders</title>
					      <link>https://finreg.aoshearman.com/uk-fca-statement-highlights-risks-when-dealing-with-unregulated-lenders</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a statement reminding regulated firms of the risks when dealing with unregulated lenders and other &quot;Annex 1&quot; firms. Annex 1 firms are registered with the FCA solely for anti‑money laundering (AML) purposes and are not subject to the FCA&apos;s wider regulatory rulebook. The FCA reminds regulated firms that Annex 1 firms are not authorised under the Financial Services and Markets Act 2000, meaning that the FCA&apos;s wider conduct rules do not apply to them and their customers do not have access to the UK Financial Ombudsman Service (FOS).

The FCA therefore expects regulated firms to carry out robust due diligence, in line with legislative requirements, to understand the firm&apos;s business. This includes seeking direct confirmation from the Annex 1 firm of its registration status, conducting independent checks of information provided by the Annex 1 firm, and understanding and managing any associated risks, including those identified in the 2025 National Risk Assessment. The FCA also notes that it is aware of some cases where consumers have been encouraged to set up limited companies to access lending, such as unregulated bridging finance, from Annex 1 firms. The FCA emphasises the importance of consumers being aware that FOS protections will not apply if issues arise in these cases.]]></description>
					      
						      <pubDate>Fri, 20 Mar 2026 16:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-statement-highlights-risks-when-dealing-with-unregulated-lenders</guid>
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					      <title>EBA draft RTS on the timing for the application for prior permission to reduce own funds and eligible liabilities instruments</title>
					      <link>https://finreg.aoshearman.com/eba-draft-rts-on-the-timing-for-the-application-for-prior-permission-to-reduce-own-funds-and-eligible-liabilities-instruments</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published final draft amending regulatory technical standards (RTS) shortening the timing for the application for prior permission to reduce own funds and eligible liabilities instruments under Articles 77, 78 and 78a of the capital requirements regulation (Regulation 575/2013). The amendments shorten the timeframe for competent and resolution authorities to process an institution&apos;s application to reduce own funds and eligible liabilities instruments from four to three months on the basis that authorities now have sufficient experience with these procedures to carry out the assessments more efficiently. In addition, following the exemption introduced by Directive 2024/1174 (the Daisy Chain Directive), which removes the requirement for liquidation entities to obtain prior permission to reduce eligible liabilities instruments, the provisions setting a simplified procedure for these entities have been deleted. The draft regulatory technical standards will be submitted to the EU Commission for endorsement following which they will be subject to scrutiny by the European Parliament and the Council before being published in the Official Journal of the European Union (OJ). They will enter into force 20 days after publication in the OJ.]]></description>
					      
						      <pubDate>Thu, 19 Mar 2026 15:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-draft-rts-on-the-timing-for-the-application-for-prior-permission-to-reduce-own-funds-and-eligible-liabilities-instruments</guid>
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					      <title>UK FCA updates guidance in Payment Services and Electronic Money Approach Document on contactless limits</title>
					      <link>https://finreg.aoshearman.com/uk-fca-updates-guidance-in-payment-services-and-electronic-money-approach-document-on-contactless-limits</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a revised version of its Payment Services and Electronic Money Approach Document, updating its guidance on exemptions from strong customer authentication (SCA), including the contactless payments exemption. Among other things, Chapter 20 of the Approach Document now states that:


	Payment service providers (PSPs) are allowed not to apply SCA at the point of sale where the payer initiates a contactless electronic payment transaction that has been reasonably identified by the payer&apos;s PSP as low risk. This exemption is subject to compliance with Article 2 of the SCA regulatory technical standards (SCA-RTS).
	In addition to the factors outlined in Article 2(2) of the SCA-RTS, the PSP may consider additional risk-based factors to help it identify whether a transaction is low risk, such as the payer&apos;s normal spending or behavioural pattern or their location.
	The PSP may also reasonably identify a transaction as low risk based on the value of the individual contactless electronic payment transaction, the cumulative value of previous contactless electronic payment transactions and/or the number of consecutive contactless electronic payment transactions since SCA was last applied. Whilst not required to do so, PSPs may place limits on the use of contactless payments to reflect these factors.


Read more.]]></description>
					      
						      <pubDate>Thu, 19 Mar 2026 15:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-updates-guidance-in-payment-services-and-electronic-money-approach-document-on-contactless-limits</guid>
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					      <title>UK FCA regulatory priorities reports for wholesale markets and wholesale buy side</title>
					      <link>https://finreg.aoshearman.com/uk-fca-regulatory-priorities-reports-for-wholesale-markets-and-wholesale-buy-side</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its regulatory priorities reports for the wholesale markets and wholesale buy side sectors. These reports replace the FCA&apos;s previous portfolio letters and aim to provide a clearer and more consistent articulation of regulatory expectations.

The FCA&apos;s priorities for the wholesale markets sector for this year are to:

	Improve the resilience of firms and markets; given the elevated risk environment, the FCA expects firms to raise standards of operational resilience and third-party and technology risk oversight, ensure trading controls are robust, and bolster liquidity management and financial resilience.
	Enhance efficient, competitive and innovative markets; the FCA expects firms to engage with its market reforms and transparency initiatives and prepare for modernised trading and post-trade infrastructure, including T+1 settlement and digitalisation of market processes.


Read more.]]></description>
					      
						      <pubDate>Thu, 19 Mar 2026 11:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-regulatory-priorities-reports-for-wholesale-markets-and-wholesale-buy-side</guid>
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					      <title>IOSCO consultation on good practices concerning OTC commodities derivatives markets</title>
					      <link>https://finreg.aoshearman.com/iosco-consultation-on-good-practices-concerning-otc-commodities-derivatives-markets</link>
					      <description><![CDATA[
The International Organization of Securities Commissions (IOSCO) has published a consultation report on good practices concerning over-the-counter (OTC) commodity derivatives markets. Feedback is sought on a proposed set of good practices intended to:


	Strengthen the implementation of Principles 12 (authority to obtain information), 15 (intervention powers in the market), and 16 (unexpected disruptions in the market) of IOSCO&apos;s principles for the regulation and supervision of commodity derivatives markets. In particular, the proposals relate to the collection and aggregation of OTC derivatives data, including beneficial ownership, to support effective surveillance, alongside enhanced information-sharing and cooperation between exchanges and regulators, particularly in times of stress.
	Set expectations about timely regulatory intervention to prevent or address disorderly market conditions, particularly where risks in OTC markets may spill over into exchange-traded markets.
	Promote proportionate, risk-based, and market specific approaches to OTC data collection and intervention powers.

The report invites comments generally on the proposed guidance and asks ten specific questions. The deadline for comments is 19 June.]]></description>
					      
						      <pubDate>Thu, 19 Mar 2026 11:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/iosco-consultation-on-good-practices-concerning-otc-commodities-derivatives-markets</guid>
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					      <title>UK FCA seeks views on how its regulation can helps SMEs access finance</title>
					      <link>https://finreg.aoshearman.com/uk-fca-seeks-views-on-how-its-regulation-can-helps-smes-access-finance</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a call for input seeking views on how its regulatory framework can better support small- and medium-sized enterprises (SMEs) in accessing finance. The FCA considers this part of its commitment to make sure businesses have better access to capital and its strategic priority of supporting growth. The work is intended to help the FCA design its regulatory approach, prioritise future work and complement the joint initiatives being undertaken by HM Treasury with the Bank of England on access to finance for &quot;high potential growth firms&quot; and by the Department for Business and Trade on demand and supply side barriers for SME finance through their call for input.

The FCA aims to understand how regulation affects SME access across debt, equity, hybrid and alternative finance, including any regulatory barriers, opportunities for improvement and sector specific challenges, particularly in high growth sectors. While focused on regulated products and services, the FCA will also consider impacts on services offered to SMEs which are outside the regulatory perimeter but offered by regulated firms.

The FCA seeks views from both SMEs on their experience of applying for finance, as well as from finance providers and distributors on any regulatory blockers or opportunities they have seen. The deadline for responses is 17 April. The FCA will engage with SME representatives and trade associations in March, hold a stakeholder roundtable in May, and later in 2026 publish a summary of insights from this engagement and research commissioned into the approach in comparable international jurisdictions, together with an update on next steps. Potential outcomes could include a review of the FCA&apos;s rules or clarifying specific requirements.]]></description>
					      
						      <pubDate>Wed, 18 Mar 2026 15:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-seeks-views-on-how-its-regulation-can-helps-smes-access-finance</guid>
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					      <title>UK regulators final policy on operational incident and third-party reporting</title>
					      <link>https://finreg.aoshearman.com/uk-regulators-final-policy-on-operational-incident-and-third-party-reporting</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA), the UK Prudential Regulation Authority (PRA) and the Bank of England (BoE) have published final policy statements setting out a co‑ordinated framework for operational incident and third‑party reporting. This follows consultations published in 2024.

The regulators are collectively replacing sector‑specific incident reporting regimes with a single, unified operational incident reporting framework. Under this, firms will make one reporting submission through FCA Connect, regardless of the regulators involved. Payment service providers (PSPs) will also now report serious operational incidents only through the new consolidated regime. Changes to the reporting process for PSPs are reflected in amendments to the Payment Services and Electronic Money Approach Document. The rules will apply from 18 March 2027.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Mar 2026 11:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-regulators-final-policy-on-operational-incident-and-third-party-reporting</guid>
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					      <title>HMT response to credit union common bond reform</title>
					      <link>https://finreg.aoshearman.com/hmt-response-to-credit-union-common-bond-reform</link>
					      <description><![CDATA[
HM Treasury has published its response to the 2024 call for evidence on reforming the credit union common bond framework. The review sought to assess whether parts of the common bond requirement should be updated to support sustainable growth and ensure the framework remains fit for purpose. Following feedback, HMT confirms it will legislate, when Parliamentary time allows, to:


	Increase the potential membership cap on the locality bond from 3 million to 10million.
	Permit students to join locality-based credit unions, in addition to those who reside or work in the geographical area.
	Allow credit unions to admit members&apos; relatives into a credit union regardless of whether they live in the same household as the qualifying member, as well as individuals who live in the same household as the qualifying member. This is intended to reflect modern family dynamics and broaden the membership base.
	Allow credit unions to retain members of occupation and employer bonds as fully qualifying members upon retirement, including allowing retirees to join a credit union after retirement has begun. This will also apply to locality bonds where members are eligible based on employment within the locality.

Feedback on wider issues relating to the common bond will be considered at a later date.]]></description>
					      
						      <pubDate>Wed, 18 Mar 2026 11:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hmt-response-to-credit-union-common-bond-reform</guid>
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					      <title>EC seeks feedback on updated EU Taxonomy criteria under Taxonomy Regulation</title>
					      <link>https://finreg.aoshearman.com/ec-seeks-feedback-on-updated-eu-taxonomy-criteria-under-taxonomy-regulation</link>
					      <description><![CDATA[
The European Commission (EC) has published two draft delegated regulations for feedback, proposing amendments to the technical screening criteria under the EU Taxonomy Regulation, which provides a classification system to identify whether or not an economic activity should be considered as environmentally sustainable. The draft amendments follow the EC&apos;s call for evidence in November 2025 and the Omnibus I package, which introduced limited amendments to the technical screening criteria. The proposals are set out in the draft Delegated Regulation amending Delegated Regulation (EU) 2021/2139 and draft Delegated Regulation amending Delegated Regulation (EU) 2023/2486. The revisions aim to simplify and clarify the criteria to make the taxonomy easier to apply, reduce compliance burdens and encourage wider uptake. They also seek to align the framework with updated EU legislation and technological developments, covering most activities under the Climate and Environmental Delegated Acts, including energy, transport, manufacturing, construction, forestry and environmental protection, as well as the &quot;do no significant harm&quot; criteria. The deadline for feedback is 14 April. The EC plans to adopt the delegated regulations by the summer.]]></description>
					      
						      <pubDate>Tue, 17 Mar 2026 16:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-seeks-feedback-on-updated-eu-taxonomy-criteria-under-taxonomy-regulation</guid>
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					      <title>EC call for evidence on the revision of the state aid rules for banks in difficulty</title>
					      <link>https://finreg.aoshearman.com/ec-call-for-evidence-on-the-revision-of-the-state-aid-rules-for-banks-in-difficulty</link>
					      <description><![CDATA[
The European Commission (EC) has launched a call for evidence on revising the EU state aid rules for banks in difficulty. The initiative proposes to consolidate the six existing crisis-era communications into a single, clearer framework to take account of regulatory and economic developments, particularly arising from the recent reform of the EU&apos;s Crisis Management and Deposit Insurance (CMDI) framework. Political agreement on that reform was reached in June 2025, with the changes focusing on smaller and medium-sized banks, expected to apply from Q2 2028.

The EC notes that the current state aid rules, last updated in 2013, no longer fully reflect the post crisis regulatory environment, including the introduction of the Bank Recovery and Resolution Directive and the Single Resolution Mechanism. Neither does it reflect the CMDI&apos;s policy preference for addressing bank failures through harmonised EU resolution tools that prioritise shareholders&apos;, creditors&apos; and industry-funded loss absorption over taxpayer funding, unless in exceptional circumstances. Misalignment between the two frameworks risks inconsistent outcomes, regulatory arbitrage and increased administrative burden, particularly where overlapping requirements pursue the same objectives. The revision therefore aims to improve coherence with CMDI, reduce duplication and ensure that public support for bank failures is, where justified, channelled primarily through resolution procedures, with national solutions involving state aid becoming the exception. 

Read more.]]></description>
					      
						      <pubDate>Tue, 17 Mar 2026 15:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-call-for-evidence-on-the-revision-of-the-state-aid-rules-for-banks-in-difficulty</guid>
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					      <title>UK FCA regulatory priorities report on consumer finance</title>
					      <link>https://finreg.aoshearman.com/uk-fca-regulatory-priorities-report-on-consumer-finance</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its regulatory priorities report for the consumer finance sector. These reports replace the FCA&apos;s previous portfolio letters and aim to provide a clearer and more consistent articulation of regulatory expectations. The FCA highlights that the credit sector is one of the UK&apos;s most varied markets, fuelling consumption and supporting economic growth. While consumer credit lending continued to grow throughout 2025 and interest rates have eased slightly, household budgets remain under pressure. This reinforces the need for responsible lending and early, effective support for consumers in financial difficulty.

The FCA sets out three priority areas for the next 12 months:

	Access to credit that meets consumers&apos; needs: Firms are expected to lend responsibly, providing well-designed credit that offers fair value and meets consumers&apos;. The FCA encourages firms to consider how to support consumers excluded from credit—whether through innovation, new product design, budgeting tools, eligibility checks for grants and benefits, or appropriate referrals.


Read more.]]></description>
					      
						      <pubDate>Tue, 17 Mar 2026 15:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-regulatory-priorities-report-on-consumer-finance</guid>
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					      <title>EBA consults on draft guidelines and RTS on initial margin model authorisation</title>
					      <link>https://finreg.aoshearman.com/eba-consults-on-draft-guidelines-and-rts-on-initial-margin-model-authorisation</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has launched two consultations on draft guidelines and regulatory technical standards (RTS) on the authorisation of initial margin models under the revised European Market Infrastructure Regulation (EMIR 3). Under EMIR 3, counterparties must obtain prior approval from their competent authority to use internal models used to calculate initial margin for non centrally cleared derivatives. The proposals aim to create an efficient and harmonised authorisation process across the EU for assessing these models.

The draft guidelines set out the minimum information and documentation required for a complete authorisation application, building on the Annex to the EBA&apos;s December 2024 No Action Letter, which will cease to apply once the guidelines enter into force. The EBA expects to gradually roll out the application of the guidelines over a period of 18 months, staggering the application for different groups of counterparties based on the significance of their over-the-counter (OTC) trading activities.

The draft RTS specify the supervisory assessment techniques to be applied by competent authorities when authorising initial margin models. These will apply only to counterparties within groups whose aggregate monthly average notional amount of non-centrally cleared OTC derivatives exceeds EUR750 billion. Where an internal model relies on a pro‑forma model, prior validation by the EBA is required before authorisation by the competent authority. The deadline for comments on the consultations is 17 June, with a public hearing scheduled for 4 May.]]></description>
					      
						      <pubDate>Tue, 17 Mar 2026 14:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-consults-on-draft-guidelines-and-rts-on-initial-margin-model-authorisation</guid>
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					      <title>UK PRA consults on modernising the liquidity policy framework</title>
					      <link>https://finreg.aoshearman.com/uk-pra-consults-on-modernising-the-liquidity-policy-framework</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published consultation paper CP5/26 proposing reforms to modernise the existing prudential liquidity framework, taking into account advances in digital banking, payments and communications, and structural developments in the supply of central bank reserves. The proposals focus on targeted amendments to Pillar 2 and through changes to the Internal Liquidity Adequacy Assessment (ILAA) rules and related supervisory expectations within relevant supervisory statements.

Key proposals include:

	Requiring firms to assess the composition of their liquidity resources, identify barriers to monetising assets and conduct internal stress testing to evaluate their ability to respond to rapid and severe liquidity outflows within the first week of stress. The PRA also seeks to replace the concept of &quot;marketable asset risk&quot; with a broader assessment of monetisation risk.
	Removing the exemption for sovereign bonds and other Level 1 assets from annual testing of monetising non-liquid assets, to provide greater assurance that firms are operationally prepared to raise liquidity quickly in stress.


Read more.]]></description>
					      
						      <pubDate>Tue, 17 Mar 2026 11:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-consults-on-modernising-the-liquidity-policy-framework</guid>
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					      <title>AMLA launches data collection exercise to test risk assessment models</title>
					      <link>https://finreg.aoshearman.com/amla-launches-data-collection-exercise-to-test-risk-assessment-models</link>
					      <description><![CDATA[
The EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) has launched a data collection and testing exercise aimed at testing and calibrating its risk assessment models for credit and financial institutions. The exercise will support the selection, in 2027, of up to 40 entities for AMLA&apos;s direct supervision from 2028, and the development of a consistent, EU‑wide methodology for assessing money laundering and terrorist financing risks. Participation is limited to entities already notified by their national competent authorities. AMLA has published a reporting package, including an interpretative note, reporting template and recording and slides from a webinar explaining the requirements and next steps. Participating firms are required to submit data by 22 April.]]></description>
					      
						      <pubDate>Mon, 16 Mar 2026 14:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/amla-launches-data-collection-exercise-to-test-risk-assessment-models</guid>
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					      <title>UK FCA and FOS joint consultation and final policy on modernising the financial redress system</title>
					      <link>https://finreg.aoshearman.com/uk-fca-and-fos-joint-consultation-and-final-policy-on-modernising-the-financial-redress-system</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) and the UK Financial Ombudsman Service (FOS) have jointly published CP26/9 on modernising the redress system. It should be read alongside HM Treasury&apos;s (HMT) confirmation of its final plans for reform of the FOS, published on the same day.

CP26/9 sets out in Chapter 2 proposed measures possible within the existing framework, including initial implementation of the new registration stage, amendments to the dismissal grounds and proposed updates to the &apos;fair and reasonable&apos; test. It also serves as a policy statement finalising elements of CP25/22 including the criteria for considering whether an issue is a mass redress event, the introduction of a lead complaints process, guidance clarifying when firms should report emerging issues to the FCA and amendments to COMP and DISP sourcebooks intended to improve the Financial Services Compensation Scheme&apos;s operational efficiency.

The amendments to COMP and minor amendments to DISP 1 came into force on 17 March. Other rule changes stemming from CP25/22 come into force on 1 June. The deadline for comments to the proposals in Chapter 2 of CP26/9 is 11 May.]]></description>
					      
						      <pubDate>Mon, 16 Mar 2026 13:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-and-fos-joint-consultation-and-final-policy-on-modernising-the-financial-redress-system</guid>
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					      <title>HMT consultation response confirms package of reforms to the FOS</title>
					      <link>https://finreg.aoshearman.com/hmt-consultation-response-confirms-package-of-reforms-to-the-fos</link>
					      <description><![CDATA[
HM Treasury has published its response and final plans for reform of the UK Financial Ombudsman Service (FOS) following its July 2025 consultation. The reforms are intended to restore the FOS to its original role as a simple, impartial dispute resolution body (to prevent it acting as a quasi-regulator), to improve regulatory coherence with the UK Financial Conduct Authority (FCA) and to provide greater certainty and predictability for consumers and firms who use the FOS. Following feedback, the government confirms it will:


	Legislate to align FOS&apos;s &quot;fair and reasonable&quot; test (used to determine cases) more closely with FCA rules, such that compliance with relevant FCA requirements will mean that firms have acted fairly and reasonably.
	Introduce a referral mechanism requiring the FOS to seek the FCA&apos;s view where it considers there may be ambiguity in what the FCA rules require or in relation to issues which may have wider implications across the financial services industry.


Read more.]]></description>
					      
						      <pubDate>Mon, 16 Mar 2026 11:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hmt-consultation-response-confirms-package-of-reforms-to-the-fos</guid>
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					      <title>UK FCA findings on approach to consumer understanding outcome under the consumer duty</title>
					      <link>https://finreg.aoshearman.com/uk-fca-findings-on-approach-to-consumer-understanding-outcome-under-the-consumer-duty</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published findings from its review into how firms approach and apply the consumer understanding outcome under the consumer duty. The FCA sets out expectations for how firms, regardless of size, should design, test and govern customer communications to ensure retail customers can make informed decisions, with approaches applied proportionately to a firm&apos;s scale and resources.

The FCA identified several areas where firms need to improve, including weak evidence of communication testing, inaccessible or overly complex communications, insufficient consideration of diverse customer needs, weak monitoring, and unclear accountability for who is responsible for decisions and how they are made.

The FCA highlights effective approaches to strengthen communications and meet expectations including:

	Using insight to identify where consumers struggle—by analysing insights from multiple sources, such as call listening, complaints, chat transcripts, website analytics and surveys. This evidence should be reviewed regularly and meaningful improvements should be prioritised.
	Testing communications with real customers—by testing both before and after changes whether understanding improves. Firms should use proportionate tools such as surveys, comprehension checks and feedback from frontline interactions.


Read more.]]></description>
					      
						      <pubDate>Fri, 13 Mar 2026 10:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-findings-on-approach-to-consumer-understanding-outcome-under-the-consumer-duty</guid>
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					      <title>UK FCA regulatory priorities report on retail banking</title>
					      <link>https://finreg.aoshearman.com/uk-fca-regulatory-priorities-report-on-retail-banking</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its regulatory priorities report for the retail banking sector. These reports replace the FCA&apos;s previous portfolio letters and aim to provide a clearer and more consistent articulation of regulatory expectations.

In the report, the FCA notes that retail banking is undergoing significant change as customers use branches less and rely more on digital channels. Business models are also diversifying, with increased fintech activity and the continued development of open banking and new payment types.

The FCA sets out four priority areas for the next 12 months:

	Access to cash and essential banking services: As firms pursue digital first transformations, the FCA emphasises that firms must ensure these do not create foreseeable harm, particularly for customers with lower digital capability. Alternative services must be in place before any branch closures. The FCA will continue to monitor firms&apos; approaches under its branch closures or conversions guidance and the consumer duty and will intervene where necessary.
	Good outcomes from products and services: Firms are expected to continue improving the data they use to monitor customer outcomes so they can identify where further action is needed. The FCA will take targeted action where it identifies poor outcomes, including poor value or issues affecting vulnerable customers.


Read more.]]></description>
					      
						      <pubDate>Thu, 12 Mar 2026 17:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-regulatory-priorities-report-on-retail-banking</guid>
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					      <title>UK FCA regulatory priorities report on mortgages</title>
					      <link>https://finreg.aoshearman.com/uk-fca-regulatory-priorities-report-on-mortgages</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its regulatory priorities report on mortgages. These reports replace the FCA&apos;s previous portfolio letters and aim to provide a clearer and more consistent articulation of regulatory expectations.

The FCA identifies three priority areas:

	Improving consumer outcomes under its mortgage rule review by simplifying rules. Most proposals are expected to be permissive, creating opportunities for firms to operate differently. The FCA expects firms to continue to set and manage their own independent risk appetites and take responsibility for the outcomes they deliver.
	Encouraging responsible lending and supporting mortgage borrowers in financial difficulty. Second charge lenders are advised to review the findings of the FCA&apos;s recent supervisory review of second charge mortgages to ensure that their affordability assessments are robust and expenditure assessments are realistic for their customers.


Read more.]]></description>
					      
						      <pubDate>Thu, 12 Mar 2026 10:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-regulatory-priorities-report-on-mortgages</guid>
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					      <title>BoE speech on reforming cross‑border payments</title>
					      <link>https://finreg.aoshearman.com/boe-speech-on-reforming-crossborder-payments</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a speech delivered by Andrew Bailey, Governor of the BoE and Chair of the Financial Stability Board (FSB) at the FSB Payments Summit on reforming cross‑border payments. Mr Bailey welcomes progress under the G20 cross‑border payments roadmap but stresses that implementation now needs to accelerate to meet the G20&apos;s 2027 targets. Looking ahead, he identifies cross‑border payments as a continuing strategic priority and sets out four areas of focus: (i) the development of jurisdictional and regional action plans to drive implementation of international standards, alongside a planned FSB review taking place in early 2027 of implementation of recommendations on data frameworks and bank and non‑bank regulation; (ii) further innovation and infrastructure upgrades, including deeper adoption of ISO 20022, extended RTGS operating hours, increased use of application programming interfaces and consideration of how digital payment innovations could support roadmap objectives; (iii) reducing regulatory compliance costs without diluting AML/CFT and other standards, including through greater cross‑jurisdictional consistency and the use of technology; and (iv) stronger commitment and coordinated action from the private sector, as well as some form of collective action, to move the dial on cross-border payments from the perspective of end users.]]></description>
					      
						      <pubDate>Thu, 12 Mar 2026 10:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/boe-speech-on-reforming-crossborder-payments</guid>
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					      <title>ESMA publishes key findings on retail investor journey under MiFID II</title>
					      <link>https://finreg.aoshearman.com/esma-publishes-key-findings-on-retail-investor-journey-under-mifid-ii</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a report outlining its key takeaways from the 2025 call for evidence on the retail investor journey, particularly regulatory requirements under the revised EU Markets in Financial Instruments Directive (MiFID II) that impact retail investors when engaging with capital markets. The responses indicate that there are multiple factors, of regulatory and non-regulatory nature, which may create barriers for people to start investing.

Stakeholders highlight the need to address the following areas:

	Disclosures: Stakeholders support the need for appropriate disclosures but find them insufficiently effective due to volume, complexity, and fragmentation of information. They call for clearer and layered information, delivered in mobile-friendly formats.
	Suitability and appropriateness assessments: Stakeholders value the investor protection benefits of suitability and appropriateness requirements, but ask for simplification and proportionality, particularly for simple products and those distributed through digital channels. Many also consider the integration of sustainability preferences as being overly complex.


Read more.]]></description>
					      
						      <pubDate>Thu, 12 Mar 2026 10:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-publishes-key-findings-on-retail-investor-journey-under-mifid-ii</guid>
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					      <title>UK FCA findings on second charge mortgages: good and poor practices</title>
					      <link>https://finreg.aoshearman.com/uk-fca-findings-on-second-charge-mortgages-good-and-poor-practices</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published findings from its good and poor practice review of second charge mortgages, assessing whether intermediaries and lenders are delivering good consumer outcomes in line with the consumer duty and relevant Mortgage Conduct of Business (MCOB) requirements. Second charge mortgages typically carry higher interest rates than first charge mortgages, and are commonly used to consolidate debt.

The FCA identified examples of good practice, including thorough collection and assessment of customer information, evidence of discussions around planned retirement age and innovative use of technology aimed at improving customer outcomes. However, it also highlighted several weaknesses that risk consumer harm including: (i) poor-quality advice on debt consolidation, sometimes without clear evidence that consolidation was appropriate or affordable; (ii) shortcomings in affordability assessments, which appeared to overlook key living expenses; (iii) weak information flows and oversight between intermediaries and lenders (where the FCA particularly noted that even when intermediaries are involved, lenders remain responsible for affordability assessments); (iv) inadequate record‑keeping; and (v) high intermediary fees in comparison to first charge mortgages that consumers found difficult to compare or assess for value.

The FCA emphasises that firms must ensure recommendations are genuinely suitable, affordability assessments are robust and evidence‑based, and fees represent fair value. It confirms that supervisory monitoring will continue; it will engage directly with firms requiring remedial action and that it may consider potential rulebook changes to further protect consumers consolidating debt.]]></description>
					      
						      <pubDate>Thu, 12 Mar 2026 09:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-findings-on-second-charge-mortgages-good-and-poor-practices</guid>
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					      <title>EC report on crisis preparedness in the EU financial sector</title>
					      <link>https://finreg.aoshearman.com/ec-report-on-crisis-preparedness-in-the-eu-financial-sector</link>
					      <description><![CDATA[
The European Commission (EC) has published a report issued to the Council of the EU and the European Parliament, assessing the level of crisis preparedness of the EU financial sector in light of increasing geopolitical, cyber, climate and operational risks. The report states that the sector benefits from a robust, multi layered preparedness framework underpinned by sector specific legislation (including CRR/CRD, Solvency II, MiFID II, EMIR and CSDR), with particular emphasis on the Digital Operational Resilience Act alongside strong supervisory and crisis management arrangements at EU and national level.

It highlights the role of operational resilience, ICT and cyber risk management, business continuity planning, stress testing and supervisory coordination in ensuring the continuity of critical financial services, including payments and market infrastructure, during periods of crises. While noting the sector&apos;s resilience during recent shocks, the EC emphasises that preparedness must be subject to ongoing assessment. Further resilience is expected to be supported by initiatives such as the Savings and Investments Union and the proposed digital euro. In general, the EC notes that preparedness is not static; it is a dynamic, forward-looking state requiring a continuous cycle of planning, training, equipping, testing, evaluating and improving. It involves anticipating risks, building capabilities, coordinating across sectors and learning from past events to strengthen resilience, all of which the EC states apply equally to the financial sector.]]></description>
					      
						      <pubDate>Tue, 10 Mar 2026 17:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-report-on-crisis-preparedness-in-the-eu-financial-sector</guid>
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					      <title>Implementing Regulation on reporting of MREL decisions by resolution authorities published in OJ</title>
					      <link>https://finreg.aoshearman.com/implementing-regulation-on-reporting-of-mrel-decisions-by-resolution-authorities-published-in-oj</link>
					      <description><![CDATA[
The European Commission has published Implementing Regulation (EU) 2026/519 in the Official Journal of the European Union (OJ). The Regulation amends the implementing technical standards (ITS) in Implementing Regulation (EU) 2021/622 on reporting the minimum requirement for own funds and eligible liabilities (MREL). The Regulation aligns MREL reporting with recent amendments to the Bank Recovery and Resolution Directive (BRRD), including changes introduced by Directive (EU) 2024/1174, and seeks to improve supervisory oversight by requiring resolution authorities to report MREL decisions to the European Banking Authority on a bi annual basis rather than annually. Submissions are due from resolution authorities by 16 September and 18 March, covering MREL applicable as of 30 June and 31 December, respectively.

It also updates and replaces the MREL reporting templates and instructions to capture additional information on the exercise of resolution authorities&apos; discretion, including in relation to liquidation entities and consolidated MREL decisions. The Implementing Regulation is based on final draft ITS developed by the European Banking Authority and published in September 2025. It will enter into force on 1 April, being 20 days after its publication in the OJ and will be directly applicable in all member states.]]></description>
					      
						      <pubDate>Tue, 10 Mar 2026 17:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/implementing-regulation-on-reporting-of-mrel-decisions-by-resolution-authorities-published-in-oj</guid>
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					      <title>EC adopts Amending Regulation to the RTS for risk weights on immovable property exposures</title>
					      <link>https://finreg.aoshearman.com/ec-adopts-amending-regulation-to-the-rts-for-risk-weights-on-immovable-property-exposures</link>
					      <description><![CDATA[
The European Commission has adopted a Delegated Regulation amending the regulatory technical standards (RTS) set out in Delegated Regulation (EU) 2023/206. The Amending Regulation is technical in nature and updates the RTS to ensure consistency with changes introduced to the Capital Requirements Regulation (EU) No 575/2013 (CRR) by Regulation (EU) 2024/1623 (CRR3). In particular, the amendments: (i) align the references to Article 124 CRR, which have become obsolete following the renumbering and revisions introduced by CRR3 concerning preferential risk weights for exposures secured by immovable property under the Standardised Approach; and (ii) reflect the updated terminology in Article 164 CRR, which now refers to the ability of an authority designated under Article 164(5) to set loss given default (LGD) input floor values, rather than higher minimum LGD values, for exposures located in one or more parts of its territory under the Internal Ratings Based Approach.

The Delegated Regulation is based on final draft RTS developed by the European Banking Authority and published in December 2025. It will enter into force 20 days after its publication in the Official Journal of the European Union and will be directly applicable in all member states.]]></description>
					      
						      <pubDate>Tue, 10 Mar 2026 17:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-adopts-amending-regulation-to-the-rts-for-risk-weights-on-immovable-property-exposures</guid>
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					      <title>UK regulators respond to the Treasury Committee on payments regulation</title>
					      <link>https://finreg.aoshearman.com/uk-regulators-respond-to-the-treasury-committee-on-payments-regulation</link>
					      <description><![CDATA[
The House of Commons Treasury Committee has published a letter (dated 27 February) from David Geale, the executive director for payments and digital finance at the UK Financial Conduct Authority (FCA) and the managing director of the UK Payment Systems Regulator (PSR), following the recent PSR evidence session on 4 February. In the letter, Mr Geale responds to the Committee&apos;s questions and outlines some of the regulators&apos; priorities as work progresses on the planned consolidation of the PSR into the FCA. For further background, you may like to read our blog post titled &quot;UK Payment Systems Regulator to be abolished - what&apos;s next?&quot; which explores key considerations and potential impacts of the transition.


	Mr Geale states that the FCA and PSR support retaining the full scope and substance of the PSR&apos;s core remit within the future integrated structure, while noting there is room for improvement, particularly in streamlining processes, clarifying responsibilities between regulators and ensuring investigative powers remain effective. He states that the FCA and PSR have been working with HM Treasury (HMT) to consider how a new legislative framework can support effective integration of the two regimes that avoids unnecessary duplication, complexity or uncertainty.
	Targeted changes potentially include simplifying access arrangements and enhancing appeals and enforcement mechanisms for information-gathering notices. The regulators will continue to engage with HMT on how these issues may be addressed through the ongoing legislative process.


Read more.]]></description>
					      
						      <pubDate>Tue, 10 Mar 2026 10:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-regulators-respond-to-the-treasury-committee-on-payments-regulation</guid>
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					      <title>UK Home Office fraud strategy 2026 to 2029</title>
					      <link>https://finreg.aoshearman.com/uk-home-office-fraud-strategy-2026-to-2029</link>
					      <description><![CDATA[
The UK Home Office has published its updated fraud strategy for 2026-29, setting out the government&apos;s new approach to tackling fraud. It explains how the UK intends to disrupt the methods used by criminals, strengthen protections for the public and businesses, and improve how victims are supported. The strategy is split into three pillars:


	Disrupt: cutting off the tools, technologies and platforms used by criminals, including launching the Online Crime Centre (a new capability that will bring together law enforcement, intelligence agencies and industry expertise to identify and dismantle fraud networks) and strengthening international partnerships. Amongst the initiatives seeking to prevent the abuse of the UK&apos;s financial flows, the Home Office will launch a call for evidence focused on unauthorised fraud, the UK Financial Conduct Authority (FCA) will consider examples of practices for preventing APP fraud and money mule activity and will share its recommendations, and HM Treasury will repeal the existing Strong Customer Authentication technical standards, allowing the FCA to incorporate key standards into its rules and adopt a more agile, outcomes-focused approach. Regulating cryptoasset financial services activities is also seen as a crucial step. The government intends to develop metrics for measuring the prevalence of fraudulent activity in financial services, and their performance in removing and/or blocking such activity.


Read more.]]></description>
					      
						      <pubDate>Mon, 09 Mar 2026 10:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-home-office-fraud-strategy-2026-to-2029</guid>
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					      <title>UK Home Office launches call for evidence on economic crime sharing</title>
					      <link>https://finreg.aoshearman.com/uk-home-office-launches-call-for-evidence-on-economic-crime-sharing</link>
					      <description><![CDATA[
The UK Home Office has launched a call for evidence on the current economic crime information sharing system, seeking views on how existing data sharing gateways used to detect, prevent, investigate and disrupt economic crime can be improved. The call for evidence focuses on identifying legal, operational, and cultural barriers to effective data sharing, as well as opportunities to strengthen the system through reform across the public and private sectors. The scope of this project covers information sharing in relation to any economic crime activity, including fraud, money laundering, corruption and asset recovery which is likely to be interchangeable with information shared on the underlying offences to money laundering. The deadline for comments is 18 May.]]></description>
					      
						      <pubDate>Mon, 09 Mar 2026 09:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-home-office-launches-call-for-evidence-on-economic-crime-sharing</guid>
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					      <title>UK FCA Quarterly Consultation Paper No. 51</title>
					      <link>https://finreg.aoshearman.com/uk-fca-quarterly-consultation-paper-no-51</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its quarterly consultation paper No. 51, inviting feedback on proposed amendments to its Handbook. Significantly, it included a proposal to increase the clearing threshold for commodity derivatives under the UK version of the European Market Infrastructure Regulation (UK EMIR) to EUR5 billion, to ensure the threshold remains appropriate in light of higher commodity prices.

Other changes include:

	Consequential changes to the client assets sourcebook to ensure its effective application to regulated cryptoasset activities.
	Rehousing some provisions in Article 17 of the UK version of Commission Delegated Regulation (EU) 2017/587 (RTS 1) into the framework now provided by MAR 11A and tidying up provisions relating to private rights of action.
	Making targeted changes to the collective investment scheme sourcebook to reflect amendments in the 2025 Statement of Recommended Practice for authorised funds.


Read more.]]></description>
					      
						      <pubDate>Fri, 06 Mar 2026 11:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-quarterly-consultation-paper-no-51</guid>
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					      <title>EP publishes adopted report on mitigating measures for small mid-cap enterprises</title>
					      <link>https://finreg.aoshearman.com/ep-publishes-adopted-report-on-mitigating-measures-for-small-mid-cap-enterprises</link>
					      <description><![CDATA[
The European Parliament (EP) has published a report (dated 27 February), adopted by its Economic and Monetary Affairs Committee (ECON), on the European Commission&apos;s (EC) legislative proposal for a Directive amending the Markets in Financial Instruments Directive II (MiFID II) and the Critical Entities Resilience Directive. The proposed Directive forms part of the EC&apos;s broader Omnibus IV Simplification Package, which aims to simplify rules and reduce administrative burdens across the single market. The legislative proposal aims to simplify various administrative requirements for a new category of &quot;small mid-cap enterprises&quot; in line with the mitigating measures already available for small and medium-sized enterprises. ECON voted to adopt the report on 26 February.]]></description>
					      
						      <pubDate>Thu, 05 Mar 2026 23:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ep-publishes-adopted-report-on-mitigating-measures-for-small-mid-cap-enterprises</guid>
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					      <title>ECB calls for PSPs to participate in digital euro pilot</title>
					      <link>https://finreg.aoshearman.com/ecb-calls-for-psps-to-participate-in-digital-euro-pilot</link>
					      <description><![CDATA[
The European Central Bank (ECB) has launched a call for expression of interest inviting licensed payment service providers (PSPs) to participate in a digital euro pilot, marking a further step in the ECB Governing Council&apos;s decision to move to the next stage of the digital euro project. The pilot, scheduled to run for 12 months, will take place in the second half of 2027. It will test the technical functionality, operational processes and user experience of a beta version of the digital euro, which will not have legal tender status, within a controlled environment. The pilot will involve staff from Eurosystem central banks and selected merchants that provide everyday services on the premises of the ECB and euro area national central banks (e.g. cafeterias and restaurants), as well as e-commerce merchants. Staff of participating central banks will have the opportunity to make digital euro payments from person to person (both online and offline) and from person to business (both at the physical point of sale and in e-commerce, including mobile commerce). The pilot is intended to refine the design of a potential digital euro, noting that any final decision on issuance will only be taken after the relevant EU legislation has been adopted. The deadline for interested PSPs to complete and submit an application is 17:00 CEST (16:00 GMT) on 14 May. 

Read more.]]></description>
					      
						      <pubDate>Thu, 05 Mar 2026 12:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ecb-calls-for-psps-to-participate-in-digital-euro-pilot</guid>
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					      <title>Council of EU adopts first reading positions on CMDI framework</title>
					      <link>https://finreg.aoshearman.com/council-of-eu-adopts-first-reading-positions-on-cmdi-framework</link>
					      <description><![CDATA[
The Council of the EU has adopted at first reading its positions on the legislative package to reform the crisis management and deposit insurance (CMDI) framework for banks in the EU. The package includes targeted amendments to the Bank Recovery and Resolution Directive (BRRD), the Single Resolution Mechanism Regulation (SRM), and the Deposit Guarantee Schemes Directive (DGSD). The Council of the EU has published the following documents: (i) the position of the Council on the proposed Directive amending the BRRD regarding early intervention measures, conditions for resolution, and financing of resolution action, together with a statement of the Council&apos;s reasons; (ii) the position of the Council on a proposed Regulation amending the SRM Regulation regarding early intervention measures, conditions for resolution, and funding of resolution action, together with a statement of the Council&apos;s reasons; and (iii) the position of the Council on a Directive amending the DGSD as regards the scope of deposit protection, use of deposit guarantee schemes funds, cross-border cooperation and transparency, together with a statement of the Council&apos;s reasons. The Council and the European Parliament reached a political agreement on the legislative proposals in June 2025.]]></description>
					      
						      <pubDate>Thu, 05 Mar 2026 09:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/council-of-eu-adopts-first-reading-positions-on-cmdi-framework</guid>
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					      <title>UK PRA policy statement on recognised exchanges policy and transfer of main indices</title>
					      <link>https://finreg.aoshearman.com/uk-pra-policy-statement-on-recognised-exchanges-policy-and-transfer-of-main-indices</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published policy statement PS6/26 on its approach to recognised exchanges and main indices in the context of the revocation and restatement of the UK Capital Requirements Regulation (UK CRR). The PRA previously consulted on the proposals in March 2025 (CP3/25). In the policy statement, the PRA confirms that it will proceed with introducing a new Recognised Exchanges Part in its Rulebook, specifying conditions under Article 4(1)(72)(c) of the UK CRR for the purposes of identifying recognised exchanges (REs) or assets traded on these exchanges. Assets traded on REs receive a preferential treatment within the bank prudential framework. Only minor edits to the original proposal have been made for clarity. Proposed consequential amendments to the definition of &quot;higher risk equity exposure&quot; in the PRA&apos;s near-final rules implementing Basel 3.1 will also be maintained.

The PRA also confirms that it will restate in the Glossary to the PRA Rulebook the list of main indices currently set out in implementing technical standards in UK Commission Implementing Regulation (EU) 2016/1646. In addition, the policy statement sets out the PRA&apos;s final policy to delete supervisory statement (SS20/13) on third country equivalence aspects of the credit risk provisions in the CRR and recognised exchanges. It also makes amendments to the Counterparty Credit Risk (CRR) Part of the PRA Rulebook and the Credit Risk Mitigation (CRR) Part of the PRA Rulebook which are consequential to the PRA&apos;s REs policy proposals and the proposal to restate the list of main indices into the PRA Rulebook.

Read more.]]></description>
					      
						      <pubDate>Thu, 05 Mar 2026 09:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-policy-statement-on-recognised-exchanges-policy-and-transfer-of-main-indices</guid>
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					      <title>EBA final draft ITS for supervisory reporting of third-country branches under CRD VI</title>
					      <link>https://finreg.aoshearman.com/eba-final-draft-its-for-supervisory-reporting-of-third-country-branches-under-crd-vi</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its final report with final draft implementing technical standards (ITS) on the supervisory reporting of third-country branches (TCBs) under the Capital Requirements Directive VI (CRD VI). Under the new framework introduced by CRD VI, TCBs will be required to submit two sets of reports covering TCB level financial and regulatory information and head-undertaking level quantitative and qualitative data. A key feature of the draft ITS is a proportionate &quot;core and supplement&quot; model, which tailors reporting requirements to the systemic relevance of each TCB. This means smaller and less complex branches are required to submit a core set of key data while larger and more complex branches report on additional details.

Read more.
 ]]></description>
					      
						      <pubDate>Thu, 05 Mar 2026 09:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-final-draft-its-for-supervisory-reporting-of-third-country-branches-under-crd-vi</guid>
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					      <title>BoE consults on approach to use its requirements and permissions powers to facilitate mobilisation of new CCPs</title>
					      <link>https://finreg.aoshearman.com/boe-consults-on-approach-to-use-its-requirements-and-permissions-powers-to-facilitate-mobilisation-of-new-ccps</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a consultation paper proposing a new statement of policy (SoP) that will establish the BoE&apos;s approach to using its permissions and requirements powers to facilitate a discretionary mobilisation stage as part of the onboarding process of new central counterparties (CCPs). In particular, the draft SoP sets out how the BoE would impose voluntary de minimis limits on CCP activity and, where appropriate, grant time-limited permissions to modify or waive certain CCP rules (except for the fundamental rules in the CCP Rulebook). In addition, the consultation seeks views on how CCPs can apply for mobilisation and the information that prospective CCPs should provide, along with details on how CCPs would exit mobilisation.

Read more.]]></description>
					      
						      <pubDate>Wed, 04 Mar 2026 18:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/boe-consults-on-approach-to-use-its-requirements-and-permissions-powers-to-facilitate-mobilisation-of-new-ccps</guid>
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					      <title>UK FCA statement on potential changes to motor finance redress scheme</title>
					      <link>https://finreg.aoshearman.com/uk-fca-statement-on-potential-changes-to-motor-finance-redress-scheme</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has announced it is proposing to make several changes to its planned motor finance compensation scheme, initially consulted on in October 2025 following the UK Supreme Court ruling on 1 August 2025. If the scheme goes ahead, the FCA indicates it is likely to publish final rules in late March, outside of market hours, and will confirm the date in advance. While final decisions have not yet been made, the FCA outlines several intended adjustments designed to streamline the consumer journey and make it smoother for firms to operate.

In response to consultation feedback and the scale and complexity of the scheme, the FCA is considering a three‑month implementation period, with up to five months for older agreements. Firms would have the option to begin processing claims under the scheme earlier should they wish to do so. The FCA also proposes several measures to streamline the process for consumers and firms:

	Removing the opt‑out requirements so consumers who complain before the scheme starts are no longer asked if they wish to opt-out, with lenders instead notifying consumers whether they are owed compensation, and the amount, within three months of the end of the implementation period.
	Allowing consumers to accept a redress offer immediately, without waiting for a final determination.
	Permitting firms to use a wide range of communication channels to write to consumers rather than relying solely on recorded delivery, with appropriate safeguards to prevent fraud.

]]></description>
					      
						      <pubDate>Wed, 04 Mar 2026 17:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-statement-on-potential-changes-to-motor-finance-redress-scheme</guid>
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					      <title>UK FCA regulatory priorities report on consumer investments</title>
					      <link>https://finreg.aoshearman.com/uk-fca-regulatory-priorities-report-on-consumer-investments</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its regulatory priorities report for the consumer investments sector, setting out key priorities for the year ahead. The report is for advisers, wealth managers, investment platforms and other-related consumer investment firms. These regulatory priorities reports replace the FCA&apos;s previous portfolio letters and aim to provide a clearer and more consistent articulation of regulatory expectations.

The FCA identifies four consumer investments priority areas:

	Building a stronger investment culture—The FCA will focus on firms giving consumers products and services that meet their needs at a fair price. The FCA will help firms prepare for the Consumer Composite Investments (CCI) rules and continue its Advice Guidance Boundary Review (AGBR). The FCA&apos;s targeted support policy comes into force in April, and it will publish new proposals for simplifying the advice rules soon.
	Strengthening trust—The FCA will work with firms to ensure strong governance, robust risk systems, and responsible innovation. It will also ensure firms act quickly when risks emerge, stay resilient, and pay redress where due. The FCA will support responsible innovation by helping firms test AI applications and other propositions through its sandbox.


Read more.]]></description>
					      
						      <pubDate>Wed, 04 Mar 2026 17:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-regulatory-priorities-report-on-consumer-investments</guid>
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					      <title>Draft Capital Requirements Regulation (Market Risk Transitional Provision) Regulations 2026</title>
					      <link>https://finreg.aoshearman.com/draft-capital-requirements-regulation-market-risk-transitional-provision-regulations-2026</link>
					      <description><![CDATA[
The draft Capital Requirements Regulation (Market Risk Transitional Provision) Regulations 2026 have been published, together with a draft explanatory memorandum. The draft Regulations relate to changes to the UK implementation of Basel 3.1. They insert a new Article 465A into the UK Capital Requirements Regulation (UK CRR), introducing a transitional provision requiring credit institutions and designated investment firms not to apply the UK Prudential Regulation Authority&apos;s (PRA) market risk rules on updated internal model requirements between 1 January 2027 and 31 December 2027. This means that the UK implementation of the Basel 3.1 internal model requirements for market risk will now be delayed until 1 January 2028. Firms will be allowed to continue using their existing internal models under the current approach until then. The PRA previously consulted on adjustments to the market risk framework in July 2025. The Regulations will come into force on 30 December.]]></description>
					      
						      <pubDate>Wed, 04 Mar 2026 12:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/draft-capital-requirements-regulation-market-risk-transitional-provision-regulations-2026</guid>
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					      <title>Draft Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026</title>
					      <link>https://finreg.aoshearman.com/draft-credit-institutions-and-investment-firms-miscellaneous-definitions-amendment-regulations-2026</link>
					      <description><![CDATA[
The draft Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026 have been laid before the UK Parliament and published with a draft explanatory memorandum. This follows HM Treasury&apos;s policy response on applying the Financial Services and Markets Act 2000 model of regulation to the UK Capital Requirements Regulation (UK CRR). The Regulations restate in legislation, with effect from 1 January 2027, the definitions previously contained in Articles 4, 4A, 4B and 5 of the UK CRR, which were revoked by virtue of section 1(1) of, and Schedule 1 to, the Financial Services and Markets Act 2023. Article 4 of the UK CRR will be revoked on 1 January 2027, together with other articles containing definitions relating to the UK banking prudential framework. The relevant legislation revoking these articles was published in February 2026.]]></description>
					      
						      <pubDate>Wed, 04 Mar 2026 12:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/draft-credit-institutions-and-investment-firms-miscellaneous-definitions-amendment-regulations-2026</guid>
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					      <title>EC issues call for technical advice to ESAs on Disclosures Delegated Act</title>
					      <link>https://finreg.aoshearman.com/ec-issues-call-for-technical-advice-to-esas-on-disclosures-delegated-act</link>
					      <description><![CDATA[
The European Commission (EC) has issued a call for technical advice to the European Supervisory Authorities (comprising the European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities and Markets Authority) (ESAs) on key performance indicators (KPIs) and other aspects of the Disclosures Delegated Act under Article 8 of Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment (Taxonomy Regulation). The EC is seeking technical input to complete the review and simplification of taxonomy reporting under the Disclosures Delegated Act. The review will focus on measures that were not included in Delegated Regulation (EU) 2026/73 (Omnibus Delegated Act) and will take place alongside ongoing work to amend the Sustainable Finance Disclosure Regulation.

The EC states that the advice should mainly focus on the following KPIs provided in the Disclosures Delegated Act: the operational expenditure (OpEx) KPI of non-financial firms, commissions and fees KPI and trading book KPI of credit institutions, and the underwriting KPI of insurance/reinsurance undertakings. In addition, the ESAs can advise on whether other targeted technical amendments to the Disclosures Delegated Act are necessary to simplify and enhance the usability of taxonomy reporting.

Read more.]]></description>
					      
						      <pubDate>Wed, 04 Mar 2026 10:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-issues-call-for-technical-advice-to-esas-on-disclosures-delegated-act</guid>
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					      <title>FATF targeted report on stablecoins and unhosted wallets</title>
					      <link>https://finreg.aoshearman.com/fatf-targeted-report-on-stablecoins-and-unhosted-wallets</link>
					      <description><![CDATA[
The Financial Action Task Force (FATF) has issued a targeted report setting out the money laundering (ML), terrorist financing (TF) and proliferation financing (PF) risks and vulnerabilities related to stablecoins and unhosted wallets, particularly during peer-to-peer (P2P) transactions. In addition, the report identifies and shares a range of good practices that could be implemented by jurisdictions and the private sector to mitigate these risks and makes recommendations for implementation.

The report highlights that only a limited number of jurisdictions have implemented targeted regulatory frameworks for entities operating within the stablecoins ecosystem, explicitly taking into account the features that distinguish stablecoins from other virtual assets. While the FATF Standards do not require jurisdictions to adopt regulatory frameworks for stablecoin arrangements beyond those already applicable to virtual asset service providers, the FATF urges countries to recognise the specific ML/TF/PF risks associated with stablecoins and to implement proportionate and effective mitigating measures that reflect their distinct characteristics.

FATF recommends that jurisdictions should apply Recommendation 15 to all relevant entities involved in stablecoin arrangements, ensuring that they are subject to clear, enforceable ML/TF obligations. Jurisdictions should also define the roles and responsibilities of all participants throughout the stablecoin ecosystem and impose appropriate ML/TF obligations using a risk-based approach.

Read more.]]></description>
					      
						      <pubDate>Tue, 03 Mar 2026 17:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/fatf-targeted-report-on-stablecoins-and-unhosted-wallets</guid>
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					      <title>ESMA final draft RTS on margin transparency requirements and clearing costs</title>
					      <link>https://finreg.aoshearman.com/esma-final-draft-rts-on-margin-transparency-requirements-and-clearing-costs</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published two final reports with final draft regulatory technical standards (RTS) mandated under the review of the European Market Infrastructure Regulation (EMIR 3). Both reports were consulted on in June 2025.

The final draft RTS on margin transparency requirements, as required under Article 38 EMIR, specify the information to be provided by central counterparties (CCPs) on their margin simulation tools and by clearing service providers (CSPs) on their margin simulation requirements; and by both on their margin models. The aim is to improve transparency for clearing participants and enable them to better predict margin calls. The final draft RTS contain provisions on the information to be provided by a CCP to its clearing members, the CCP initial margin simulation tool and information to be provided by clearing members and clients providing clearing services.

The final draft RTS on clearing fees and associated costs, as required under Article 7c(4) EMIR, specify further details of the information to be disclosed by CSPs regarding clearing fees to be charged to CCPs for providing clearing services and any other fees charged, as well as any associated costs, with the aim of increasing costs transparency.

Read more.]]></description>
					      
						      <pubDate>Mon, 02 Mar 2026 18:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-final-draft-rts-on-margin-transparency-requirements-and-clearing-costs</guid>
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					      <title>UK FCA opens authorisation gateway for targeted support and confirms final rules</title>
					      <link>https://finreg.aoshearman.com/uk-fca-opens-authorisation-gateway-for-targeted-support-and-confirms-final-rules</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has announced it has opened the authorisation gateway for targeted support, enabling firms to apply for permission to provide a new regulated form of support. From 6 April, authorised banks, pension providers and other financial firms that are authorised for targeted support will be able to offer tailored recommendations to groups of consumers with common characteristics, particularly in relation to pensions and investments. The FCA launched its pre-application support service (PASS) for targeted support last year and has engaged with a range of firms so that they understand what is expected for a good quality and complete application for the targeted support regulated activity. The FCA encourages firms with questions about the authorisations process to engage with it through the PASS. Firms can submit applications for targeted support permissions via Connect, the FCA&apos;s online system.

Separately, on 27 February, the FCA updated its webpage on rules for targeted support to confirm the near-final rules, published in December 2025, as final. The FCA confirms that it has made only minor changes to the rules since they were published as near-final to largely cross-refer to the legislation that the government has brought forward to create the new targeted support activity.

Read more.]]></description>
					      
						      <pubDate>Mon, 02 Mar 2026 17:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-opens-authorisation-gateway-for-targeted-support-and-confirms-final-rules</guid>
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					      <title>EC launches consultation on private equity exits</title>
					      <link>https://finreg.aoshearman.com/ec-launches-consultation-on-private-equity-exits</link>
					      <description><![CDATA[
The European Commission (EC) has launched a consultation seeking feedback on obstacles faced by private equity investors when exiting investments in EU private companies and on potential ways to address these obstacles. The consultation forms part of the EC&apos;s work under the Savings and Investments Union and aims to improve access to finance for EU start‑ups and scale‑ups. The EC notes that persistent challenges, such as not being able to wait for an initial public offering (IPO) to realise capital gains or the lack of a credible valuation of private assets may hinder a transaction. These difficulties reduce market activity, limiting the availability of growth capital and possibly prompting companies to move outside the EU in search of funding. Therefore, the EC is seeking views on the: (i) possible barriers or issues for exiting private equity investments in the EU; (ii) the merits and possible design features of a platform for secondary trading of private company shares; and (iii) the potential of an extended use of such a platform for raising new equity capital. The deadline for responses is 27 April, and the feedback will inform the EC&apos;s decision on whether further regulatory or policy action is warranted in this area.]]></description>
					      
						      <pubDate>Mon, 02 Mar 2026 10:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-launches-consultation-on-private-equity-exits</guid>
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					      <title>EBA final guidelines on instruments for third-country branch capital endowment requirement under CRD IV</title>
					      <link>https://finreg.aoshearman.com/eba-final-guidelines-on-instruments-for-third-country-branch-capital-endowment-requirement-under-crd-iv</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its final guidelines on instruments available for third-country branches (TCBs) for unrestricted and immediate use to cover risks or losses under Article 48e(2)(c) of the Capital Requirements Directive (2013/36/EU) (CRD IV). Under Article 48e of the CRD IV Directive, as amended by Directive (EU) 2024/1619 (CRD VI), an authorised TCB must maintain a minimum capital endowment at all times. Article 48e(2)(c) specifies that it may use for this purpose instruments that are available to the TCB for unrestricted and immediate use to cover risks or losses as soon as those occur. The EBA was mandated to issue guidelines on the instruments that can be used for this purpose.

Read more.]]></description>
					      
						      <pubDate>Mon, 02 Mar 2026 09:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-final-guidelines-on-instruments-for-third-country-branch-capital-endowment-requirement-under-crd-iv</guid>
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					      <title>Delegated Regulations regarding LMTs under AIFMD and UCITS Directive published in OJ</title>
					      <link>https://finreg.aoshearman.com/delegated-regulations-regarding-lmts-under-aifmd-and-ucits-directive-published-in-oj</link>
					      <description><![CDATA[
The European Commission has published two Delegated Regulations in the Official Journal of the European Union (OJ): (i) Delegated Regulation (EU 2026/465), supplementing the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD); and (ii) Delegated Regulation (EU 2026/466) supplementing the Undertakings for Collective Investment in Transferable Securities Directive (Directive 2009/65/EC) (UCITS Directive). These Delegated Regulations lay down regulatory technical standards (RTS) specifying the characteristics of liquidity management tools (LMTs), following the recent amendments made to the AIFMD and the UCITS Directive by Directive (EU) 2024/927 (AIFMD II).

The RTS specify the characteristics of the LMTs set out in the Annexes to the Directives, including suspension of subscriptions, repurchases and redemptions, redemption gates, extension of notice periods, redemption fees, swing pricing, dual pricing, anti-dilution levy, redemption in kind and side pockets. Under the amended Directives, managers must select at least two LMTs from the harmonised list for potential use, taking into account the fund&apos;s investment strategy, liquidity profile and redemption policy. The Delegated Regulations were first adopted on 17 November 2025, which we covered separately here. They both enter into force on 19 March, being the 20th day following publication in the Official Journal of the European Union, and will apply from 16 April.]]></description>
					      
						      <pubDate>Fri, 27 Feb 2026 19:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/delegated-regulations-regarding-lmts-under-aifmd-and-ucits-directive-published-in-oj</guid>
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					      <title>UK FCA webpage on the use of s.21 approvers by cryptoasset firms</title>
					      <link>https://finreg.aoshearman.com/uk-fca-webpage-on-the-use-of-s21-approvers-by-cryptoasset-firms</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new webpage with information for cryptoasset firms that are currently using the services of an FCA-authorised firm to approve their cryptoasset financial promotions. Cryptoasset firms that are not authorised under the Financial Services and Markets Act 2000 (FSMA) or registered with the FCA under The Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) (including overseas firms) may use FCA-authorised firms to approve their cryptoasset financial promotions (referred to as an s.21 approver) for communication to UK consumers. The webpage sets out information on the use of s.21 approvers ahead of the UK&apos;s new crypto regime coming into force on 25 October 2027:


	Cryptoasset firms that apply for authorisation during the application period—Cryptoasset firms using an s.21 approver and applying for authorisation (or variation) during the application period, which runs from 30 September to 28 February 2027, may continue to use their existing s.21 approver until their application is determined (including during any period in the saving provision).
	Cryptoasset firms that do not apply for authorisation during the application period—Cryptoasset firms using an s.21 approver that do not apply during the application period may continue to use their existing s.21 approver until the new cryptoasset regime comes into force. From this date, if the firm&apos;s application has not been determined, it will enter the transitional provision and only be allowed to communicate promotions to pre-existing contracts. These promotions will not require an s.21 approver.


Read more.]]></description>
					      
						      <pubDate>Fri, 27 Feb 2026 17:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-webpage-on-the-use-of-s21-approvers-by-cryptoasset-firms</guid>
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					      <title>Delegated Regulation on equity transparency under MiFIR published in OJ</title>
					      <link>https://finreg.aoshearman.com/delegated-regulation-on-equity-transparency-under-mifir-published-in-oj</link>
					      <description><![CDATA[
The Delegated Regulation, amending Delegated Regulation (EU) 2017/567 as regards equity transparency requirements under the Markets in Financial Instruments Regulation (MiFIR), has been published in the Official Journal of the European Union (OJ). The amendments follow the EBA&apos;s final report in December 2024 and reflect changes introduced by the MiFIR review and the amendments to the second Markets in Financial Instruments Directive (MiFID II).

The Delegated Regulation introduces targeted amendments across several areas, including: (i) the determination of what constitutes a liquid market for equity instruments; (ii) the obligation to provide market data on a &quot;reasonable commercial basis&quot;; (iii) the size specific to the financial instrument for the purposes of obligations for systematic internalisers; and (iv) the definition of, and disclosure for post trade risk reduction (PTRR) services. The amending Delegated Regulation was first adopted on 24 November 2025, which we covered here. It entered into force on 2 March, being the third day following publication in the OJ. Article 1, point (4) of the amending Delegated Regulation, which deletes Chapter II of Delegated Regulation (EU) 2017/567 relating to data provision obligations for trading venues and systematic internalisers, will be deleted with effect from 23 August.]]></description>
					      
						      <pubDate>Fri, 27 Feb 2026 12:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/delegated-regulation-on-equity-transparency-under-mifir-published-in-oj</guid>
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					      <title>UK FCA examples of good and poor practice for using labels under SDR</title>
					      <link>https://finreg.aoshearman.com/uk-fca-examples-of-good-and-poor-practice-for-using-labels-under-sdr</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new webpage setting out examples of good and poor practice for using labels under the sustainability disclosure requirements (SDR) regime. These examples are based on the FCA&apos;s findings on what it has seen through the fund authorisations process for updating pre-contractual disclosures. The FCA reports that applications to update pre-contractual disclosures have improved as firms have become more familiar with the regime and as the number of labels on the market has increased, with a growing range of asset classes and investment strategies. It nonetheless highlights that there are continuing weaknesses, particularly where it remains unclear whether or how labelling criteria are met or whether disclosures accurately reflect what the fund invests in. The FCA reiterates that effective disclosures should be clear, concise, easy to read and understand, fund‑specific and accurately reflect what the product invests in.

Under the anti‑greenwashing rule, firms must also make sure that any references to sustainability characteristics in disclosures are consistent with the sustainability characteristics of the product. The FCA emphasises that the examples provided are illustrative only, do not replace the rules in the Environmental, Social and Governance Sourcebook and should not be used as templates for disclosure.

Read more.]]></description>
					      
						      <pubDate>Fri, 27 Feb 2026 12:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-examples-of-good-and-poor-practice-for-using-labels-under-sdr</guid>
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					      <title>UK FCA Handbook Notice 138</title>
					      <link>https://finreg.aoshearman.com/uk-fca-handbook-notice-138</link>
					      <description><![CDATA[The UK Financial Conduct Authority (FCA) has published Handbook Notice 138, outlining amendments to the FCA Handbook resulting from the following statutory instruments:


	Deferred Payment Credit Instrument 2026, which comes into force on 1 April, 15 July and 31 December. The instrument introduces the FCA&apos;s new regulatory regime for deferred payment credit (previously known as buy-now, pay-later (BNPL) credit).
	UK Listing Rules (Notification of Purchases) Instrument 2026, which came into force on 27 February. This instrument amends the requirements in UKLR 9.6.6R and UKLR 9.7.3R, which relate to the notification of purchases of own securities under the UK Listing Rules.
	Advice Guidance Boundary Review (Targeted Support) Instrument 2026, which introduces the framework for the new form of targeted support for consumers&apos; pensions and retail investment decisions. The instrument came into force partially on 2 March, and the remaining provisions will come into force on 6 April, 31 December and 6 April 2027.


Read more.]]></description>
					      
						      <pubDate>Fri, 27 Feb 2026 12:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-handbook-notice-138</guid>
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					      <title>BCBS consults on consolidated guidelines and sound practices for banks and supervisors</title>
					      <link>https://finreg.aoshearman.com/bcbs-consults-on-consolidated-guidelines-and-sound-practices-for-banks-and-supervisors</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision (BCBS) has launched a consultation on a consolidated version of its guidelines and sound practices. This version seeks to reorganise existing guidance into a modular structure, replicating the BCBS&apos;s current format for the Basel framework. The guidelines are organised into 13 thematic modules, setting out expectations and practices on specific topics, each of which is divided into further chapters. The BCBS confirms that the consolidation does not introduce new standards or expectations, but removes outdated, duplicative or superseded content, reducing the overall volume of guidance by approximately 75%. Annex 2 to the consultation incudes a table of the current guidelines and sound practices that the BCBS reviewed as part of the consolidation project. It also outlines the proposed recommendation for whether and how each of these documents should be incorporated into the new framework. A new section on its webpage has also launched, but in draft form for feedback. The BCBS seeks feedback on three particular questions: 1) Does the framework effectively remove outdated, superseded and duplicative materials? 2) Does the proposed reorganisation and redrafting achieve the objective of improving clarity and readability without introducing new expectations? 3) Are there particular topics that the BCBS should review more substantively, or areas where further guidance is warranted? The deadline for comments is 26 June.]]></description>
					      
						      <pubDate>Thu, 26 Feb 2026 16:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/bcbs-consults-on-consolidated-guidelines-and-sound-practices-for-banks-and-supervisors</guid>
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					      <title>Omnibus I Directive published in OJ</title>
					      <link>https://finreg.aoshearman.com/omnibus-i-directive-published-in-oj</link>
					      <description><![CDATA[
Directive (EU) 2026/470 amending the EU Corporate Sustainability Reporting Directive (CSRD) and the EU Corporate Sustainability Due Diligence Directive (CSDDD), amongst others, has been published in the Official Journal of the European Union (OJ). The directive implements the proposals under the Omnibus I simplification package, which aims to streamline sustainability reporting and due diligence obligations for businesses. It follows Directive (EU) 2025/794 which implemented the &quot;stop-the-clock&quot; proposal, postponing the application date of certain requirements of the CSRD and CSDDD. The Council of the EU adopted the final text on 24 February. The directive enters into force on 18 March and member states will have until 19 March 2027 to transpose its provisions into national legislation, except for Article 4 on the level of harmonisation, with which they must comply by 26 July 2028 at the latest.]]></description>
					      
						      <pubDate>Thu, 26 Feb 2026 14:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/omnibus-i-directive-published-in-oj</guid>
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					      <title>EBA opinion on EC amendments to draft RTS on &quot;equivalent legal mechanisms&quot; under CRR</title>
					      <link>https://finreg.aoshearman.com/eba-opinion-on-ec-amendments-to-draft-rts-on-equivalent-legal-mechanisms-under-crr</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published an opinion and related letter regarding the European Commission&apos;s (EC&apos;) proposed amendments to the final draft regulatory technical standards (RTS). These RTS specify what constitutes an equivalent legal mechanism to ensure that a residential property under construction is completed within a reasonable timeframe, for the purposes of risk-weighting requirements under the Capital Requirements Regulation (CRR). The EBA is resisting the EC&apos; proposal to increase the cap on the risk weight applicable to the protection provider from 20% to 30% under the standardised approach, arguing the 20% threshold represents a core prudential safeguard. It also recommends reinstating the requirement that the completion guarantee be required by the law of the Member State where the residential property is being built. In addition, the opinion provides targeted comments on certain drafting changes introduced by the EC, including the treatment of intragroup arrangements and specific provisions relating to enforceability and force majeure. A revised version of the draft RTS reflecting the EBA&apos;s recommended drafting adjustments is set out in Annex I to the opinion. The EBA notes that it remains committed to working constructively with the EC to ensure the timely adoption of a robust and legally sound framework.]]></description>
					      
						      <pubDate>Thu, 26 Feb 2026 14:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-opinion-on-ec-amendments-to-draft-rts-on-equivalent-legal-mechanisms-under-crr</guid>
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					      <title>The Financial Services and Markets Act 2023 (Commencement No 13) Regulations 2026</title>
					      <link>https://finreg.aoshearman.com/the-financial-services-and-markets-act-2023-commencement-no-13-regulations-2026</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2023 (Commencement No 13) Regulations 2026 were made, following HM Treasury&apos;s policy response on applying the Financial Services and Markets Act 2000 model of regulation to the UK Capital Requirements Regulation. The regulations effect the revocation of Articles 4, 4A, 4B and 5 of the UK Capital Requirements Regulation (CRR) on 1 January 2027, by virtue of section 1(1) of, and Schedule 1 to, FSMA 2023. The Articles set to be revoked provide for definitions of terms used in the CRR which will be restated in the Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2026 (except for the definition of &quot;IFPR financial institution&quot; which will be restated in a separate statutory instrument providing for consequential amendments later this year) and PRA rules. Some definitions in Article 4 were already set to be revoked on 1 January 2027 by virtue of the Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026.]]></description>
					      
						      <pubDate>Thu, 26 Feb 2026 14:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/the-financial-services-and-markets-act-2023-commencement-no-13-regulations-2026</guid>
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					      <title>UK PVDC publishes payments forward plan</title>
					      <link>https://finreg.aoshearman.com/uk-pvdc-publishes-payments-forward-plan</link>
					      <description><![CDATA[
The UK Payments Vision Delivery Committee (PVDC) has published the payments forward plan, outlining key initiatives expected across retail and wholesale payments and aspects of digital assets in the next three years. The plan sets out the actions required to deliver the government&apos;s National Payments Vision and support the continued growth of the sector. It focuses on initiatives led by HM Treasury, the Bank of England, the Financial Conduct Authority and the Payment Systems Regulator, while reflecting wider UK government and public sector activity where relevant, and certain private sector-led workstreams that flow from public authority steers.

Several initiatives are also said to have implications beyond payments. In particular, the FCA will continue to explore potential interoperability between open banking and other smart data schemes, reflecting the government&apos;s intention for the open banking framework to form the basis for open finance. The PVDC states that while the plan captures a wide range of initiatives which are relevant to payments and seeks to provide clarity on key milestones, it is not exhaustive and timings remain subject to change. The Committee also confirms that an enhanced focus on payments will be added to the Regulatory Initiatives Grid in 2027.]]></description>
					      
						      <pubDate>Thu, 26 Feb 2026 12:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pvdc-publishes-payments-forward-plan</guid>
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					      <title>UK PSR seeks views on draft merchant survey questionnaire for cross border interchange fees</title>
					      <link>https://finreg.aoshearman.com/uk-psr-seeks-views-on-draft-merchant-survey-questionnaire-for-cross-border-interchange-fees</link>
					      <description><![CDATA[
The UK Payment Systems Regulator (PSR) has published an invitation to comment on a revised draft questionnaire for a proposed survey of UK merchants as part of its review of cross border interchange fee remedies. The survey will gather data on merchants&apos; costs of processing online payments from the EEA using cards and certain alternative payment methods, with the results feeding into a Merchant Indifference Test to inform the appropriate level of cross border interchange fees. The PSR has updated the questionnaire following responses to the PSR&apos;s October 2025 consultation on the methodology for developing a price cap remedy. It decided to include questions on SEPA based bank transfer methods, PayPal and Klarna&apos;s &quot;Pay in 30 days&quot; product but proposes to exclude American Express. The deadline for comments is 5.00 pm on 5 March, noting that further revisions may be made ahead of fieldwork.]]></description>
					      
						      <pubDate>Thu, 26 Feb 2026 12:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-psr-seeks-views-on-draft-merchant-survey-questionnaire-for-cross-border-interchange-fees</guid>
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					      <title>CPMI updated report on ISO 20022 data requirements for cross-border payments</title>
					      <link>https://finreg.aoshearman.com/cpmi-updated-report-on-iso-20022-data-requirements-for-cross-border-payments</link>
					      <description><![CDATA[
The Committee on Payments and Market Infrastructures (CPMI) has published an updated report on the harmonised ISO 20022 data requirements for enhancing cross‑border payments. This is a key milestone under the G20 roadmap to improve the speed, cost, accessibility and transparency of cross‑border payments. The report, updated from the previous version in 2023, reflects updated regulatory and standardisation developments, provides additional clarifications and introduces an updated and expanded data model set out in a separate technical annex to allow for more frequent updates in line with the ISO 20022 release schedule. The CPMI confirms that the requirements will be maintained at least until the end of 2027 and has established a joint panel with ISO 20022 global market practice groups to support ongoing maintenance and global adoption.]]></description>
					      
						      <pubDate>Thu, 26 Feb 2026 12:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/cpmi-updated-report-on-iso-20022-data-requirements-for-cross-border-payments</guid>
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					      <title>ESMA publishes supervisory briefing on algorithmic trading in the EU</title>
					      <link>https://finreg.aoshearman.com/esma-publishes-supervisory-briefing-on-algorithmic-trading-in-the-eu</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a supervisory briefing on algorithmic trading under the revised Markets in Financial Instruments Directive (MiFID II). The briefing is intended to support consistent supervision across the EU and focuses on key areas where supervisory practices have diverged, including pre-trade controls, governance arrangements, testing frameworks and the outsourcing of algorithmic trading systems. It offers guidance to investment firms and national supervisors on key concepts and areas such as the structuring of outsourcing arrangements, the interaction between AI and algorithmic trading and targeted guidance on pre-trade controls. The briefing is non-binding and not subject to a &apos;comply or explain&apos; mechanism. ESMA will continue to monitor market and technological developments and may update the briefing or develop further convergence tools as needed.]]></description>
					      
						      <pubDate>Thu, 26 Feb 2026 11:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-publishes-supervisory-briefing-on-algorithmic-trading-in-the-eu</guid>
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					      <title>ECON adopts report on mitigating measures for small mid-cap enterprises</title>
					      <link>https://finreg.aoshearman.com/econ-adopts-report-on-mitigating-measures-for-small-mid-cap-enterprises</link>
					      <description><![CDATA[
The European Parliament&apos;s Economic and Monetary Affairs Committee (ECON) has announced it has adopted a draft report on the European Commission&apos;s (EC) Omnibus IV legislative proposal, adopted in May 2025. This proposes a Directive amending the Markets in Financial Instruments Directive II (MiFID II) and the Critical Entities Resilience Directive to simplify various administrative requirements for a new category of &quot;small mid-cap enterprises&quot; (SMCs), in line with the mitigating measures already available for small and medium‑sized enterprise (SMEs). A draft version of the report was published in November 2025. Members of the European Parliament (MEPs) seek to define SMCs as companies with fewer than 1,000 employees and either up to EUR200 million in turnover or EUR172m in total assets, while the EC proposes 750 employees, EUR150m in turnover and EUR129m in total assets. ECON also wants to ensure that SME support and the &quot;think small first&quot; principle remain intact and that thresholds are reviewed every five years.

ECON&apos;s proposals include:

	Extending existing SME exemptions from certain General Data Protection Regulation (GDPR) record‑keeping obligations to SMCs where processing does not involve high‑risk data. Sensitive data such as biometric, health, religious, political or criminal‑conviction data remain excluded.
	Amendments to the Markets in Financial Instruments Directive (MiFID) to define SMCs and enable access to SME growth markets and the benefit of simpler prospectus disclosure rules, in line with the updated Prospectus Regulation.

ECON and the civil liberties committees adopted the amendments with strong majorities and authorised inter‑institutional negotiations, which are expected to begin once the EP plenary gives its approval in March.]]></description>
					      
						      <pubDate>Thu, 26 Feb 2026 11:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/econ-adopts-report-on-mitigating-measures-for-small-mid-cap-enterprises</guid>
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					      <title>HMT guidance on using digital identities with the UK Money Laundering Regulations</title>
					      <link>https://finreg.aoshearman.com/hmt-guidance-on-using-digital-identities-with-the-uk-money-laundering-regulations</link>
					      <description><![CDATA[
HM Treasury and the Department for Science, Innovation and Technology have jointly published guidance setting out how entities regulated under the UK Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) can use digital verification services for customer due diligence checks. Under the MLRs, banks and other regulated entities must establish policies, controls and procedures to mitigate the risks of money laundering and terrorist ﬁnancing. These include customer due diligence measures to verify the identity of customers and understand the purpose behind transactions. Digital identity services which are certiﬁed against the trust framework and on the digital verification services register can be used by regulated entities as part of their customer due diligence processes.

Speciﬁcally, for individuals, entities can fulﬁl their obligations under the MLRs by verifying a customer&apos;s identity using certiﬁed and registered digital identity services. Entities may also use certiﬁed and registered digital identity services to fulﬁl their obligations regarding the veriﬁcation of company directors. Regulated entities are reminded that they should continue to make their own assessment of a customer&apos;s risk and apply enhanced due diligence measures accordingly. While digital identities may be used for identification and verification purposes, entities should not assume that digital identities fulfil all aspects of customer due diligence. Regulated entities will also remain ultimately liable for any failures to apply customer due diligence measures appropriately when using digital identity services. Entities should also ensure that services can meet the required record-retention requirements under the MLRs. The new guidance supplements but does not supersede obligations under the MLRs.]]></description>
					      
						      <pubDate>Thu, 26 Feb 2026 11:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hmt-guidance-on-using-digital-identities-with-the-uk-money-laundering-regulations</guid>
				    </item>
			
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					      <title>ESMA consultation on RTS for post-trade risk reduction services under EMIR 3</title>
					      <link>https://finreg.aoshearman.com/esma-consultation-on-rts-for-post-trade-risk-reduction-services-under-emir-3</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a consultation on draft regulatory technical standards (RTS) specifying the circumstances in which transactions resulting from post-trade risk reduction (PTRR) services will be exempt from the clearing obligation under EMIR 3. Amongst other things, the draft RTS establish requirements for the types of services which are eligible for the PTRR exemption (namely compression, portfolio rebalancing and basis risk optimisation) as well as operating conditions for PTRR service providers. The consultation separately considers the PTRR services and transactions to be recorded for the purposes of an exemption from transparency requirements, trading and best execution introduced under the EU Markets in Financial Instruments Regulation (MiFIR) Review (although the MiFIR considerations do not form part of the draft RTS). The deadline for responses is 20 April, after which ESMA expects to submit final draft RTS to the European Commission in Q4.]]></description>
					      
						      <pubDate>Thu, 26 Feb 2026 11:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-consultation-on-rts-for-post-trade-risk-reduction-services-under-emir-3</guid>
				    </item>
			
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					      <title>The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2026</title>
					      <link>https://finreg.aoshearman.com/the-financial-services-and-markets-act-2000-exemption-amendment-order-2026</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2026 has been laid before Parliament. The Order exempts the British Business Bank plc, together with various of its subsidiary companies, and the National Housing Bank Limited from the general prohibition set out in section 19 of the Financial Services and Markets Act 2000. It comes into force on 27 March.]]></description>
					      
						      <pubDate>Wed, 25 Feb 2026 15:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/the-financial-services-and-markets-act-2000-exemption-amendment-order-2026</guid>
				    </item>
			
					 <item>
					      <title>EBA concludes work on legacy instruments monitoring</title>
					      <link>https://finreg.aoshearman.com/eba-concludes-work-on-legacy-instruments-monitoring</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has announced that given the extensive work already carried out, it will not prioritise the monitoring of legacy instruments, while maintaining its review of the quality of own funds and eligible liabilities. The EBA is confident that competent authorities will continue to monitor the remaining limited and specific cases on the basis of the guidance provided, including in its opinion on the prudential treatment of legacy instruments and its opinion on legacy instruments: outcome of its implementation.]]></description>
					      
						      <pubDate>Wed, 25 Feb 2026 14:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-concludes-work-on-legacy-instruments-monitoring</guid>
				    </item>
			
					 <item>
					      <title>Basel Committee discusses recent market developments</title>
					      <link>https://finreg.aoshearman.com/basel-committee-discusses-recent-market-developments</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision (BCBS) has issued a press release following its virtual meeting on 24-25 February, at which it discussed recent market developments and the global banking outlook. With respect to vulnerabilities in government bond‑backed repo markets, the BCBS notes that the implementation of its finalised counterparty credit risk management guidelines, particularly in relation to securities financing transactions and collateral management, should help mitigate these risks but it will monitor implementation progress. Regarding the expedited targeted review of the prudential standards for banks&apos; cryptoasset exposures, an update on progress will be provided later in the year. The BCBS has approved a technical amendment to the standardised approach to operational risk, following its previous consultation, and a response to a frequently asked question on the market risk framework. Both will be published in March.]]></description>
					      
						      <pubDate>Wed, 25 Feb 2026 14:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/basel-committee-discusses-recent-market-developments</guid>
				    </item>
			
					 <item>
					      <title>ESMA final draft RTS on clearing thresholds under EMIR 3</title>
					      <link>https://finreg.aoshearman.com/esma-final-draft-rts-on-clearing-thresholds-under-emir-3</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its final report with draft regulatory technical standards (RTS) amending the RTS on the clearing thresholds in Delegated Regulation (EU) No 149/2013, under the European Markets Infrastructure Regulation (EMIR). The amendments reflect changes introduced by EMIR 3, which revise the clearing threshold regime by moving from the exchange traded derivatives (ETD) versus over the counter (OTC) distinction to a methodology based primarily on uncleared OTC transactions. This approach aims to better capture the benefits of central clearing. Under the new framework, financial counterparties (FCs) must calculate both their uncleared positions and aggregate OTC exposure (cleared and uncleared), while non financial counterparties (NFCs) need only consider their uncleared positions.

In the final report, ESMA sets revised clearing thresholds that focus on uncleared OTC derivatives, while keeping aggregate thresholds for FCs in asset classes subject to the clearing obligation unchanged at EUR3 billion for interest rate derivatives (IRDs) and EUR1bn for credit derivatives.

Read more.]]></description>
					      
						      <pubDate>Wed, 25 Feb 2026 11:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-final-draft-rts-on-clearing-thresholds-under-emir-3</guid>
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					      <title>ESMA and EBA consult on revised suitability assessment guidelines for banks and investment firms</title>
					      <link>https://finreg.aoshearman.com/esma-and-eba-consult-on-revised-suitability-assessment-guidelines-for-banks-and-investment-firms</link>
					      <description><![CDATA[
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have launched a joint consultation on draft revised guidelines on the suitability assessments of members of the management body and key function holders at banks and investment firms. This follows the earlier version published in 2021. The proposed revisions form part of a broader suitability package aimed at harmonising suitability assessments and strengthening supervisory convergence across the EU. The package also reflects new requirements introduced for large institutions by the Capital Requirements Directive, as amended by Directive 2024/1619 (CRD VI) and the Markets in Financial Instruments Directive, as amended by Directive 2014/65/EU (MiFID II).

The revised guidelines cover:

	The use of ex‑ante applications for cases where competent authorities otherwise conduct ex‑post assessments.
	Mandatory suitability assessments for certain key roles, including heads of control functions and chief financial officers.
	The new CRD VI requirements for third‑country branches.


Read more.]]></description>
					      
						      <pubDate>Wed, 25 Feb 2026 10:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-and-eba-consult-on-revised-suitability-assessment-guidelines-for-banks-and-investment-firms</guid>
				    </item>
			
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					      <title>UK FCA consults on approach to implementing remedies from credit information market study</title>
					      <link>https://finreg.aoshearman.com/uk-fca-consults-on-approach-to-implementing-remedies-from-credit-information-market-study</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP26/7 outlining its proposed approach to implementing the FCA led remedies arising from the credit information market study. The study introduced a package of measures aimed at improving the credit information market, including proposed new FCA rules and guidance, reforms to industry governance arrangements and other industry-led remedies. A new Credit Information Governance Body is now in place and industry participants are progressing the industry-led remedies.

This consultation focuses on the FCA-led remedies, proposing new Handbook rules to improve the coverage, quality and consistency of consumer credit information. Specifically:

	Remedy 2A: a mandatory reporting framework requiring firms that share consumer credit information with at least one designated consumer credit reference agency (DCCRA) to share all such information with all DCCRAs. The FCA proposes to designate Equifax, Experian and TransUnion but allows for the designation of further credit reference agencies (CRAs) or the de-designation, if appropriate.
	Remedy 2D: requirements to improve data accuracy, error correction and dispute handling and to require firms to report satisfied County Court Judgments and decrees. Some obligations relate to information provided under the mandatory reporting requirement, while others have a broader application.


Read more.]]></description>
					      
						      <pubDate>Wed, 25 Feb 2026 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-consults-on-approach-to-implementing-remedies-from-credit-information-market-study</guid>
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					      <title>UK FCA confirms reporting window on the CCR009 return for relevant ancillary credit firms</title>
					      <link>https://finreg.aoshearman.com/uk-fca-confirms-reporting-window-on-the-ccr009-return-for-relevant-ancillary-credit-firms</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published an updated webpage on the CCR009 return for relevant ancillary credit firms. The update confirms that, for data covering 1 January 2025 to 31 December 2025, the reporting window will open on 2 March. The webpage also includes a new explanatory video. Firms will have 40 business days to submit their returns via the My FCA portal. The FCA reiterates that annual reporting will be based on the calendar year rather than firms&apos; accounting reference dates.]]></description>
					      
						      <pubDate>Wed, 25 Feb 2026 10:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-confirms-reporting-window-on-the-ccr009-return-for-relevant-ancillary-credit-firms</guid>
				    </item>
			
					 <item>
					      <title>UK FCA launches new regulatory priorities reports</title>
					      <link>https://finreg.aoshearman.com/uk-fca-launches-new-regulatory-priorities-reports</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new webpage introducing its regulatory priorities reports, introducing nine annual, sector‑specific reports to replace its previous portfolio letters. The FCA explains that this new approach is intended to provide a clearer and more consistent articulation of regulatory expectations, setting out the key priority areas for each sector, alongside related work the FCA plans to undertake over the coming year. Firms are expected to assess which priorities apply to them in light of their business models, including whether aspects of their activities fall within the scope of other sector reports. The FCA notes that the reports have been shaped by feedback from firms and trade bodies, and that it will continue to respond to emerging market events and risks, which may result in new or reprioritised supervisory work beyond what is set out in the reports. The FCA confirms that reports on consumer investments, retail banking, mortgages, consumer finance, wholesale buy side, wholesale markets and payments are all expected in March.]]></description>
					      
						      <pubDate>Tue, 24 Feb 2026 17:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-launches-new-regulatory-priorities-reports</guid>
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					      <title>EC adopts Delegated Regulation on ex ante contributions to resolution financing arrangements under BRRD</title>
					      <link>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-on-ex-ante-contributions-to-resolution-financing-arrangements-under-brrd</link>
					      <description><![CDATA[
The European Commission (EC) has adopted a Delegated Regulation amending Delegated Regulation (EU) 2015/63 on ex ante contributions to resolution financing arrangements. The amendments align the framework with recent changes to the Bank Recovery and Resolution Directive (BRRD), the Investment Firms Regulation (IFR) and the Investment Firms Directive (IFD). They also aim to reduce administrative burden and improve proportionality. The amendments include:


	Updates to the definition of &quot;investment firms&quot; and &quot;competent authority&quot;.
	A simplified contribution methodology for certain Class 2 investment firms (with an option to apply risk‑adjusted calculations where this results in a lower contribution).
	Removal of the risk indicator based on own funds and eligible liabilities held in excess of the minimum requirement for own funds and eligible liabilities (MREL). This does not imply that MREL-related aspects will no longer be considered when risk-adjusting the contributions, however. Removal of the denominator from the interbank loans and deposits indicator. A limitation period for requesting restatements and revisions of data submitted to resolution authorities.


Read more.]]></description>
					      
						      <pubDate>Tue, 24 Feb 2026 16:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-on-ex-ante-contributions-to-resolution-financing-arrangements-under-brrd</guid>
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					      <title>BoE confirms decision to extend CHAPS settlement hours</title>
					      <link>https://finreg.aoshearman.com/boe-confirms-decision-to-extend-chaps-settlement-hours</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a policy statement confirming its decision to extend CHAPS settlement hours by introducing an early morning extension (EME). This will move the start of settlement from 06:00 to 01:30 under an optional participation model, with implementation targeted for September 2027 (subject to final confirmation of the planned timelines with impacted CHAPS direct participants (DPs)). The EME follows the July 2025 consultation and is intended to support earlier settlement, improve liquidity management, enhance operational resilience and better align UK payment infrastructure with international markets. While CHAPS DPs may optionally send payments during the extended window (with no restrictions on payment types that can be sent), all participants will be able to receive payments from 01:30. The most critical payments, including CLS pay-ins and payments for central counterparties initial and variation margin calls, are not expected to move into the EME.

The BoE also confirms that it will not, at this stage, proceed with extending the evening CHAPS contingency window due to limited demand. It will, however, continue to explore options including additional settlement on certain bank holiday Mondays, a longer weekday operating window, and wider reforms as part of its longer-term roadmap towards near 24x7 settlement. It plans to publish a consultation paper examining the potential near 24x7 extension of RTGS/CHAPS settlement hours, discussing opportunities, challenges, use cases and the steps required to deliver it in the spring.]]></description>
					      
						      <pubDate>Tue, 24 Feb 2026 12:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/boe-confirms-decision-to-extend-chaps-settlement-hours</guid>
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					      <title>ESMA statement on derivatives within the scope of national CFD product intervention measures</title>
					      <link>https://finreg.aoshearman.com/esma-statement-on-derivatives-within-the-scope-of-national-cfd-product-intervention-measures</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has issued a statement reminding firms of their obligations under existing national product intervention measures on contracts for differences (CFDs). The statement is in light of the growing offering of derivatives marketed as &quot;perpetual futures&quot; or &quot;perpetual contracts&quot;, including those providing leveraged exposure to cryptoassets such as Bitcoin.

ESMA emphasises that where such products meet the definition of a CFD, they are likely to fall within the scope of existing intervention measures adopted by national competent authorities and must therefore comply with applicable product intervention requirements. This includes leverage limits, mandatory risk warnings, margin close-out rules, negative balance protection and the prohibition on monetary and non-monetary incentives. The statement further reminds firms that derivatives require a narrowly defined target market and an aligned distribution strategy. Firms should be carrying out appropriateness assessments in accordance with the relevant requirements for complex financial instruments when providing non advised services, and must identify, prevent and manage any conflicts of interest arising from the offering of these products. While the public statement specifically refers to derivatives marketed as perpetual futures or perpetual contracts, ESMA states that firms should assess whether national product intervention measures apply to all derivatives offered, irrespective of their commercial name.]]></description>
					      
						      <pubDate>Tue, 24 Feb 2026 11:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-statement-on-derivatives-within-the-scope-of-national-cfd-product-intervention-measures</guid>
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					      <title>UK FCA clarifies expectations on the consumer duty</title>
					      <link>https://finreg.aoshearman.com/uk-fca-clarifies-expectations-on-the-consumer-duty</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new webpage about the consumer duty. The webpage explains how the consumer principle is underpinned by three cross-cutting rules requiring firms to act in good faith, avoid foreseeable harm and support customers to pursue their financial objectives. The FCA reiterates the four core outcomes it expects firms to deliver, relating to the governance of products and services, price and value, consumer understanding and consumer support and expands upon its expectations of firms in ensuring them. Specifically, the FCA expects firms to ensure that products and services are fit for purpose and targeted appropriately, that pricing represents fair value relative to the benefits provided, communications are clear, fair and timely, and that customer support is accessible and effective throughout the product lifecycle.

While the FCA recognises that implementation may look different for smaller firms, it emphasises that all firms are expected to deliver the same standard of good consumer outcomes. In parallel, it updated its webpage on good practice and areas for improvement on the requirements for consumer duty board reports, adding specific guidance for smaller firms. The FCA recognises that these firms face different challenges and outlines suggestions relating to governance, monitoring and outcomes, actions taken to comply with the consumer duty and future business strategy, to help them meet the requirements. The FCA is open to considering more targeted work where it would be beneficial and it will continue to engage with the Smaller Business Practitioner Panel and other smaller firm stakeholders.]]></description>
					      
						      <pubDate>Tue, 24 Feb 2026 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-clarifies-expectations-on-the-consumer-duty</guid>
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					      <title>FSB seeks views on public sector backstop funding mechanisms in bank resolution</title>
					      <link>https://finreg.aoshearman.com/fsb-seeks-views-on-public-sector-backstop-funding-mechanisms-in-bank-resolution</link>
					      <description><![CDATA[
The Financial Stability Board (FSB) has announced it will conduct a thematic peer review on the implementation of public sector backstop funding mechanisms. The review will evaluate progress by FSB member jurisdictions in implementing Key Attribute 6 (funding of firms in resolution) and the related guiding principles on temporary funding to support the orderly resolution of global systemically important banks (G SIBs) and other banks that may be systemically significant or critical in failure (&quot;banks systemic in failure&quot;). A summary terms of reference is published which details the scope, objectives and process for the review.

The FSB seeks to examine: (i) how financial stability vulnerabilities associated with the liquidity needs of a G-SIB or banks systemic in failure, differ across jurisdictions during resolution and how these vulnerabilities are evolving; (ii) the design, credibility and safeguards of public sector backstop funding mechanisms; and (iii) the challenges experienced in addressing resolution funding and its impact on public sector backstop funding mechanisms. The FSB issued a questionnaire to member authorities to collect information and also seeks feedback from financial institutions, industry and consumer bodies, academics and other stakeholders. The deadline for submissions is 31 March, with the peer review report expected to be published in October.]]></description>
					      
						      <pubDate>Mon, 23 Feb 2026 17:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/fsb-seeks-views-on-public-sector-backstop-funding-mechanisms-in-bank-resolution</guid>
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					      <title>SRB updated operational guidance on separability and transferability for transfer tools</title>
					      <link>https://finreg.aoshearman.com/srb-updated-operational-guidance-on-separability-and-transferability-for-transfer-tools</link>
					      <description><![CDATA[
The Single Resolution Board (SRB) has published updated operational guidance on separability and transferability for transfer tools, following the August 2025 consultation. The revised guidance is not intended to introduce new deliverables but to streamline and clarify existing expectations, align with the guidance on resolvability self-assessment and support the shift from resolution planning to operationalisation, testing and crisis preparedness. It is accompanied by an operational guidance on transfer playbooks and a new annex on testing separability and transfer strategies. A feedback statement was published alongside the guidance.]]></description>
					      
						      <pubDate>Mon, 23 Feb 2026 17:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/srb-updated-operational-guidance-on-separability-and-transferability-for-transfer-tools</guid>
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					      <title>EC adopts Delegated Regulation on prospectus metadata under Listing Act</title>
					      <link>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-on-prospectus-metadata-under-listing-act</link>
					      <description><![CDATA[
The European Commission has adopted a Delegated Regulation amending the Prospectus Regulation (EU) 2019/979 to align the prospectus metadata and incorporation-by-reference framework with the reforms introduced by the Listing Act (Regulation (EU) 2024/2809).

The regulation updates the machine‑readable data required for prospectus classification to reflect the new EU Follow‑on Prospectus and EU Growth Issuance Prospectus introduced under the Listing Act. It also removes obsolete references to prospectus types that will cease to apply from 5 March, including the simplified prospectus for secondary issuances and the current EU Growth Prospectus.

Additionally, the regulation updates the list of documents that may be incorporated by reference into a prospectus. This includes documents approved or filed under the former Prospectus Directive (2003/71/EC) as well as optional pre‑issuance sustainability disclosures under the European Green Bonds Regulation (EU) 2023/2631. These changes aim to reduce issuer burden while maintaining investor protection. Most provisions will enter into force 20 days after its publication in the Official Journal of the European Union, with key operational changes (under Article 1, points (1), (2) and (4)) expected to apply from 10 July.]]></description>
					      
						      <pubDate>Mon, 23 Feb 2026 14:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-on-prospectus-metadata-under-listing-act</guid>
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					      <title>EBA follow-up report on ICT risk assessment under SREP</title>
					      <link>https://finreg.aoshearman.com/eba-follow-up-report-on-ict-risk-assessment-under-srep</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a follow‑up report to its 2022 peer review on information and communication technology (ICT) risk assessment under the Supervisory Review and Evaluation Process (SREP). The report reviews the recommendations issued to competent authorities in 2022, considering progress made following the application of the Digital Operational Resilience Act (DORA) since January 2025, and the forthcoming integration of the ICT SREP Guidelines into the revised SREP guidelines under DORA.

The EBA notes substantial progress by competent authorities in strengthening ICT risk supervision, largely driven by DORA&apos;s implementation. Improvements include enhanced supervisory capacity and expertise, greater use of horizontal analyses and more systematic application of supervisory tools. ICT risk sub categories are now embedded across almost all authorities. However, the EBA emphasises that further work and investment are still required to ensure consistent and effective ICT risk supervision across the EU. It encourages authorities to fully integrate ICT risk methodologies and sub categories into their supervisory processes and to continue efforts to promote supervisory convergence and operational resilience ahead of the forthcoming revised SREP guidelines.]]></description>
					      
						      <pubDate>Mon, 23 Feb 2026 12:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-follow-up-report-on-ict-risk-assessment-under-srep</guid>
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					      <title>ESMA withdraws guidelines on MiFID II/ MiFIR obligations on market data</title>
					      <link>https://finreg.aoshearman.com/esma-withdraws-guidelines-on-mifid-ii-mifir-obligations-on-market-data</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has announced the immediate withdrawal of its guidelines on MiFID II/MiFIR obligations relating to market data, on the basis that the clarifications covered in the guidelines have been incorporated into regulatory technical standards (RTS) which entered into force on 23 November 2025.]]></description>
					      
						      <pubDate>Mon, 23 Feb 2026 11:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-withdraws-guidelines-on-mifid-ii-mifir-obligations-on-market-data</guid>
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					      <title>ESMA consults on eligibility of guarantees as CCP collateral and on aspects of CCP investment policy</title>
					      <link>https://finreg.aoshearman.com/esma-consults-on-eligibility-of-guarantees-as-ccp-collateral-and-on-aspects-of-ccp-investment-policy</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has launched a consultation on draft regulatory technical standards (RTS) specifying the relevant conditions under which public guarantees, public bank guarantees and commercial bank guarantees may be accepted as collateral under the revised European Market Infrastructure Regulation (EMIR 3). Specifically, stakeholders, including non-financial counterparties, are requested to share views on: (i) the conditions under which public, public bank and commercial bank guarantees may be accepted as CCP collateral; (ii) the criteria for treating certain debt instruments as eligible under CCP investment policies; and (iii) the highly secure arrangements in which emission allowances posted as margins or default fund contributions can be deposited.

There is no mention of whether letters of credit, which are understood to be the instruments that are most desirable to be used in this context, would count as guarantees for such purposes, although ESMA has previously treated the two terms as synonymous. The deadline for responses is 30 April, after which ESMA expects to submit final draft RTS to the European Commission in Q4.]]></description>
					      
						      <pubDate>Mon, 23 Feb 2026 11:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-consults-on-eligibility-of-guarantees-as-ccp-collateral-and-on-aspects-of-ccp-investment-policy</guid>
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					      <title>ECON draft report on digital assets</title>
					      <link>https://finreg.aoshearman.com/econ-draft-report-on-digital-assets</link>
					      <description><![CDATA[
The European Parliament&apos;s Committee on Economic and Monetary Affairs (ECON) has published a draft report (dated 19 February) on digital assets and challenges for the competitiveness and integrity of the EU&apos;s financial system. The report explores the impact of the emergence of digital assets on the financial services sector and what that means for the regulatory framework. It discusses several ongoing risks in the digital assets sector, including, from a macro prudential standpoint, the need to strengthen data capabilities to better assess financial risks and the interconnectedness of digital assets with the broader financial system. The report also notes the role cryptoassets play in circumventing anti money laundering/countering the financing of terrorism requirements and sanctions.

It includes a motion for a European Parliament resolution which, amongst other things, calls on the various European authorities to strengthen the supervisory dialogue on significant multi-function groups (MFGs) and underlines the need to align the MiCAR policy framework for significant non-bank MFGs. It calls on the European Commission to come forward with a legislative proposal urgently to provide legal certainty on stablecoin multi issuance, and to provide strong prudential safeguards, robust cooperation arrangements, and enhanced crisis management protocols. It also stresses that interoperability is crucial in digital finance, and that legal entity identifier/verifiable legal entity identifier-type approaches should be assessed as infrastructure-grade tools. The EU&apos;s dependence on non-EU service providers for DLT infrastructure is also flagged as a matter of &apos;regret&apos;.]]></description>
					      
						      <pubDate>Mon, 23 Feb 2026 11:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/econ-draft-report-on-digital-assets</guid>
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					      <title>UK PRA final policy on reforms to credit union investment rules</title>
					      <link>https://finreg.aoshearman.com/uk-pra-final-policy-on-reforms-to-credit-union-investment-rules</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published policy statement PS5/26, finalising amendments to its framework for credit unions wishing to invest in credit union service organisations (CUSOs). Following its June 2025 consultation, the PRA largely finalised its policy as consulted on, including: (i) amending the Credit Unions Part of the PRA Rulebook to clarify that credit unions may invest in CUSOs; (ii) updating Supervisory Statement (SS)2/23 to add a new chapter setting out expectations for credit unions that invest in or use CUSOs; and (iii) making consequential changes to chapter 17 of SS2/23 following the deletion of SS20/15.

The PRA has also made targeted changes in response to feedback including:

	Amending the credit union investment rules to provide that credit unions may invest in CUSOs that serve other UK-regulated mutuals (those with a Part 4A permission).
	Clarifying that a credit union may partner with non-credit unions to own a CUSO. 
	Introducing safeguards to ensure the risks associated with the expansion of CUSO scope in this way are managed.
	Increasing the maximum investment that a credit union can make in a CUSO from 5% to 7.5% of its capital, together with clarifications on the practical application of the limit.


The rule changes took effect on 20 February, with the new supervisory expectations in the new chapter of SS2/23 applying from 20 August, allowing a six‑month implementation period.]]></description>
					      
						      <pubDate>Fri, 20 Feb 2026 15:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-final-policy-on-reforms-to-credit-union-investment-rules</guid>
				    </item>
			
					 <item>
					      <title>ESMA supervisory briefing on AAR under EMIR 3</title>
					      <link>https://finreg.aoshearman.com/esma-supervisory-briefing-on-aar-under-emir-3</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a supervisory briefing on the representativeness obligation under the active account requirement (AAR), setting out its supervisory expectations for counterparties subject to the AAR. The AAR, under the revised European Markets Infrastructure Regulation (EMIR), requires in scope counterparties to clear a representative volume of trades through their active accounts at EU central counterparties (CCPs). These trades must cover the most relevant derivative sub categories and mirror the activity those counterparties currently clear at Tier 2 CCPs.

The briefing provides guidance on how counterparties should identify the most relevant derivatives sub‑categories and how they should report trades and comply with related reporting obligations, including a worked example. ESMA states that counterparties subject to the AAR representativeness obligation are expected to follow the guidance to meet their regulatory requirements.]]></description>
					      
						      <pubDate>Fri, 20 Feb 2026 11:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-supervisory-briefing-on-aar-under-emir-3</guid>
				    </item>
			
					 <item>
					      <title>UK FCA video guides on improving authorisation applications for payments firms and digital asset firms</title>
					      <link>https://finreg.aoshearman.com/uk-fca-video-guides-on-improving-authorisation-applications-for-payments-firms-and-digital-asset-firms</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new webpage with guidance aimed at improving the quality of applications for authorisation and registration by payments firms and digital asset firms. The FCA outlines its regulatory expectations through a series of video guides covering common deficiencies and best practices. For both payments firms and digital asset firms, the videos cover the role of a Money Laundering Reporting Officer (MLRO), highlighting common anti‑money laundering compliance gaps and fitness and propriety standards, and the application process for authorisation. Other video guides are directed specifically at payment firms, focusing on how firms (including e-money firms) can prevent financial crime through business‑wide risk assessments, senior management responsibilities and controls against authorised push payment fraud, as well as on demonstrating an effective governance structure as part of an application for authorisation.]]></description>
					      
						      <pubDate>Thu, 19 Feb 2026 17:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-video-guides-on-improving-authorisation-applications-for-payments-firms-and-digital-asset-firms</guid>
				    </item>
			
					 <item>
					      <title>ESMA consults on streamlining MAR guidelines</title>
					      <link>https://finreg.aoshearman.com/esma-consults-on-streamlining-mar-guidelines</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has launched a consultation on proposed amendments to its guidelines on delay in the disclosure of inside information, under the Market Abuse Regulation (MAR). ESMA aims to streamline requirements and reduce administrative burdens for issuers. The proposals aim to align the guidelines with the changes introduced by the EU Listing Act to ensure compatibility with the new regime. Specifically, under the Act, from June onwards, issuers will no longer be required to immediately disclose inside information relating to protracted processes before those processes are completed. Consequently, ESMA proposes removing the existing references to legitimate interests that are linked to such protracted processes. It also introduces additional legitimate interests for delayed disclosure, including where a public authority requests non-disclosure of inside information, where additional time is needed to collect information, or where the issuer is involved in multiple similar procurement processes. ESMA also proposes deleting the section about the &quot;no misleading the public&quot; condition from the guidelines, reflecting its removal from MAR, and replacing it with the requirement that any delayed disclosure must not contradict the issuer&apos;s most recent public announcement on the same matter. The deadline for responses is 29 April, with a final report expected in Q4.]]></description>
					      
						      <pubDate>Thu, 19 Feb 2026 16:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-consults-on-streamlining-mar-guidelines</guid>
				    </item>
			
					 <item>
					      <title>BoE final policy on the fees regime for FMI supervision 2025/26</title>
					      <link>https://finreg.aoshearman.com/boe-final-policy-on-the-fees-regime-for-fmi-supervision-202526</link>
					      <description><![CDATA[
The Bank of England (BoE) has published its policy statement confirming the fees regime for financial market infrastructure (FMI) supervision for the 2025/26 fee year, following its October 2025 consultation. The BoE confirms that it will adopt the proposals set out in the consultation paper, including:


	Maintaining existing fee ratios across FMI categories and introducing a new Category 3 for UK payment systems, to align with other FMI types where this categorisation already exists. The BoE will provide further detail on the timing for applying the new fee ratios and implementing Category 3 in the 2026/27 FMI fees consultation paper, which is expected in April (rather than October as in previous years), following stakeholder feedback requesting earlier consultations on future annual fees. This approach will be maintained going forward.
	Increasing certain fees, notably for central counterparties (CCPs) and central securities depositories, to reflect expanded policy and rule‑making responsibilities under the Financial Services and Markets Act 2023, and to recover one‑off costs associated with developing the UK CCP rulebook over a three‑year period.


The BoE also confirms updated hourly rates for special supervisory projects, the treatment of under‑ or overspends from the 2024/25 fee year, and that enforcement fine revenues cannot be used to offset supervisory costs. It also confirms that HM Treasury are exploring options to increase the statutory fee cap for payment systems in future and will consult on any proposals in due course.]]></description>
					      
						      <pubDate>Thu, 19 Feb 2026 15:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/boe-final-policy-on-the-fees-regime-for-fmi-supervision-202526</guid>
				    </item>
			
					 <item>
					      <title>UK PRA consults on rule changes for overseas prudential requirements regime</title>
					      <link>https://finreg.aoshearman.com/uk-pra-consults-on-rule-changes-for-overseas-prudential-requirements-regim</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published consultation paper CP3/26 setting out proposed amendments to the PRA Rulebook to accommodate HM Treasury&apos;s (HMT) planned overseas prudential requirements regime (OPRR), which will restate and modify certain existing Capital Requirements Regulation (CRR) equivalence provisions in UK legislation. HMT consulted on the creation of the regime in July 2025 and published its response on the same day, and in parallel to the PRA&apos;s consultation. The PRA&apos;s proposals are intended to ensure alignment between the PRA Rulebook and the OPRR framework, while largely preserving existing prudential outcomes and imposing no material additional costs on firms. Key changes include targeted amendments across multiple CRR-related parts of the Rulebook (including credit risk, market risk, securitisation and reporting) to clarify the treatment of exposures to overseas institutions and covered bonds following HMT designation decisions under the OPRR. The PRA also proposes minor consequential changes to Statement of Policy 5/15 on Pillar 2 capital. The deadline for responses is 2 April. The proposed changes are expected to take effect alongside other elements of the Basel 3.1 package on 1 January 2027.]]></description>
					      
						      <pubDate>Thu, 19 Feb 2026 15:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-consults-on-rule-changes-for-overseas-prudential-requirements-regim</guid>
				    </item>
			
					 <item>
					      <title>HMT policy response on applying FSMA 2000 model of regulation to UK CRR</title>
					      <link>https://finreg.aoshearman.com/hmt-policy-response-on-applying-fsma-2000-model-of-regulation-to-uk-crr</link>
					      <description><![CDATA[
HM Treasury (HMT) has published a policy update response on applying the Financial Services and Markets Act 2000 model of regulation to the UK Capital Requirements Regulation (UK CRR), following its July 2025 consultation on Basel 3.1, the overseas recognition regimes and key UK CRR definitions. In this response, HMT broadly maintains its proposed approach while making targeted clarifications in response to feedback.

On Basel 3.1, HMT notes support for facilitating the UK Prudential Regulation Authority&apos;s (PRA) delayed implementation of aspects of Basel 3.1 and reiterates that the legislative framework is intended to support the PRA&apos;s firm‑facing rules, while committing to clearer communication and coordination of timelines across the wider FSMA transition.

HMT will establish the overseas prudential requirements regime (OPRR) to restate existing equivalence decisions made under the UK CRR equivalence regimes so that jurisdictions currently deemed equivalent are treated as designated. It will also introduce a new power through the OPRR to designate jurisdictions for overseas covered bonds, with current liquidity treatment maintained in the short term while further prudential changes are explored with the PRA. Alongside this response, the draft regulations are published for the OPRR, on which HMT seeks views by 2 April.

Read more.]]></description>
					      
						      <pubDate>Thu, 19 Feb 2026 11:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hmt-policy-response-on-applying-fsma-2000-model-of-regulation-to-uk-crr</guid>
				    </item>
			
					 <item>
					      <title>UK FCA confirms forbearance in relation to issuer notifications in respect of a block listing</title>
					      <link>https://finreg.aoshearman.com/uk-fca-confirms-forbearance-in-relation-to-issuer-notifications-in-respect-of-a-block-listing</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a statement clarifying how issuers should comply with notification requirements for new shares admitted to trading following the commencement of the Public Offers and Admissions to Trading Regulations 2024 (POATRs) on 19 January.

Under the new regime, issuers are required by the Prospectus Regime Manual (PRM 1.6.4R) to notify a Regulatory Information Service (RIS) of admissions to trading within 60 days. However, this sits alongside existing UK Listing Rules (UKLR) which require issuers to announce &quot;as soon as possible&quot; the results of new issues or public offers of equity securities. This creates uncertainty, particularly for issuers that previously relied on an exemption under the block listing regime, which had allowed issuers who regularly issue new listed shares to make periodic (rather than transaction-by-transaction) disclosures. Before the introduction of the POATRs changes, this rule (at UKLR 6.4.4R(4)) included a carve-out for block listings of securities. However, on 19 January the rule was amended so that the carve-out was removed.

Read more.]]></description>
					      
						      <pubDate>Thu, 19 Feb 2026 10:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-confirms-forbearance-in-relation-to-issuer-notifications-in-respect-of-a-block-listing</guid>
				    </item>
			
					 <item>
					      <title>UK PRA updates branch return form and guidance</title>
					      <link>https://finreg.aoshearman.com/uk-pra-updates-branch-return-form-and-guidance</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published an updated webpage for banks, building societies and investment firms, notifying it has published an updated Branch Return Excel form and schema to align with changes introduced in PS6/25.This policy statement introduced updates to Supervisory Statement 5/21 (SS5/21) and branch reporting requirements for international firms operating in the UK. The changes are effective from 1 March and so the updated form must be used from reporting reference date 30 June. The PRA has also published a common problems document, as well as an updated version of the Branch Return Q&amp;A, which now includes additional clarifications on completing the whole firm liquidity data section of the return and addressing firms&apos; queries on remote booking. 

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Feb 2026 13:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-updates-branch-return-form-and-guidance</guid>
				    </item>
			
					 <item>
					      <title>ESMA statement on implementing certain changes to the Prospectus Regulation</title>
					      <link>https://finreg.aoshearman.com/esma-statement-on-implementing-certain-changes-to-the-prospectus-regulation</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a statement providing practical guidance to national competent authorities (NCAs), issuers and their advisers on the application of the revised Prospectus Regulation (PR) introduced by the EU Listing Act. ESMA clarifies that under the transitional regime in Article 48a of the PR, registration documents and universal registration documents approved or filed up to 4 June fall within scope of the regime and may continue to be used in prospectuses for the duration of their validity period. ESMA notes that these documents will need to continue to be kept up to date via supplements and amendments as the version of the PR in force on the approval or filing of the documents will continue to apply to them.

ESMA also offers guidance on the disclosure to be included in EU Follow-on prospectuses and EU Growth issuance prospectuses pending the application of the forthcoming Delegated Act amending Commission Delegated Regulation (EU) 2019/980. ESMA expects NCAs to follow the approach outlined in the statement, enabling issuers and advisers to rely on the guidance.]]></description>
					      
						      <pubDate>Wed, 18 Feb 2026 12:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-statement-on-implementing-certain-changes-to-the-prospectus-regulation</guid>
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					      <title>ECB and ONCE Foundation launch collaboration to ensure digital euro is accessible for everyone</title>
					      <link>https://finreg.aoshearman.com/ecb-and-once-foundation-launch-collaboration-to-ensure-digital-euro-is-accessible-for-everyone</link>
					      <description><![CDATA[
The European Central Bank (ECB) has announced a collaboration with the ONCE Foundation for Cooperation and Social Inclusion of People with Disabilities to ensure that the proposed digital euro is accessible to all users, including people with disabilities, older adults and those with limited digital skills. Under the agreement, the ECB will benefit from the foundation&apos;s expertise in providing technical advice on accessibility requirements and features for the digital euro application, collaboration on its design and testing accessibility functionalities in early prototypes once available. The collaboration aims to exceed the minimum legal requirements under the European Accessibility Act. The ECB intends to embed accessibility considerations from the earliest stages of design and development, ensuring that the application is clear, understandable and easy to navigate. The outcome of this work could also inform user experience requirements for payment service providers.]]></description>
					      
						      <pubDate>Wed, 18 Feb 2026 10:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ecb-and-once-foundation-launch-collaboration-to-ensure-digital-euro-is-accessible-for-everyone</guid>
				    </item>
			
					 <item>
					      <title>UK consultations on phase 2 of securitisation reforms</title>
					      <link>https://finreg.aoshearman.com/uk-consultations-on-phase-2-of-securitisation-reforms</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) and the UK Prudential Regulation Authority (PRA) have published consultation papers on phase 2 of the UK reforms to the securitisation framework. As a high-level overview, the FCA and PRA consultations primarily concern further changes to non-prudential securitisation rules in the relevant rulebooks.

These include rules in relation to:

	Due diligence.
	Transparency, including changes to UK reporting templates.
	Risk retention, including &quot;L-shaped&quot; risk retention.
	Credit granting standards.
	Notification in respect of simple, transparency and standardised securitisations.
	The ability to invest in certain re-securitisations.


The FCA&apos;s consultation paper, CP26/6, further contains a discussion paper on the scope of application of the securitisation rules. The PRA&apos;s consultation paper, CP2/26, also contains proposals on the prudential treatment (including an additional internal ratings based capital model treatment) for loans benefiting from the mortgage guarantee scheme or similar private schemes, and also disapplying certain transparency and reporting requirements for such securitisations.HM Treasury has separately confirmed that it will work with the FCA and the PRA on any legislative changes it considers necessary, which will be included in its forthcoming statutory instrument to be laid before Parliament.

The deadline for responses to both consultation papers is 18 May.]]></description>
					      
						      <pubDate>Tue, 17 Feb 2026 14:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-consultations-on-phase-2-of-securitisation-reforms</guid>
				    </item>
			
					 <item>
					      <title>EC proposes codification of the Financial Conglomerates Directive</title>
					      <link>https://finreg.aoshearman.com/ec-proposes-codification-of-the-financial-conglomerates-directive</link>
					      <description><![CDATA[
The European Commission (EC) has published a proposal for a Directive to codify and replace Directive 2002/87/EC on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate. The proposal aims to improve legal clarity and accessibility by consolidating the existing framework governing cross‑sectoral supervision of financial conglomerates, including rules on capital adequacy, risk concentration, intra‑group transactions, governance, supervisory coordination and cooperation with third‑country authorities, into a single, clear and consolidated instrument.  It preserves the current supervisory structure, including the role of a designated coordinator, the involvement of the European Supervisory Authorities through the Joint Committee, and the use of delegated and implementing acts for technical adaptations. The codified Directive would repeal Directive 2002/87/EC upon entry into force, while maintaining member state obligations on transposition and application dates under the existing regime.]]></description>
					      
						      <pubDate>Tue, 17 Feb 2026 13:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-proposes-codification-of-the-financial-conglomerates-directive</guid>
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					      <title>UK government call for evidence on ownership and control test</title>
					      <link>https://finreg.aoshearman.com/uk-government-call-for-evidence-on-ownership-and-control-test</link>
					      <description><![CDATA[
The UK government, through the UK Office of Financial Sanctions Implementation (OFSI), has launched a call for evidence on the application of the ownership and control test under the UK Financial Sanctions Regulations. The OFSI seeks industry input on how the test operates in practice and where firms experience challenges in implementing the regulations. Specifically, firms are requested to share evidence and practical examples of: (i) how often &quot;hypothetical control&quot; is present in real financial sanctions cases; (ii) its effects on compliance costs, legal risk and business decision‑making including de‑risking; and (iii) whether existing legal concepts and typologies of control are helpful in applying ownership and control regulations. OFSI states the evidence gathered will inform its assessment of whether the current approach is clear, effective and proportionate, with the aim of ensuring sanctions remain tough on those they target while workable for legitimate businesses. The call for evidence is open to businesses, financial institutions, legal and compliance professionals and other interested parties. The deadline for responses is 11:59 pm on 13 April.]]></description>
					      
						      <pubDate>Mon, 16 Feb 2026 17:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-government-call-for-evidence-on-ownership-and-control-test</guid>
				    </item>
			
					 <item>
					      <title>EC publishes draft Delegated Regulations under AMLD6 and AMLR</title>
					      <link>https://finreg.aoshearman.com/ec-publishes-draft-delegated-regulations-under-amld6-and-amlr</link>
					      <description><![CDATA[
The European Commission (EC) has published two new webpages announcing the forthcoming adoption of two draft Delegated Regulations. The first, under Directive (EU) 2024/1640 (AMLD6), will set out the indicators for assessing the gravity of failures by member states to report adequate, accurate and up-to-date information to the central registers, including in cases of repeated failures.

The second, under Regulation (EU) 2024/1624 (AMLR), will define the categories of breaches subject to penalties, liable persons, indicators of the gravity of breaches and criteria to consider when setting the level of penalties of beneficial ownership transparency requirements. The texts of both Delegated Regulations have not yet been published and no consultation details have yet been provided. The EC plans to adopt them in Q3.]]></description>
					      
						      <pubDate>Fri, 13 Feb 2026 16:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-publishes-draft-delegated-regulations-under-amld6-and-amlr</guid>
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					      <title>FATF updates regarding high-risk jurisdictions and jurisdictions under increased monitoring</title>
					      <link>https://finreg.aoshearman.com/fatf-updates-regarding-high-risk-jurisdictions-and-jurisdictions-under-increased-monitoring</link>
					      <description><![CDATA[
The Financial Action Task Force (FATF) has published updates on high-risk jurisdictions and jurisdictions under increased monitoring. There are no changes to the high-risk jurisdictions, although the FATF notes where improvement is still required and confirms it may consider countermeasures if insufficient progress is made by June. For the jurisdictions under increased monitoring, two jurisdictions have been added, bringing the total number of jurisdictions under increased monitoring to 22. The FATF also remarks on improvements for certain jurisdictions and any identified next steps.]]></description>
					      
						      <pubDate>Fri, 13 Feb 2026 15:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/fatf-updates-regarding-high-risk-jurisdictions-and-jurisdictions-under-increased-monitoring</guid>
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					      <title>EBA final guidelines on proportionate retail diversification methods under CRR</title>
					      <link>https://finreg.aoshearman.com/eba-final-guidelines-on-proportionate-retail-diversification-methods-under-crr</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published final guidelines on proportionate retail diversification methods under Article 123(1) of the Capital Requirements Regulation (CRR). The guidelines seek to establish a harmonised and more proportionate framework for assessing whether retail portfolios qualify for the preferential 75% risk weight for retail exposures under the standardised approach for credit risk. Under Basel III, a baseline granularity benchmark of 0.2% applies, meaning that retail portfolios are sufficiently granular if no aggregate exposure to a single counterparty or group of connected clients exceeds 0.2% of the overall retail portfolio.

The 2024 consultation presented two alternatives for assessing diversification, and the final guidelines confirm the adoption of the &quot;one-step&quot; approach, on the grounds that it is more proportionate and less burdensome than the iterative method that was also proposed. The consultation originally proposed a diversification threshold of 5%, which has been raised to 10%. This means that institutions may exceed the baseline provided that no more than 10% of the eligible retail portfolio exceeds the 0.2% benchmark. The EBA confirmed that it increased the threshold in its final guidelines to ease the impact on small and medium-sized institutions.

Read more.]]></description>
					      
						      <pubDate>Fri, 13 Feb 2026 13:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-final-guidelines-on-proportionate-retail-diversification-methods-under-crr</guid>
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					      <title>SRB will not impose SRF levies on banks for 2026</title>
					      <link>https://finreg.aoshearman.com/srb-will-not-impose-srf-levies-on-banks-for-2026</link>
					      <description><![CDATA[
The Single Resolution Board (SRB) has announced that, for the third consecutive year, it will not impose levies on banks to finance the single resolution fund (SRF). The SRF is an emergency fund that can be called upon in times of crisis. It can be used to ensure the efficient application of resolution tools for resolving failing banks, after other options, such as the bail-in tool, have been exhausted. Having confirmed that the fund&apos;s target level remains met as at the end of 2025, the SRB states that unless circumstances change, banks will not be required to make contributions for the coming year, with the target level to be verified again at the beginning of 2027.]]></description>
					      
						      <pubDate>Fri, 13 Feb 2026 12:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/srb-will-not-impose-srf-levies-on-banks-for-2026</guid>
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					      <title>BoE proceeds with partial revocation of UK technical standard on resolution reporting</title>
					      <link>https://finreg.aoshearman.com/boe-proceeds-with-partial-revocation-of-uk-technical-standard-on-resolution-reporting</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a policy statement on the partial revocation of the UK technical standard (UKTS) 2018/1624 on resolution reporting, specifically relating to COREP13 templates. Following the September 2025 consultation, the BoE is implementing the proposals as consulted on by deleting the six reporting templates that collect on- and off-balance sheet data from firms for resolution planning. The aim is to reduce duplicative and non-essential reporting for firms regulated by the UK Prudential Regulation Authority. The changes will be effective from 1 April.

Due to temporary systems limitations, the templates may remain in the RegData reporting system for some time after their revocation date. For the time being, firms are requested to use negative filing indicators for the six deleted reporting templates. The BoE expects to remove the deleted templates from the RegData reporting system in due course, thereby eliminating the need for firms to report negative filing indicators for these templates.]]></description>
					      
						      <pubDate>Thu, 12 Feb 2026 15:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/boe-proceeds-with-partial-revocation-of-uk-technical-standard-on-resolution-reporting</guid>
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					      <title>EC consults on draft Delegated Regulation on EBA fees for validation of pro forma models under EMIR 3</title>
					      <link>https://finreg.aoshearman.com/ec-consults-on-draft-delegated-regulation-on-eba-fees-for-validation-of-pro-forma-models-under-emir-3</link>
					      <description><![CDATA[
The European Commission (EC) has launched a consultation on a draft Delegated Regulation supplementing the European Market Infrastructure Regulation (EU) No 648/2012 (EMIR) as amended by EMIR 3 (EU) No 648/2012). The draft Delegated Regulation specifies the fees to be charged by the European Banking Authority to counterparties for the validation of pro forma models, and any changes to those models, used by those counterparties to mitigate the risk of their uncleared over-the-counter derivatives portfolios. It also specifies both the one off fee charged for validating any new pro forma models and the annual fee charged for validating changes to already validated pro forma models. The deadline for feedback is 12 March.]]></description>
					      
						      <pubDate>Thu, 12 Feb 2026 11:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-consults-on-draft-delegated-regulation-on-eba-fees-for-validation-of-pro-forma-models-under-emir-3</guid>
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					      <title>HMT consults on changes to appointed representatives regime</title>
					      <link>https://finreg.aoshearman.com/hmt-consults-on-changes-to-appointed-representatives-regime</link>
					      <description><![CDATA[
HM Treasury has launched a consultation on proposed reforms to the appointed representatives (ARs) regime, following its August 2025 policy statement. The aim is to strengthen confidence in the regime, enhance consumer protection and maintain its broad, cost-effective structure, so firms can engage in regulated activity without being authorised, allowing a broader range of providers to enter the marketplace.

Key proposals include:

	An FCA permission to act as principal. The government proposes to introduce a regulatory gateway for authorised firms wishing to act as principal. The new permission regime would be modelled on section 55NA of the Financial Services and Markets Act 2000 (FSMA). This would provide the FCA with a specific mechanism to scrutinise prospective principals and ensure they are suitable, with the necessary expertise, resources and systems in place to provide effective oversight of ARs. Detailed requirements on the contractual relationship between principals and ARs will be contained in FCA rules.
	A targeted extension of the UK Financial Ombudsman Service (FOS) compulsory jurisdiction, through amendments to FSMA, to ensure that all consumers of regulated financial services, whether dealing with an authorised firm or an AR, have access to the FOS on a consistent basis. In cases where the FOS determines that a principal firm cannot be held responsible for its AR&apos;s acts or omissions, the FOS will be able to directly consider the complaint against the AR itself.


Read more.]]></description>
					      
						      <pubDate>Thu, 12 Feb 2026 10:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hmt-consults-on-changes-to-appointed-representatives-regime</guid>
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					      <title>EBA opinion on actions NCAs should take at end of transition period under no-action letter on interplay between PSD2 and MiCAR</title>
					      <link>https://finreg.aoshearman.com/eba-opinion-on-actions-ncas-should-take-at-end-of-transition-period-under-no-action-letter-on-interplay-between-psd2-and-micar</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has issued an opinion advising national competent authorities (NCAs) on how to proceed when the transition period (under its no-action letter of 2 June 2025) ends on 2 March. This transition period currently allows cryptoasset service providers (CASPs) to continue providing services involving electronic money tokens (EMTs) that qualify as payment services while submitting, and awaiting the response to, their application for authorisation under PSD2.

The opinion:

	Outlines the conditions under which NCAs are advised to allow CASPs to continue providing EMTs that qualify as a payment service after 2 March, while they do not (yet) hold a license under PSD2.
	Advises NCAs to require CASPs that do not meet all of these conditions to discontinue the provision of such EMT services.
	Advises NCAs to cooperate with the relevant NCA under MiCAR and/or other national enforcement authorities to ensure compliance.


Read more.]]></description>
					      
						      <pubDate>Thu, 12 Feb 2026 10:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-opinion-on-actions-ncas-should-take-at-end-of-transition-period-under-no-action-letter-on-interplay-between-psd2-and-micar</guid>
				    </item>
			
					 <item>
					      <title>EC consults on evaluation and potential review of Shareholder Rights Directive</title>
					      <link>https://finreg.aoshearman.com/ec-consults-on-evaluation-and-potential-review-of-shareholder-rights-directive</link>
					      <description><![CDATA[
The European Commission (EC) has launched a call for evidence and consultation seeking views on its planned evaluation and potential review of the Shareholder Rights Directive (Directive 2007/36/EC, as amended by Directive (EU) 2017/828) (SRD). The SRD aims to protect and empower shareholders of listed companies by ensuring they have a say in the companies they invest in, and that their interests are represented and respected. The EC&apos;s initiative seeks to reduce fragmentation across EU capital markets and tackle longstanding inefficiencies, administrative burdens and financial costs faced by issuers, investors and intermediaries. The review is framed around potential simplification, digitalisation and streamlining measures to improve the functioning of the single market.

Read more.]]></description>
					      
						      <pubDate>Wed, 11 Feb 2026 15:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-consults-on-evaluation-and-potential-review-of-shareholder-rights-directive</guid>
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					      <title>EC consultation and call for evidence on competitiveness in the single banking market</title>
					      <link>https://finreg.aoshearman.com/ec-consultation-and-call-for-evidence-on-competitiveness-in-the-single-banking-market</link>
					      <description><![CDATA[
The European Commission (EC) has launched a consultation and call for evidence on the competitiveness of the EU banking sector under its Savings and Investments Union strategy. The purpose of the consultation and call for evidence is to collect feedback on the EU banking sector&apos;s competitiveness and on how the EU&apos;s regulatory and supervisory framework can be improved.

The EC explains that persistent regulatory and supervisory fragmentation, including differences in national implementation, the involvement of multiple authorities both at EU and national level, and barriers that constrain an efficient allocation of capital and liquidity across the EU are limiting the competitiveness of EU banks. This presents obstacles to banks operating across borders, resulting in sub-scale business models, higher costs and an uneven playing field compared to global peers. The EC highlights the lack of progress on structural features of the banking union as being regularly identified as one of the main factors holding back banks&apos; competitiveness and further integration of the single market.

The consultation seeks feedback on three main areas: (i) banking competitiveness in the EU and globally; (ii) the single market and the banking union; and (iii) complexity and effectiveness of the regulatory framework.

Read more.]]></description>
					      
						      <pubDate>Wed, 11 Feb 2026 15:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-consultation-and-call-for-evidence-on-competitiveness-in-the-single-banking-market</guid>
				    </item>
			
					 <item>
					      <title>Delegated Regulation on fees payable to ESMA under Benchmark Regulation published in OJ</title>
					      <link>https://finreg.aoshearman.com/delegated-regulation-on-fees-payable-to-esma-under-benchmark-regulation-published-in-oj</link>
					      <description><![CDATA[
Delegated Regulation (EU) 2026/323 amending Delegated Regulation (EU) 2022/805 to update the supervisory fee framework for benchmark administrators under the oversight of the European Securities and Markets Authority (ESMA), has been published in the Official Journal of the European Union (OJ). The Delegated Regulation, which was first adopted on 29 October 2025, follows the expansion of ESMA&apos;s supervisory remit under the Benchmarks Regulation (EU) 2016/1011 (BMR) which now includes EU benchmark administrators endorsing third-country benchmarks.

The Delegated Regulation has updated Delegated Regulation (EU) 2022/805 to include supervisory fees for EU administrators that endorse third-country benchmarks. The Delegated Regulation entered into force on 12 February.]]></description>
					      
						      <pubDate>Wed, 11 Feb 2026 12:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/delegated-regulation-on-fees-payable-to-esma-under-benchmark-regulation-published-in-oj</guid>
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					 <item>
					      <title>UK FCA finalises BNPL rules (Deferred Payment Credit)</title>
					      <link>https://finreg.aoshearman.com/uk-fca-finalises-bnpl-rules-deferred-payment-credit</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published final policy statement PS26/1 setting out its final rules for regulating Deferred Payment Credit (DPC), commonly known as Buy Now Pay Later (BNPL). This follows the July 2025 consultation and the related statutory instrument (Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) Order 2025) which brings interest-free BNPL agreements offered by a third part lender within the regulatory perimeter. This means that from 15 July (&quot;regulation day&quot;), relevant DPC agreements can only be entered into by firms already holding the relevant FSMA permissions or who have successfully applied under the temporary permissions regime (TPR), which allows firms to continue operating while the FCA assesses their applications. All merchants undertaking credit broking activities in relation to DPC agreements, including domestic premises suppliers, remain exempt from the need to be authorised under the amending legislation (Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) (No. 2) Order 2025).

The FCA confirms it is largely implementing the rules and guidance as consulted on, with only minor amendments to ensure the rules and guidance work as intended. Key areas of change include: (i) key product information; (ii) credit reference agency disclosure; (iii) missed payment communications; (iv) debt advice signposting; and (v) the UK Financial Ombudsman Service voluntary jurisdiction. The FCA also concluded some new rules and guidance were needed to clarify its expectations on the application of the consumer duty to deliver its policy objectives. For more information on the changes, please see our blog post &quot;Buy now, pay later - the final furlong... PS26/1 on the regulation of deferred payment credit published&quot;.

Read more.]]></description>
					      
						      <pubDate>Wed, 11 Feb 2026 11:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-finalises-bnpl-rules-deferred-payment-credit</guid>
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					      <title>IOSCO 2026 work programme</title>
					      <link>https://finreg.aoshearman.com/iosco-2026-work-programme</link>
					      <description><![CDATA[
The International Organization of Securities Commissions (IOSCO) has published its 2026 work programme , setting out its five strategic priorities for the year:


	Strengthening financial resilience and market effectiveness - new key initiatives in this field for 2026 include: (i) addressing over-the-counter derivatives reporting fragmentation; (ii) working on the impact of market microstructures on liquidity and of extended trading hours on equity trading venues; (iii) contributing to the Financial Stability Board&apos;s (FSB) work on issues of non-bank data availability, use and quality; and (iv) contributing, as necessary, to follow-up work on the issue of leverage in non-bank financial intermediation (NBFI). IOSCO will also continue to develop work to strengthen the operational resilience of financial market infrastructures (FMIs).
	Enhancing investor protection - IOSCO will launch a new TechSprint in partnership with the UK Financial Conduct Authority&apos;s AI Lab and will explore products such as cryptoasset funds, private credit vehicles and retail-facing derivatives. IOSCO will also continue to engage with platform providers to advocate for restrictions on harmful or fraudulent content and to promote the use of its I-SCAN tool (its Enhanced Investor Alerts Portal).
	The evolution of public and private markets - key initiatives in this field include assessing the growing interconnectedness between private equity activities and the audit sector, contributing to the FSB&apos;s deep dive on private credit and researching the functioning of public equity markets.


Read more.]]></description>
					      
						      <pubDate>Mon, 09 Feb 2026 16:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/iosco-2026-work-programme</guid>
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					      <title>EBA discussion paper on simplifying the credit risk framework</title>
					      <link>https://finreg.aoshearman.com/eba-discussion-paper-on-simplifying-the-credit-risk-framework</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has launched a discussion paper on the simplification and assessment of the credit risk framework. The discussion paper presents preliminary ideas to streamline and improve the usability, efficiency and coherence of the existing credit risk rules, particularly given the significant number of mandates accumulated under the EU Banking Package. The EBA&apos;s 2025 report sets out principles to assess and strengthen the simplicity and efficiency of the regulatory and supervisory framework and recommends that the EBA conducts a comprehensive review of both the new flow of mandates (i.e. those not yet issued for consultation) and the existing stock (current products from the Single Rulebook). The discussion paper focuses on credit risk as a priority area given the significant accumulation of mandates and considers how a systematic review of these mandates could be organised, to ensure that the EBA&apos;s future work better supports efficiency and simplicity.

The discussion paper explores potential policy simplifications, consolidation of existing regulatory products and greater alignment of key definitions to enhance navigability of credit risk outputs. It also identifies challenges within specific mandates and suggests methodological improvements for future mandated reports under the Capital Requirements Regulation. The deadline for comments is 10 May.]]></description>
					      
						      <pubDate>Mon, 09 Feb 2026 15:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-discussion-paper-on-simplifying-the-credit-risk-framework</guid>
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					      <title>UK OFSI updates financial sanctions enforcement and monetary penalties guidance</title>
					      <link>https://finreg.aoshearman.com/uk-ofsi-updates-financial-sanctions-enforcement-and-monetary-penalties-guidance</link>
					      <description><![CDATA[
The UK Office of Financial Sanctions Implementation (OFSI) has published updated financial sanctions enforcement and monetary penalties guidance following HM Treasury&apos;s (HMT) 2025 consultation on proposed reforms to the OFSI&apos;s civil enforcement processes. A consultation response was published in January confirming that the reforms would proceed, which we covered previously here.

OFSI has updated the guidance to reflect the enhancements set out in Chapter 4 on the new Early Account Scheme (EAS), Chapter 5 on the revised case assessment framework and Chapter 6 on the updated methodology for the monetary penalty process, including the incorporation of the EAS discount, the new voluntary disclosure and cooperation discount and the settlement scheme. Chapter 7 introduces guidance on financial hardship, explaining how OFSI may take this into account in exceptional circumstances. Chapter 13 is supplementary to Chapters 6 and 7 on monetary penalties and sets out how penalties will be imposed for certain cases dealt with by means of a fixed monetary penalty. Additional amendments have been made throughout to improve procedural clarity. These key changes are effective immediately.]]></description>
					      
						      <pubDate>Mon, 09 Feb 2026 12:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-ofsi-updates-financial-sanctions-enforcement-and-monetary-penalties-guidance</guid>
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					      <title>EU AMLA launches suite of consultation papers on draft RTS under EU AML package</title>
					      <link>https://finreg.aoshearman.com/eu-amla-launches-suite-of-consultation-papers-on-draft-rts-under-eu-aml-package</link>
					      <description><![CDATA[
The EU Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) has published three consultation papers on the following draft regulatory technical standards (RTS) under the EU AML package (for more background, you may like to read our article &quot;The AML revolution: Are you ready?&quot;):


	Draft RTS on pecuniary sanctions, administrative measures and periodic penalty payments under Article 53(10) of Directive (EU) 2024/1640 (AMLD 6). The RTS specify the indicators to assess the gravity of breaches, criteria for determining the level of pecuniary sanctions or applying administrative measures, and a methodology for the imposition of periodic penalty payments, including their frequency. They aim to ensure that the same breach is assessed in the same way by all supervisors in all Member States, and that the resulting enforcement measures are proportionate, effective and dissuasive. The deadline for comments is 9 March.
	Draft RTS on customer due diligence (CDD) under Article 28(1) of Regulation (EU) 2024/1624 (AMLR) specifying in detail how CDD requirements should be applied, including the information and documents to be collected. The deadline for comments is 8 May.


Read more.]]></description>
					      
						      <pubDate>Mon, 09 Feb 2026 12:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eu-amla-launches-suite-of-consultation-papers-on-draft-rts-under-eu-aml-package</guid>
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					      <title>Delegated Regulation specifying requirements for EMIR 3 active account requirement published in OJ</title>
					      <link>https://finreg.aoshearman.com/delegated-regulation-specifying-requirements-for-emir-3-active-account-requirement-published-in-oj</link>
					      <description><![CDATA[
Delegated Regulation (EU) 2026/305 supplementing the European Market Infrastructure Regulation (EU) No 648/2012 (EMIR) has been published in the Official Journal of the European Union (OJ). The Delegated Regulation, which was first adopted on 29 October 2025, sets out the regulatory technical standards (RTS) for the new active account requirement introduced under Article 7a of EMIR 3. The RTS follow the European Securities and Markets Authority 2024 consultation and specify the operational conditions, the representativeness obligations and the reporting requirements for the active account requirement. In particular, the RTS require CCPs to:


	Demonstrate operational capability, including appropriate contractual arrangements, policies and procedures, IT connectivity, internal systems and sufficient resources capable of supporting high‑volume clearing at short notice.
	Conduct annual stress testing of the operational conditions of the active account to evidence ongoing operational readiness.
	Comply with the &quot;representativeness obligation&quot; by following the prescribed methodology for selecting relevant subcategories of euro‑ and Polish zloty‑denominated interest rate derivatives and short‑term interest rate derivatives to be cleared through the active account.
	Meet periodic reporting obligations, with firms required to report every six months and the first report due six months after the Delegated Regulation enters into force.


The Delegated Regulation enters into force on 26 February, 20 days following its publication in the OJ.]]></description>
					      
						      <pubDate>Fri, 06 Feb 2026 11:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/delegated-regulation-specifying-requirements-for-emir-3-active-account-requirement-published-in-oj</guid>
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					      <title>UK FOS publishes Q3 2025/26 complaints data showing decline in case levels</title>
					      <link>https://finreg.aoshearman.com/uk-fos-publishes-q3-202526-complaints-data-showing-decline-in-case-levels</link>
					      <description><![CDATA[
The UK Financial Ombudsman Service (FOS) has published its Q3 2025/26 complaints data, revealing a notable decline in case volumes to 47,300 complaints, down from 68,400 cases in the same period in 2024/25. This includes a significant reduction in motor finance commission cases (400 compared to 14,400 at the same time last year) and a fall in the number of irresponsible and unaffordable lending cases brought by professional representatives (4,800 compared to 13,200 in the same period the previous year). The decline is attributed to the UK Financial Conduct Authority&apos;s (FCA) complaint handling pause and planned redress scheme for motor finance commission complaints, alongside the FOS&apos;s ongoing reform programme. This includes the introduction of charges for professional representatives which has resulted in fewer poorly evidenced, withdrawn or abandoned cases. The most complained about product in this quarter was current accounts, with the FOS receiving 8,500 new complaints, up from 7,900 in the previous quarter but down from 8,800 in the same period reported in 2024/25. The FOS states it continues to work with HM Treasury and the FCA on modernising the redress system, with more consumers now bringing complaints directly, including vulnerable consumers.]]></description>
					      
						      <pubDate>Thu, 05 Feb 2026 11:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fos-publishes-q3-202526-complaints-data-showing-decline-in-case-levels</guid>
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					      <title>ESMA programming document for 2027–2029</title>
					      <link>https://finreg.aoshearman.com/esma-programming-document-for-20272029</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its programming document for 2027-2029. In an evolving regulatory and market landscape, ESMA remains committed to effective and consistent supervision across the EU, strengthening investor protection and supporting orderly and resilient financial markets. A central priority is advancing the Savings and Investments Union (SIU), with ESMA contributing through policy development, enhanced supervisory convergence and potential new direct supervisory responsibilities. Simplification and burden reduction also remain key themes. ESMA intends to use upcoming SIU reforms to review and streamline its guidance and Level 2 instruments to reduce complexity. Additional priorities include risk based supervision, improving market data and digital capabilities, and contributing to reforms aimed at making EU capital markets more integrated, accessible and efficient. ESMA will also progress supervisory reporting reforms to lower compliance costs while improving data quality and will continue the phased implementation of the European Single Access Point (the EU-wide digital platform for public financial and sustainability information) with the first phase scheduled to launch in the second half of 2027.]]></description>
					      
						      <pubDate>Thu, 05 Feb 2026 11:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-programming-document-for-20272029</guid>
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					      <title>AMLA&apos;s first single programming document for 2026-2028</title>
					      <link>https://finreg.aoshearman.com/amlas-first-single-programming-document-for-2026-2028</link>
					      <description><![CDATA[
The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) has published its first single programming document (SPD) for 2026-2028, setting out its strategic priorities and providing transparency on AMLA&apos;s timelines as it transitions to full operational capacity. AMLA&apos;s key objectives include finalising the Single Rulebook, driving supervisory convergence and enhancing cooperation between Financial Intelligence Units (FIUs). These are translated into five workstreams that will shape AMLA&apos;s work in 2026, including delivering regulatory mandates, advancing direct supervision, operationalising the FIU framework, preparing the foundations for indirect supervision and oversight, and developing AMLA&apos;s risk frameworks. The SPD also provides a digital roadmap for 2026-2028 which focuses on three priorities including building state-of-the-art digital solutions, taking over and modernising mission-critical systems, and positioning AMLA as a leader in data analytics and innovation. AMLA also seeks to systematically integrate AI in the development of all its operations. AMLA has separately published an explainer of the SPD and a list of 2026 mandates.]]></description>
					      
						      <pubDate>Wed, 04 Feb 2026 16:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/amlas-first-single-programming-document-for-2026-2028</guid>
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					      <title>UK JMLSG final amendments to Part 1 of AML/CFT guidance</title>
					      <link>https://finreg.aoshearman.com/uk-jmlsg-final-amendments-to-part-1-of-amlcft-guidance</link>
					      <description><![CDATA[
The UK Joint Money Laundering Steering Group (JMLSG) has published final amendments to Part I of its anti-money laundering and counter-terrorist financing (AML/CFT) guidance for the financial services sector. This follows the consultation in November 2025. The amendments are made to: (i) chapter 3, related to guidance on the standing of the MLRO, and on monitoring the effectiveness of money laundering controls; and (ii) chapter 6, relating to guidance on subject access requests in cases where a suspicious report has been made. The revisions have been submitted to HM Treasury for Ministerial approval.]]></description>
					      
						      <pubDate>Wed, 04 Feb 2026 16:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-jmlsg-final-amendments-to-part-1-of-amlcft-guidance</guid>
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					      <title>Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 made and published</title>
					      <link>https://finreg.aoshearman.com/financial-services-and-markets-act-2000-cryptoassets-regulations-2026-made-and-published</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 have been made and published with an accompanying explanatory memorandum. The statutory instrument (SI) introduces a comprehensive UK regulatory framework for cryptoassets under the Financial Services and Markets Act 2000 (FSMA). This follows the draft version laid before Parliament in December 2025, which we covered previously here. The transitional and savings provisions in the SI enable the FCA to specify a relevant application period and provide for the treatment of, and obligations on, those that do or do not secure all relevant authorisations within that period. This applies to firms seeking authorisation for the first time, FSMA- authorised firms needing to vary permissions, payments and e-money firms, firms that may be accessing the market through section 21 approvers, and firms which are FCA-registered for the purposes of the money laundering regime. The FCA confirmed through its updated webpage that this will be open from 30 September 2026 until 28 February 2027. The provisions enabling the FCA to make or approve rules, guidance, directions etc., in relation to the new regime come into force on 26 February. The go-live date for the new regime is 25 October 2027.

Read more.]]></description>
					      
						      <pubDate>Wed, 04 Feb 2026 13:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/financial-services-and-markets-act-2000-cryptoassets-regulations-2026-made-and-published</guid>
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					      <title>UK FCA Dear CEO Letter and joint statement with SRA on duplicate motor finance representation</title>
					      <link>https://finreg.aoshearman.com/uk-fca-dear-ceo-letter-and-joint-statement-with-sra-on-duplicate-motor-finance-representation</link>
					      <description><![CDATA[
The UK Financial Conduct Authority has issued a Dear CEO Letter to claims management firms and law firms regarding motor finance complaints, specifically where more than one professional representative (PR) is appointed for the same complaint. The letter reiterates the position set out in the previous Dear CEO Letter issued in October 2025.

The FCA notes that some customers have appointed multiple representatives for the same complaint without informing them, resulting in a high volume of complaints where it is unclear who is acting for the complainant. With the current pause on motor finance commission complaints ending in May, the FCA intends to publish its final rules by the end of March. To avoid delay in the handling of existing complaints, the FCA expects lenders to identify instances of multiple representation, assess the facts of each case, seek legal advice where appropriate and take the following steps:

	Contact all PRs linked to the complaint to determine who the sole representative is and copy the customer on all correspondence.
	Provide sufficient information to the PRs and customer so they can reach a clear view on who the sole representative is.
	Support constructive engagement between PRs and help customers understand the implications of appointing more than one representative, including any potential termination fees.


Read more.]]></description>
					      
						      <pubDate>Wed, 04 Feb 2026 11:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-dear-ceo-letter-and-joint-statement-with-sra-on-duplicate-motor-finance-representation</guid>
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					      <title>FSB report on vulnerabilities in government bond-backed repo markets</title>
					      <link>https://finreg.aoshearman.com/fsb-report-on-vulnerabilities-in-government-bond-backed-repo-markets</link>
					      <description><![CDATA[
The Financial Stability Board (FSB) has published a report highlighting vulnerabilities in government bond-backed repurchase agreement (repo) markets with recommendations for authorities to address them. The FSB explains that although repo markets are essential for short term funding, collateral sourcing and liquidity management across the financial system, their structure can also amplify systemic risk. Identified vulnerabilities include: (i) facilitating the build-up of leverage in the financial system; (ii) the potential for heightened demand and supply imbalances during periods of stress, particularly if repo lenders are unwilling or unable to provide funding to meet spikes in liquidity demand; and (iii) high concentrations across various dimensions, which could lead to market disruptions in the event of failures.

The measures suggested in response include closing data gaps, strengthening surveillance capabilities and considering the FSB&apos;s recommendations on leverage in non-bank financial intermediation (NBFI) and the Global Securities Financing Transactions exercise, as well as other relevant international standards, to address vulnerabilities related to liquidity imbalances and leverage.]]></description>
					      
						      <pubDate>Wed, 04 Feb 2026 10:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/fsb-report-on-vulnerabilities-in-government-bond-backed-repo-markets</guid>
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					      <title>UK PRA seeks views on proposed reforms to banking regulatory data under FBD programme</title>
					      <link>https://finreg.aoshearman.com/uk-pra-seeks-views-on-proposed-reforms-to-banking-regulatory-data-under-fbd-programme</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published discussion paper DP1/26, outlining its proposed reforms to banking regulatory data under the Future Banking Data (FBD) programme. The FBD programme aims to deliver tangible cost reduction for banks in line with the PRA&apos;s secondary competitiveness and growth objective, as well as improvements to the relevance, quality and timeliness of data collection. The PRA is aware that while regulatory data are essential for its supervision, financial stability, policymaking and stress testing, current reporting imposes significant cost and complexity on firms. Therefore, while the PRA states its current approach already aims to be proportionate, it notes there are areas which can be further streamlined.

Building on initial template deletions implemented from PS27/25 in December 2025, the PRA proposes a programme of further incremental, proportionate reforms guided by four principles: (i) ensuring data collections are objectives driven; (ii) reducing duplication through a &quot;collect once and well&quot; approach; (iii) making it easier for firms to supply data; and (iv) ensuring data remain fit for purpose over time. The PRA identifies potential streamlining opportunities across legacy templates, reporting processes, and instructions, and highlights trade‑offs around timeliness, comparability, granularity and international alignment. The deadline for responses to the discussion paper, which will inform a future roadmap for reporting reform, is 5 May.]]></description>
					      
						      <pubDate>Wed, 04 Feb 2026 10:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-seeks-views-on-proposed-reforms-to-banking-regulatory-data-under-fbd-programme</guid>
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					      <title>Landmark agreements secured after first UK-China Financial Working Group in Beijing</title>
					      <link>https://finreg.aoshearman.com/landmark-agreements-secured-after-first-uk-china-financial-working-group-in-beijing</link>
					      <description><![CDATA[
HM Treasury (HMT) has announced that the inaugural UK‑China Financial Working Group in Beijing resulted in several landmark agreements aimed at strengthening bilateral cooperation in financial services. According to the press release, the key commitments secured during the forum will make it easier for UK businesses to trade with China and will reinforce London&apos;s position as the world&apos;s leading international financial centre. Agreements were also reached to pursue new forms of cooperation between the UK and China on innovative financing, including the potential issuance of renminbi denominated sovereign biodiversity bonds to cement the UK&apos;s role as the global hub for green finance, as well as more efficient cross-border settlement services, supporting trade and investment flows.

A joint readout has also been published confirming that both sides have agreed to work towards the signing of a Memorandum of Understanding on cooperation in central counterparty (CCP) supervision between the People&apos;s Bank of China and the Bank of England, and to continue all necessary cooperation to support UK equivalence and recognition processes for Chinese CCPs and Chinese processes for UK CCPs.]]></description>
					      
						      <pubDate>Tue, 03 Feb 2026 11:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/landmark-agreements-secured-after-first-uk-china-financial-working-group-in-beijing</guid>
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					      <title>FSB 2026 work programme</title>
					      <link>https://finreg.aoshearman.com/fsb-2026-work-programme</link>
					      <description><![CDATA[
The Financial Stability Board (FSB) has published its 2026 work programme. The FSB states it will continue its mission to promote global financial stability by addressing systemic financial risks and fostering international cooperation. Key priorities for the year include:


	Vulnerabilities assessments - the FSB will complete a report on private credit and will begin new work on vulnerabilities, possibly including work on foreign exchange derivative markets or private finance.
	Non-bank financial intermediation (NBFI) - the FSB will work to improve its methodologies to assess vulnerabilities in the non-bank sector as well as work on non-bank leverage and over-the-counter derivatives.
	Cross-border payments - the FSB will continue to coordinate the implementation of the G20 cross-border payments roadmap by helping jurisdictions with the development of their voluntary, specific and time-bound action plans.
	Digital innovation and AI - the FSB will continue to monitor developments regarding cryptoassets and will examine issues related to possible stablecoin vulnerabilities. It will also undertake work on sound practices for AI adoption, use and innovation by financial institutions, in close coordination with the standard-setting bodies.


Read more.]]></description>
					      
						      <pubDate>Tue, 03 Feb 2026 11:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/fsb-2026-work-programme</guid>
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					      <title>New regime pages for the UK Sanctions List</title>
					      <link>https://finreg.aoshearman.com/new-regime-pages-for-the-uk-sanctions-list</link>
					      <description><![CDATA[
The UK Office of Financial Sanctions Implementation (OFSI) has published new regime pages following the closure of the OFSI Consolidated List of Asset Freeze Targets, which is now replaced with the UK Sanctions List (UKSL). The UKSL became the sole official source for UK sanctions designations from January. The new regime pages will host future sanctions notices, covering all changes to designations made under each regime on the UKSL. The old financial sanctions regime pages, while they will remain available for reference, will no longer be updated.]]></description>
					      
						      <pubDate>Mon, 02 Feb 2026 16:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/new-regime-pages-for-the-uk-sanctions-list</guid>
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					      <title>EC consults on draft Implementing Regulation on exemption of certain spot FX benchmarks under BMR</title>
					      <link>https://finreg.aoshearman.com/ec-consults-on-draft-implementing-regulation-on-exemption-of-certain-spot-fx-benchmarks-under-bmr</link>
					      <description><![CDATA[
The European Commission has published a draft Implementing Regulation for consultation which introduces a list of certain spot foreign exchange (FX) benchmarks that will be exempt from the requirements under Article 18a of the Benchmark Regulation (BMR). The draft follows the May 2025 consultation to identify spot FX benchmarks used for hedging in jurisdictions where currencies are not freely convertible and where administrators, often unregulated and based outside the EU, cannot benefit from equivalence under Article 30, nor are incentivised to apply for recognition or endorsement due to costs and limited market benefit. Following consultation feedback, the draft Regulation identifies the following benchmarks as meeting the conditions of Article 18a and therefore to be excluded from the scope of the BMR:


	USD/INR (U.S. dollar/-Indian rupee).
	USD/KRW (U.S. dollar/-Korean won).
	USD/TWD (U.S. dollar/-Taiwan dollar).
	USD/PHP (U.S. dollar/-Philippine peso).


Read more.]]></description>
					      
						      <pubDate>Mon, 02 Feb 2026 11:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-consults-on-draft-implementing-regulation-on-exemption-of-certain-spot-fx-benchmarks-under-bmr</guid>
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					      <title>BoE Dear CFO letter on preparation for the third resolvability assessment</title>
					      <link>https://finreg.aoshearman.com/boe-dear-cfo-letter-on-preparation-for-the-third-resolvability-assessment</link>
					      <description><![CDATA[
The Bank of England (BoE) has issued a Dear CFO Letter setting out information on the third resolvability assessment framework (RAF) assessment. The assessment will evaluate firms&apos; overall ability to meet the three resolvability outcomes, review progress in remediating issues from previous assessments and conduct targeted testing of capabilities under the continuity and restructuring outcome. This assessment will be carried out with an emphasis on testing capabilities in a manner consistent with how the BoE expects to engage with firms during contingency planning, and reflecting lessons from the use of the resolution regime in 2023. The letter highlights the type of targeted testing the BoE intends to conduct, and specific information banks are expected to provide including in their resolution assessment reports by 2 October. As part of the assessment, the BoE also intends to engage with the Accountable Executive and Board Risk Committee chairs to discuss their firms&apos; approach to resolvability.

The letter also gives early notice of a review expected to take place in H2 2026 of the internal minimum requirement for own funds and eligible liabilities (MREL) scalar for ring‑fenced banks (or other entities at the top level of a material sub-group with a ring-fenced bank). This may involve further information requests from the BoE to assess the deployability of MREL resources under paragraph 7.9 of the MREL Statement of Policy. Finally, the BoE has confirmed that subject to the findings of the third assessment, the fourth RAF cycle is not expected to begin before 2029-30.]]></description>
					      
						      <pubDate>Mon, 02 Feb 2026 10:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/boe-dear-cfo-letter-on-preparation-for-the-third-resolvability-assessment</guid>
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					      <title>SRB consults on the operational guidance for banks on BRP AR and quantitative template</title>
					      <link>https://finreg.aoshearman.com/srb-consults-on-the-operational-guidance-for-banks-on-brp-ar-and-quantitative-template</link>
					      <description><![CDATA[
The Single Resolution Board (SRB) has launched a consultation on its draft operational guidance for banks on business reorganisation plan analysis reports (BRP AR) and the accompanying quantitative template. Following the implementation of the bail-in tool, institutions are required to prepare and deliver a BRP within one month. To ensure resolution readiness and demonstrate their business reorganisation-related capabilities, banks are requested to prepare a BRP AR in the resolution planning phase.

The consultation forms part of the SRB&apos;s shift under the SRM Vision 2028 from resolution planning to operationalisation, resolution testing and crisis readiness. While introducing no new expectations, the draft guidance consolidates and clarifies existing requirements in a single document and is intended to steer banks&apos; work to comply with Principle 7.3 of the SRB&apos;s Expectations for Banks. In particular, the guidance further elaborates on governance arrangements for drawing up BRPs, the relevant descriptions of the targeted business model post reorganisation, the criteria for selecting valid reorganisation measures and the approach for demonstrating post bail in long term viability. The deadline for comments is 30 March. The SRB will meet with the banking industry and other relevant stakeholders on 3 March to address any questions, before the consultation ends. Following the consultation, the SRB will publish the final materials together with the feedback received.]]></description>
					      
						      <pubDate>Mon, 02 Feb 2026 10:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/srb-consults-on-the-operational-guidance-for-banks-on-brp-ar-and-quantitative-template</guid>
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					      <title>BoE launch of three engagement forums on retail payments</title>
					      <link>https://finreg.aoshearman.com/boe-launch-of-three-engagement-forums-on-retail-payments</link>
					      <description><![CDATA[
The Bank of England (BoE) has announced the launch of three new engagement forums under the Retail Payments Infrastructure Board as part of its National Payments Vision, aimed at informing the development of the UK&apos;s next generation retail payments ecosystem. The BoE will shortly invite nominations to join the Payments End User Forum, the Payments Innovation Design Group and the Payments Academic Advisory Group, each of which will provide specialist input from consumers and small businesses, innovators and fintechs, as well as academics respectively. Applicants will be assessed on: (i) relevant expertise in the forum&apos;s area (end-user insight, payments innovation or academic research); (ii) ability to make time to participate as set out in the terms of reference; (iii) diversity of perspective; and (iv) alignment with the purpose of the specific forum. The initiative is intended to support a more resilient, inclusive and innovative payments landscape by ensuring that system design is shaped by practical user needs, emerging technological opportunities and evidence‑based policy insights.]]></description>
					      
						      <pubDate>Mon, 02 Feb 2026 10:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/boe-launch-of-three-engagement-forums-on-retail-payments</guid>
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					      <title>UK lays SI to create new regulated activity of providing targeted support</title>
					      <link>https://finreg.aoshearman.com/uk-lays-si-to-create-new-regulated-activity-of-providing-targeted-support</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Regulated Activities) (Providing Targeted Support) (Amendment) Order 2026  has been laid before UK Parliament and published with an explanatory memorandum. The instrument, following the draft version published in July 2025, amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) to introduce a new specified activity of &quot;providing targeted support&quot;. This will enable firms to make recommendations that are designed for groups of consumers with similar characteristics and circumstances. Targeted support will be expressly distinguished from the existing regulated activity of &quot;advising on investments&quot; under Article 53. The UK Financial Conduct Authority (FCA) has said, &quot;These once-in-a-generation reforms will help people navigate their financial lives and give them greater confidence to invest. This is a win-win for consumers and firms alike.&quot;

Read more.]]></description>
					      
						      <pubDate>Fri, 30 Jan 2026 13:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-lays-si-to-create-new-regulated-activity-of-providing-targeted-support</guid>
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					      <title>UK FCA consults on aligning listed issuers&apos; sustainability disclosures with international standards</title>
					      <link>https://finreg.aoshearman.com/uk-fca-consults-on-aligning-listed-issuers-sustainability-disclosures-with-international-standards</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP26/5 on the evolution of its sustainability disclosure rules for listed companies, following the government&apos;s draft UK Sustainability Reporting Standards (UK SRS). The FCA&apos;s current requirements are aligned with the Task Force on Climate-related Financial Disclosures (TCFD), which disbanded in 2023. With over 40% of jurisdictions, including the UK, transitioning to the International Sustainability Standards Board (ISSB) Standards, the government is developing the UK SRS to tailor the ISSB framework for the UK market. The FCA therefore needs to update its regime accordingly.

The FCA proposes replacing its TCFD aligned listing rules with requirements for in scope listed companies to report against the UK SRS. The scope would remain broadly aligned with existing TCFD-based obligations and consistent with the ISSB&apos;s approach.

Key proposals include:

	Mandatory reporting against UK SRS S2 (covering climate‑related disclosures) but Scope 3 emissions would continue to be reported on a &quot;comply or explain&quot; basis.
	Non‑climate sustainability reporting (UK SRS S1) to be on a &quot;comply or explain&quot; basis, as this will be new for many issuers and may present challenges.


Read more.]]></description>
					      
						      <pubDate>Fri, 30 Jan 2026 13:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-consults-on-aligning-listed-issuers-sustainability-disclosures-with-international-standards</guid>
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					      <title>UK FCA second cohort of AI live testing applications now open</title>
					      <link>https://finreg.aoshearman.com/uk-fca-second-cohort-of-ai-live-testing-applications-now-open</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a blog on its AI live testing service. The service is voluntary and open to firms that have developed AI proofs of concept and are active in UK financial markets, subject to competitive selection criteria. The initiative aims to support safe and responsible AI deployment through a collaborative, real-world testing environment and complements the FCA&apos;s Supercharged Sandbox. The blog sets out: (i) what the FCA is testing; (ii) how the testing operates in practice; and (iii) what the FCA aims to learn from the process. The first cohort joined in October 2025. The FCA confirms it has opened a second application window and is now inviting applications until 2 March. The FCA has provided Terms of Reference with further detail and confirms that successful applicants will be notified by mid-March. The testing is due to commence from April.]]></description>
					      
						      <pubDate>Fri, 30 Jan 2026 12:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-second-cohort-of-ai-live-testing-applications-now-open</guid>
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					      <title>UK FCA delays changes to the concentration rule for collective investment schemes</title>
					      <link>https://finreg.aoshearman.com/uk-fca-delays-changes-to-the-concentration-rule-for-collective-investment-schemes</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Handbook Notice No 137, confirming that it is delaying changes to the Collective Investment Schemes Sourcebook (COLL), and specifically to the concentration rule (COLL 5.2.29R). The concentration rule governs the ability of UK undertakings for the collective investment in transferable securities funds to invest in other collective investment schemes. The FCA previously made changes, which came into force on 31 January 2025, which seek to clarify the level at which the restrictions apply (including for sub-funds of umbrella schemes). These changes were subject to a transitional period. The transitional period is now extended to 31 January 2027 from the previous expiry date of 30 January 2026, as provided for by the Collective Investment Schemes Sourcebook (Concentration Limits) Instrument 2026. This instrument entered into force on 29 January and feedback is published in Chapter 3 of the notice.]]></description>
					      
						      <pubDate>Fri, 30 Jan 2026 10:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-delays-changes-to-the-concentration-rule-for-collective-investment-schemes</guid>
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					      <title>Amending Regulation on benchmark administrator applications under BMR published in OJ</title>
					      <link>https://finreg.aoshearman.com/amending-regulation-on-benchmark-administrator-applications-under-bmr-published-in-oj</link>
					      <description><![CDATA[
Delegated Regulation (EU) 2026/264 amending the regulatory technical standards (RTS) in Delegated Regulations (EU) 2018/1645 and 2018/1646, pursuant to the Benchmark Regulation (EU) 2016/1011, has been published in the Official Journal of the European Union (OJ). The Amending Regulation was first adopted on 27 October 2025. These amendments update the form and content of applications for recognition, authorisation and registration of third-party benchmark administrators and those located in the EU. They reflect changes introduced by the BMR recognition regime under Regulation (EU) 2019/2175, including the transfer of responsibility for recognising and supervising third country benchmark administrators from national competent authorities to the European Securities and Markets Authority, as well as further reforms under Regulation (EU) 2025/914 aimed at reducing the regulatory burden on administrators of smaller benchmarks. The amendments to both RTS are consolidated in a single Amending Regulation which enters into force on 19 February.]]></description>
					      
						      <pubDate>Fri, 30 Jan 2026 10:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/amending-regulation-on-benchmark-administrator-applications-under-bmr-published-in-oj</guid>
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					      <title>EBA draft single programming document</title>
					      <link>https://finreg.aoshearman.com/eba-draft-single-programming-document</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its draft single programming document (SPD) for 2027-2029, outlining its strategic priorities and resource needs over the three‑year period. The EBA confirms it will focus on implementing new mandates for banking and payments including its oversight role under the Digital Operational Resilience Act, supervision of significant issuers of asset referenced and e money tokens under the Markets in Crypto-Assets Regulation and validation of initial margin models under the amended European Market Infrastructure Regulation (EMIR 3). The EBA will also focus on addressing emerging risks arising from geopolitical instability. This will require new approaches to risk assessment, financial stability monitoring and consumer protection. Supporting EU co legislators also remains central for the EBA as the SPD reflects the priorities for the financial sector and aims to keep the financial system strong while also ensuring it can fund the European economy.

Against this backdrop, the EBA identifies three strategic priorities for 2027-2029: (i) evolving and simplifying the Single Rulebook for banking and financial services; (ii) carrying out risk assessments to support effective risk analysis, supervision and oversight; and (iii) embracing innovation to enhance technological capacity across the sector. The EBA notes that close cooperation with relevant EU and third-country authorities will be required to meet its objectives.]]></description>
					      
						      <pubDate>Thu, 29 Jan 2026 17:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-draft-single-programming-document</guid>
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					      <title>HMT consultation response on reforms to OFSI civil enforcement processes</title>
					      <link>https://finreg.aoshearman.com/hmt-consultation-response-on-reforms-to-ofsi-civil-enforcement-processes</link>
					      <description><![CDATA[
HM Treasury (HMT) has published a consultation response and blog on proposed reforms to the UK Office of Financial Sanctions Implementation&apos;s (OFSI) civil enforcement processes. The reforms aim to increase efficiency in resolving enforcement cases and would apply solely to OFSI&apos;s civil enforcement powers concerning financial sanctions breaches, including Russia-related designated person asset reporting. They do not apply to criminal enforcement or non-financial sanctions. Following feedback to its July 2025 consultation, the OFSI confirms it will proceed with all proposals but with the following improvements:


	Additional case assessment guidance, including a new case assessment matrix and a Voluntary Disclosure and Co‑operation discount of up to 30% of the baseline penalty.
	20% baseline penalty discount for subjects who settle under the new settlement scheme.


Read more.]]></description>
					      
						      <pubDate>Thu, 29 Jan 2026 17:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hmt-consultation-response-on-reforms-to-ofsi-civil-enforcement-processes</guid>
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					      <title>EBA consults on updated SyRB guidelines to address climate risks under CRD VI</title>
					      <link>https://finreg.aoshearman.com/eba-consults-on-updated-syrb-guidelines-to-address-climate-risks-under-crd-vi</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a consultation paper proposing updates to existing guidelines (EBA/GL/2020/13) on the use of systemic risk buffers (SyRB) to address climate-related and broader environmental risks under Article 133 of the Capital Requirements Directive (CRD), as amended by CRD VI (Directive (EU) 2024/1619). The EBA notes that climate risks, both transition and physical, are expected to have a material impact on individual institutions and the wider financial system. Article 133 permits relevant authorities to apply a SyRB where climate related risks could have serious negative consequences for the financial system and the real economy. The current guidelines, published in 2020, were not designed to target exposures subject to climate risk. The consultation therefore proposes revisions to enable SyRB measures to better capture climate risks of both types. It also incorporates some changes based on lessons learned from national authorities that have previously implemented SyRB measures, with the aim of improving their design and monitoring. The guidelines are expected to be finalised by mid-2026 and are expected to apply six months after publication. The deadline for comments is 30 April.]]></description>
					      
						      <pubDate>Thu, 29 Jan 2026 16:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-consults-on-updated-syrb-guidelines-to-address-climate-risks-under-crd-vi</guid>
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					      <title>House of Lords Committee launches stablecoin inquiry</title>
					      <link>https://finreg.aoshearman.com/house-of-lords-committee-launches-stablecoin-inquiry</link>
					      <description><![CDATA[
The House of Lords (Financial Services Regulation Committee) has announced the launch of an inquiry into the growth and proposed regulation of stablecoins in the UK. The Committee will examine the development of global and UK stablecoin markets (and its comparison to US and EU markets), expected future growth of sterling‑denominated stablecoins and the opportunities and risks posed to the UK economy, financial services sector, retail consumers and monetary policy. It will also consider the implications of the Bank of England and UK Financial Conduct Authority&apos;s proposed regulatory regimes for systemic and non‑systemic stablecoins and whether they are measured and proportionate. A call for evidence, including six questions for written submissions, accompanies the press release. The deadline for responses is 23:59 on 11 March.]]></description>
					      
						      <pubDate>Thu, 29 Jan 2026 15:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/house-of-lords-committee-launches-stablecoin-inquiry</guid>
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					      <title>UK FCA responds to Treasury Committee on Leeds Reforms progress and priorities</title>
					      <link>https://finreg.aoshearman.com/uk-fca-responds-to-treasury-committee-on-leeds-reforms-progress-and-priorities</link>
					      <description><![CDATA[
The House of Commons Treasury Committee has published a letter (dated 21 January) from Nikhil Rathi, the Chief Executive of the UK Financial Conduct Authority (FCA), responding to the Committee&apos;s outstanding questions from the oral evidence session on 16 December 2025. Mr Rathi explains that the FCA is working at pace to deliver the Financial Services Growth and Competitiveness Strategy, including the Leeds Reforms, but that progress in several areas depends on legislation or government action. Mr Rathi notes that the FCA has completed nine initiatives under the strategy and is sequencing its rulemaking to align with expected legislative timetables, progressing in phases where possible.

He sets out the FCA&apos;s immediate priorities alongside the wider programme of work expected to progress this year, including associated timelines. Mr Rathi also outlines the FCA&apos;s key areas where it is awaiting legislative change or government action before it can advance other priorities.]]></description>
					      
						      <pubDate>Wed, 28 Jan 2026 17:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-responds-to-treasury-committee-on-leeds-reforms-progress-and-priorities</guid>
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					      <title>UK FCA Enforcement Watch 1</title>
					      <link>https://finreg.aoshearman.com/uk-fca-enforcement-watch-1</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its first Enforcement Watch newsletter, following the FCA&apos;s updated enforcement guide (ENFG) finalised in June 2025. The FCA proceeded with modest changes to its publicity policy, allowing the FCA, in certain circumstances, to publish more detailed information about issues under investigation on an anonymised basis. For more information you may like to read our blog post titled &quot;The end of the road for (most of) the FCA&apos;s transparency proposals&quot;.

The first edition of the newsletter covers three main themes:

	Updated publicity policy in action - information on the updated powers the FCA can use under the revised policy, including announcing investigations without identifying firms and naming subjects only in &quot;exceptional circumstances&quot;.
	Enforcement case priorities - an overview of enforcement operations the FCA opened since June 2025 and listing the areas the investigations covered.
	International partnerships - a reaffirmation of ongoing collaboration with global bodies, including through the International Organisation of Securities Commissions.

]]></description>
					      
						      <pubDate>Wed, 28 Jan 2026 17:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-enforcement-watch-1</guid>
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					      <title>UK FCA updates on stablecoin sprint and new cryptoasset regulated activities applications</title>
					      <link>https://finreg.aoshearman.com/uk-fca-updates-on-stablecoin-sprint-and-new-cryptoasset-regulated-activities-applications</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published two separate updated webpages:

	The first updated webpage confirms an extension to the application deadline for those wishing to participate in the stablecoin sprint on 4-5 March and the trade payments roundtable on 15 May. Applications must now be submitted by midnight on 8 February. The FCA will continue to notify applicants of the outcome by 13 February.
	The second updated webpage confirms that the application period for firms wishing to undertake the new cryptoasset regulated activities will be open from 30 September until 28 February 2027.

]]></description>
					      
						      <pubDate>Wed, 28 Jan 2026 16:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-updates-on-stablecoin-sprint-and-new-cryptoasset-regulated-activities-applications</guid>
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					      <title>ESMA MiCAR guidelines published in all official EU languages</title>
					      <link>https://finreg.aoshearman.com/esma-micar-guidelines-published-in-all-official-eu-languages</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published official translations of its final guidelines under the Markets in Crypto-Assets Regulation (MiCAR) specifying the criteria for assessing the knowledge and competence of staff at crypto-asset service providers (CASPs). The guidelines, first published in July 2025, aim to promote greater convergence in the criteria for assessing the knowledge and competence of staff providing advice or information about crypto-assets or related services and their application. It offers key guidance to help CASPs meet their duty to act in their clients&apos; best interests and to support competent authorities in assessing compliance. The guidelines will apply from 28 July. Competent authorities must notify ESMA by 28 March whether they comply or intend to comply with guidelines or, where relevant, provide ESMA with their reasons for non-compliance. CASPs are not required to report on whether they comply.]]></description>
					      
						      <pubDate>Wed, 28 Jan 2026 16:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-micar-guidelines-published-in-all-official-eu-languages</guid>
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					      <title>UK OFSI and partners crack down on the abuse of cryptoassets</title>
					      <link>https://finreg.aoshearman.com/uk-ofsi-and-partners-crack-down-on-the-abuse-of-cryptoassets</link>
					      <description><![CDATA[
The UK Office of Financial Sanctions Implementation (OFSI) has published a blog confirming that it is working closely with UK law enforcement and regulatory partners to combat the abuse of cryptoassets and associated money laundering activities. OFSI has joined forces with the Crypto Cash Fusion Cell (CCFC), a pilot, multi-agency initiative bringing together the UK National Crime Agency, the Metropolitan Police Service, His Majesty&apos;s Revenue and Customs, the UK Financial Conduct Authority, City of London Police and OFSI, to target criminal funds linked to sanctions offences.

Through this collaboration, OFSI shared detailed intelligence with the CCFC to enable joint working against specific, prioritised targets. This led to action against potential breaches of financial sanctions involving cryptoassets by UK-based individuals. OFSI wants the sector to know that the use of cryptoassets to evade sanctions will be treated no differently to the exploitation of traditional currencies.]]></description>
					      
						      <pubDate>Wed, 28 Jan 2026 16:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-ofsi-and-partners-crack-down-on-the-abuse-of-cryptoassets</guid>
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					      <title>UK FCA appoints bond consolidated tape provider</title>
					      <link>https://finreg.aoshearman.com/uk-fca-appoints-bond-consolidated-tape-provider</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a statement following its November 2025 update on the bond consolidated tape provider (CTP) contract. It has now signed a contract with Etrading Software (ETS) to act as the UK&apos;s bond CTP, following the High Court&apos;s decision in December 2025 to lift the freeze on the contract award. A new website launched by ETS outlines key milestones and technical information for data contributors and users. The FCA will continue to support ETS and industry participants ahead of the planned launch of the tape in June, while simultaneously defending the ongoing legal challenge to the contract award.]]></description>
					      
						      <pubDate>Wed, 28 Jan 2026 15:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-appoints-bond-consolidated-tape-provider</guid>
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					      <title>EBA launches new Pillar 3 data hub platform</title>
					      <link>https://finreg.aoshearman.com/eba-launches-new-pillar-3-data-hub-platform</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has announced the launch of its Pillar 3 data hub, a new harmonised digital platform which, for the first time, provides public access to prudential information from all EEA credit institutions in a single location. The hub offers users access to official data alongside a tool to enable comparisons across institutions, reference dates and other dimensions. Bulk data downloads are also available.

The EBA expects the full data set for the first three reference dates (June, September and December 2025) to be available by June this year. In line with transitional arrangements under the final draft implementing technical standards published in February 2025, institutions must now submit, via the platform, the Pillar 3 reports for the 2025 reference date already published on their own websites. The transition period enables institutions to familiarise themselves with the platform and submission process, before moving to the steady state. The EBA has provided a comprehensive user guide covering all features of the Pillar 3 data hub.]]></description>
					      
						      <pubDate>Wed, 28 Jan 2026 14:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-launches-new-pillar-3-data-hub-platform</guid>
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					      <title>ESMA signs MoU with the Reserve Bank of India</title>
					      <link>https://finreg.aoshearman.com/esma-signs-mou-with-the-reserve-bank-of-india</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has announced the signing of a Memorandum of Understanding (MoU) with the Reserve Bank of India to support cooperation and information‑exchange for the recognition of Indian central counterparties (CCPs). The MoU fulfils the requirement under Article 25 of the European Market Infrastructure Regulation (EMIR) for a cooperation arrangement to be in place between ESMA and the relevant third-country authority whose legal and supervisory frameworks have been recognised as equivalent. This is a step towards restoring EU clearing members&apos; access to Indian CCPs since certain CCPs had their recognition decisions withdrawn in 2022. ESMA also confirms that it will continue discussions with the Securities and Exchange Board of India and the International Financial Services Centres Authority with a view to establishing similar cooperation arrangements.]]></description>
					      
						      <pubDate>Tue, 27 Jan 2026 15:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-signs-mou-with-the-reserve-bank-of-india</guid>
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					      <title>ECB to accept DLT-based assets as eligible Eurosystem collateral</title>
					      <link>https://finreg.aoshearman.com/ecb-to-accept-dlt-based-assets-as-eligible-eurosystem-collateral</link>
					      <description><![CDATA[
The European Central Bank (ECB) has announced that the Eurosystem will accept marketable assets issued in central securities depositories (CSDs) that use distributed‑ledger‑technology (DLT) services as eligible collateral for Eurosystem credit operations from 30 March. As with other marketable assets, these DLT‑based instruments must meet the Eurosystem&apos;s collateral eligibility criteria and collateral management requirements. This includes settlement through eligible securities settlement systems that comply with the Central Securities Depositories Regulation (CSDR) and are reachable via TARGET2‑Securities.

These assets will be handled as collateral in the same way as other marketable assets under existing Eurosystem&apos;s collateral management practices. The ECB also announced it is launching a workplan to assess whether, and under what conditions, assets issued using DLT and not represented in eligible traditional securities settlement systems, could become eligible as collateral in the future. Using a phased approach, the ECB will consider technological progress, market developments and evolving regulatory developments, including under the Central Securities Depositories Regulation, the DLT Pilot Regime, the Markets in Cryptoassets Regulation and national securities laws in the euro area.]]></description>
					      
						      <pubDate>Tue, 27 Jan 2026 15:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ecb-to-accept-dlt-based-assets-as-eligible-eurosystem-collateral</guid>
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					      <title>UK FCA call for input on the long-term impact of AI on retail financial services</title>
					      <link>https://finreg.aoshearman.com/uk-fca-call-for-input-on-the-long-term-impact-of-ai-on-retail-financial-services</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has announced the launch of &quot;The Mills Review&quot;, led by Sheldon Mills, the Executive Director of the FCA, looking at how advanced AI, including generative and agentic systems, could influence consumers, retail financial markets and firms by 2030. Accompanying the press release, the FCA has published a call for input seeking views on four areas: (i) the future evolution of AI technologies, including the development of more autonomous and agentic systems; (ii) the future impact on markets and firms, including the changes to competition and market structure and UK competitiveness; (iii) the impact for consumers, including how consumers will be influenced by AI but also influence financial markets through new expectations; and (iv) how regulators may need to evolve to ensure that retail financial markets continue to work well. While wholesale markets and broader societal markets remain out of scope, any relevant indirect influences to retail financial services will be considered. Feedback will inform recommendations to the FCA Board in the summer, ahead of an external publication. The deadline for comments is 24 February.]]></description>
					      
						      <pubDate>Tue, 27 Jan 2026 14:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-call-for-input-on-the-long-term-impact-of-ai-on-retail-financial-services</guid>
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					      <title>EBA outlines medium to long term objectives of its IRRBB heatmap</title>
					      <link>https://finreg.aoshearman.com/eba-outlines-medium-to-long-term-objectives-of-its-irrbb-heatmap</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its second-phase report outlining the medium- to long‑term objectives of the Interest Rate Risk in the Banking Book (IRRBB) heatmap, including key recommendations for institutions and supervisors. The report completes the heatmap milestones launched after the scrutiny of the IRRBB standards and builds on the guidance reflected in the first-phase implementation report published in February 2025.

This second-phase report provides analytical findings and recommendations in four priority areas:

	Application of the 5-year cap on the repricing maturity of non-maturity deposits (NMD) - this continues to serve as a harmonising benchmark with limited impact observed so far. Institutions that seek a longer horizon should demonstrate, within their Internal Measurement System (IMS), how such treatment better reflects product characteristics or client behaviour, substantiate it with historical evidence and integrate it into hedging practice, in line with Q&amp;A 2023_6807. Any approved deviation should be disclosed under Pillar 3.


Read more.]]></description>
					      
						      <pubDate>Mon, 26 Jan 2026 17:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-outlines-medium-to-long-term-objectives-of-its-irrbb-heatmap</guid>
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					      <title>EC call for evidence on action plan for fighting online fraud</title>
					      <link>https://finreg.aoshearman.com/ec-call-for-evidence-on-action-plan-for-fighting-online-fraud</link>
					      <description><![CDATA[The European Commission has issued a call for evidence on its forthcoming action plan to combat online fraud committed through the use of technology (whether online or by telephone). The initiative seeks to build on existing frameworks which already establish comprehensive anti-fraud measures, including the Payment Services Directive, the Instant Payments Regulation and the Digital Services Act. The plan aims to reduce the occurrence and impact of online fraud across the EU by reinforcing coordination, enhancing victim support and improving cross-border and multi-stakeholder cooperation. Its primary objective is to establish a more integrated approach to tackling online fraud. This includes strengthening the EU&apos;s &apos;follow-the-money&apos; approach for detecting, tracing and disrupting fraud proceeds that are channelled through payment accounts, e-money and increasingly, crypto-asset transfers, leveraging EU requirements on supplying accompanying information with transfers of funds and certain crypto-assets. The deadline for feedback is 13 February.]]></description>
					      
						      <pubDate>Mon, 26 Jan 2026 16:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-call-for-evidence-on-action-plan-for-fighting-online-fraud</guid>
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					      <title>UK FCA expectations of firms preparing for T+1 settlement transition</title>
					      <link>https://finreg.aoshearman.com/uk-fca-expectations-of-firms-preparing-for-t1-settlement-transition</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has updated its webpage on T+1 settlement to set out actions it expects firms to take this year to update their systems and processes, and test those changes by year-end. This includes implementing and testing changes to operational systems and processes, agreements with third party providers and counterparty arrangements. The FCA also advises firms to implement appropriate automation to increase processing capacity, support quicker settlement and strengthen resilience during periods of high volumes or market stress. In parallel, the T+1 Accelerated Settlement Taskforce has published a final quarterly review of 2025, including updates on readiness and the path ahead in 2026.]]></description>
					      
						      <pubDate>Mon, 26 Jan 2026 14:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-expectations-of-firms-preparing-for-t1-settlement-transition</guid>
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					      <title>AMLA data collection exercise to test risk assessment models for the financial sector</title>
					      <link>https://finreg.aoshearman.com/amla-data-collection-exercise-to-test-risk-assessment-models-for-the-financial-sector</link>
					      <description><![CDATA[
The EU Authority for Anti‑Money Laundering and Countering the Financing of Terrorism (AMLA) has announced a data‑collection exercise expected in March to test and calibrate its risk‑assessment models. These models will inform the 2027 selection of up to 40 entities for AMLA&apos;s direct supervision beginning in 2028 and support consistent money laundering risk assessments by supervisors across the EU. The exercise, conducted with national supervisors and the private sector, will involve both financial institutions potentially eligible for direct supervision and a representative sample of entities likely to remain nationally supervised. National supervisors of both groups have been notified by the AMLA of those selected to participate in the exercise. After validating and calibrating the models in full, AMLA will finalise the list of eligible entities for direct supervision. In early 2027, national supervisors will collect data from those entities to inform AMLA&apos;s final supervisory selection. AMLA has also published an accompanying explainer on its direct supervision framework, available here.]]></description>
					      
						      <pubDate>Mon, 26 Jan 2026 14:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/amla-data-collection-exercise-to-test-risk-assessment-models-for-the-financial-sector</guid>
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					      <title>EBA final RTS for resolution plans and the functioning of resolution colleges</title>
					      <link>https://finreg.aoshearman.com/eba-final-rts-for-resolution-plans-and-the-functioning-of-resolution-colleges</link>
					      <description><![CDATA[
The European Banking Authority has (EBA) published a final report on draft amendments to regulatory technical standards (RTS) on the content of resolution plans, the assessment of resolvability and the operational functioning of resolution colleges, under Delegated Regulation (EU) 2016/1075, adopted in accordance with the EU Bank Recovery and Resolution Directive. The changes were consulted on in August 2025, following which, the EBA confirms no material changes were made.


	For resolution plans the RTS include a rationalised plan structure aligned with planning process steps and eliminating duplication, and minimum essential information for plan summaries to improve consistency and transparency. Information on MREL is focused on institution-specific adjustments, aligned with the objective of including in the plan only the information that is directly relevant for the institution or group concerned, avoiding the inclusion of common and publicly disclosed MREL policy elements or calculations. The RTS now also requires a clearer set out of the rationale for the choice of the preferred and variant resolution strategies, to improve flexibility of resolution planning and increase optionality. The standards around resolvability assessments are reorganised along seven core dimensions, to promote the consistency and rationalisation of resolution plans. The RTS also specifies that the resolvability assessment should be based on the identified preferred and variant resolution strategies, providing a clear picture of the capacity of the institution or group to support the execution of the preferred and variant resolution strategies.


Read more.]]></description>
					      
						      <pubDate>Fri, 23 Jan 2026 17:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-final-rts-for-resolution-plans-and-the-functioning-of-resolution-colleges</guid>
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					      <title>ESRB compliance report on collection and information-exchange for macroprudential purposes on branches of credit institutions</title>
					      <link>https://finreg.aoshearman.com/esrb-compliance-report-on-collection-and-information-exchange-for-macroprudential-purposes-on-branches-of-credit-institutions</link>
					      <description><![CDATA[
The European Systemic Risk Board (ESRB) has published a second summary compliance report assessing the implementation of recommendation ESRB/2019/18 on the exchange and collection of information for macro-prudential purposes regarding branches of credit institutions having their head office in another member state or in a third country. The recommendation, issued on 26 September 2019, is divided into three parts (A, B and C):


	Recommendation A, addressed to the relevant authorities, concerns cooperation and the exchange of information on a need-to-know basis for macro prudential and financial stability tasks.
	Recommendation B, addressed to the European Commission, focuses on identifying and removing potential obstacles in European Union legislation that may prevent authorities responsible for macro prudential policy or other financial stability tasks from obtaining the information required on branches to carry out their functions.
	Recommendation C, addressed to the European Banking Authority (EBA), concerns the development of guidelines for monitoring the exchange of information.


Read more.]]></description>
					      
						      <pubDate>Fri, 23 Jan 2026 17:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esrb-compliance-report-on-collection-and-information-exchange-for-macroprudential-purposes-on-branches-of-credit-institutions</guid>
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					      <title>UK FCA consults on rules and guidance for regulated cryptoasset activities (part II)</title>
					      <link>https://finreg.aoshearman.com/uk-fca-consults-on-rules-and-guidance-for-regulated-cryptoasset-activities-part-ii</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a second consultation paper (CP26/4) on the application of the FCA handbook for regulated cryptoasset activities. This follows the earlier consultation published in September 2025 (CP25/5) and HM Treasury&apos;s draft statutory instrument intended to bring qualifying cryptoasset activities within the scope of the Regulated Activities Order 2001 and under the FCA&apos;s remit. The FCA intends to open its authorisation gateway for crypto permissions in September 2026, with the deadline for comments on this consultation being 12 March.

Read more.]]></description>
					      
						      <pubDate>Fri, 23 Jan 2026 17:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-consults-on-rules-and-guidance-for-regulated-cryptoasset-activities-part-ii</guid>
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					      <title>The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026</title>
					      <link>https://finreg.aoshearman.com/the-financial-services-and-markets-act-2023-commencement-no-12-and-saving-provisions-regulations-2026</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2023 (Commencement No. 12 and Saving Provisions) Regulations 2026 have been published. The Regulations, which were made on 13 January, use powers under the Financial Services and Markets Act 2023 (FSMA 2023) to revoke provisions in the UK Capital Requirements Regulation (UK CRR) and related legislation. They also make saving provisions relating to some of the revoked provisions The Regulations continue the process of revoking certain pieces of retained EU law relating to financial services and restating them into UK domestic law, including through regulator-made rules. You may like to read our article &quot;A boost for UK Financial Services&quot; for further information.

Specifically:

	Regulation 2 revokes, on 1 July, certain provisions of Commission Implementing Regulation (EU) 2016/1646 concerning main indices and recognised exchanges for the purposes of the CRR.
	Regulation 3 revokes, on 1 January 2027, further provisions of the CRR on prudential requirements for credit institutions and investment firms, and related instruments.


Read more.]]></description>
					      
						      <pubDate>Thu, 22 Jan 2026 17:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/the-financial-services-and-markets-act-2023-commencement-no-12-and-saving-provisions-regulations-2026</guid>
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					      <title>UK regulators publish joint 2025 CBEST thematic report</title>
					      <link>https://finreg.aoshearman.com/uk-regulators-publish-joint-2025-cbest-thematic-report</link>
					      <description><![CDATA[
The Bank of England, UK Prudential Regulation Authority and UK Financial Conduct Authority have published their 2025 annual CBEST thematic report. CBEST is a threat-led penetration testing assessment framework of cyber resilience, helping regulators, firms and financial market infrastructures (FMIs) identify vulnerabilities and take remedial action. This report summarises insights from recent CBEST assessments conducted across firms and FMIs. While it does not introduce any new or additional regulatory expectations, it articulates gaps, some of them foundational, observed in firms&apos; and FMIs&apos; cyber defences.

Key messages for firms and FMIs to consider include:

	To reduce the likelihood of severe cyberattacks, firms and FMIs should harden operating systems by patching vulnerabilities and securely configuring key applications.
	The impact of unauthorised access to sensitive systems and information can be reduced by strengthening credentials management, enforcing strong passwords, considering the use of multi-factor authentication, preventing or detecting insecure credential storage and through appropriate segmentation of networks.


​​Read more.]]></description>
					      
						      <pubDate>Wed, 21 Jan 2026 17:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-regulators-publish-joint-2025-cbest-thematic-report</guid>
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					      <title>FSB 2025 resolution report</title>
					      <link>https://finreg.aoshearman.com/fsb-2025-resolution-report</link>
					      <description><![CDATA[
The Financial Stability Board (FSB) has published its 2025 resolution report outlining global progress in implementing resolution reforms for banks, insurers and financial market infrastructures, and setting priorities to further strengthen global resolution frameworks and crisis preparedness in 2026. The report confirms that foundational resolution frameworks are largely in place and highlights progress of ongoing work to strengthen operational readiness, including the publication of a practices paper on transfer tools, the formation of a task force on bail-in execution and information sharing on funding in resolution. It also provides a summary of results from the resolvability assessments for global systemically important banks (G-SIBs) and central counterparties.

Looking ahead, the FSB plans to conduct a peer review on public sector backstop funding mechanisms, and to publish a practices paper on funding resolution to support operational planning. The FSB is also planning to launch a strategic review of its crisis preparedness activities. In parallel, the FSB has released an updated version of its good practices paper for crisis management groups (CMGs) which was first published in 2021. It identifies good practices that have helped CMGs to enhance their preparedness for the management and resolution of a cross-border financial crisis affecting a G-SIB. The update includes a supplementary note setting out implementation observations following the 2023 bank failures on communication with host authorities not members of a CMG.]]></description>
					      
						      <pubDate>Wed, 21 Jan 2026 12:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/fsb-2025-resolution-report</guid>
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					      <title>UK PRA final policy on restatement of CRR requirements</title>
					      <link>https://finreg.aoshearman.com/uk-pra-final-policy-on-restatement-of-crr-requirements</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published policy statement PS3/26, setting out the final rules that restate the remaining provisions of the UK Capital Requirements Regulation (CRR) within the PRA Rulebook and associated supervisory materials. Specifically, in this policy statement, the PRA confirms that the near‑final rules issued in PS19/25 (following the 2024 consultation paper CP13/24) have been adopted with only minor, non‑substantive amendments. These amendments include updates required to align with the PRA&apos;s final Basel 3.1 rules and the replacement of certain CRR definitions, such as probability of default, loss given default and conversion factor, with new PRA Rulebook glossary definitions. The final rules, together with the associated supervisory statements and statements of policy contained within the appendices, will apply from 1 January 2027. This aligns with the implementation date of Basel 3.1 in the UK.

Alongside this policy statement, the PRA also published final policy, rules and supervisory expectations relating to Basel 3.1 implementation, retiring the Pillar 2A refined methodology and the final simplified capital regime for SDDTs.]]></description>
					      
						      <pubDate>Tue, 20 Jan 2026 17:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-final-policy-on-restatement-of-crr-requirements</guid>
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					      <title>UK PRA finalises policy on retiring Pillar 2A refined methodology</title>
					      <link>https://finreg.aoshearman.com/uk-pra-finalises-policy-on-retiring-pillar-2a-refined-methodology</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published policy statement PS2/26, finalising its decision to retire the &quot;refined methodology&quot; for Pillar 2A. Alongside this policy statement, the PRA also published final policy, rules and supervisory expectations relating to Basel 3.1 implementation (see updates above and below). Specifically, in this policy statement, the PRA confirms that no changes have been made between the near‑final policy issued in PS18/25 and the final policy, and it will proceed with clarifications to its Pillar 2A approaches for interest rate risk in the banking book and pension obligation risk. The PRA reiterates that the refined methodology will cease to apply from 1 January 2027, aligning with the implementation date of UK&apos;s Basel 3.1 standards and the introduction of the simplified capital regime for small domestic deposit takers (SDDTs). From 2027, all firms, including SDDTs, will calculate capital requirements under the Basel 3.1 standardised credit risk approach, rendering the refined methodology obsolete. The appendix to this final policy statement includes corresponding amendments to supervisory statement SS31/15 (on the internal capital adequacy assessment process and the supervisory review and evaluation process), which will also apply from 1 January 2027.

Read more.]]></description>
					      
						      <pubDate>Tue, 20 Jan 2026 16:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-finalises-policy-on-retiring-pillar-2a-refined-methodology</guid>
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					      <title>UK PRA policy statement on final simplified capital regime for SDDTs</title>
					      <link>https://finreg.aoshearman.com/uk-pra-policy-statement-on-final-simplified-capital-regime-for-sddts</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published a final policy statement PS4/26, finalising the simplified capital regime and additional liquidity simplifications for small domestic deposit takers (SDDTs) and SDDT consolidation entities under the strong and simple framework. The regime for SDDTs, a layer of prudential regulation that will apply to the smallest banks and building societies, has been developed in two phases: Phase 1, which focused on liquidity and disclosure simplifications and was finalised in December 2023; and Phase 2, outlined in the 2025 near-final policy statement and which built on Phase 1 and incorporated feedback from the 2024 consultation.

Read more.]]></description>
					      
						      <pubDate>Tue, 20 Jan 2026 16:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-policy-statement-on-final-simplified-capital-regime-for-sddts</guid>
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					      <title>UK FCA and PSR&apos;s joint reprioritisation statement on UKPI&apos;s cVRP scheme</title>
					      <link>https://finreg.aoshearman.com/uk-fca-and-psrs-joint-reprioritisation-statement-on-ukpis-cvrp-scheme</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) and the UK Payment Systems Regulator (PSR) have issued a joint prioritisation statement clarifying their enforcement position on the UK Payments Initiative&apos;s (UKPI) centralised &quot;access fee&quot; pricing model being developed for commercial variable recurring payments (cVRP). After consulting the Competition Markets Authority (CMA), the regulators confirm that they will not, at this stage, prioritise investigations under Chapter I of the Competition Act 1998 in relation to specific pricing arrangements concerning UKPI&apos;s cVRP scheme.

Read more.]]></description>
					      
						      <pubDate>Tue, 20 Jan 2026 16:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-and-psrs-joint-reprioritisation-statement-on-ukpis-cvrp-scheme</guid>
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					      <title>UK Treasury Committee report expresses concern over current approach to AI in financial services</title>
					      <link>https://finreg.aoshearman.com/uk-treasury-committee-report-expresses-concern-over-current-approach-to-ai-in-financial-services</link>
					      <description><![CDATA[
The UK Treasury Select Committee has published a report on AI in financial services. The report expresses concerns that the Bank of England, the UK Financial Conduct Authority (FCA) and HM Treasury (HMT) are exposing consumers and the wider financial system to potentially serious harm by maintaining a &quot;wait‑and‑see&quot; approach to AI in financial services. With over 75% of UK financial services firms now using AI, particularly insurers and international banks, the Committee acknowledges the potential benefits to consumers but concludes that regulators are not doing enough to mitigate emerging risks.

The report recommends that: (i) the Bank of England and the FCA undertake AI‑specific stress testing to build firms&apos; readiness for AI-driven market shocks; (ii) the FCA publishes comprehensive practical AI guidance for firms by year‑end covering: (a) how existing consumer protection rules apply to their use of AI and (b) accountability and the level of assurance expected from senior managers under the Senior Managers and Certification Regime for harm caused through the use of AI; and (iii) by year-end, HMT must designate the major AI and cloud providers as critical third parties for the purposes of the Critical Third Parties Regime. The Committee states it is unclear why HMT has been slow to use the new powers at its disposal, noting that the regime was established over a year ago. It further recommends that the Bank of England&apos;s Financial Policy Committee should monitor the regime&apos;s progress and, if needed, use its power of recommendation to HMT to ensure swift implementation.]]></description>
					      
						      <pubDate>Tue, 20 Jan 2026 15:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-treasury-committee-report-expresses-concern-over-current-approach-to-ai-in-financial-services</guid>
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					      <title>EC consults on draft Delegated Regulations supplementing the ESG Rating Regulation</title>
					      <link>https://finreg.aoshearman.com/ec-consults-on-draft-delegated-regulations-supplementing-the-esg-rating-regulation</link>
					      <description><![CDATA[
The European Commission (EC) has published two draft Delegated Regulations (dated 16 October) supplementing Regulation (EU) 2024/3005, the environmental, social and governance (ESG) Rating Regulation, on the transparency and integrity of ESG rating activities. The first draft Delegated Regulation concerns the supervisory fees to be charged by the European Securities and Markets Authority (ESMA) to ESG rating providers, setting out the types of fees, the matters for which they are due, the amounts, justifications and payment modalities, as required under Article 42(2) of the ESG Rating Regulation. The second draft Delegated Regulation establishes the procedural framework for ESMA&apos;s imposition of fines and periodic penalty payments on ESG rating providers, specifying rules on rights of defence, conduct of infringement proceedings, access to files by persons to whom a statement of findings has been sent, limitation periods and the collection of fines, pursuant to Article 39(9) of the ESG Rating Regulation. The deadline for feedback on both draft Delegated Regulations is 13 February. The EC expects to adopt both Delegated Regulations during Q1 2026.]]></description>
					      
						      <pubDate>Tue, 20 Jan 2026 12:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-consults-on-draft-delegated-regulations-supplementing-the-esg-rating-regulation</guid>
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					      <title>UK PRA final policy on implementation of Basel 3.1 standards</title>
					      <link>https://finreg.aoshearman.com/uk-pra-final-policy-on-implementation-of-basel-31-standards</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published final policy statement PS1/26 on the implementation of the Basel 3.1 standards in the UK, together with associated supervisory statements, statements of policy and updated disclosure and reporting templates in the relevant appendices. Specifically, in this policy statement, the PRA confirms: (i) its one‑year deferral of Basel 3.1 to 1 January 2027 (with the Fundamental Review of the Trading Book internal model approach deferred to 1 January 2028); and (ii) finalises targeted amendments consulted on in 2025, including changes to the market risk framework, clarifications to credit risk, operational risk and output floor provisions, the replacement of certain Capital Requirement Regulation (CRR) definitions (such as probability of default, loss given default and conversion factor) with new PRA Rulebook glossary definitions and the revocation of residual CRR provisions via HM Treasury commencement regulations. 

Read more.]]></description>
					      
						      <pubDate>Tue, 20 Jan 2026 12:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-final-policy-on-implementation-of-basel-31-standards</guid>
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					      <title>EBA and AMLA complete handover of AML/CTF mandates</title>
					      <link>https://finreg.aoshearman.com/eba-and-amla-complete-handover-of-amlctf-mandates</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has announced it has completed the transfer of all anti‑money laundering and counter‑terrorist financing (AML/CTF) mandates to the new Authority for Anti‑Money Laundering and Countering the Financing of Terrorism (AMLA) on 1 January. This transition, part of the EU&apos;s broader AML/CTF reform package, ends the EBA&apos;s stand‑alone AML/CFT mandate established in 2020 and places AMLA at the centre of a unified European supervisory framework. Key EBA tools and expertise, including the EuReCa database, supervisory insights and risk assessments, have been handed over, with all existing EBA AML/CTF guidelines and standards remaining in force until replaced by AMLA. Under the new regime, AMLA will complete the EU&apos;s Single Rulebook, advance supervisory convergence, coordinate the work of financial intelligence units and directly supervise 40 of the most complex financial institutions or groups in the EU. The EBA will continue to address money laundering risk through prudential regulation. The EBA has also published a fact sheet explaining the transition. A formal ESAs-AMLA Memorandum of Understanding was signed in June 2025, which underpins ongoing cooperation and information‑sharing between the authorities.]]></description>
					      
						      <pubDate>Mon, 19 Jan 2026 15:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-and-amla-complete-handover-of-amlctf-mandates</guid>
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					      <title>UK FCA letter to trade associations on establishing a Future Entity for open banking</title>
					      <link>https://finreg.aoshearman.com/uk-fca-letter-to-trade-associations-on-establishing-a-future-entity-for-open-banking</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a letter (dated 19 December 2025) to trade associations outlining next steps towards establishing the Future Entity (FE) that will serve as the UK&apos;s long‑term open banking standards‑setting body. The FCA reflects on progress made in 2025, noting industry collaboration on the multilateral agreement for variable recurring payments (VRP), the creation of the transitional multilateral agreement operator and associated governance arrangements, continued development of the VRP commercial model and broader industry preparation for the increased adoption of open banking and VRP services.

Looking ahead, the FCA expects 2026 to be a landmark year, with live transactions flowing through the VRP scheme expected in Q1. It also anticipates that HM Treasury will introduce legislation under the Data (Use and Access) Act 2025 (DUAA) granting the FCA new rulemaking powers for open banking. The FCA plans to consult on new rules for the long‑term regulatory framework enabled by these powers. In parallel, the FCA expects industry to establish a body capable of becoming the FE, which it wants to be the UK&apos;s primary standards setting body for application programming interfaces (APIs). Subject to legislation, the FCA expects to use its powers under the DUAA to support this objective.

Read more.]]></description>
					      
						      <pubDate>Fri, 16 Jan 2026 16:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-letter-to-trade-associations-on-establishing-a-future-entity-for-open-banking</guid>
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					      <title>ESMA and UAE SCA sign MoU on supervision of credit rating agencies</title>
					      <link>https://finreg.aoshearman.com/esma-and-uae-sca-sign-mou-on-supervision-of-credit-rating-agencies</link>
					      <description><![CDATA[
The European Securities and Markets Authority and the UAE Securities and Commodities Authority have published a Memorandum of Understanding (MoU) signed on 29 December 2025. The MoU establishes a framework for cooperation and information sharing in the supervision of credit rating agencies (CRAs) operating across both jurisdictions. While non binding in nature, it sets out principles for mutual assistance, including cooperation on registration and certification processes, ongoing supervision, enforcement actions, cross border on site inspections and the handling of emergency situations. It creates mechanisms for exchanging both solicited and unsolicited information, subject to confidentiality and data protection safeguards. It also outlines procedures for managing outsourced functions and maintaining professional secrecy. Both authorities commit to periodically reviewing the MoU and may amend or terminate it with appropriate notice.]]></description>
					      
						      <pubDate>Thu, 15 Jan 2026 17:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-and-uae-sca-sign-mou-on-supervision-of-credit-rating-agencies</guid>
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					      <title>UK FCA to host stablecoin sprint and trade payments roundtable</title>
					      <link>https://finreg.aoshearman.com/uk-fca-to-host-stablecoin-sprint-and-trade-payments-roundtable</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has announced the launch of a two-day stablecoin tech-sprint. The sprint, taking place on 4-5 March, will explore the use cases for stablecoins in domestic and international payments, covering retail and wholesale applications. A separate, smaller roundtable will take place on 15 May, focusing on use cases for stablecoins in trade payments, identifying risks, opportunities and where regulation would be beneficial. Follow-up roundtables are expected throughout 2026. Outputs from the sprint are expected to provide actionable insights to directly inform future FCA policy decisions on potential stablecoin payment regulation in the UK. The FCA invites participation from fintechs, payment institutions (including EMIs and acquirers), banks, technology providers, corporates, issuers, consultants and representative groups. A participation pack has been made available with more information on the format of the event and the problem statements the FCA expects to tackle. Applications are due by midnight on 4 February. The FCA will notify applicants by 13 February if they have secured a place at the sprint and/or roundtable.]]></description>
					      
						      <pubDate>Thu, 15 Jan 2026 16:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-to-host-stablecoin-sprint-and-trade-payments-roundtable</guid>
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					      <title>EC consults on reform of venture and growth capital funds</title>
					      <link>https://finreg.aoshearman.com/ec-consults-on-reform-of-venture-and-growth-capital-funds</link>
					      <description><![CDATA[
The European Commission (EC) has launched two consultations on reforming the rules for venture and growth capital funds. The consultations seeks to explore potential changes to the regulatory framework applying to such funds to support their development across the EU single market. This follows the identification of issues related to market fragmentation and unnecessary regulation.

The targeted consultation requests input from key stakeholders such as fund managers, institutional investors, public authorities and supervisors. It seeks insight into the barriers faced by managers and considers how the European Venture Capital Fund (EuVECA), European Social Entrepreneurship Funds (EuSEF) and the Alternative Investment Fund Managers (AIFMD) regimes could be changed to facilitate the development of such funds. In particular, the consultation includes specific questions on the calibration of thresholds under the EuVECA and AIFMD regimes, which trigger certain requirements, and the practical functioning of the EuVECA and EuSEF regimes.

Read more.]]></description>
					      
						      <pubDate>Thu, 15 Jan 2026 15:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-consults-on-reform-of-venture-and-growth-capital-funds</guid>
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					      <title>UK PRA outlines supervisory priorities for 2026 - UK deposit takers and international banks</title>
					      <link>https://finreg.aoshearman.com/uk-pra-outlines-supervisory-priorities-for-2026-uk-deposit-takers-and-international-banks</link>
					      <description><![CDATA[
The UK Prudential Regulatory Authority (PRA) has published Dear CEO letters setting out its 2026 supervisory priorities for UK deposit takers and international banks and designated investment firms. Across both letters, the PRA highlights its continued focus and expectations across risk management, operational resilience, financial resilience and data governance. It states that these priorities should be considered alongside firm-specific feedback provided though a firm&apos;s recent periodic summary meeting (PSM). It also announced plans to move certain supervisory activity, including PSMs, to a two-year cycle. The letters explain that a firm&apos;s supervisory contact will provide details in due course of what this means for the timing of the firm&apos;s next PSM.]]></description>
					      
						      <pubDate>Thu, 15 Jan 2026 14:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-outlines-supervisory-priorities-for-2026-uk-deposit-takers-and-international-banks</guid>
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					      <title>ECB response to targeted consultation on the market risk prudential framework</title>
					      <link>https://finreg.aoshearman.com/ecb-response-to-targeted-consultation-on-the-market-risk-prudential-framework</link>
					      <description><![CDATA[
The European Central Bank (ECB) has published its staff contribution to the European Commission&apos;s (EC) targeted consultation on the application of the market risk prudential framework (FRTB). The ECB welcomes the proposal to have the FRTB enter into force in the EU on 1 January 2027. It argues that further delaying the implementation of the FRTB would come with clear costs from a risk management and operational perspective. The ECB favours the three-year period of stability in the applicable market risk framework proposed by the EC. With respect to the temporary measures proposed for the delegated act, the ECB believes there is room to make these proposed amendments more risk-based and sound without adversely affecting the EC&apos;s objective of maintaining a level playing field with other jurisdictions. Regarding internal model-related requirements, the ECB agrees with using the Profit and Loss Attribution Test (PLAT) as a monitoring tool only, on the understanding that banks work on remediation in the event of highly concerning results. It considers the measures regarding the Risk Factor Eligibility Test (RFET) could be too far-reaching in their current form and would prefer this relief measure be limited to new risk factors. Equally, with regard to collective investment undertakings (CIUs), the ECB continues to consider that the proposal allowing banks to carry out the look-through on a quarterly basis for material exposures under both FRTB-AIMA and FRTB-ASA, rather than on a weekly basis as currently foreseen in the Capital Requirements Regulation, would not be sufficient to adequately capture the underlying risks of CIU exposures.

Read more.]]></description>
					      
						      <pubDate>Thu, 15 Jan 2026 14:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ecb-response-to-targeted-consultation-on-the-market-risk-prudential-framework</guid>
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					      <title>FMSB publishes 2026 workplan</title>
					      <link>https://finreg.aoshearman.com/fmsb-publishes-2026-workplan</link>
					      <description><![CDATA[
The Financial Markets Standards Board has published its 2026 workplan. The workplan covers a wide range of areas in relation to wholesale financial markets, and in 2026 the Board sets out the following focus topics:


	In relation to market practices, work is being progressed on pre-hedging, grey market trading, market quotation mechanisms, conduct risks around risk management transactions for new issuances, and price discovery.
	In relation to electronic trading and technology, the relevant committee will be looking at market-facing applications of AI and potentially the application of model risk management frameworks to electronic trading algorithms.


Read more.]]></description>
					      
						      <pubDate>Wed, 14 Jan 2026 16:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/fmsb-publishes-2026-workplan</guid>
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					      <title>ESAs and UK regulators sign MoU on oversight of critical ICT third-party service providers under DORA</title>
					      <link>https://finreg.aoshearman.com/esas-and-uk-regulators-sign-mou-on-oversight-of-critical-ict-third-party-service-providers-under-dora</link>
					      <description><![CDATA[
The European Supervisory Authorities (comprising the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority and the European Banking Authority) have entered into a Memorandum of Understanding with the Bank of England (BoE), the UK Prudential Regulatory Authority and the UK Financial Conduct Authority (FCA). The MoU seeks to strengthen cross-border oversight of critical third parties (CTPs) and critical ICT third-party service providers (CTPPs) under the Digital Operational Resilience Act (DORA), including during incidents such as power outages or cyber-attacks. It sets out cooperation principles and procedures, information‑sharing arrangements and coordination of oversight activities between EU and UK regulators. To enable information sharing with a third country authority, the ESAs must first verify that the third country&apos;s confidentiality and professional secrecy regime is equivalent to that under EU law. Accordingly, prior to signing the MoU, the ESAs carried out an assessment confirming that the UK&apos;s regime meets the standards set out in DORA. Separate statements from the FCA and BoE announcing the signed MoU were published on the same day.]]></description>
					      
						      <pubDate>Wed, 14 Jan 2026 16:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esas-and-uk-regulators-sign-mou-on-oversight-of-critical-ict-third-party-service-providers-under-dora</guid>
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					      <title>ESMA second thematic note on clear, fair and not misleading sustainability-related claims</title>
					      <link>https://finreg.aoshearman.com/esma-second-thematic-note-on-clear-fair-and-not-misleading-sustainability-related-claims</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its second thematic note on clear, fair and not misleading sustainability-related claims in relation to environmental, social and governance (ESG) strategies. This note forms part of a broader thematic study to address greenwashing risks in support of sustainable investments and follows ESMA&apos;s first note on ESG credentials. The purpose of these notes are to provide market participants with information and build on observed market practices. As with the first note, this second note sets out four principles for making sustainability claims. In summary, claims should be: (i) accurate; (ii) based on accessible information; (iii) substantiated; and (iv) up to date. The note follows a similar format to the first, including practical &quot;do&apos;s and don&apos;ts&quot; and examples of good and poor practice. It focuses on ESG integration, exclusions and strategies. While these notes do not create new disclosure requirements, they are intended to guide market participants on ensuring that communications, including non-regulatory oral and written communications, and those aimed at retail investors, are clear, fair and not misleading.]]></description>
					      
						      <pubDate>Wed, 14 Jan 2026 16:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-second-thematic-note-on-clear-fair-and-not-misleading-sustainability-related-claims</guid>
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					      <title>UK FCA consults on replacing ad hoc collection of R2B2 data with an annual regulatory return</title>
					      <link>https://finreg.aoshearman.com/uk-fca-consults-on-replacing-ad-hoc-collection-of-r2b2-data-with-an-annual-regulatory-return</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP26/3 proposing to replace its ad hoc retail banking business models (R2B2) data requests with a mandatory annual regulatory return for banks and building societies meeting specified thresholds. This forms part of a phase two use case for the transforming data collection programme which seeks to transform data collection from the UK financial sector. The proposed return would require in‑scope firms to submit sub-product level financial and volumetric data across mortgages, personal and business banking, lending and wholesale funding, as well as whole‑bank reconciliation data. The FCA also proposes to include an &quot;off-the-shelf&quot; request for firms to provide various readily available business documents. The return is proposed to apply to banks and building societies with more than 200,000 UK customer relationships and at least GBP5 million revenue in the relevant periods. Those that do not meet these thresholds will not have to send the FCA this data. The first mandatory submission would be due in November, with the FCA planning to publish anonymised annual statistics and review the data collection after five years. The deadline for comments is 4 March with a final policy statement expected later this year.]]></description>
					      
						      <pubDate>Wed, 14 Jan 2026 15:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-consults-on-replacing-ad-hoc-collection-of-r2b2-data-with-an-annual-regulatory-return</guid>
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					      <title>Evolution of the BoE&apos;s approach to resolution</title>
					      <link>https://finreg.aoshearman.com/evolution-of-the-boes-approach-to-resolution</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a speech by Dave Ramsden, deputy governor, markets and banking, on the evolution of the BoE&apos;s approach to resolution. The speech discusses the balance to be struck in optimising ex ante resilience and ex post costs and the response to recent events and the changing environment. Mr Ramsden states that in terms of bank resolution, assuming no unexpected developments, the BoE has now implemented the key policy developments he expects it to - certainly in his remaining term as Deputy Governor, which ends in September 2027. Later this year, the BoE expects to publish an operational guide to the transfer resolution strategies and an update to its operational guide to bail-in. Subject to the findings of the third RAF assessment which begins later this year and market developments, the BoE expects to confirm the timing of the fourth assessment as not being before 2029-30. There is more to do to operationalise the central counterparty (CCP) resolution regime and later this year the BoE expects to consult on resolvability standards for CCPs.

Read more.]]></description>
					      
						      <pubDate>Wed, 14 Jan 2026 15:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/evolution-of-the-boes-approach-to-resolution</guid>
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					      <title>ESMA launches digital and data strategies to support supervision of EU financial markets</title>
					      <link>https://finreg.aoshearman.com/esma-launches-digital-and-data-strategies-to-support-supervision-of-eu-financial-markets</link>
					      <description><![CDATA[
The European Securities Markets Authority (ESMA) has announced the adoption of its new digital strategy 2026-2028 and an updated data strategy 2023-2028, signalling a continued shift toward technology‑driven supervision and streamlined regulatory reporting. The new digital strategy sets out a roadmap focused on: enhancing EU‑wide digital synergies; strengthening the digital capabilities of both ESMA and the European System of Financial Supervision; improving operational efficiency; and ensuring a secure and future‑ready supervisory ecosystem.

The updated data strategy emphasises burden reduction and more integrated data management, with key new actions including major initiatives to streamline supervisory reporting, expansion of the ESMA data platform, further development of the MiCAR joint supervisory tool for crypto‑market monitoring and finalisation of the European Single Access Point. These goals are in line with its wider simplification and burden reduction initiative launched in 2025. ESMA&apos;s data and digital work will be guided by the roadmaps under both strategies. By 2029, ESMA expects to converge the two into one unified strategy.]]></description>
					      
						      <pubDate>Tue, 13 Jan 2026 17:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-launches-digital-and-data-strategies-to-support-supervision-of-eu-financial-markets</guid>
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					      <title>UK equity consolidated tape consultation extended and CBA published</title>
					      <link>https://finreg.aoshearman.com/uk-equity-consolidated-tape-consultation-extended-and-cba-published</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published an updated webpage on its consultation paper proposing a framework for introducing an equity consolidated tape in the UK, operated by a consolidated tape provider. The FCA confirms that the deadline for comments on the proposals has been extended to 13 February. It also published a separate note outlining the cost benefit analysis methodology, following a request for further information.]]></description>
					      
						      <pubDate>Tue, 13 Jan 2026 16:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-equity-consolidated-tape-consultation-extended-and-cba-published</guid>
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					      <title>ESMA final updated guidelines on stress test scenarios under MMF Regulation</title>
					      <link>https://finreg.aoshearman.com/esma-final-updated-guidelines-on-stress-test-scenarios-under-mmf-regulation</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its final report with guidelines on stress test scenarios under the Money Market Funds Regulation (MMF Regulation). ESMA updates these guidelines at least annually. These new guidelines follow the previous version published in January 2025, along with their official translations in February 2025. This report sets out revised stress test scenarios and risk parameters to ensure that MMF managers have the necessary information to complete the reporting template required under Article 37 of the MMF Regulation and Commission Implementing Regulation (EU) 2018/708. The report&apos;s annex contains the full text of the updated guidelines and scenario calibrations for 2025 (with amendments shown in red). Once the official translations of the guidelines are published on ESMA&apos;s website, national competent authorities will have two months to confirm whether they will comply, after which the updated guidelines, including the new 2025 parameters, will apply. From that point, MMF managers must report results based on the new parameters in their quarterly submissions; until then, they should continue using the parameters set out in the 2024 guidelines. Separately, the European Systemic Risk Board published the adverse financial market scenario for the stress-testing exercise (dated 4 December 2025) that ESMA used to update the risk parameters in the guidelines.]]></description>
					      
						      <pubDate>Tue, 13 Jan 2026 15:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-final-updated-guidelines-on-stress-test-scenarios-under-mmf-regulation</guid>
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					      <title>G7 CEG roadmap for transition to post-quantum cryptography in financial services</title>
					      <link>https://finreg.aoshearman.com/g7-ceg-roadmap-for-transition-to-post-quantum-cryptography-in-financial-services</link>
					      <description><![CDATA[
HM Treasury has published a statement from the G7 Cyber Expert Group (CEG) setting out a high‑level, non‑binding roadmap for a coordinated financial‑sector transition to post‑quantum cryptography (PQC). Building on its previous 2024 statement, the CEG highlights while quantum computing promises significant new capabilities for financial services, these advanced computers will be capable of breaking widely-used cryptographic protocols that protect systems and data. Therefore, the CEG explains how the financial sector should start preparing for this in advance of risks. The roadmap outlines a phased approach for both financial sector entities and public authorities for planning and coordination. It highlights key migration activities including awareness and preparation, discovery and inventory, risk assessment and planning, migration execution, testing and ongoing validation and monitoring. Although not legally binding, the CEG encourages firms to begin planning now. It notes that many jurisdictions currently reference 2035 as an overall target for full migration, with the most important systems ideally upgraded earlier (around 2030-2032). While the trajectory of quantum computing development is uncertain, the statement conveys it may be helpful for organisations to establish comparable migration timelines to ensure their milestones can be achieved prior to the availability of cryptographically relevant quantum computers. The CEG further encourages ongoing monitoring, cross sector information sharing and close coordination with international standard setting bodies to support a harmonised transition to PQC.]]></description>
					      
						      <pubDate>Tue, 13 Jan 2026 15:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/g7-ceg-roadmap-for-transition-to-post-quantum-cryptography-in-financial-services</guid>
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					      <title>UK PRA and FCA consult on the FSCS MELL for 2026/27</title>
					      <link>https://finreg.aoshearman.com/uk-pra-and-fca-consult-on-the-fscs-mell-for-202627</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) and the UK Financial Conduct Authority (FCA) have published consultation paper CP1/26, proposing a management expenses levy limit (MELL) of GBP113 million for the UK Financial Services Compensation Scheme (FSCS) for 2026/27. The MELL ensures the FSCS has enough funding to carry out its functions.

The proposed MELL comprises a GBP108m management expenses budget, a GBP4.4m increase from 2025/26, broadly in line with inflation, and an unlevied reserve of GBP5m. Excluding the cost of the FSCS&apos;s revolving credit facility (RCF), which is being expanded to GBP3bn to support the Bank of England&apos;s recapitalisation powers and ensure faster depositor payouts, the proposal represents a nominal and real‑terms reduction in the FSCS budget.

Read more.]]></description>
					      
						      <pubDate>Tue, 13 Jan 2026 15:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-and-fca-consult-on-the-fscs-mell-for-202627</guid>
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					      <title>UK FCA Primary Market Bulletin 61 - POATRs regime</title>
					      <link>https://finreg.aoshearman.com/uk-fca-primary-market-bulletin-61-poatrs-regime</link>
					      <description><![CDATA[
The UK Financial Conduct Authority has (FCA) published Primary Market Bulletin 61 (PMB 61), outlining proposed changes to the FCA Knowledge Base in preparation for the incoming Public Offers and Admissions to Trading Regulations (POATRs) regime, taking effect on 19 January. The Knowledge Base contains the FCA&apos;s technical guidance (comprising technical and procedural notes) on primary markets regulatory topics relating to listing, prospectuses, disclosure and transparency.

The new POATRs regime reforms the current UK Prospectus regime (which was inherited from the EU) in three fundamental ways: it creates a prohibition-and-exceptions model for public offers; greater rule-making flexibility for the FCA on admission to trading; and targeted recalibration of liability and disclosure to facilitate efficient issuance. Due to the extensive changes being brought in by the regime, the FCA is required to update its technical guidance and make other changes to its Knowledge Base. The FCA consulted on these changes in October, in PMB 58.

Read more.]]></description>
					      
						      <pubDate>Mon, 12 Jan 2026 16:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-primary-market-bulletin-61-poatrs-regime</guid>
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					      <title>UK FCA findings on complex ETPs</title>
					      <link>https://finreg.aoshearman.com/uk-fca-findings-on-complex-etps</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published findings from its multi‑firm review on the distribution of complex exchange traded products (ETPs) to retail consumers, highlighting both good practice and areas requiring improvement under the consumer duty. These products are a small but growing segment of the wider ETP market. The FCA observed significant growth in retail trading of complex ETPs, including leveraged and inverse products, and assessed whether execution‑only distributors are meeting obligations relating to product governance, appropriateness testing, price and value, consumer understanding and outcomes monitoring.

Read more.]]></description>
					      
						      <pubDate>Mon, 12 Jan 2026 15:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-findings-on-complex-etps</guid>
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					      <title>ESMA principles on risk-based supervision</title>
					      <link>https://finreg.aoshearman.com/esma-principles-on-risk-based-supervision</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its non-binding principles for risk-based supervision to promote a common and effective EU-wide supervisory culture and strengthen the EU single market. These principles apply to national competent authorities (NCAs) and ESMA when exercising direct supervision, covering the identification, assessment, prioritisation and mitigation of risks across all mandates (markets, entities and products) within an authority&apos;s remit. While acknowledging that different models for risk-based supervision exist, ESMA introduces an entity-based approach that can be adapted to other models (such as transaction or product-based approaches) depending on an authority&apos;s supervisory processes. The principles are intended to guide supervisory practice rather than prescribe a single supervisory model or operate as a full manual. As non-binding guidance, they are intended to be implemented practically under the relevant authority&apos;s existing framework. ESMA and NCAs will work together to advance implementation and promote high quality supervisory outcomes for market participants.]]></description>
					      
						      <pubDate>Fri, 09 Jan 2026 17:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-principles-on-risk-based-supervision</guid>
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					      <title>UK House of Lords Committee report on growth of UK private markets and impact on financial stability</title>
					      <link>https://finreg.aoshearman.com/uk-house-of-lords-committee-report-on-growth-of-uk-private-markets-and-impact-on-financial-stability</link>
					      <description><![CDATA[
The House of Lords Financial Services Regulation Committee has published a report titled &quot;Private markets: Unknown unknowns&quot;. The report highlights the rapid global expansion of private markets and raises concerns about the implications of this growth for the UK&apos;s financial stability. The Committee&apos;s inquiry focused on identifying the drivers of the expansion of private markets and assessing its potential consequences. The report should also be read alongside the accompanying letter (dated 18 December) from the Economic Secretary to the Treasury, which forms HM Treasury&apos;s (HMT) evidence to the inquiry.

Read more.]]></description>
					      
						      <pubDate>Fri, 09 Jan 2026 16:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-house-of-lords-committee-report-on-growth-of-uk-private-markets-and-impact-on-financial-stability</guid>
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					      <title>EBA ancillary services undertakings final guidelines and report on prudential consolidation under CRR</title>
					      <link>https://finreg.aoshearman.com/eba-ancillary-services-undertakings-final-guidelines-and-report-on-prudential-consolidation-under-crr</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its final guidelines on ancillary services undertakings. It specifies criteria for identifying activities referred to in Article 4(1)(18) of the Capital Requirements Regulation (CRR), which was amended by Regulation 2024/1623 (CRR III), to clarify the definition of ancillary services undertaking. The guidelines define how to identify: (a) activities that should be considered a &quot;direct extension of banking&quot;; (b) activities that should be considered &quot;ancillary to banking&quot;; and (c) &quot;other similar activities&quot; that the EBA may consider similar to those referred to in the CRR.

Read more.]]></description>
					      
						      <pubDate>Fri, 09 Jan 2026 15:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-ancillary-services-undertakings-final-guidelines-and-report-on-prudential-consolidation-under-crr</guid>
				    </item>
			
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					      <title>UK FCA update on advice guidance boundary review - targeted support policy sprint</title>
					      <link>https://finreg.aoshearman.com/uk-fca-update-on-advice-guidance-boundary-review-targeted-support-policy-sprint</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published an update on its advice guidance boundary review - targeted support policy sprint. The six-week sprint, launched in February 2025, brought together 12 firms, including retail banks, investment platforms and wealth managers, to test the FCA&apos;s targeted support proposals. As a reminder, the new regulated activity of targeted support aims to allow authorised firms to provide recommendations for pre-defined consumer segments with common needs or objectives. The regime is outcomes-focussed, with bespoke rules in the FCA handbook and further underpinned by the consumer duty and product governance rules.

Read more.]]></description>
					      
						      <pubDate>Fri, 09 Jan 2026 15:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-update-on-advice-guidance-boundary-review-targeted-support-policy-sprint</guid>
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					      <title>EBA final draft RTS for third-country branches under CRD VI</title>
					      <link>https://finreg.aoshearman.com/eba-final-draft-rts-for-third-country-branches-under-crd-vi</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published two final draft RTS under the Capital Requirements Directive 2013/36 (CRD IV), as amended by Directive 2024/1619 (CRD VI), relating to the regulatory requirements for third-country branches (TCBs). The RTS relate to: (i) cooperation and colleges of supervisors for TCBs; and (ii) the booking arrangements that TCBs are to apply. The revised drafts consider feedback from the July consultations, in particular:


	The draft RTS on supervisory cooperation contains a revised Article 14 on the information to be exchanged on the supervisory review and evaluation process (SREP). The elements of information to be exchanged are linked to the relevant provisions of CRD in order to accommodate future developments at the level of the SREP Guidelines (a revised version of which is currently under consultation). 


Read more.]]></description>
					      
						      <pubDate>Thu, 08 Jan 2026 17:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-final-draft-rts-for-third-country-branches-under-crd-vi</guid>
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					      <title>ESAs final joint guidelines for ESG stress testing</title>
					      <link>https://finreg.aoshearman.com/esas-final-joint-guidelines-for-esg-stress-testing</link>
					      <description><![CDATA[
The European Supervisory Authorities (ESAs, comprising the European Banking Authority, European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) has published a final report with joint guidelines for integrating environmental, social and governance (ESG) risks into financial stress tests for banks and insurers. These guidelines, mandated by the Capital Requirements Directive (CRD) and the Solvency II Directive, aim to harmonise how competent authorities across the EU consistently incorporate ESG risks into their supervisory frameworks.

Following feedback to the June consultation, the ESAs refined the drafting but did not change the overall structure or approach. Notable amendments include: clarifying the materiality assessment to make it more forward looking and not limited to relative exposure measures; enhancing proportionality language; increasing the time horizon to 10 years for or a more forward looking and comprehensive materiality assessment of ESG risks for competent authorities to identify; and other minor adjustments. The guidelines will be translated into all official languages of the EU in Q1 and published on the ESAs&apos; websites. The deadline for competent authorities to notify the respective ESA whether they comply or intend to comply with the guidelines will be two months after the publication of the translated guidelines. The joint guidelines apply from 1 January 2027.]]></description>
					      
						      <pubDate>Thu, 08 Jan 2026 16:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esas-final-joint-guidelines-for-esg-stress-testing</guid>
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					 <item>
					      <title>UK FCA publishes new suite of webpages on upcoming UK cryptoassets regime</title>
					      <link>https://finreg.aoshearman.com/uk-fca-publishes-new-suite-of-webpages-on-upcoming-uk-cryptoassets-regime</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new suite of webpages outlining its approach to the upcoming regulatory regime for cryptoasset activities. The regime will be implemented under the Financial Services and Markets Act 2000 (FSMA), through the draft statutory instrument laid before Parliament in December. The regime&apos;s go-live date is 25 October 2027.

Read more.]]></description>
					      
						      <pubDate>Thu, 08 Jan 2026 14:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-publishes-new-suite-of-webpages-on-upcoming-uk-cryptoassets-regime</guid>
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					      <title>UK DBT update to FCA to finalise UK sustainability reporting standards</title>
					      <link>https://finreg.aoshearman.com/uk-dbt-update-to-fca-to-finalise-uk-sustainability-reporting-standards</link>
					      <description><![CDATA[
The UK Department for Business and Trade (DBT) has published a letter (dated 5 January) sent to the UK Financial Conduct Authority (FCA) providing an update on finalising the UK versions of the International Sustainability Standards Board&apos;s (ISSB) sustainability reporting standards (UK SRS), ahead of the FCA&apos;s planned January 2026 consultation on adopting the standards for listed companies. The letter confirms that consultation feedback largely supported the draft UK SRS S1 and S2, but stakeholders strongly recommended providing entities with sufficient time to implement the more challenging requirements and sought clarity on the interaction between embedded transitional reliefs and FCA rules.

To address this, the government will remove specific time references from the standards and instead allow timing and availability of reliefs to be set through government regulations (Companies Act 2006), FCA rules or by any other relevant authority. It will also clarify how statements of compliance apply to reporters where reliefs are used. The government will review the ISSB&apos;s updates to the international financial reporting standard S2 (climate related disclosures) for incorporation into the final UK SRS S2, which is expected to be published early in 2026.]]></description>
					      
						      <pubDate>Thu, 08 Jan 2026 10:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-dbt-update-to-fca-to-finalise-uk-sustainability-reporting-standards</guid>
				    </item>
			
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					      <title>Delegated regulation to simplify EU taxonomy reporting and screening criteria published in OJ</title>
					      <link>https://finreg.aoshearman.com/delegated-regulation-to-simplify-eu-taxonomy-reporting-and-screening-criteria-published-in-oj</link>
					      <description><![CDATA[
Commission Delegated Regulation 2026/73 has been published in the Official Journal of the European Union (OJ). The Delegated Regulation, adopted on 4 July, amends Delegated Regulation (EU) 2021/2178 to simplify reporting requirements for environmentally sustainable activities under the EU Taxonomy Regulation. It also amends Delegated Regulations 2021/2139 and 2023/2486 to simplify certain technical screening criteria for determining whether economic activities cause no significant harm to environmental objectives. These include materiality-based exemptions, reduced and simplified key performance indicators and streamlined reporting templates. The Regulation enters into force on the twentieth day following publication in the OJ, applying from 1 January. Undertakings may, however, apply Delegated Regulations (EU) 2021/2178, (EU) 2021/2139 and (EU) 2023/2486 as applicable on 31 December 2025 for the financial year that starts between 1 January and 31 December 2025.]]></description>
					      
						      <pubDate>Thu, 08 Jan 2026 10:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/delegated-regulation-to-simplify-eu-taxonomy-reporting-and-screening-criteria-published-in-oj</guid>
				    </item>
			
					 <item>
					      <title>ESMA report on marketing requirements on cross-border distribution of funds</title>
					      <link>https://finreg.aoshearman.com/esma-report-on-marketing-requirements-on-cross-border-distribution-of-funds</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its third report on marketing requirements and marketing communications under the regulation on cross border distribution of funds. Drawing on data submitted by national competent authorities, ESMA confirms that there have been no significant changes to national marketing rules since its previous 2023 report. The report now incorporates, for the first time, statistics on cross border fund marketing notifications. The new statistical insights show that Luxembourg and Ireland remain the dominant jurisdictions for notifying cross border fund marketing activity, representing 59% and 30% of notifications, respectively. Undertakings for collective investment in transferable securities account for the majority of notifications (56%), with alternative investment funds comprising the remaining 44%.]]></description>
					      
						      <pubDate>Tue, 06 Jan 2026 14:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-report-on-marketing-requirements-on-cross-border-distribution-of-funds</guid>
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					      <title>ESMA launches selection of CTP for OTC derivatives</title>
					      <link>https://finreg.aoshearman.com/esma-launches-selection-of-ctp-for-otc-derivatives</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has announced the launch of its first selection procedure for a consolidated tape provider (CTP) for over-the-counter (OTC) derivatives. ESMA encourages interested entities to register and submit their requests to participate by 11 February. The CTP aims to enhance transparency and efficiency in the OTC derivatives market by consolidating post-trade data from trading venues and other contributors into a single, continuous electronic stream. This consolidated view of market activity is intended to support more accurate and timely information access, improve price discovery and contribute to EU initiatives such as the Savings and Investment Union.

The CTP will collect and disseminate OTC derivatives data in line with ESMA&apos;s proposals set out in its final report on transparency for derivatives. Regarding next steps, ESMA will assess the requests it receives against the applicable exclusion and selection criteria and invite successful candidates to submit full applications. Any queries during the application phase will be handled through the EU Funding &amp; Tenders Portal, which also has the contract notice and procurement document available. A reasoned decision on the selected CTP is expected by early July, after which the chosen provider will operate the OTC derivatives tape for a five‑year term, subject to ESMA authorisation and supervision.]]></description>
					      
						      <pubDate>Mon, 05 Jan 2026 14:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-launches-selection-of-ctp-for-otc-derivatives</guid>
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					      <title>BoE response to HMT&apos;s remit and recommendations for 2025/26</title>
					      <link>https://finreg.aoshearman.com/boe-response-to-hmts-remit-and-recommendations-for-202526</link>
					      <description><![CDATA[
The Bank of England Financial Policy Committee (FPC) has issued its formal response (dated 19 December) addressing HM Treasury&apos;s November remit and recommendations for 2025/26. The FPC welcomes the recommendations made, confirming alignment with the government&apos;s aim of supporting sustainable economic growth while ensuring financial stability. It reflects on its recent work and refers to its assessment in the December Financial Stability Report (FSR) on the resilience of the UK financial system. It states that global macroeconomic and geopolitical risks continue to pose vulnerabilities, though, UK banks remain well capitalised, and results from the 2025 Bank Capital Stress Test show that the banking system could continue to support the economy even if conditions were materially worse than expected.

The FPC also reports progress on its medium term priorities including operational resilience, climate related financial risks and cryptoassets, noting that it remains alert to new and emerging risks which will remain a focus in the upcoming years. It also welcomes plans for a system wide exploratory scenario exercise on private markets, expected to be completed by the end of the year. As requested by HMT, the FPC also provides an update on areas where there is potential to increase the financial sector&apos;s ability to support sustainable economic growth, with conclusions set out in the FSR.]]></description>
					      
						      <pubDate>Fri, 02 Jan 2026 10:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/boe-response-to-hmts-remit-and-recommendations-for-202526</guid>
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					      <title>UK PRA expectations on notification for inclusion of interim or year-end profits in CET1 capital</title>
					      <link>https://finreg.aoshearman.com/uk-pra-expectations-on-notification-for-inclusion-of-interim-or-year-end-profits-in-cet1-capital</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published a new webpage outlining its expectations of firms&apos; when including interim or year‑end profits in Common Equity Tier 1 (CET1) capital. Under Article 26(2), Chapter 3 of the Own Funds (CRR) Part of the PRA Rulebook, firms must notify the PRA as soon as practicable when including interim or year-end profits in CET1 capital, unless a formal decision has been taken confirming the final profit or loss for the year (e.g., by the board or AGM). Losses must be deducted in full as soon as they are incurred and do not require notification.

When notifying, firms are expected to demonstrate that profits have been independently verified and that any foreseeable charge or dividend has been deducted. Notifications must specify whether they apply on an individual basis, a consolidated basis, or both. The PRA emphasises that receipt of a notification does not constitute approval of CET1 eligibility and firms themselves remain responsible for compliance with all applicable requirements regarding the quality of capital. If any information provided changes, firms must inform their PRA supervisory contact and submit a new notification as soon as possible. Firms are also reminded to notify the PRA each time they wish to count interim or year-end profits as CET1 capital in a financial year.]]></description>
					      
						      <pubDate>Fri, 02 Jan 2026 10:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-expectations-on-notification-for-inclusion-of-interim-or-year-end-profits-in-cet1-capital</guid>
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					      <title>UK FCA extends UK DTO direction under UK MiFIR</title>
					      <link>https://finreg.aoshearman.com/uk-fca-extends-uk-dto-direction-under-uk-mifir</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has issued a new direction with an explanatory statement (published later, on 2 January) under Article 28a(9) of the UK Markets in Financial Instruments Regulation (MiFIR) regarding its direction on the derivatives trading obligation (DTO). The direction, originally issued on 31 December 2024, permits firms which would otherwise be subject to the UK DTO trading with EU DTO clients to execute trades on EU venues provided certain conditions are met. The statement confirms that the direction is extended for a further six months, remaining effective until 30 June. The FCA states that this decision satisfies the conditions under Article 28(1)(a) of MiFIR, reflecting the ongoing need to prevent or mitigate market disruption caused by the absence of mutual equivalence between the UK and EU. It also satisfies Article 28a(1)(b) as the measure advances the FCA&apos;s operational objectives under the Financial Services and Markets Act 2023. A further review will take place at the end of the next six-month period, after which, if the direction is still in force, the FCA will issue a new statement.]]></description>
					      
						      <pubDate>Wed, 31 Dec 2025 16:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-extends-uk-dto-direction-under-uk-mifir</guid>
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					      <title>ESMA final guidelines on the internal control framework for BMAs, CRAs and MTIs</title>
					      <link>https://finreg.aoshearman.com/esma-final-guidelines-on-the-internal-control-framework-for-bmas-cras-and-mtis</link>
					      <description><![CDATA[
The European Securities Markets Authority (ESMA) has published a final report with guidelines on internal controls applicable to benchmark administrators (BMAs), credit rating agencies (CRA) and market transparency infrastructures (MTIs), which include trade repositories, data reporting services providers and securitisation repositories. The guidelines repeal and replace previous CRA-specific internal control guidance, extend coverage to BMAs and MTI and update expectations to address technology-related risks and integration of new technologies. Following feedback on the December 2024 consultation, ESMA confirms that no substantive changes were made to the draft, apart from clarifications on scope, proportionality and governance terminology. The guidelines apply from 1 October.]]></description>
					      
						      <pubDate>Mon, 22 Dec 2025 14:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-final-guidelines-on-the-internal-control-framework-for-bmas-cras-and-mtis</guid>
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					      <title>EBA updates guidelines on the equivalence of confidentiality regimes</title>
					      <link>https://finreg.aoshearman.com/eba-updates-guidelines-on-the-equivalence-of-confidentiality-regimes</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a final report updating its guidelines on the equivalence of confidentiality and professional secrecy regimes in third countries. The amending guidelines: (i) expand the scope of the 2022 guidelines to include confidentiality and professional secrecy provisions under the Markets in Crypto-Assets Regulation; (ii) reflect recent EBA equivalence assessments confirming that regimes in Australia, China, Montenegro, Peru, Serbia and the UK are now deemed equivalent to EU standards; and (iii) streamline definitions, update legal references and clarify how competent authorities should apply the framework when sharing information or engaging in supervisory cooperation. The EBA states that while these guidelines inform opinions on equivalence, they do not address the need for cooperation arrangements or participation in supervisory colleges. The guidelines will be translated into all official EU languages and published on the EBA website. Competent authorities are required to report on whether they comply two months after the publication of the translations.]]></description>
					      
						      <pubDate>Mon, 22 Dec 2025 11:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-updates-guidelines-on-the-equivalence-of-confidentiality-regimes</guid>
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					      <title>UK PRA finalises low impact amendments to PRA rules and policy material</title>
					      <link>https://finreg.aoshearman.com/uk-pra-finalises-low-impact-amendments-to-pra-rules-and-policy-material</link>
					      <description><![CDATA[
The UK Prudential Regulatory Authority (PRA) has finalised a series of what it refers to as low impact amendments (LIAF03/25) to its Rulebook and policy materials following its October consultation. These include:


	The conditional disapplication of certain PRA general provisions to implement the deference arrangements under the UK Swiss-Berne Financial Services Agreement, effective from 1 January.
	A minor technical amendment to the Transitional Measure on Technical Provisions Part of the PRA Rulebook, TMTP Calculation and Rule 5.2, which all took effect from 23 December.
	An amendment to the Insurance Special Purpose Vehicle Part of the PRA Rulebook, solvency requirements, Rule 2.2A(3) and related updates to supervisory statement SS2/25, which all took effect and applied from 23 December.
	Miscellaneous corrections across the PRA Rulebook to ensure its accuracy, effective from 1 January.


Read more.]]></description>
					      
						      <pubDate>Fri, 19 Dec 2025 17:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-finalises-low-impact-amendments-to-pra-rules-and-policy-material</guid>
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					      <title>UK FCA Handbook Notice 136</title>
					      <link>https://finreg.aoshearman.com/uk-fca-handbook-notice-136</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) published Handbook Notice 136, outlining amendments to the FCA Handbook resulting from the following statutory instruments:


	Dispute Resolution: Complaints Sourcebook (Motor Finance Complaints Handing) Instrument 2025, which entered into force on 5 December 2025. This extends the deadline for firms to send final responses to certain motor finance complaints.
	Consumer Composite Investments Instrument 2025, entering into force on 6 April 2026 and 7 May 2026. This introduces a new product information regime to help consumers understand the investment products they are buying.
	Complaints Reporting Instrument 2025, entering into force on 7 April and 31 December 2026.  The changes seek to improve the quality of reported data allowing the FCA to detect consumer harm more quickly while also reducing firm burden.
	Simplification: Conduct and Product Governance of Non-Investment Insurance Business and Other Amendments Instrument 2025, which entered into force on 9 December 2025.
	Non-Financial Misconduct (No 2) Instrument 2025, entering into force on 1 September 2026. This introduces rules and guidance on non-financial misconduct to raise standards, increase accountability and build trust in financial services.


Read more.]]></description>
					      
						      <pubDate>Fri, 19 Dec 2025 17:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-handbook-notice-136</guid>
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					      <title>UK PSR proposed directions following market review of card scheme and processing fees</title>
					      <link>https://finreg.aoshearman.com/uk-psr-proposed-directions-following-market-review-of-card-scheme-and-processing-fees</link>
					      <description><![CDATA[
The UK Payment Systems Regulator (PSR) has published consultation paper CP25/3, proposing specific draft directions to implement two remedies arising from its market review of card scheme and processing fees. The review identified rising fees, weak competitive constraints and insufficient transparency for acquirers and merchants. Following feedback on its April consultation, which proposed four potential remedies, the PSR is now taking forward the following two:


	Information, transparency and complexity remedy, ensuring that acquirers and merchants through their contractual relationship, receive better information to understand the fees they are charged.
	Pricing governance remedy, ensuring that there is evidence behind pricing decisions.

The draft directions have been published separately on this webpage. A draft direction for a third remedy on regulatory financial reporting, intended to give the PSR enhanced data on profitability and card-scheme financial performance, will be consulted on separately by 31 March. The PSR confirms that other previously proposed remedies will not proceed. The deadline for responses is 5:00pm on 13 February.]]></description>
					      
						      <pubDate>Fri, 19 Dec 2025 16:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-psr-proposed-directions-following-market-review-of-card-scheme-and-processing-fees</guid>
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					      <title>UK FCA finalises approach to ancillary activities test</title>
					      <link>https://finreg.aoshearman.com/uk-fca-finalises-approach-to-ancillary-activities-test</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published policy statement PS25/24 finalising its revised approach to the ancillary activities test (AAT). The AAT determines when non financial firms trading commodity derivatives may rely on the ancillary activities exemption (AAE) instead of requiring investment firm authorisation for commodity derivatives or emission allowances trading that is ancillary to their main business.

HM Treasury made legislative changes by laying the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2025, giving the FCA the power to set the rules defining the conditions under which firms can rely on the AAE. Following its July consultation, the FCA has finalised its proposals largely as consulted on. From 1 January 2027, firms will be able to qualify for the AAE by satisfying any one of three independent tests: (i) a new GBP3 billion annual threshold test based solely on OTC cash settled derivatives exposure (with exchange traded derivatives expressly excluded following industry feedback); (ii) a modified trading test; or (iii) a modified capital employed test. The trading and capital employed tests will retain their existing methodology for calculating these tests but will now be subject to a 50% threshold. Transitional relief will apply until 1 January 2028, and firms currently relying on the AAE are advised to familiarise themselves with the new conditions and prepare for annual calculations under the updated framework.]]></description>
					      
						      <pubDate>Fri, 19 Dec 2025 11:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-finalises-approach-to-ancillary-activities-test</guid>
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					      <title>ECB guideline on NPE coverage for LSIs published in OJ</title>
					      <link>https://finreg.aoshearman.com/ecb-guideline-on-npe-coverage-for-lsis-published-in-oj</link>
					      <description><![CDATA[
Guideline (EU) 2025/2595 of the European Central Bank (ECB) has been published in the Official Journal of the European Union. The guideline, adopted on 10 December, sets out a harmonised supervisory approach for national competent authorities (NCAs) to assess the management and coverage of non performing exposures (NPEs) held by less significant institutions (LSIs) within the Single Supervisory Mechanism. It aims to ensure consistent supervisory standards across member states by requiring NCAs to review LSIs&apos; provisioning policies and treatment of assets in terms of own funds requirements. Such data is not currently included in the information that institutions are required to report under Commission Implementing Regulation (EU) 2021/451, and therefore NCAs should require LSIs to report it for each relevant reporting reference date. NCAs must: assess NPE coverage using Article 47c factors under the Capital Requirements Regulation; apply the framework to all LSIs unless specific exemption conditions are met; and introduce reporting requirements for each reporting reference date using ECB developed templates. Transitional reduced coverage factors apply for the 2025-2027 reporting periods, with full application from the 31 December 2028 reference date. The guideline takes effect on the day of its notification to the NCAs of the participating member states.]]></description>
					      
						      <pubDate>Fri, 19 Dec 2025 09:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ecb-guideline-on-npe-coverage-for-lsis-published-in-oj</guid>
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					      <title>SRB&apos;s approach to simplification</title>
					      <link>https://finreg.aoshearman.com/srbs-approach-to-simplification</link>
					      <description><![CDATA[
The Single Resolution Board (SRB) has published its approach to simplification. The SRB states that it is working to simplify its own processes and approaches, which will result in fewer deliverables requested from banks, greater stability and predictability in data requirements and policies, and faster interactions. The SRB&apos;s work on simplification is guided by four core principles: supporting competitiveness, supporting Banking Union integration, focusing on actions that enhance efficiency without compromising resolvability, and acknowledging that cooperation and trust are critical to effective crisis management. The SRB outlines its ongoing actions related to simplification, focusing on (i) streamlining information and reporting requirements; (ii) adjusting the frequency and intensity of resolution planning and testing; and (iii) providing clear, predictable, and stable guidance to enhance transparency and efficiency.

Key measures include reducing the burden of data requests, decreasing the frequency of mature deliverables and simplifying the prior permissions regime for MREL instruments in line with SRB practices to make authorisation more agile. The SRB is recommending legislative changes allowing the move to a two- or three-year resolution planning cycle, to further reduce burden for authorities and banks, to focus resolution planning more on specific elements, and to facilitate work on operationalisation and testing. The SRB is also exploring the development of digital solutions to facilitate the processing of information.]]></description>
					      
						      <pubDate>Thu, 18 Dec 2025 17:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/srbs-approach-to-simplification</guid>
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					      <title>Council of EU and EP reach provisional agreement on proposed retail investment strategy package</title>
					      <link>https://finreg.aoshearman.com/council-of-eu-and-ep-reach-provisional-agreement-on-proposed-retail-investment-strategy-package</link>
					      <description><![CDATA[
The Council of the EU and the European Parliament (EP) have reached a provisional political agreement on an updated retail investment strategy package to empower and protect consumers and increase competitiveness in the EU&apos;s financial markets. The package takes the form of a directive containing targeted amendments to a number of other EU directives in the area of financial services such as the Markets In Financial Instruments Directive (MIFID), the Solvency II Directive, the Directive For Undertakings For Collective Investment In Transferable Securities (UCITS) and the Alternative Investment And Managers Directive (AIFMD), and a regulation amending the Packaged Retail And Insurance-Based Investment Products (PRIIPs Regulation).

The Council of the EU and EP confirm that agreement has been reached in the following areas:

	Value for money - firms must identify and quantify all costs borne by investors related to the investment products they advise. Products failing to offer value for money should not be released onto the market and sold to retail customers, and who should be able to compare investment products&apos; costs, charges, performance and non-financial benefits.
	Inducements - a new test will be introduced to ensure firms act in the clients&apos; best interests, enabling them to distinguish inducements from other fees.


Read more.]]></description>
					      
						      <pubDate>Thu, 18 Dec 2025 17:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/council-of-eu-and-ep-reach-provisional-agreement-on-proposed-retail-investment-strategy-package</guid>
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					      <title>EBA and ECB sign MoU to support non-bank PSP access to central bank operated payment systems</title>
					      <link>https://finreg.aoshearman.com/eba-and-ecb-sign-mou-to-support-non-bank-psp-access-to-central-bank-operated-payment-systems</link>
					      <description><![CDATA[
The European Banking Authority (EBA), the European Central Bank (ECB), national central banks (NCBs), and national supervisory authorities (NSAs) across the EEA have signed a Memorandum of Understanding (MoU). The MoU aims to enhance cooperation and information sharing to support non-bank payment service providers&apos; (NB-PSPs) access to central bank operated payment systems. The MoU sets out clear principles for collaboration to achieve three clear objectives: (i) to establish cooperation between NSAs and NCBs in the EEA for the exchange of information to support NCBs in their assessment of the compliance of NB-PSPs with requirements for granting access to central bank-operated payment systems in the EU; (ii) to establish procedures in a cross-border scenario for the NCB operating the payment system in the host member state to notify the NSA of the home member state about the NB-PSP&apos; application and the NCB&apos;s decision regarding its participation; and (iii) to harmonise the processes and procedures across the EEA for the exchange of information between NSAs and NCBs, to the extent possible, by specifying the types of information to be shared, the timing and means of such exchange.]]></description>
					      
						      <pubDate>Thu, 18 Dec 2025 16:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-and-ecb-sign-mou-to-support-non-bank-psp-access-to-central-bank-operated-payment-systems</guid>
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					      <title>ESMA report on amended guidelines on LMTs of UCITS and open-ended AIFs</title>
					      <link>https://finreg.aoshearman.com/esma-report-on-amended-guidelines-on-lmts-of-ucits-and-open-ended-aifs</link>
					      <description><![CDATA[
The European Securities Markets Authority (ESMA) has published a report with amended guidelines on liquidity management tools (LMTs) of Undertakings for Collective Investment in Transferable Securities (UCITS) and open-ended Alternative Investment Funds (AIFs). The amendments aim to align with the regulatory technical standards (RTS) adopted by the European Commission on 17 November. To ensure consistency between the guidelines and the RTS, ESMA has made some targeted amendments to the guidelines in two areas: (i) the inclusion of investor-level redemption gates to mitigate first-mover advantage, and (ii) the calculation of implicit transaction costs for anti-dilution LMTs, which should only be considered where appropriate to the fund&apos;s investment strategy and estimated on a best-effort basis. The guidelines will be translated into all official EU languages and published on ESMA&apos;s website. National competent authorities will have two months to notify ESMA on whether they comply or intend to comply with the guidelines. The updated guidelines will apply from the RTS application date (which is specified as 16 April 2026), with a 12-month transitional period for existing funds.]]></description>
					      
						      <pubDate>Thu, 18 Dec 2025 15:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-report-on-amended-guidelines-on-lmts-of-ucits-and-open-ended-aifs</guid>
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					      <title>Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 published</title>
					      <link>https://finreg.aoshearman.com/financial-services-and-markets-act-2000-regulated-activities-esg-ratings-order-2025-published</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 has been published, accompanied by an explanatory memorandum. This follows the draft version of the Order which was laid before the UK Parliament in October. The Order amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) to bring the provision of an environmental, social or governance (ESG) rating into the remit of the UK Financial Conduct Authority (FCA) when that rating is likely to influence a decision to make a specified investment. This means that providers of an ESG rating will need to be authorised by the FCA. The FCA published a consultation on 1 December setting out its proposed rules for the ESG ratings regime. The Order inserts a new article 63U into the RAO setting out the new regulated activity. It also specifies exclusions, including exclusions for regulated products and services, intra-group ratings, private use, and ancillary non-commercial provision. In addition, the Order tailors the overseas persons exclusion in article 72 of the RAO to reflect the new regulated activity.

Read more.]]></description>
					      
						      <pubDate>Thu, 18 Dec 2025 15:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/financial-services-and-markets-act-2000-regulated-activities-esg-ratings-order-2025-published</guid>
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					      <title>The Consumer Composite Investments (Designated Activities) (Amendment) Order 2025 published</title>
					      <link>https://finreg.aoshearman.com/the-consumer-composite-investments-designated-activities-amendment-order-2025-published</link>
					      <description><![CDATA[
The Consumer Composite Investments (Designated Activities) (Amendment) Order 2025 has been published, accompanied by an explanatory memorandum. The Order, which enters into force on 6 April 2026, amends the Consumer Composite Investments (CCI) Regulations 2024 to provide temporary exemptions from the financial promotion and the scheme promotion restrictions of the Financial Services and Markets Act 2000. The temporary exemptions apply to the key information documents (KIDs) produced under the previous packaged retail and insurance-based investment products (PRIIPs) regime. This means that under the UK Financial Conduct Authority&apos;s (FCA) transitional provisions for the new CCI regime, firms may continue producing KID disclosure documents for the duration of the CCI transitional period. During this time, manufacturers can either continue using KIDs or comply with the new CCI product summary requirements. The CCI transitional period is due to end on 8 June 2027. However, Regulation 8A(3), inserted by the Order, sets a statutory long-stop date of 8 December 2028 for the effect of these exemptions.]]></description>
					      
						      <pubDate>Thu, 18 Dec 2025 11:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/the-consumer-composite-investments-designated-activities-amendment-order-2025-published</guid>
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					      <title>EBA letter on outcome of EBA&apos;s EU AI Act mapping exercise against EU banking and payments regulation</title>
					      <link>https://finreg.aoshearman.com/eba-letter-on-outcome-of-ebas-eu-ai-act-mapping-exercise-against-eu-banking-and-payments-regulation</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a letter sent to the European Commission (EC) with the outcome of its EU AI Act mapping exercise. In January 2025, the EBA established a dedicated workstream to map the requirements on high-risk AI systems under the EU AI Act against relevant provisions in EU banking and payments regulation, with a focus on the use of AI for creditworthiness and credit scoring. The EBA confirms that, although the EU AI Act identifies overlaps between some requirements on high-risk AI systems and EU financial sector law and envisages targeted derogations and other ways to address this (such as integration or combination of requirements), it does not envisage such derogations for other requirements on high-risk AI systems (e.g. human oversight, data governance, cybersecurity) which are already widely regulated under EU financial services law.

The EBA highlights that the Digital Operational Resilience Act framework extensively covers the cybersecurity and business continuity requirements set out in the EU AI Act and that the Capital Requirements Regulation and Capital Requirements Directive IV requirements already provide a comprehensive and technology-neutral governance and risk management framework that can be applied to supervising the use of AI tools. The EBA sets out in an annex to its letter, a table identifying how EU financial services law already addresses relevant EU AI Act requirements. The EBA believes the table will be useful to the EC when producing the guidelines under Article 96(1)(e) of the EU AI Act on the interplay between the EU AI Act and EU financial services law and managing any regulatory overlaps.]]></description>
					      
						      <pubDate>Wed, 17 Dec 2025 16:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-letter-on-outcome-of-ebas-eu-ai-act-mapping-exercise-against-eu-banking-and-payments-regulation</guid>
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					      <title>EC issues draft guidance on simplified EU taxonomy reporting rules</title>
					      <link>https://finreg.aoshearman.com/ec-issues-draft-guidance-on-simplified-eu-taxonomy-reporting-rules</link>
					      <description><![CDATA[
On 17 December, the European Commission published draft guidance to assist with preparing for the simplified EU Taxonomy disclosure rules, under the EU Taxonomy for sustainable economic activities, which apply from January 2026. These rules, introduced through the Omnibus Taxonomy Delegated Act adopted in July, aim to significantly reduce reporting burdens for EU businesses. Key changes include: the removal of requirements for companies to assess non-material activities; streamlined reporting templates with up to 89% fewer data points for financial undertakings and 66% fewer for non-financial undertakings; and simplified key performance indicators for financial institutions. The guidance, presented as FAQs, provides early interpretation and practical advice ahead of firms preparing their first annual Taxonomy reports under the new framework, due in 2026 for the 2025 financial year. Formal adoption of the FAQs in all EU languages is expected in Q1 2026, following the publication of the Omnibus Taxonomy Delegated Act in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Wed, 17 Dec 2025 15:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-issues-draft-guidance-on-simplified-eu-taxonomy-reporting-rules</guid>
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					      <title>ESMA assesses impact of guidelines on use of ESG or sustainability-related terms in fund names</title>
					      <link>https://finreg.aoshearman.com/esma-assesses-impact-of-guidelines-on-use-of-esg-or-sustainability-related-terms-in-fund-names</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a risk analysis report assessing the impact of its guidelines on the use of ESG or sustainability-related terms in fund names. The study found that the guidelines have improved consistency in the use of ESG terms by increasing alignment of fund names and their actual investment strategies and enhanced investor protection by reducing greenwashing risks. Analysis of nearly 1,000 shareholder notifications from the 25 largest EU asset managers revealed that 64% of funds mentioned in shareholder notifications changed their name, often to remove ESG terminology, while 56% updated investment policies to strengthen their sustainability focus. Additionally, funds with higher fossil fuel exposures were more likely to drop ESG terms from their names, whereas those retaining ESG terms have reduced fossil fuel holdings more than all other funds. ESMA concludes that its guidelines have driven convergence in the use of ESG terms and have reduced greenwashing risks.]]></description>
					      
						      <pubDate>Wed, 17 Dec 2025 15:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-assesses-impact-of-guidelines-on-use-of-esg-or-sustainability-related-terms-in-fund-names</guid>
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					      <title>HM Treasury consults on new regime for UK benchmarks</title>
					      <link>https://finreg.aoshearman.com/hm-treasury-consults-on-new-regime-for-uk-benchmarks</link>
					      <description><![CDATA[
HM Treasury (HMT) has launched its consultation on the repeal and replacement of the UK Benchmarks Regulation (UK BMR), which would replace the UK BMR regime with a new Specified Authorised Benchmark Regime. The new regime would focus regulatory oversight on benchmarks and administrators that may pose systemic risks to UK markets, removing the current obligation for authorised firms to use benchmarks on the FCA register.

HMT would designate benchmarks and administrators as &quot;specified&quot;, taking advice from the UK Financial Conduct Authority (FCA), and publish those designations; the FCA would then set and consult on firm‑facing requirements. The consultation does not propose any voluntary opt-in regime. The scope of the regime would depend on whether benchmarks and administrators satisfied criteria which would be set in legislation.

Read more.]]></description>
					      
						      <pubDate>Wed, 17 Dec 2025 15:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hm-treasury-consults-on-new-regime-for-uk-benchmarks</guid>
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					      <title>ESMA and FMA sign MoU on benchmarks</title>
					      <link>https://finreg.aoshearman.com/esma-and-fma-sign-mou-on-benchmarks</link>
					      <description><![CDATA[
The European Securities Markets Authority and the New Zealand Financial Markets Authority (FMA) have published a Memorandum of Understanding (MoU) establishing cooperation arrangements under the Benchmarks Regulation (BMR). This follows Implementing Decision (EU) 2025/2197, published in the Official Journal of the European Union in October, which grants equivalence to New Zealand&apos;s legal and supervisory framework for benchmarks. The MoU sets out mechanisms for the exchange of information, including prompt notifications of breaches and with procedures concerning the coordination of supervisory activities, including on-site inspections in exceptional cases. While ESMA does not have direct supervisory powers over New Zealand administrators, it relies on the FMA&apos;s enforcement capabilities and commits to ongoing cooperation to ensure compliance with BMR-equivalent standards.]]></description>
					      
						      <pubDate>Wed, 17 Dec 2025 13:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-and-fma-sign-mou-on-benchmarks</guid>
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					      <title>EC proposes MAR amendments on market manipulation indicators and defines scope of new order data exchange mechanism</title>
					      <link>https://finreg.aoshearman.com/ec-proposes-mar-amendments-on-market-manipulation-indicators-and-defines-scope-of-new-order-data-exchange-mechanism</link>
					      <description><![CDATA[
The European Commission (EC) has launched a consultation on a draft act amending the Delegated Regulation (EU) 2016/522 under the Market Abuse Regulation (MAR). The amendment delivers on two separate actions. The first is the EC mandate to adopt a delegated act establishing a list of designated trading venues that have a significant cross-border dimension for the purposes of exchanging order data in relation to certain financial instruments. This derives from changes to MAR made by the EU Listing Act package, which introduced a new requirement (Article 25a) for national competent authorities to establish a mechanism to allow such exchange of order data and a Commission mandate to produce a list of designated venues.

The second is the EC empowerment to clarify indicators of market manipulation (Article 12(5)). The draft act accordingly amends Delegated Regulation (EU) 2016/522 and (i) establishes a list of trading venues with a significant cross-border dimension by inserting a new Annex III, and (ii) updates the existing Annex II to clarify indicators of market manipulation in light of technical developments such as algorithmic trading. The mechanism will be operational in two stages: by 5 June 2026 for share; and by 5 June 2028 for bonds and futures. The draft follows ESMA&apos;s technical advice consulted on in December 2024 and is intended to strengthen authorities&apos; ability to detect and enforce market abuse in an increasingly complex trading environment. The deadline for comments is 14 January 2026.]]></description>
					      
						      <pubDate>Wed, 17 Dec 2025 12:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-proposes-mar-amendments-on-market-manipulation-indicators-and-defines-scope-of-new-order-data-exchange-mechanism</guid>
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					      <title>UK FSMA 2023 (Prudential Regulation of Credit Institutions) (Consequential Amendments) Regulations 2025 published</title>
					      <link>https://finreg.aoshearman.com/uk-fsma-2023-prudential-regulation-of-credit-institutions-consequential-amendments-regulations-2025-published</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2023 (Prudential Regulation of Credit Institutions) (Consequential Amendments) Regulations 2025 have been published, accompanied by an explanatory memorandum. This follows the draft version of the Regulations which were laid before the UK Parliament in October. The Regulations are part of the UK&apos;s continued process to repeal and replace assimilated EU financial services law following Brexit under the Financial Services and Markets Act 2023 (FSMA 2023). Under section 1 of FSMA 2023, several provisions of the UK Capital Requirements Regulation (UK CRR) will be revoked, effective from 1 January 2026, by virtue of the FSMA 2023 (Commencement No. 10 and Saving Provisions) Regulations 2025. These provisions, which set prudential standards for credit institutions and investment firms, will largely be replaced by rules made by the UK Prudential Regulation Authority (PRA) and the Bank of England.

The Regulations make consequential technical amendments to UK legislation following the revocation of certain provisions of the UK Capital Requirements Regulation (CRR) relating to the definition of capital and total loss absorbing capacity (TLAC) requirements. The Regulations amend: (i) Section 3 of the Banking Act 2009; (ii) Articles 64(2) and 68(2) of the Bank Recovery and Resolution (No 2) Order 2014; (iii) Regulation 7(6) of the Financial Conglomerates and Other Financial Groups (Amendment. etc.) (EU Exit) Regulations 2019; and (iv) the definition of relevant requirement in Regulation 2 of the Bank Levy (Loss Absorbing Instruments) Regulations 2020. The Regulations come into force on 1 January 2026.]]></description>
					      
						      <pubDate>Wed, 17 Dec 2025 11:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fsma-2023-prudential-regulation-of-credit-institutions-consequential-amendments-regulations-2025-published</guid>
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					      <title>ESAs advise against extending DORA to statutory auditors and audit firms</title>
					      <link>https://finreg.aoshearman.com/esas-advise-against-extending-dora-to-statutory-auditors-and-audit-firms</link>
					      <description><![CDATA[
The European Supervisory Authorities (comprising the European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities and Markets Authority) have published a joint report, dated 4 December, responding to the European Commission&apos;s request under Article 58(3) of the EU Digital Operational Resilience Act (DORA). The report assesses whether statutory auditors and audit firms should be subject to strengthened digital operational resilience requirements by means of inclusion in the scope of DORA or by means of amendments to the Statutory Audit Directive. While acknowledging the critical role that auditors play in financial stability and the fact that confidentiality, integrity and availability of information accessed during audits is critical, the report clarifies that audit activities do not form part of the operational value chain of the auditee and therefore do not directly affect the continuity of financial or other services. The ESAs conclude that the identified negative implications of the application of DORA to statutory auditors and audit firms such as increased fixed costs, limiting audit choice, increased audit fees and significant re-skilling of national audit oversight authorities, appear to outweigh the potential benefits. Therefore, including statutory auditors and audit firms within DORA&apos;s scope is not warranted at this stage.]]></description>
					      
						      <pubDate>Wed, 17 Dec 2025 09:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esas-advise-against-extending-dora-to-statutory-auditors-and-audit-firms</guid>
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					      <title>SRB finalises expectations on valuation capabilities</title>
					      <link>https://finreg.aoshearman.com/srb-finalises-expectations-on-valuation-capabilities</link>
					      <description><![CDATA[
The Single Resolution Board (SRB) has published its expectations on valuation capabilities (EoVCs). Crisis readiness and, in particular, valuation in crisis, is a key element of the Single Resolution Mechanism&apos;s Vision 2028 strategy. The aim of the EoVCs is to ensure that a minimum expected set of data is available to the SRB on a permanent basis to support valuations. Banks are expected to consider the expectations when implementing Principle 5.2 of the SRB&apos;s Expectations for Banks which requires banks to have management information systems in place for valuations. The main components of the EoVCs are: (i) data requirements in the form of a Valuation Data Index, consisting of structured and unstructured information; (ii) Data Repository for Resolution functionalities; and (iii) expectations on the structure and content of valuation playbooks. The EoVCs will supersede the standardised valuation dataset published by the SRB in December 2020. The timeline for banks to implement the EoVCs are set out on a separate webpage. The SRB expects banks to comply with its expectations for DRR functionalities by 31 December 2027, for the VDI by 31 December 2028, and regarding the valuation dataset and valuation playbooks by 31 December 2029.]]></description>
					      
						      <pubDate>Tue, 16 Dec 2025 17:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/srb-finalises-expectations-on-valuation-capabilities</guid>
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					      <title>UK FCA engagement paper on market risk capital requirements for FCA investment firms</title>
					      <link>https://finreg.aoshearman.com/uk-fca-engagement-paper-on-market-risk-capital-requirements-for-fca-investment-firms</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published an engagement paper launching a review of market risk capital requirements for FCA investment firms. The IFPR sets specific prudential requirements for FCA investment firms, including rules on how much capital they must hold to cover potential losses from investments. These requirements are currently based on the UK Capital Requirements Regulation (UK CRR), which was originally designed for banks. The FCA notes that the harm caused by an investment firm failing may be less than that of a bank, suggesting scope for more proportionate capital rules.

The review will focus primarily on the current requirements in the FCA&apos;s prudential MIFIDPRU sourcebook specifically sections 4.11 (trading book and dealing on own account: general provisions), 4.12 (K-NPR requirement), and 4.13 (K-CMG requirement), as well as the corresponding sections of the UK CRR as it stood on 31 December 2021.

Read more.]]></description>
					      
						      <pubDate>Tue, 16 Dec 2025 17:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-engagement-paper-on-market-risk-capital-requirements-for-fca-investment-firms</guid>
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					      <title>UK FCA and PSR joint update on delivery of commercial variable recurring payments</title>
					      <link>https://finreg.aoshearman.com/uk-fca-and-psr-joint-update-on-delivery-of-commercial-variable-recurring-payments</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) and the UK Payments Systems Regulator (PSR) have published a joint update on the delivery of commercial variable recurring payments (cVRPs) as part of their open banking work. VRPs are an open banking technology that allow users to securely authorise trusted third parties to manage recurring transactions. The summary report highlights significant progress in 2025, with VRPs now accounting for 16% of open banking transactions, with much of the growth occurring through &apos;sweeping VRPs&apos;. The FCA has been working with industry to advance VRPs for broader commercial use, in line with the National Payments Vision to build a competitive UK open banking market and accelerate rollout to &apos;phase 1&apos; use cases. This year, 31 firms came together to establish a new UK Payments Initiative (UKPI) to drive VRP adoption for &apos;phase 1&apos; use cases, including utilities, financial services, and government payments. Market momentum is growing, with additional players developing VRP schemes and transaction testing already in progress. In relation to UKPI, industry has agreed on a first-phase commercial model and the FCA expects the first live payments under the UKPI scheme will take place in the first quarter of 2026.

By the end of 2026, the FCA will assess industry-led cVRP growth and incorporate lessons from phase 1 into a long-term regulatory framework, developed in collaboration with HM Treasury (HMT). HMT is expected to introduce legislation in 2026 granting the FCA new powers to set open banking rules, and the FCA intends to consult on new rules for the long-term regulatory framework before the end of the year. The framework will be the foundation for expanding cVRPs into e-commerce and wider use cases.]]></description>
					      
						      <pubDate>Tue, 16 Dec 2025 16:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-and-psr-joint-update-on-delivery-of-commercial-variable-recurring-payments</guid>
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					      <title>UK FCA and PSR joint response to HMT&apos;s 2024 recommendations on payments regulation</title>
					      <link>https://finreg.aoshearman.com/uk-fca-and-psr-joint-response-to-hmts-2024-recommendations-on-payments-regulation</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) and UK Payments Systems Regulator (PSR) have issued a joint letter to HM Treasury (HMT) (dated 11 November) providing an update on their progress against the 2024 recommendations HMT set for payments regulation and outlining focus areas through to 2026.

Key forward-looking priorities include:

	Co-ordination - the regulators set out how they have been working in an increasingly collaborative way to ease congestion in payments regulation.
	Open banking and open finance - the FCA has established a new department incorporating FCA and PSR capabilities, replacing the Joint Regulatory Oversight Committee (JROC) and streamlining decision-making for open banking and open finance. The FCA is working with industry to establish a future entity for open banking ahead of developing the statutory instrument with HMT and subsequently the long-term regulatory framework for open banking. In addition, the FCA has launched the smart data accelerator, with applications currently open for two prioritised open finance use cases in SME lending and mortgages. The FCA will publish a roadmap for this in early 2026, with regulatory foundations in place during 2027. The FCA is also collaborating with the Department for Business and Trade on cross-sector data sharing.


Read more.]]></description>
					      
						      <pubDate>Tue, 16 Dec 2025 16:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-and-psr-joint-response-to-hmts-2024-recommendations-on-payments-regulation</guid>
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					      <title>EP approves provisional agreement on Omnibus I simplification package</title>
					      <link>https://finreg.aoshearman.com/ep-approves-provisional-agreement-on-omnibus-i-simplification-package</link>
					      <description><![CDATA[
The European Parliament has announced it has approved the provisional agreement with EU governments to simplify sustainability reporting and due diligence obligations under the European Commission&apos;s Omnibus I simplification package. This proposes targeted amendments to, amongst other things, the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CS3D), aimed at reducing administrative burdens for businesses. The EU has already published Directive (EU) 2025/794 which implemented the &quot;stop-the-clock&quot; proposal, postponing the application date of certain requirements of the CSRD and CS3D.

Read more.]]></description>
					      
						      <pubDate>Tue, 16 Dec 2025 16:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ep-approves-provisional-agreement-on-omnibus-i-simplification-package</guid>
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					      <title>ESMA public statement on transitional provisions under BMR review</title>
					      <link>https://finreg.aoshearman.com/esma-public-statement-on-transitional-provisions-under-bmr-review</link>
					      <description><![CDATA[
The European Securities Markets Authority (ESMA) has issued a public statement outlining transitional provisions under the Benchmark Regulation (BMR) review. Benchmarks provided by third-country administrators that apply for recognition or endorsement by 31 December may continue to be used in the EU unless ESMA refuses the application. ESMA has also confirmed that administrators already listed in the BMR register as authorised, registered, recognised, or endorsing will retain their status until 30 September 2026 and will not need to reapply, provided they remain within the scope of the revised BMR on or before such date. ESMA or competent authorities have until 30 September 2026 to designate as significant a benchmark provided by an administrator that was included in the register on 31 December 2025.]]></description>
					      
						      <pubDate>Tue, 16 Dec 2025 15:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-public-statement-on-transitional-provisions-under-bmr-review</guid>
				    </item>
			
					 <item>
					      <title>EBA final draft RTS on threshold for prudential risk management requirements under CSDR</title>
					      <link>https://finreg.aoshearman.com/eba-final-draft-rts-on-threshold-for-prudential-risk-management-requirements-under-csdr</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its final report on draft regulatory technical standards (RTS) on the threshold of activity at which designated credit institutions and central securities depositories (CSDs) providing &apos;banking-type ancillary services&apos; to a designating CSD must comply with the prudential risk management requirements set out in Articles 54(4) and 54(4a) of the Central Securities Depositories Regulation (CSDR). Banking-type ancillary services include activities such as providing cash accounts to, and accepting deposits from, participants in a securities settlement system, and payment services involving the processing of cash and foreign exchange transactions. The draft RTS were consulted on in March, following which, only minimal changes have been made.

Key provisions in the draft RTS include: (i) a minimum threshold set at EUR3.75 billion and 1.5% of annual settlement volume, while the maximum threshold is EUR6.25bn and 2.5% of annual settlement volume; (ii) introducing a dynamic threshold that adjusts according to the risk profile of both the designating CSD and the designated credit institution, with a corresponding increase in prudential and risk management requirements as activity levels rise; and (iii) accompanying risk management and prudential measures which are proportionate to the threshold.]]></description>
					      
						      <pubDate>Tue, 16 Dec 2025 15:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-final-draft-rts-on-threshold-for-prudential-risk-management-requirements-under-csdr</guid>
				    </item>
			
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					      <title>UK FCA publishes three further consultation papers on new rules establishing UK cryptoassets regime</title>
					      <link>https://finreg.aoshearman.com/uk-fca-publishes-three-further-consultation-papers-on-new-rules-establishing-uk-cryptoassets-regime</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published three consultation papers as the next step in shaping the UK&apos;s crypto rules. These consultations complement the final draft statutory instrument (the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025) published by HM Treasury and laid before the UK Parliament on 15 December. The deadline for responses to all three of the consultation papers is 12 February 2026. Final rules and guidance in policy statements are expected in 2026.

The first consultation is CP25/40 on regulating cryptoasset activities, which sets out the FCA&apos;s proposed rules and guidance for some of the new cryptoasset activities introduced through the draft statutory instrument and which were not covered previously in CP25/14 and CP25/15. These activities include: (i) operating a trading platform; (ii) intermediaries; (iii) lending and borrowing; (iv) staking; and (v) the approach for decentralised finance.

Read more.]]></description>
					      
						      <pubDate>Tue, 16 Dec 2025 12:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-publishes-three-further-consultation-papers-on-new-rules-establishing-uk-cryptoassets-regime</guid>
				    </item>
			
					 <item>
					      <title>UK FCA feedback statement on mortgage rule review and roadmap</title>
					      <link>https://finreg.aoshearman.com/uk-fca-feedback-statement-on-mortgage-rule-review-and-roadmap</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published feedback statement FS25/6 setting out its response to feedback received to its June discussion paper on the future of the mortgage market, and action the FCA will take as part of a longer‑term plan to modernise its mortgage rules.

The FCA plans targeted reforms across four key themes:

	Expanding access for first-time buyers and underserved consumers: The FCA will consult (with the UK Prudential Regulation Authority) on loan-to-income (LTI) ratio requirements in Q1 2026. It will also consult on responsible lending rules in 2026.
	Enhancing later-life lending: The FCA will review retirement interest-only requirements to enhance accessibility, explore ways to improve advice to help people confidently plan for later life, and conduct a focused market study to ensure the lifetime mortgage market can meet the changing needs of future customers.
	Enabling innovation: The FCA will continue to support innovation and adoption of new technology through its innovation services, including its Open Finance Tech Sprint, its Supercharged Sandbox and its AI live testing. It also wants to explore changes to disclosure and financial promotion rules to support innovation and smoother digital journeys. It will do this as part of its consumer duty review.

Protecting vulnerable consumers: The FCA will work with partners to support people affected by financial abuse and help those using a mortgage to manage or consolidate debt.

Read more.]]></description>
					      
						      <pubDate>Mon, 15 Dec 2025 17:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-feedback-statement-on-mortgage-rule-review-and-roadmap</guid>
				    </item>
			
					 <item>
					      <title>EBA and ECB joint report on payment fraud</title>
					      <link>https://finreg.aoshearman.com/eba-and-ecb-joint-report-on-payment-fraud</link>
					      <description><![CDATA[
The European Banking Authority (EBA) and the European Central bank (ECB) have published their joint 2025 report examining payment fraud trends across the EU/EEA from H1 2022 to H2 2024. The report confirms that strong customer authentication (SCA), mandated under the revised Payment Services Directive since 2020, remains effective in reducing fraud, particularly for card payments. However, overall fraud losses rose to EUR4.2 billion in 2024 (up from EUR3.5bn in 2023). Credit transfer fraud accounted for EUR2.2bn, while card payment fraud reached EUR1.3bn, with losses significantly higher for transactions outside the EEA where SCA is not required. The EBA and ECB stress the need for adaptive security measures and continued monitoring to address evolving fraud risks. For more information, you may like to read our blog post &quot;Key takeaways from the EBA and ECB joint 2025 report on payment fraud&quot;.]]></description>
					      
						      <pubDate>Mon, 15 Dec 2025 16:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-and-ecb-joint-report-on-payment-fraud</guid>
				    </item>
			
					 <item>
					      <title>HMT&apos;s second response to House of Lords Committee&apos;s report on growth and competitiveness</title>
					      <link>https://finreg.aoshearman.com/hmts-second-response-to-house-of-lords-committees-report-on-growth-and-competitiveness</link>
					      <description><![CDATA[
HM Treasury (HMT) has issued its response to the House of Lords Financial Services Regulation Committee&apos;s reply regarding the UK government&apos;s earlier response to the Committee&apos;s report &quot;Growing Pains: Clarity and Culture Change Required&quot;. The UK government acknowledges the Committee&apos;s concerns and reaffirms its commitment to embedding secondary objectives for growth and competitiveness, underpinned by the Financial Services Growth and Competitiveness Strategy. It highlights key milestones such as the UK Financial Conduct Authority&apos;s (FCA) consumer duty review, the joint FCA-PRA scale-up unit, and research on disruptive technologies, alongside measures to streamline authorisations and support innovation. The letter responds to the Committee&apos;s concerns around: evidence linking financial sector growth to the wider economy; SME financing; regulator-government relationships; growth and performance metrics; and international comparisons. The government acknowledges challenges in producing robust international cost comparisons. A further update from HMT is expected in the summer of 2026.]]></description>
					      
						      <pubDate>Mon, 15 Dec 2025 16:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hmts-second-response-to-house-of-lords-committees-report-on-growth-and-competitiveness</guid>
				    </item>
			
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					      <title>ESMA final draft RTS under MiFIR Review on derivatives transparency, package orders and input and output data for the derivatives consolidated tape</title>
					      <link>https://finreg.aoshearman.com/esma-final-draft-rts-under-mifir-review-on-derivatives-transparency-package-orders-and-input-and-output-data-for-the-derivatives-consolidated-tape</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its final report under the MiFIR Review on derivatives transparency, package orders, and the over-the-counter (OTC) derivatives consolidated tape input and output data. The final report includes ESMA&apos;s assessment and feedback received to the MiFIR Review consultation package published in April, covering the new MiFIR transparency regime for exchange-traded derivatives (ETD) and OTC derivatives and the corresponding amendments to Commission Delegated Regulation (EU) 2017/583 2 on transparency for non-equity instruments (&quot;RTS 2&quot;).

Based on the new scope of derivatives subject to transparency, it sets the approach for the liquidity determination relevant for pre-trade waivers and introduces amendments to post-trade transparency fields and flags.

Read more.]]></description>
					      
						      <pubDate>Mon, 15 Dec 2025 15:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-final-draft-rts-under-mifir-review-on-derivatives-transparency-package-orders-and-input-and-output-data-for-the-derivatives-consolidated-tape</guid>
				    </item>
			
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					      <title>EU securitisation reform: ECON draft reports and Council of the EU compromise texts published</title>
					      <link>https://finreg.aoshearman.com/eu-securitisation-reform-econ-draft-reports-and-council-of-the-eu-compromise-texts-published</link>
					      <description><![CDATA[
The European Parliament&apos;s Committee on Economic and Monetary Affairs (ECON) has published two draft reports following the European Commission&apos;s (EC) securitisation package (adopted in June) which aims to strengthen and simplify the EU securitisation framework. The first report proposes amendments to the EC&apos;s legislative proposal for a Regulation amending the Capital Requirements Regulation (CRR) as regards requirements for securitisation exposures. While supportive of the EC&apos;s objectives, the rapporteur is concerned that the proposal may not fully achieve them, particularly where the primary aim should be to ensure greater risk adequacy within the regulatory framework. The report notes that introducing the concept of &quot;resilient positions&quot; introduces additional complexity and may hinder market development. The rapporteur therefore recommends several simplifications for synthetic securitisations and the removal of the resilient concept for traditional securitisations, where instead, the well-established simple, transparent and standardised (STS) category should be reinforced, and all STS senior tranches of traditional securitisations should be treated as &quot;resilient&quot;.

Read more.]]></description>
					      
						      <pubDate>Mon, 15 Dec 2025 15:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eu-securitisation-reform-econ-draft-reports-and-council-of-the-eu-compromise-texts-published</guid>
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					      <title>The draft Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025 laid before Parliament</title>
					      <link>https://finreg.aoshearman.com/the-draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025-laid-before-parliament</link>
					      <description><![CDATA[
The draft Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025 were laid before the UK Parliament, accompanied by an explanatory memorandum. The statutory instrument (SI) introduces a comprehensive UK regulatory framework for cryptoassets under the Financial Services and Markets Act 2000 (FSMA).

Specifically, the legislation amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) to:

	Define the categories of cryptoassets that will be regulated under the regime: &quot;qualifying cryptoassets&quot; which includes &quot;qualifying stablecoins&quot; and &quot;specified investment cryptoassets&quot;.
	Specify certain activities related to these categories of cryptoassets as regulated activities, so that any persons carrying on those activities by way of business needs to be authorised for that activity by the UK Financial Conduct Authority (FCA). These new regulated activities include issuing qualifying stablecoin, safeguarding of qualifying cryptoassets and relevant specified investment cryptoassets, operating a qualifying cryptoasset trading platform, dealing in qualifying cryptoassets as principal or agent, or arranging deals in qualifying cryptoassets, and qualifying cryptoasset staking.


Read more.]]></description>
					      
						      <pubDate>Mon, 15 Dec 2025 13:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/the-draft-financial-services-and-markets-act-2000-cryptoassets-regulations-2025-laid-before-parliament</guid>
				    </item>
			
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					      <title>EBA final draft RTS on structural foreign exchange under CRR</title>
					      <link>https://finreg.aoshearman.com/eba-final-draft-rts-on-structural-foreign-exchange-under-crr</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its final report on draft regulatory technical standards (RTS) on the treatment of structural foreign exchange (FX) positions under the Capital Requirements Regulation (CRR). The draft RTS, developed under Article 104c of the CRR (inserted by the CRR III), build on the EBA&apos;s 2020 guidelines and were consulted on in October 2024. Most provisions from the existing EBA 2020 guidelines are retained, with a few notable changes including: (i) allowing institutions to consider only credit risk own funds requirements when determining the maximum open position that neutralises sensitivity to capital ratios, where credit risk is the main driver of ratio variability; (ii) providing further guidance on how institutions should remove FX risk positions from own funds requirements; and (iii) introducing dedicated provisions for currencies that are illiquid in the market, including those impacted by EU restrictive measures. The final draft RTS will be submitted to the European Commission for endorsement, following which they will enter into force on the 20th day following publication in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Fri, 12 Dec 2025 17:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-final-draft-rts-on-structural-foreign-exchange-under-crr</guid>
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					      <title>UK NAO report on the RTGS renewal programme</title>
					      <link>https://finreg.aoshearman.com/uk-nao-report-on-the-rtgs-renewal-programme</link>
					      <description><![CDATA[
The UK National Audit Office (NAO) has published its report on the Bank of England&apos;s (BoE) Real-Time Gross Settlement (RTGS) renewal programme. The RTGS is a core part of the UK&apos;s financial infrastructure, and the Bank of England launched the renewed system in April. The report, accompanied by a summary, examines whether the BoE managed the programme effectively to achieve a new system resilient to future developments and risks, and whether it identified wider learning from the programme. The NAO concludes that the BoE demonstrated good practice in digital transformation and risk management, with delays limited to 18 months and cost increases deemed reasonable given the programme&apos;s complexity. With the new RTGS now operational, the BoE plans to improve functionality over the next two to three years and will need to set long-term priorities to maintain and improve the system.

The NAO recommends the BoE:

	Applies lessons learned across other digital and business transformation projects.
	Sets clear plans for ongoing investment and resourcing to keep the RTGS and supporting services up to date.
	Understands and manages the impact of higher levels of change on RTGS users.
	Assesses the effectiveness of its interventions to widen access and reduce barriers, ensuring the best mix is in place.

]]></description>
					      
						      <pubDate>Fri, 12 Dec 2025 16:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-nao-report-on-the-rtgs-renewal-programme</guid>
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					      <title>EBA Q&amp;A under PSD2 on settling limits for the execution of PSP payment transactions</title>
					      <link>https://finreg.aoshearman.com/eba-qa-under-psd2-on-settling-limits-for-the-execution-of-psp-payment-transactions</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a single rulebook Q&amp;A relating to the revised Payment Services Directive (PSD2). The Q&amp;A addresses whether, under Article 68(1) of PSD2, a payment service provider (PSP) may impose general spending limits, daily or per transaction, for payment transactions initiated through specific channels (e.g., mobile banking) to mitigate fraud risk. The question also explores whether PSPs can apply different limits for domestic versus cross-border payments within the EU and whether PSPs are obliged to increase such limits upon a payment service user&apos;s (PSU) request for regular credit transfers. Additionally, the query considers the interaction between PSD2 and the Instant Payments Regulation (EU) 2024/886, particularly regarding PSU rights to set or modify limits for instant credit transfers in euro.]]></description>
					      
						      <pubDate>Fri, 12 Dec 2025 16:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-qa-under-psd2-on-settling-limits-for-the-execution-of-psp-payment-transactions</guid>
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					      <title>Council of EU adopts conclusions on simplifying EU financial services regulation</title>
					      <link>https://finreg.aoshearman.com/council-of-eu-adopts-conclusions-on-simplifying-eu-financial-services-regulation</link>
					      <description><![CDATA[
The Council of the EU has adopted conclusions on simplifying the EU&apos;s financial services regulation as part of its broader competitiveness agenda. The Council emphasises that simplification should reduce unnecessary complexity and administrative burdens, particularly for SMEs, without undermining financial stability or core regulatory pillars such as capital requirements, consumer protection, and anti-money laundering frameworks. Key principles include eliminating duplicative or outdated provisions, improving coherence across legislation, streamlining reporting requirements, and ensuring robust stakeholder consultation and impact assessments.

The Council calls on the European Commission (EC) to swiftly propose ambitious simplification packages, review existing legislation and explore technological tools like AI to enhance efficiency. It also urges better coordination among EU institutions and supervisory authorities, including the European Supervisory Authorities and the EU&apos;s Anti-Money Laundering Authority, and calls on them to adopt a simpler and more targeted approach to developing regulatory technical standards, implementing technical standards, guidelines, etc. The EC is invited to report back on progress with simplification initiatives, including preparing a report, scheduled for 2026, assessing the overall state of the banking system in the Single Market and evaluating its competitiveness.]]></description>
					      
						      <pubDate>Fri, 12 Dec 2025 16:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/council-of-eu-adopts-conclusions-on-simplifying-eu-financial-services-regulation</guid>
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					      <title>UK FCA findings on wholesale banks delivery of best execution in UK listed cash equities</title>
					      <link>https://finreg.aoshearman.com/uk-fca-findings-on-wholesale-banks-delivery-of-best-execution-in-uk-listed-cash-equities</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published the findings from its multi-firm review of how wholesale banks deliver best execution in UK listed cash equities. The webpage highlights good practices and areas for improvement on issues including scope of best execution, governance and oversight, monitoring and management information, and managing conflicts of interest, with examples for firms to benchmark against. Although the review focuses on UK-listed cash equities, some findings are relevant to other products. The review, covering eight wholesale banks, found stronger practices compared to the FCA&apos;s 2014 thematic review, including improved monitoring of best execution and efforts to address examples of poor outcomes. The FCA also found no evidence that internalisation harmed client outcomes. However, the quality of management information (MI) to support senior management oversight was inconsistent, ranging from comprehensive to being either too high-level or overly complex.

Read more.]]></description>
					      
						      <pubDate>Fri, 12 Dec 2025 15:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-findings-on-wholesale-banks-delivery-of-best-execution-in-uk-listed-cash-equities</guid>
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					      <title>ECB to conduct geopolitical risk reverse stress test on supervised banks</title>
					      <link>https://finreg.aoshearman.com/ecb-to-conduct-geopolitical-risk-reverse-stress-test-on-supervised-banks</link>
					      <description><![CDATA[
The European Central Bank (ECB) has announced it will conduct a geopolitical risk reverse stress test on 110 directly supervised banks in the Single Supervisory Mechanism in 2026. In a reverse stress test, a pre-defined outcome is set, and each bank defines the scenario in which that outcome would materialise. This exercise will complement the 2025 EBA stress test, which applied a common scenario for all banks and resulted in varying differences in their capital depletion. The 2026 stress test will focus on how geopolitical risk could affect banks&apos; business models, who should identify relevant geopolitical events and quantify their impact. Additionally, the banks will be asked to describe how they would act to reduce that impact, if necessary, with a view to ensuring that they have robust governance and operational resilience frameworks in place.

Read more.]]></description>
					      
						      <pubDate>Fri, 12 Dec 2025 13:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ecb-to-conduct-geopolitical-risk-reverse-stress-test-on-supervised-banks</guid>
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					      <title>BCBS and IOSCO joint report on implementation of margin requirements for non-centrally cleared derivatives</title>
					      <link>https://finreg.aoshearman.com/bcbs-and-iosco-joint-report-on-implementation-of-margin-requirements-for-non-centrally-cleared-derivatives</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) have published a joint report reviewing the implementation of their margin requirements framework for non-centrally cleared derivatives. Originally introduced in September 2013, the framework&apos;s final phase of implementation was completed in September 2022. According to the report, implementation has now reached a steady state. The assessment, drawing on a 2024 quantitative impact study, member surveys, and recent international margin-related work, concludes that the framework has been effectively applied. It has materially increased the amount of margin exchanged for non-centrally cleared derivatives since 2012, enhancing financial system resilience. No material issues were identified, and no changes to the framework are proposed. However, the BCBS-IOSCO Working Group on Margining Requirements recommends ongoing monitoring through supervisory information exchange and experience sharing among member authorities to address evolving market practices.]]></description>
					      
						      <pubDate>Fri, 12 Dec 2025 12:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/bcbs-and-iosco-joint-report-on-implementation-of-margin-requirements-for-non-centrally-cleared-derivatives</guid>
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					      <title>UK FCA finalises guidance on NFM in financial services</title>
					      <link>https://finreg.aoshearman.com/uk-fca-finalises-guidance-on-nfm-in-financial-services</link>
					      <description><![CDATA[
The UK Financial Conduct Authority has published a policy statement PS25/23 setting out its final guidance on tackling non-financial misconduct (NFM) in financial services. The FCA is amending the Code of Conduct (COCON) and Fit and Proper (FIT) sourcebooks to clarify how serious workplace misconduct, such as bullying, harassment, and violence, can be a breach of the conduct rules in COCON and impact fitness and propriety assessments.

Following feedback to the July consultation, where respondents requested for additional clarity and agreed that new Handbook guidance was needed, the FCA is making the following changes:


	Including new examples and flow diagrams to help apply COCON consistently.
	Ensuring clearer alignment with employment law.
	Clarifying that managers&apos; accountability is relative to their knowledge and authority.
	Withdrawing or amending examples and factors that risked imposing disproportionate burdens.
	Clarifying that firms are not expected to investigate trivial or implausible allegations or breach privacy law when assessing fitness and propriety.


Read more.]]></description>
					      
						      <pubDate>Fri, 12 Dec 2025 12:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-finalises-guidance-on-nfm-in-financial-services</guid>
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					      <title>UK FCA near-final rules on new targeted support for pensions and retail investments</title>
					      <link>https://finreg.aoshearman.com/uk-fca-near-final-rules-on-new-targeted-support-for-pensions-and-retail-investments</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published policy statement PS25/22, setting out near-final rules for a new regulatory framework on targeted support. Under the framework, authorised firms will be permitted to provide tailored investment and pension recommendations to groups of consumers with similar characteristics. This will direct people to products or to take actions with existing products that could put them in a better position in their financial lives. This will be done without the need to conduct individualised suitability assessments, but subject to consumer duty and product governance requirements. The government has confirmed that only authorised firms may provide targeted support. The rules cover design and delivery standards, disclosure obligations, charging and remuneration, application of existing requirements and monitoring outcomes. Following the consultation, the FCA has made the following changes to its rules as set out below.

Read more.]]></description>
					      
						      <pubDate>Thu, 11 Dec 2025 16:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-near-final-rules-on-new-targeted-support-for-pensions-and-retail-investments</guid>
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					      <title>HMT consultation response on new targeted support for pensions and retail investments</title>
					      <link>https://finreg.aoshearman.com/hmt-consultation-response-on-new-targeted-support-for-pensions-and-retail-investments</link>
					      <description><![CDATA[
HM Treasury has published its consultation response on introducing a new &quot;targeted support&quot; regime following the advice guidance boundary review. The regime will allow authorised firms to provide tailored investment and pension recommendations to groups of consumers with similar characteristics. The government confirmed that targeted support will be established as a distinct regulated activity under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 subject to bespoke conduct standards and authorisation from the UK Prudential Regulatory Authority and UK Financial Conduct Authority (FCA).

Key changes following feedback to the draft statutory instrument and policy note include: simplified disclosure requirements aligned with FCA rules; clarification of exemptions applicable to targeted support; decision to proceed with secondary legislation enabling workplace pension providers to deliver targeted support communications under the Privacy and Electronic Communications (EC Directive) Regulations 2003 and other technical adjustments. Appointed representatives will initially be excluded from delivering targeted support, with a review planned after reforms to their regime are implemented.

Read more.]]></description>
					      
						      <pubDate>Thu, 11 Dec 2025 16:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hmt-consultation-response-on-new-targeted-support-for-pensions-and-retail-investments</guid>
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					      <title>BoE consults on exempting post-trade risk reduction transactions from the clearing obligation</title>
					      <link>https://finreg.aoshearman.com/boe-consults-on-exempting-post-trade-risk-reduction-transactions-from-the-clearing-obligation</link>
					      <description><![CDATA[
The Bank of England has published a consultation paper proposing to exempt transactions arising from post-trade risk reduction (PTRR) services from the derivatives clearing obligation under Article 4 of the UK European Market Infrastructure Regulation (UK EMIR). The proposal introduces a formal definition of PTRR services, including portfolio compression, portfolio rebalancing and basis-risk optimisation, and sets strict conditions for eligibility. To qualify for an exemption from the clearing obligation, transactions must be executed under an eligible agreement that identifies when the PTRR service becomes binding and includes supporting legal documentation.

It also needs to be part of a PTRR exercise that operates on non-discretionary, pre-set parameters, produces binding outcomes for all participants, and is not designed to circumvent the clearing obligation under UK EMIR Article 4(1). PTRR providers must establish participants&apos; risk tolerances, provide transparency on how the exercise will operate, and ensure independence from market participants. Additional safeguards include notifying the BoE of their intention to offer PTRR services for the first time, confirming any changes or prior to ceasing providing any eligible PTRR service, and supplying details of each eligible service type to enable regulatory oversight and assess financial stability impacts. The deadline for comments is 11 March 2026. These changes are proposed to come into force three months after the publication of final rules.]]></description>
					      
						      <pubDate>Thu, 11 Dec 2025 16:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/boe-consults-on-exempting-post-trade-risk-reduction-transactions-from-the-clearing-obligation</guid>
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					 <item>
					      <title>ESMA statement on upcoming reporting obligations under EMIR 3</title>
					      <link>https://finreg.aoshearman.com/esma-statement-on-upcoming-reporting-obligations-under-emir-3</link>
					      <description><![CDATA[
The European Securities Markets Authority (ESMA) has published a statement clarifying upcoming reporting obligations under EMIR 3 (Regulation (EU) 2024/2987). The active account requirement (AAR), effective since 25 June, will require the first reporting submission by July 2026, including backlog data from June 2025 and 2026 activity. ESMA has submitted draft regulatory technical standards (RTS) on AAR conditions, adopted by the European Commission on 29 October and currently under legislative scrutiny. In the interim, ESMA will develop additional instructions on how to report according to the templates included in the RTS. This is to provide clarity for reporting entities and ensure that competent authorities receive meaningful and consistent information.

Additionally, counterparties recognised as third-country central counterparties (CCPs) under EMIR Article 7d must report annually to their competent authorities. ESMA will define the reporting content in forthcoming RTS and ITS. Until these standards are published, inconsistencies and operational burdens may occur. To ease implementation, the first Article 7d report (covering 2025 data) will be submitted with the 2026 cycle after Level 2 measures are in place. ESMA and national authorities will continue stakeholder engagement to ensure smooth EMIR 3 implementation.]]></description>
					      
						      <pubDate>Thu, 11 Dec 2025 16:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-statement-on-upcoming-reporting-obligations-under-emir-3</guid>
				    </item>
			
					 <item>
					      <title>UK Regulatory Initiatives Grid - ninth edition published</title>
					      <link>https://finreg.aoshearman.com/uk-regulatory-initiatives-grid-ninth-edition-published</link>
					      <description><![CDATA[
The Financial Services Regulatory Initiatives Forum has published the ninth edition of the Regulatory Initiatives Grid. This sets out the regulatory pipeline for the next two years, outlining 124 live initiatives which is a 13% reduction since the last grid was published. Key priorities include implementing Basel 3.1 standards, advancing the strong and simple prudential framework and reforms to the prospectus regime and wholesale markets review. Innovation-focused measures cover stablecoin regulation, the national payments vision, and development of a UK captive insurance regime, while consumer-focused reforms include the advice guidance boundary review and regulation of buy now pay later products. The Grid also highlights efforts to streamline regulatory processes, with 45 joint initiatives across sectors, and provides indicative timelines for consultations and implementation through 2027. Separate press releases announcing the Grid have also been published by the UK Financial Conduct Authority and the Bank of England.]]></description>
					      
						      <pubDate>Thu, 11 Dec 2025 15:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-regulatory-initiatives-grid-ninth-edition-published</guid>
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					      <title>The Financial Services and Markets Act 2023 (Commencement No 10 and Saving Provisions) (Amendment) Regulations 2025 published</title>
					      <link>https://finreg.aoshearman.com/the-financial-services-and-markets-act-2023-commencement-no-10-and-saving-provisions-amendment-regulations-2025-published</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2023 (Commencement No 10 and Saving Provisions) (Amendment) Regulations 2025 have been made. These Regulations amend the Tenth Commencement Regulations to ensure continuity following the revocation of certain provisions of the Capital Requirements Regulation (CRR) effective from 1 January 2026. Specifically, they: amend regulation 6 to preserve permissions granted by the UK Prudential Regulatory Authority (PRA) under Articles 26(2) of the CRR before 1 January 2026; and (ii) insert a new regulation 7 to retain Article 33(4) of the CRR, enabling the PRA to amend or revoke Commission Delegated Regulation (EU) No 523/2014 regarding regulatory technical standards for determining what constitutes the close correspondence between the value of an institution&apos;s covered bonds and the value of the institution&apos;s assets.]]></description>
					      
						      <pubDate>Thu, 11 Dec 2025 15:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/the-financial-services-and-markets-act-2023-commencement-no-10-and-saving-provisions-amendment-regulations-2025-published</guid>
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					      <title>UK FCA publishes joint statements with FOS and ICO on new targeted support</title>
					      <link>https://finreg.aoshearman.com/uk-fca-publishes-joint-statements-with-fos-and-ico-on-new-targeted-support</link>
					      <description><![CDATA[
The UK Financial Conduct Authority has published two joint statements with regulatory partners addressing areas where firms have sought clarity on delivering targeted support. The first statement, issued with the UK Financial Ombudsman Service, explains its approach to handling consumer complaints related to targeted support. The second, published with the Information Commissioner&apos;s Office (ICO), provides guidance on communicating with consumers within the framework of existing direct marketing rules. There are two areas on which firms have asked for clarity in respect of providing targeted support. While the FCA acknowledges calls for legislative reform in this area, it notes that such changes fall within the government&apos;s remit. In this context, the FCA has welcomed the announcement by HM Treasury which has confirmed plans to introduce secondary legislation enabling workplace pension providers to send targeted support communications to members who have not opted out of direct marketing.]]></description>
					      
						      <pubDate>Thu, 11 Dec 2025 12:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-publishes-joint-statements-with-fos-and-ico-on-new-targeted-support</guid>
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					      <title>ECB proposals on simplification of European bank prudential framework and streamlining of supervision</title>
					      <link>https://finreg.aoshearman.com/ecb-proposals-on-simplification-of-european-bank-prudential-framework-and-streamlining-of-supervision</link>
					      <description><![CDATA[
The European Central Bank (ECB) has contributed to the EU&apos;s ongoing simplification agenda by endorsing a series of recommendations for simplification of the EU prudential framework. A total of 17 recommendations were made by the ECB&apos;s High-Level Task Force on simplification across the regulatory, supervisory and reporting frameworks. Key proposed changes include: reducing the number of capital stack elements in the EU risk-weighted framework; expanding the scope of small banks that would qualify for a simplified regulatory framework as small and non-complex institutions (SNCI); giving the ECB Governing Council responsibility for taking a holistic view of the overall level of capital demand across the banking union; and completing the banking union, including finalisation of the European Deposit Insurance Scheme.

Although the recommendations advocate for simplification, they are based on core principles that resilience should be maintained, supervisory bodies should be able to meet their prudential objectives and international standards should be upheld. The ECB will present the recommendations to the European Commission, which is expected to present a report on the banking system in 2026.

Read more.]]></description>
					      
						      <pubDate>Thu, 11 Dec 2025 12:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ecb-proposals-on-simplification-of-european-bank-prudential-framework-and-streamlining-of-supervision</guid>
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					      <title>ESRB report on the simplification of ESRB tasks through legislative amendments</title>
					      <link>https://finreg.aoshearman.com/esrb-report-on-the-simplification-of-esrb-tasks-through-legislative-amendments</link>
					      <description><![CDATA[
The European Systemic Risk Board (ESRB) has published a report accompanied by an annex, proposing to simplify its legislative tasks following a review by the High-Level Group. The ESRB currently performs around 90 tasks under EU law beyond its Regulation. Using a new scoring framework whereby tasks with lower scores may be discontinued, whereas tasks with higher scores remain unchanged, the ESRB identified approximately 30 tasks for discontinuation or streamlining, primarily by removing legal references or reducing involvement thresholds. The assessment is presented in detail in the annex.

These proposals build on previous ESRB recommendations in its 2022 Concept Note and discussions at the March 2025 European Commission Expert Group on Banking, Payments and Insurance, which called for: (i) a proportional approach to sectoral systemic risk buffer rates aligned with total risk exposure amounts; (ii) consolidation of the Capital Requirements Regulation provisions on macroprudential risk weights (Articles 124, 164 and 458) into a single section or article with simplified activation procedures; and (iii) mandatory reciprocation for systemic risk buffer and Article 458 measures, subject to materiality thresholds. The ESRB&apos;s proposals will be submitted to the EC for consideration as part of targeted legislative amendments.]]></description>
					      
						      <pubDate>Thu, 11 Dec 2025 12:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esrb-report-on-the-simplification-of-esrb-tasks-through-legislative-amendments</guid>
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					      <title>UK FCA clarifies expectations on risk warnings for mainstream investments</title>
					      <link>https://finreg.aoshearman.com/uk-fca-clarifies-expectations-on-risk-warnings-for-mainstream-investments</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new webpage clarifying its expectations for firms promoting mainstream investment products and addressing common misconceptions about risk warnings. The FCA states that financial promotions aimed at retail customers must comply with the consumer duty and COBS rules by being fair, clear, and not misleading, and by providing a balanced view of benefits and risks. Regarding common misconceptions, the FCA states that while firms must indicate if capital is at risk, there is no prescribed wording or requirement for risk wording or separate risk warnings. Instead, firms should ensure they include contextualised, prominent risk information that supports consumer understanding without diminishing or obscuring key details within the body of promotion. They must provide a balanced view of the benefits and risks, to give consumers a fair description of the product or service. The FCA has also highlighted that generic or repeated warnings can confuse consumers and encouraged behavioural approaches to improve engagement with risk disclosures.]]></description>
					      
						      <pubDate>Thu, 11 Dec 2025 12:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-clarifies-expectations-on-risk-warnings-for-mainstream-investments</guid>
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					      <title>Commission Implementing Regulation on BRRD resolution planning published in OJ</title>
					      <link>https://finreg.aoshearman.com/commission-implementing-regulation-on-brrd-resolution-planning-published-in-oj</link>
					      <description><![CDATA[
Commission Implementing Regulation (EU) 2025/2303 has been published in the Official Journal of the European Union. The Regulation lays down updated implementing technical standards on procedures, standard forms and templates for the provision of information required for resolution plans under the Bank Recovery and Resolution Directive (BRRD) (Directive 2014/59/EU). This Regulation repeals Implementing Regulation (EU) 2018/1624 and introduces a revised set of templates to enhance harmonisation of reporting obligations across the EU, reflecting amendments to BRRD and the experience gained by resolution authorities. Key changes include: (i) differentiated reporting requirements for resolution entities, liquidation entities, and entities belonging to resolution groups; (ii) thresholds for identifying relevant legal entities; (iii) adoption of a single data point model subject to common validation rules, and provisions to avoid duplication of data collection between competent and resolution authorities. The Regulation will apply from 30 December.]]></description>
					      
						      <pubDate>Wed, 10 Dec 2025 14:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/commission-implementing-regulation-on-brrd-resolution-planning-published-in-oj</guid>
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					      <title>EBA final report on amendments to RTS for risk weights on immovable property exposures</title>
					      <link>https://finreg.aoshearman.com/eba-final-report-on-amendments-to-rts-for-risk-weights-on-immovable-property-exposures</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its final report on draft regulatory technical standards (RTS) amending Delegated Regulation (EU) 2023/206 which supplements Regulation (EU) No 575/2013 (CRR). The EBA is mandated by Article 124(11) of the CRR to draft RTS which specify: (i) the types of factors to be considered by national authorities in assessing the appropriateness of the risk weights for exposures secured by immovable property; and (ii) the conditions to be considered for the assessment of the appropriateness of minimum loss given default values for exposures secured by immovable property. The only amendment identified to the existing RTS is an update of relevant legal references to align with the revised CRR (CRR3) framework. Following the April consultation, no changes were made to the draft RTS noting no responses were received. The RTS will now be submitted to the European Commission for endorsement before being published in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Wed, 10 Dec 2025 12:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-final-report-on-amendments-to-rts-for-risk-weights-on-immovable-property-exposures</guid>
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					      <title>BCBS principles for the sound management of third-party risk</title>
					      <link>https://finreg.aoshearman.com/bcbs-principles-for-the-sound-management-of-third-party-risk</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision (BCBS) has published its principles for the sound management of third‑party risk, replacing the 2005 Joint Forum outsourcing paper and establishing a common baseline for banks and supervisors. This follows the July 2024 consultation. The framework applies proportionately covering the full lifecycle of third‑party service provider (TPSP) arrangements and emphasises: (i) rigorous governance by the board and senior management; (ii) maintenance of a comprehensive third‑party risk management (TPRM) framework aligned with operational risk and resilience standards; and (iii) heightened expectations for critical services. Key areas covered include governance and strategy, risk assessment and due diligence, contracting, onboarding and monitoring, termination and the role of supervisors.

Read more.]]></description>
					      
						      <pubDate>Wed, 10 Dec 2025 11:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/bcbs-principles-for-the-sound-management-of-third-party-risk</guid>
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					      <title>ESMA final report on supervisory expectations for the management body</title>
					      <link>https://finreg.aoshearman.com/esma-final-report-on-supervisory-expectations-for-the-management-body</link>
					      <description><![CDATA[
The European Securities Markets Authority (ESMA) has published its final report on supervisory expectations for the management body of firms directly supervised by ESMA. The management body is defined as being the body or bodies legally appointed and empowered to set the strategy, objectives and overall direction of that firm, and which oversee and monitor decision-making and include those who effectively direct the firm&apos;s business. The concept of management body is taken to include a supervisory function and a management function.

The report sets out 12 high-level principles to guide governance and oversight arrangements for entities under its direct supervision and those seeking for ESMA registration and authorisation, including credit rating agencies, benchmark administrators of EU critical benchmarks and third-country recognised benchmarks, third-country Tier 2 (i.e., systemically important) central counterparties, data reporting service providers, securitisation repositories and trade repositories.

Read more.]]></description>
					      
						      <pubDate>Wed, 10 Dec 2025 10:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-final-report-on-supervisory-expectations-for-the-management-body</guid>
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					      <title>UK PRA letter provides progress update on economic objectives to Prime Minister</title>
					      <link>https://finreg.aoshearman.com/uk-pra-letter-provides-progress-update-on-economic-objectives-to-prime-minister</link>
					      <description><![CDATA[
The UK Prudential Regulatory Authority (PRA) has sent a letter to the Prime Minister providing an update on measures taken to align regulation with its economic growth objectives. The PRA confirms completion of four out of five key actions announced last year, including: (i) implementing the &quot;strong and simple&quot; capital framework for smaller banks to reduce compliance costs; (ii) launching the matching adjustment investment accelerator to boost insurers&apos; UK investments; (iii) improving the insurance special purpose vehicle (ISPV) regime to accelerate authorisations and attract capital; and (iv) amending remuneration rules by halving the minimum bonus deferral periods for senior bankers. The fifth initiative, simplifying regulatory data reporting, has begun through the future banking data programme, with further development and prioritisation of this programme, and additional cost reductions to follow. Additional progress includes establishing a concierge service for inward investment, rationalising the PRA&apos;s &quot;have regards&quot; framework and reducing legislative overlap. Further reforms under the Leeds package, such as Basel 3.1 implementation and Senior Managers Regime simplification, are ongoing to enhance competitiveness and support growth.]]></description>
					      
						      <pubDate>Tue, 09 Dec 2025 16:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-letter-provides-progress-update-on-economic-objectives-to-prime-minister</guid>
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					      <title>UK FCA letter outlines 2026 growth strategy and regulatory reforms to Prime Minister</title>
					      <link>https://finreg.aoshearman.com/uk-fca-letter-outlines-2026-growth-strategy-and-regulatory-reforms-to-prime-minister</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has sent a letter to the Prime Minister providing an update on its growth strategy. It confirms delivery of most of the 50 pro-growth measures announced in January and outlines plans for 2026. The plans include finalising rules on stablecoins, setting out the delivery plan for open finance, reforming rules for venture capital and alternative investment fund managers and further speeding up IPO applications. The FCA also cites its plans to further overhaul mortgage rules so more people get on the housing ladder and is preparing for its expanded remit as anti-money laundering supervisor and integration of the UK Payments Systems Regulator. The letter highlights active support for firms digitising, with 31 already testing AI use cases, and commits to enabling tokenisation in asset management to drive efficiency and competition. The FCA also urges swift progress on digital ID to streamline know your customer requirements and calls for faster legislation to maintain reform momentum, including modernising the Consumer Credit Act. Finally, the FCA will use its convening power to galvanise system-wide responses to cross-cutting issues such as financial inclusion and mobilising defence investment to protect national and economic security.]]></description>
					      
						      <pubDate>Tue, 09 Dec 2025 15:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-letter-outlines-2026-growth-strategy-and-regulatory-reforms-to-prime-minister</guid>
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					      <title>Council of the EU and EP reach provisional agreement for simplification of CSRD and CS3D requirements</title>
					      <link>https://finreg.aoshearman.com/council-of-the-eu-and-ep-reach-provisional-agreement-for-simplification-of-csrd-and-cs3d-requirements</link>
					      <description><![CDATA[
The Council of the EU and European Parliament (EP) have reached a provisional agreement on the Omnibus I package on simplified rules for sustainability reporting and due diligence, as set out in the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CS3D). The co-legislators confirmed the agreement through separate press releases. This provisional agreement follows the EP&apos;s earlier rejection of its negotiating mandate.

In relation to the CSRD, it was agreed that the scope of the sustainability reporting requirements should be reduced with listed SMEs and financial holding undertakings being removed from scope, and the employee threshold increased to 1000 with a net turnover threshold of over EUR450 million being added. A transitional exemption for &quot;wave one&quot; companies (being companies that had to start reporting from the 2024 financial year) was also agreed for 2025 and 2026.

Read more.]]></description>
					      
						      <pubDate>Tue, 09 Dec 2025 15:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/council-of-the-eu-and-ep-reach-provisional-agreement-for-simplification-of-csrd-and-cs3d-requirements</guid>
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					      <title>Regulation amending CRR ITS on operational risk supervisory reporting of institutions published in OJ</title>
					      <link>https://finreg.aoshearman.com/regulation-amending-crr-its-on-operational-risk-supervisory-reporting-of-institutions-published-in-oj</link>
					      <description><![CDATA[
Commission Implementing Regulation 2024/2475 has been published in the Official Journal of the European Union (OJ). The regulation makes amendments in relation to the implementing technical standards (ITS) on operational risk supervisory reporting of institutions for the purposes of article 430(7) of the Capital Requirements Regulation (CRR). The ITS specify uniform reporting formats and IT solutions, including instructions, for supervisory reporting requirements of institutions. The current ITS were revised in the context of the Basel III reforms and the resulting CRR amendments, with an earlier implementing regulation setting out the incoming replacement ITS, and repealing the existing ITS, published in the OJ last year. This current implementing regulation extends certain transitional provisions to reflect the postponement of the date of application of the incoming CRR own funds requirements for market risk to 1 January 2027, and to delay the repeal of the existing ITS. The implementing regulation will enter into force on 29 December.]]></description>
					      
						      <pubDate>Tue, 09 Dec 2025 13:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/regulation-amending-crr-its-on-operational-risk-supervisory-reporting-of-institutions-published-in-oj</guid>
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					      <title>UK FCA consults on clarification of rules and guidance as part of the consumer duty requirements review</title>
					      <link>https://finreg.aoshearman.com/uk-fca-consults-on-clarification-of-rules-and-guidance-as-part-of-the-consumer-duty-requirements-review</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/37, as part of the consumer duty requirements review and the workplan announced in the March feedback statement. The FCA sets out targeted amendments to reduce the administrative burden on firms in respect of UK UCITS investment powers, chapters 6 and 7 of the Client Assets Sourcebook, and certain changes to rules relating to insurance products and funeral plans. It also proposes to improve the existing support offering for smaller firms, by piloting a sector-specific directory-style guide which would signpost the relevant parts of the FCA Handbook for smaller firms and set out examples of good and poor practice. The FCA has identified the consumer finance sector as being an appropriate sector for the pilot, focussing initially on credit brokers.

The consultation paper also proposes amendments to the FCA Handbook and non-Handbook materials to remove references to historic guidance on the fair treatment of customers, and to update references to Principles 6 and 7 of the FCA&apos;s Principles for Businesses to clarify the scope of the consumer duty in areas where there may still be confusion. The deadline for comments is 27 January 2026.]]></description>
					      
						      <pubDate>Tue, 09 Dec 2025 12:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-consults-on-clarification-of-rules-and-guidance-as-part-of-the-consumer-duty-requirements-review</guid>
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					      <title>UK FCA drops proposals on capital deduction for redress by personal investment firms</title>
					      <link>https://finreg.aoshearman.com/uk-fca-drops-proposals-on-capital-deduction-for-redress-by-personal-investment-firms</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published an updated webpage confirming that following the closure of its consultation on capital deductions for redress (CP23/24), it will not proceed with the proposed capital deduction for redress framework. This decision reflects a realignment of regulatory priorities in light of broader changes affecting the advice market. The FCA expects firms to continue addressing redress liabilities under existing rules, including the consumer duty, and warns that it may intervene where firms fail to meet these expectations or pose a risk of harm. Supervisory focus will include provisions for redress liabilities in client book transfers and challenging firms at the gateway, with firms expected to adhere to the FCA&apos;s &quot;polluter pays&quot; principle as outlined in its prior communications.]]></description>
					      
						      <pubDate>Tue, 09 Dec 2025 12:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-drops-proposals-on-capital-deduction-for-redress-by-personal-investment-firms</guid>
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					      <title>UK FCA consults on enhancing fund liquidity risk management</title>
					      <link>https://finreg.aoshearman.com/uk-fca-consults-on-enhancing-fund-liquidity-risk-management</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/38 on enhancing fund liquidity risk management. The FCA sets out in detail the context for this consultation, citing the work carried out both in the UK and internationally in respect of liquidity risk management for collective investment schemes in recent years.

Key proposals the consultation paper seeks feedback on include:

	Requirements for authorised fund managers of undertakings for collective investment in transferable securities (UCITS) funds and non-UCITS retail schemes (NURS) to have anti-dilution tools available.
	Changes in respect of the &quot;listed asset presumption&quot;, which is the presumption that a transferable security admitted to or dealt on an eligible market is presumed not to compromise an authorised fund manager&apos;s ability to redeem units.
	Removing the derogation from the eligibility tests for holding transferable securities and approved money-market instruments and guidance on eligible markets.
	New conflicts of interest requirement to ensure equitable treatment of unitholders.
	Updating guidelines issued by the European Securities and Markets Authority on liquidity stress testing and including the guidelines in the FCA handbook.
	Proposed guidance on effective liquidity risk management systems.


Read more.]]></description>
					      
						      <pubDate>Tue, 09 Dec 2025 11:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-consults-on-enhancing-fund-liquidity-risk-management</guid>
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					      <title>BoE publishes 2025 CCP stress test results</title>
					      <link>https://finreg.aoshearman.com/boe-publishes-2025-ccp-stress-test-results</link>
					      <description><![CDATA[
The Bank of England (BoE) has published its report on the results of its stress test of central counterparties (CCPs). The BoE conducts regular stress tests of UK CCPs to assess their financial resilience and identify potential areas of risk, using a market stress scenario designed by the BoE to replicate an extreme, but plausible, hypothetical scenario including Bank-specified shocks to market prices and rates across asset classes and products. The results found that UK CCPs have adequate pre-funded resources to cover a severe stress scenario which includes the default of the two members whose default causes the greatest depletion of mutualised resources. This year, the stress test included an additional exploratory analysis of resilience against a larger set of extreme but plausible scenarios, beyond the core credit stress test. The BoE confirmed that this analysis gave it confidence that the CCP resources are sized appropriately. It also confirmed that there will be no public CCP stress test next year, so the next public stress test will be in 2027.]]></description>
					      
						      <pubDate>Tue, 09 Dec 2025 10:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/boe-publishes-2025-ccp-stress-test-results</guid>
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					      <title>UK FCA discussion paper on expanding consumer access to investments</title>
					      <link>https://finreg.aoshearman.com/uk-fca-discussion-paper-on-expanding-consumer-access-to-investments</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published discussion paper DP25/3 as part of a set of publications forming a &quot;landmark package to boost UK investment culture.&quot; The FCA is seeking views on how its regulatory framework can better support informed risk-taking and consumer confidence in retail investments. This work forms part of its wider five-year strategy to help consumers navigate their financial lives. The paper highlights persistent mismatches between consumers&apos; risk appetite and actual investment choices, driven by low financial literacy and fear of scams, and explores interventions to rebalance risk. Key points for discussion are set out below.

Read more.]]></description>
					      
						      <pubDate>Mon, 08 Dec 2025 16:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-discussion-paper-on-expanding-consumer-access-to-investments</guid>
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					      <title>UK FCA consultation on client categorisation and conflicts of interest</title>
					      <link>https://finreg.aoshearman.com/uk-fca-consultation-on-client-categorisation-and-conflicts-of-interest</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/36 as part of a set of publications forming a &quot;landmark package to boost UK investment culture.&quot; The consultation sets out proposals to enhance client classification, creating a clearer boundary between retail and professional investors, and ensuring firms operating in wholesale markets are regulated proportionately and can operate with confidence when they are dealing with professional clients. Key proposals in relation to client classification are set out below.

Read more.]]></description>
					      
						      <pubDate>Mon, 08 Dec 2025 15:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-consultation-on-client-categorisation-and-conflicts-of-interest</guid>
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					      <title>UK FCA statement on firms working together to manufacture products or services</title>
					      <link>https://finreg.aoshearman.com/uk-fca-statement-on-firms-working-together-to-manufacture-products-or-services</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a statement on firms working together to manufacture products or services. The statement is targeted at firms seeking clarity on how to apply the consumer duty to co-manufacturing or other collaborative arrangements when manufacturing a product or services. The statement confirms the FCA&apos;s intention to develop proposals for consultation following the regulator&apos;s letter to the Chancellor in September, setting out its plans to address concerns about the application of the consumer duty, particularly in a wholesale context.

In the statement, the FCA confirms that it has found that firms are applying the consumer duty beyond what the FCA intended, particularly in the areas of decision-making, allocation of responsibility, liability, and outsourcing. Going forward, the FCA will be looking to consider how the scope of the application of the consumer duty could be clearer, including the current exemptions and how firms are able to rely on each other when they work in distribution chains.

For further background on the FCA&apos;s work in this area, you may be interested in our webinar on this topic, available to watch here.]]></description>
					      
						      <pubDate>Mon, 08 Dec 2025 15:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-statement-on-firms-working-together-to-manufacture-products-or-services</guid>
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					 <item>
					      <title>UK FCA policy statement and final rules on new consumer composite investment regime</title>
					      <link>https://finreg.aoshearman.com/uk-fca-policy-statement-and-final-rules-on-new-consumer-composite-investment-regime</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published policy statement PS25/20 as part of a set of publications forming a &quot;landmark package to boost UK investment culture&quot;. The policy statement follows the FCA&apos;s consultations on the new regime for consumer composite investments (CCIs), which is a new domestic regime to replace the legacy EU regimes for packaged retail and insurance-based investment products and disclosures in respect of undertakings for collective investment in transferable securities, in December 2024 and April this year. The policy statement confirms that the following areas were the subject of substantive feedback and so have been addressed in the final rules.

Read more.]]></description>
					      
						      <pubDate>Mon, 08 Dec 2025 15:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-policy-statement-and-final-rules-on-new-consumer-composite-investment-regime</guid>
				    </item>
			
					 <item>
					      <title>UK PRA policy statement on the deletion of banking reporting templates</title>
					      <link>https://finreg.aoshearman.com/uk-pra-policy-statement-on-the-deletion-of-banking-reporting-templates</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published policy statement PS27/25 following its September consultation setting out proposals to delete certain regulatory reporting requirements for banks, building societies and designated investment firms. The consultation was part of the PRA&apos;s work to reduce the regulatory burden for those PRA-regulated firms under the regulator&apos;s future banking data review and focused on Financial Reporting (FINREP) templates. The policy statement confirms the deletion of 37 templates (as per the consultations proposals) and notes in particular feedback from respondents regarding further reforms under the future banking data review workstream. The revised rules and amended guidance will come into effect on 31 December and will apply to reporting reference dates that fall on that day.]]></description>
					      
						      <pubDate>Mon, 08 Dec 2025 13:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-policy-statement-on-the-deletion-of-banking-reporting-templates</guid>
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					 <item>
					      <title>UK FCA Quarterly Consultation Paper No 50</title>
					      <link>https://finreg.aoshearman.com/uk-fca-quarterly-consultation-paper-no-50</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its quarterly consultation paper No 50 inviting feedback on proposed amendments to its Handbook across reporting, fees, primary markets rules, the new Public Offers and Admissions to Trading Regulations (POATRs) framework and authorised fund concentration rules.

Key proposals include:

	Decommissioning three general insurance pricing practices returns (REP021a, REP021b and REP021d) and reducing the frequency of the baseline financial resilience report (FIN073) from quarterly to annually for firms that also submit RMA‑A and have GBP 150 million or less annual regulated revenue, while retaining quarterly submission for larger firms and those not submitting RMA‑A.
	Cutting the administrative fee for late regulatory returns from GBP250 to GBP100 and making minor clarifications to SUP reporting provisions.


Read more.]]></description>
					      
						      <pubDate>Fri, 05 Dec 2025 17:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-quarterly-consultation-paper-no-50</guid>
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					      <title>UK regulators report on the mutuals landscape</title>
					      <link>https://finreg.aoshearman.com/uk-regulators-report-on-the-mutuals-landscape</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) and the UK Financial Conduct Authority (FCA) have published a joint report on the UK&apos;s mutual and cooperative sector, and their commitment to supporting this sector in respect of the regulators&apos; objectives, including the secondary international competitiveness and growth objective. The report follows a request made in November 2024 by the Economic Secretary to the Treasury for a report on the current mutuals landscape before the end of year, as part of the government&apos;s commitment to unlock the full potential of this sector in the UK.

The report highlights the regulators&apos; recent work impacting building societies, credit unions, mutual insurers and funeral plan providers. It also notes ongoing reviews and legislative modernisation efforts which support growth in the sector. In particular, the report suggests the government may wish to consider updating the Building Societies Act 1986 and the Credit Unions Act 1979 - commenting that there are other features of credit union legislation that may benefit from being reviewed. Finally, the report also observes that there are many countries with a greater variety of products and services in the mutual sector compared to the UK, and that even though credit unions received powers in 2023 to offer a wider range of products and services including conditional sale, hire purchase and insurance distribution, no credit union has yet applied to the FCA to take advantage of this new benefit.]]></description>
					      
						      <pubDate>Fri, 05 Dec 2025 16:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-regulators-report-on-the-mutuals-landscape</guid>
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					      <title>Consolidated Q&amp;A on PRIIPs KID updated</title>
					      <link>https://finreg.aoshearman.com/consolidated-qa-on-priips-kid-updated</link>
					      <description><![CDATA[
The Joint Committee of the European Supervisory Authorities (ESAs) has updated its consolidated Q&amp;A on the EU packaged retail and insurance-based investment products (PRIIPs) key information document. The consolidated document combines responses given by the European Commission in relation to interpretation of Union law with responses given by the ESAs in relation to the application or implementation of the PRIIPs legislation. The updated document includes five new Q&amp;As on performance scenario calculations under section VI.]]></description>
					      
						      <pubDate>Fri, 05 Dec 2025 16:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/consolidated-qa-on-priips-kid-updated</guid>
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					      <title>UK PRA confirms withdrawal of SS20/15 supervising building societies&apos; treasury and lending activities</title>
					      <link>https://finreg.aoshearman.com/uk-pra-confirms-withdrawal-of-ss2015-supervising-building-societies-treasury-and-lending-activities</link>
					      <description><![CDATA[
The UK Prudential Regulatory Authority (PRA) has published a policy statement confirming the complete withdrawal of supervisory statement SS20/15 on building societies&apos; treasury and lending activities, without replacement. Following the May consultation, the final policy largely remains unchanged. The PRA concludes that SS20/15 is no longer aligned with its broader policy approach, it creates a potential level-playing field issue by imposing prescriptive expectations on building societies that do not apply to banks, and is unnecessary given the sector&apos;s improved risk management sophistication and existing supervisory tools. The policy also makes consequential amendments to SS31/15 (ICAAP and SREP) and clarifies that ongoing risk management expectations for building societies will align with those applicable to banks under other supervisory statements. Following consultation feedback, the PRA brought forward the implementation date of 1 January 2026, with the withdrawal now effective immediately from publication.]]></description>
					      
						      <pubDate>Fri, 05 Dec 2025 14:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-confirms-withdrawal-of-ss2015-supervising-building-societies-treasury-and-lending-activities</guid>
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					      <title>EBA consultation on RTS and ITS under CRD IV on material acquisitions, transfers, mergers and divisions</title>
					      <link>https://finreg.aoshearman.com/eba-consultation-on-rts-and-its-under-crd-iv-on-material-acquisitions-transfers-mergers-and-divisions</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has launched a consultation on draft regulatory technical standards (RTS) and implementing technical standards (ITS) under the revised Capital Requirements Directive (CRD VI) concerning prudentially material transactions. The RTS specify the minimum information to be provided, common assessment methodology, and processes for notifications and prudential assessments of material acquisitions, transfers of assets or liabilities, mergers, and divisions, while the ITS establish common procedures, forms and templates for cooperation between competent authorities. The draft RTS embed proportionality by exempting information already held by authorities, using documents prepared for mergers or divisions under the Company Law Directive, coordinating with related procedures (e.g., authorisation of credit institutions where the merger requires a new licence), and allowing flexibility for divisions given their rarity.

In the absence of a materiality threshold in the CRD, they also introduce some proportionality criteria for notifications and assessments, especially for mergers involving small, non-complex or intra-group institutions, to streamline implementation of the merger. Building on common information requirements and terminology, the RTS clarify complex aspects and supplement Level 1 provisions. The deadline for comments is 5 March 2026, with a virtual public hearing scheduled for 4 February 2026. Final draft RTS and ITS are due for submission to the European Commission by July 2026 (RTS) and January 2027 (ITS).]]></description>
					      
						      <pubDate>Fri, 05 Dec 2025 14:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-consultation-on-rts-and-its-under-crd-iv-on-material-acquisitions-transfers-mergers-and-divisions</guid>
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					      <title>BCBS consultation on standard format for machine-readable Pillar 3 disclosures</title>
					      <link>https://finreg.aoshearman.com/bcbs-consultation-on-standard-format-for-machine-readable-pillar-3-disclosures</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision (BCBS) has launched a consultation on introducing a standard format for machine-readable Pillar 3 disclosures by internationally active banks. Most banks currently publish their disclosures in PDF format only, which makes it difficult to aggregate, process and compare data across banks. The proposal aims to enhance accessibility and comparability of key risk metrics by requiring quantitative disclosures to be published in a standardised machine-readable format, without altering existing disclosure requirements. National supervisors would determine whether banks should publish machine-readable Pillar 3 disclosures on their own websites or via a centralised data repository. The deadline for comments is 5 March 2026.]]></description>
					      
						      <pubDate>Fri, 05 Dec 2025 14:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/bcbs-consultation-on-standard-format-for-machine-readable-pillar-3-disclosures</guid>
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					      <title>EBA follow-up peer review report on authorisation under PSD2</title>
					      <link>https://finreg.aoshearman.com/eba-follow-up-peer-review-report-on-authorisation-under-psd2</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a follow-up peer review report on the authorisation of payment institutions (PIs) and electronic money institutions (EMIs) under the revised Payment Services Directive (PSD2). The review assessed actions taken by 29 national competent authorities (NCAs) following the 2023 report to address recommendations on authorisation processes, implementation of the EBA guidelines on authorisation, governance, AML/CFT controls, and local substance. While most NCAs improved efficiency through clearer guidance, pre-application engagement, and streamlined procedures, authorisation timelines remain highly divergent, ranging from 4-6 months to 27 months in one member state, with a median of 9.5 months (counting from the date of submission of an application). Delays are attributed to incomplete or low-quality applications and the time applicants take to address deficiencies.

While several supervisors have addressed previously identified deficiencies in the implementation of the EBA guidelines, notably on business plan assessments and AML/CFT controls, some gaps remain and in the assessment of local substance, creating risks of regulatory arbitrage. Therefore, despite notable improvements and a general move towards convergence, further efforts are needed. The EBA calls for further convergence to ensure a level playing field and robust supervisory practices across the EU.]]></description>
					      
						      <pubDate>Fri, 05 Dec 2025 11:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-follow-up-peer-review-report-on-authorisation-under-psd2</guid>
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					      <title>BoE statement on the review of rules for FMIs</title>
					      <link>https://finreg.aoshearman.com/boe-statement-on-the-review-of-rules-for-fmis</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a statement of policy outlining its framework for reviewing rules applicable to financial market infrastructures (FMIs), including recognised central counterparties (CCPs), central securities depositories (CSDs), overseas CCPs, third country CSDs, critical third parties (CTPs) and recognised clearing houses which are not recognised CCPs.

The framework, introduced under the Financial Services and Markets Act 2023, aims to ensure that rules remain fit for purpose and aligned with the BoE&apos;s statutory objectives of financial stability and innovation. The review process involves four steps: monitoring; selection; choice of methods; and execution, with stakeholder engagement and transparency emphasised throughout. Reviews may be triggered by legal requirements, changes in market conditions, unintended consequences or changes in international standards. The deadline for feedback on this policy is 4 September 2026 and the BoE coordinate with other UK regulators and HM Treasury where appropriate.]]></description>
					      
						      <pubDate>Fri, 05 Dec 2025 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/boe-statement-on-the-review-of-rules-for-fmis</guid>
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					      <title>European Commission publishes capital market integration package</title>
					      <link>https://finreg.aoshearman.com/european-commission-publishes-capital-market-integration-package</link>
					      <description><![CDATA[
The European Commission (EC) has published a Communication to the European Parliament, the European Council, the Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions on further development of capital market integration and supervision within the Union, announcing a set of major legislative reforms. The package seeks to address obstacles to innovation and barriers to integration resulting from divergent rules, duplicative requirements and inconsistent supervision. The EC proposes a suite of amendments to key EU financial services and capital markets legislation in a package described as a central component of the savings and investments union (SIU), specifically a:


	Regulation which will amend: (i) the European Securities and Markets Authority (ESMA) Regulation; (ii) the European Markets Infrastructure Regulation (EMIR); (iii) the Markets in Financial Instruments Regulation (MIFIR); (iv) the Central Securities Depositories Regulation (CSDR); (v) the Distributed Ledger technology Pilot Regulation (DLTPR); (vi) the Markets in cryptoasset Regulation (MiCAR); and (vi) the Cross-Border Distribution of Funds Regulation (CBDR). 


Read more.]]></description>
					      
						      <pubDate>Thu, 04 Dec 2025 17:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/european-commission-publishes-capital-market-integration-package</guid>
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					      <title>Bank of England launches SWES exercise focused on private markets</title>
					      <link>https://finreg.aoshearman.com/bank-of-england-launches-swes-exercise-focused-on-private-markets</link>
					      <description><![CDATA[
The Bank of England (BoE) has launched its second system-wide exploratory scenario (SWES) exercise, this time focused on the private markets ecosystem. It will be run in collaboration with a group of banks and NBFIs active in these markets. Its aim is to better understand how banks and non-banks active in private markets would respond to a severe but plausible global downturn, how their actions interact at a system level, and whether these interactions can amplify stress across the financial system and pose risks to UK financial stability and the provision of finance to the UK real economy. The exercise is not a test of the resilience of the individual firms that will participate in the exercise. Its focus is system wide, exploring the resilience of the provision of private market and related public market finance to the UK corporate sector. It will focus on private equity (PE) sponsored UK corporates, credit originated to finance these corporates (including leveraged loans and high-yield bonds) and broader private credit (PC) provided to the UK corporate sector. The SWES will aim to include key participants in the private markets ecosystem. This includes alternative asset managers that manage PE and PC funds; large banks that provide credit to both private market funds and PE-sponsored corporates; and institutional investors that participate in private markets and related public markets. The BoE anticipates having largely completed firm engagement and analysis in 2026, with the final report to be published in early 2027 and interim findings over the course of 2026.]]></description>
					      
						      <pubDate>Thu, 04 Dec 2025 12:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/bank-of-england-launches-swes-exercise-focused-on-private-markets</guid>
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					      <title>UK provisional licences authorisation regime</title>
					      <link>https://finreg.aoshearman.com/uk-provisional-licences-authorisation-regime</link>
					      <description><![CDATA[
HM Treasury has published a policy update on creating a provisional licences authorisation regime for early-stage financial services firms seeking FCA authorisation. The purpose is to reduce the barriers that financial services firms face when seeking authorisation. The proposed &quot;provisional licences&quot; regime will enable the FCA to grant time-limited permissions (generally up to 18 months) so that firms can get &quot;up and running&quot; in a controlled environment with strong regulatory oversight, whilst working towards full authorisation. The policy update sets out details of how the government intends to deliver this. It discusses the purpose and design of the regime including its scope and eligibility, the duration of provisional licences and other restrictions and requirements on firms during the provisional licence period. It concludes with a discussion of exiting the regime, ideally with full authorisation. This provisional licence regime will require. primary legislation, and the updates reports that the government will take this forward when parliamentary time allows. The FCA will engage with industry on the design of the regime and consult as necessary.]]></description>
					      
						      <pubDate>Thu, 04 Dec 2025 11:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-provisional-licences-authorisation-regime</guid>
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					      <title>ESMA statement on MiCAR transitional measures</title>
					      <link>https://finreg.aoshearman.com/esma-statement-on-micar-transitional-measures</link>
					      <description><![CDATA[
The European Securities Markets Authority (ESMA) has issued a statement on the discretionary transitional regime for cryptoasset service providers (CASPs) that offered their services in accordance with applicable law prior to 30 December 2024, contained in the Markets in Cryptoassets Regulation (MiCAR). Member States may decide not to apply the transitional regime or to reduce its duration. Given the national divergence in transitional periods applicable across the EU member states, ESMA expects CASPs not yet authorised under MiCAR to have implemented orderly wind-down plans for the services they provided in member states in which the transitional period is over and orderly wind-down plans in place ready for implementation ahead of the end of the remaining transitional periods in case they should not be authorised by then.

Read more.]]></description>
					      
						      <pubDate>Thu, 04 Dec 2025 11:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-statement-on-micar-transitional-measures</guid>
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					      <title>Changes to EU list of high-risk third countries with strategic AML/CTF framework deficiencies</title>
					      <link>https://finreg.aoshearman.com/changes-to-eu-list-of-high-risk-third-countries-with-strategic-amlctf-framework-deficiencies</link>
					      <description><![CDATA[
The European Commission (EC) has announced that it has listed Russia as a high-risk country with strategic deficiencies in its anti-money laundering and counter-terrorist financing frameworks (AML/CFT) pursuant to the EU&apos;s directive on anti-money laundering and terrorist financing (AMLD IV). This follows Delegated Regulation (EU) 2025/1393, adopted in July, which committed the EC to conclude a review of third countries not listed by the Financial Action Task Force (FATF), but whose membership is suspended. This included Russia which, following a technical assessment, the EC concludes meets the criteria to be designated as a high-risk third country. The EC has therefore adopted a delegated regulation adding Russia to its list of high-risk jurisdictions presenting strategic deficiencies in their national AML/CFT regimes. On the following day, 4 December, the EC made a further announcement that it has updated its list of high-risk jurisdictions presenting strategic deficiencies in their national AML/CFT regimes following the decisions taken at the FATF and its list of &apos;Jurisdictions under Increased Monitoring&apos; (&apos;grey list&apos;), following the plenaries of June and October 2025. The EU has adopted a further delegated regulation under AMLD IV adding new third-country jurisdictions (Bolivia and the British Virgin Islands) to the list of jurisdictions with strategic deficiencies and delisting a number of others (Burkina Faso, Mali, Mozambique, Nigeria, South Africa and Tanzania). The delegated regulations will enter into force after scrutiny and non-objection of the European Parliament and the Council within a period of one month (which can be extended by a further month). EU entities covered by the EU&apos;s AML framework are required to apply enhanced vigilance in transactions involving such high-risk jurisdictions.]]></description>
					      
						      <pubDate>Wed, 03 Dec 2025 17:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/changes-to-eu-list-of-high-risk-third-countries-with-strategic-amlctf-framework-deficiencies</guid>
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					      <title>UK FCA finalises policy on streamlining complaints data reporting</title>
					      <link>https://finreg.aoshearman.com/uk-fca-finalises-policy-on-streamlining-complaints-data-reporting</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published policy statement PS25/19, confirming final rules to modernise complaints reporting. Following its May consultation, the FCA confirms the rules largely as proposed, including: replacing five existing returns with a single consolidated return; removing group-level reporting; updating complaints categorisation to reflect evolving product types; improving guidance on products subject to complaints reporting; and introducing a category to capture complaints by vulnerable consumers. Minor adjustments were made following feedback, such as taxonomy updates. Firms have 12 months from publication (until December 2026) to implement the changes and make the appropriate internal process and system changes. The first reporting period under the new arrangements is set for 1 January to 30 June 2027, with further details set out in Chapter 3 of the policy statement. The FCA will provide further communication and user testing to support a smooth transition and will review effectiveness post-implementation after five years. Separately, Chapter 4 outlines a consultation on whether to extend the capture of vulnerability-related data to payment services, funeral plans and claims management company firms. The deadline for responses is 2 February 2026.]]></description>
					      
						      <pubDate>Wed, 03 Dec 2025 15:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-finalises-policy-on-streamlining-complaints-data-reporting</guid>
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					      <title>UK PRA finalises updated supervisory expectations to manage climate-related risks</title>
					      <link>https://finreg.aoshearman.com/uk-pra-finalises-updated-supervisory-expectations-to-manage-climate-related-risks</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published a policy statement and supervisory statement SS4/25, updating expectations for banks and insurers on managing climate-related financial risks. The final policy replaces SS3/19 in its entirety and applies with immediate effect. Following feedback from the April consultation, the PRA makes changes to the final policy (i) clarifying proportionality, allowing firms to tailor governance and risk management based on materiality and business models; (ii) recognising litigation risk as a potential transmission channel; and (iii) confirming that the six-month review period is to conduct an internal gap analysis, not an implementation timeline. Firms may integrate climate responsibilities within existing governance frameworks and embed climate risks into current risk registers or sub-registers, with flexibility in approach. The PRA emphasises a principles-based, proportionate framework aligned with international standards, encouraging scenario analysis, reverse stress testing and engagement with the Climate Financial Risk Forum (CFRF).]]></description>
					      
						      <pubDate>Wed, 03 Dec 2025 12:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-finalises-updated-supervisory-expectations-to-manage-climate-related-risks</guid>
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					      <title>EBA consults on amendments to RTS under CSDR prudential framework</title>
					      <link>https://finreg.aoshearman.com/eba-consults-on-amendments-to-rts-under-csdr-prudential-framework</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a consultation paper on draft amendments to the regulatory technical standards (RTS) under Delegated Regulation (EU) 2017/390, supplementing the Central Securities Depositories Regulation (CSDR) prudential framework. The changes respond to the CSDR Refit (Regulation (EU) 2023/2845), which now permits banking CSDs to provide banking-type ancillary services to participants of other CSDs, including foreign currency cash settlement. This expansion introduces potential credit, liquidity, and concentration risks, prompting the EBA to propose updates to prudential requirements, including enhanced frameworks for intraday credit and liquidity risk management, credit limits and collateral management. The draft RTS also aligns references with amendments made to the Capital Requirements Regulation. The deadline for comments is 3 March 2026.]]></description>
					      
						      <pubDate>Wed, 03 Dec 2025 12:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-consults-on-amendments-to-rts-under-csdr-prudential-framework</guid>
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					      <title>UK FCA second cohort of AI Live Testing applications to open in January 2026</title>
					      <link>https://finreg.aoshearman.com/uk-fca-second-cohort-of-ai-live-testing-applications-to-open-in-january-2026</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published an update on its AI Live Testing service. The service aims to promote the safe and responsible adoption of AI in UK financial services through a collaborative, real-world testing environment. The live testing service is voluntary and open to firms that have developed AI proofs of concept and are active in UK financial markets, subject to competitive selection criteria. The initiative complements the FCA&apos;s Supercharged Sandbox and follows its September feedback statement on AI benefits and risks. Applications for the first AI Live Testing cohort closed on 15 September. The application window for the second cohort will open in January 2026, with testing commencing in April 2026.]]></description>
					      
						      <pubDate>Wed, 03 Dec 2025 11:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-second-cohort-of-ai-live-testing-applications-to-open-in-january-2026</guid>
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					      <title>UK FCA policy statement on changes to handling rules for motor finance complaints</title>
					      <link>https://finreg.aoshearman.com/uk-fca-policy-statement-on-changes-to-handling-rules-for-motor-finance-complaints</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a policy statement on changes to handling rules for motor finance complaints. The FCA consulted on proposed changes in Chapter 11 of CP25/27, and this aspect of the consultation closed on 4 November to allow time to finalise any changes and give firms notice before the current extension in the rules for handling motor finance complaints ended on 4 December. The FCA confirms that it is:


	Excluding leasing complaints from any further extension, meaning that firms need to start sending final responses to them from 5 December.
	Further extending the time firms have to send final responses to all other relevant discretionary commission arrangement (DCA) complaints and non‑DCA commission complaints to 31 May 2026 (two months earlier than consulted on). This is so firms will not have to start sending final responses before the FCA has decided whether the redress scheme will go ahead, and which complaints will be covered if it does, without making consumers wait any longer than necessary for a complaint response if they do not fall within any scheme.
	Requiring firms to update their public facing communications to reflect the changes to the time limits, reverting back to the usual six months that consumers will have to refer a complaint to the Financial Ombudsman Service for final responses sent after 29 January 2026.
	Extending record keeping and retention requirements until 11 April 2031.


Read more.]]></description>
					      
						      <pubDate>Wed, 03 Dec 2025 11:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-policy-statement-on-changes-to-handling-rules-for-motor-finance-complaints</guid>
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					 <item>
					      <title>ESMA to launch CSA on MiFID II conflicts of interest requirements</title>
					      <link>https://finreg.aoshearman.com/esma-to-launch-csa-on-mifid-ii-conflicts-of-interest-requirements</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has announced that it will launch a Common Supervisory Action (CSA) with national competent authorities in 2026 to review compliance with MiFID II conflicts of interest requirements in the distribution of financial instruments. The press release confirms the CSA will examine how firms identify, prevent and manage conflicts when offering investment products to retail clients. It will focus on: (i) the possible influence of staff remuneration and inducements on what products are offered to investors; (ii) the role of digital platforms in product selection, and whether this serves the investor&apos;s best interests; and (iii) the management of conflicts between firm profitability and the needs of retail investors.]]></description>
					      
						      <pubDate>Tue, 02 Dec 2025 17:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-to-launch-csa-on-mifid-ii-conflicts-of-interest-requirements</guid>
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					      <title>Property (Digital Assets etc) Act 2025</title>
					      <link>https://finreg.aoshearman.com/property-digital-assets-etc-act-2025</link>
					      <description><![CDATA[
The Property (Digital Assets etc) Bill has received royal assent and entered the statute book as the Property (Digital Assets etc) Act 2025. The Act gives effect to recommendations of the Law Commission confirming in statute that a thing that is digital or electronic in nature can be recognised as personal property even if it does not fall within the traditional categories of &apos;things in possession&apos; or &apos;things in action&apos;. This means that certain digital assets such as crypto-tokens or crypto currencies can now be recognised as property providing legal certainty for businesses and individuals. The Act applies to England, Wales and Northern Ireland.]]></description>
					      
						      <pubDate>Tue, 02 Dec 2025 17:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/property-digital-assets-etc-act-2025</guid>
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					      <title>UK FPC assessment of bank capital requirements</title>
					      <link>https://finreg.aoshearman.com/uk-fpc-assessment-of-bank-capital-requirements</link>
					      <description><![CDATA[
The Bank of England&apos;s (BoE) Financial Policy Committee (FPC) has published a Financial Stability in Focus report, revisiting its assessment of bank capital requirements. The FPC now judges that the appropriate benchmark for the system-wide level of Tier 1 capital requirements is around 13% of risk-weighted assets, equivalent to a Common Equity Tier 1 (CET1) ratio of around 11%. This represents a reduction from the 2019 assessment, which set the benchmark at 14%, reflecting improvements in risk measurement, a lower systemic importance of some banks, and a decline in banks&apos; average risk weights.

Read more.]]></description>
					      
						      <pubDate>Tue, 02 Dec 2025 12:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fpc-assessment-of-bank-capital-requirements</guid>
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					 <item>
					      <title>UK FCA update on review of access to cash regime</title>
					      <link>https://finreg.aoshearman.com/uk-fca-update-on-review-of-access-to-cash-regime</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published an update on its forthcoming review of the access to cash regime. The regime, introduced under the Financial Services and Markets Act 2023, seeks to maintain responsible provision of cash access services to consumers and businesses. The FCA expects to begin its review in Q4 2026 and publish findings in Q2 2027. While the exact scope and methodology will be determined closer to the time, the review will assess compliance, costs to firms and the regime&apos;s effectiveness in preventing gaps in cash access. It will include quantitative analysis and evaluation of indicators such as consumer sentiment and cash coverage data, alongside stakeholder engagement.]]></description>
					      
						      <pubDate>Tue, 02 Dec 2025 12:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-update-on-review-of-access-to-cash-regime</guid>
				    </item>
			
					 <item>
					      <title>SRB upcoming consultations and requests to the industry for 2026</title>
					      <link>https://finreg.aoshearman.com/srb-upcoming-consultations-and-requests-to-the-industry-for-2026</link>
					      <description><![CDATA[
The Single Resolution Board (SRB) has published a list of consultations and industry requests for 2026. The list is presented in four tables covering expected consultations, data requests and deliverables arising from EU legal acts, SRB Expectations for Banks and the ongoing shift towards bank-led testing and resolvability assessments. For clarity, the SRB has explicitly separated data- and content-related requests into two categories: those applicable to all banks earmarked for resolution; and those targeting a subset of banks based on their resolution strategy and risk profile. The tables provide a comprehensive overview of potential requirements for 2026. Banks have been informed through their priority letters which, if any, additional obligations apply to them individually. From 2026, many bank-specific deliverables previously requested annually will only be required in exceptional cases, such as when gaps in resolvability remain or previously submitted information becomes outdated.]]></description>
					      
						      <pubDate>Mon, 01 Dec 2025 15:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/srb-upcoming-consultations-and-requests-to-the-industry-for-2026</guid>
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					      <title>UK CMA final decision of the SME Banking Undertakings 2002</title>
					      <link>https://finreg.aoshearman.com/uk-cma-final-decision-of-the-sme-banking-undertakings-2002</link>
					      <description><![CDATA[
The UK Competition and Markets Authority (CMA) has published its final decision following a review of the SME Banking (Behavioural) Undertakings 2002, specifically the limitation on bundling provisions (LOBP). These provisions prohibited bound banks from requiring SMEs to open or maintain a business current account as a condition for obtaining a business loan or deposit account. Following its review, the CMA concluded that, due to significant changes in market conditions since 2002, including increased competition, reduced barriers to entry, technological developments, greater customer willingness to switch providers and the introduction of the consumer duty, the LOBP are no longer appropriate and should be released. The CMA found that banks previously bound by these undertakings no longer hold sufficient market power in SME loans and deposit accounts to justify retaining these restrictions, and that competitive constraints would prevent adverse effects on competition if such tying practices were reintroduced. The LOBP were the last remaining provisions of the SME Banking (Behavioural) Undertakings 2002 meaning that these have now been released in their entirety.]]></description>
					      
						      <pubDate>Mon, 01 Dec 2025 11:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-cma-final-decision-of-the-sme-banking-undertakings-2002</guid>
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					      <title>UK FCA consults on ESG ratings regime</title>
					      <link>https://finreg.aoshearman.com/uk-fca-consults-on-esg-ratings-regime</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/34, setting out its proposed regulatory regime for environmental, social and governance (ESG) rating providers. This follows the government&apos;s draft legislation to bring this activity within the FCA&apos;s perimeter.

The proposed regime combines: (i) existing baseline standards set out in specific sections of the FCA&apos;s Handbook, including Threshold Conditions (COND), Principles for Businesses (PRIN), Systems and Controls (SYSC), the Senior Managers and Certification Regime (SM&amp;CR) and General Provisions (GEN); and (ii) tailored requirements, informed by the International Organization of Securities Commissions, to address risks specific to ESG ratings. These tailored rules, set out in Chapters 3 to 6 of the consultation paper, focus on transparency, systems and controls, governance, conflicts of interest and stakeholder engagement.

While rating providers will be regulated, the FCA expects users to continue conducting due diligence to assess ratings&apos; relevance and suitability, noting that the scope of regulation may require distinguishing between regulated and unregulated products. The FCA will monitor whether further guidance for firms on using ESG ratings will be useful.

The deadline for responses is 31 March 2026, with final rules expected in Q4 2026. The authorisation gateway is expected to open in June 2027, and the regime is scheduled to go live on 29 June 2028. In parallel, the FCA published a research note titled &quot;Understanding the UK ESG Ratings Market: Findings from Our Surveys&quot;.]]></description>
					      
						      <pubDate>Mon, 01 Dec 2025 10:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-consults-on-esg-ratings-regime</guid>
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					      <title>ESMA statement on implementation of MiCAR data standards and format requirements</title>
					      <link>https://finreg.aoshearman.com/esma-statement-on-implementation-of-micar-data-standards-and-format-requirements</link>
					      <description><![CDATA[
The European Securities Markets Authority (ESMA) has issued a statement to support the smooth implementation of the regulation on markets in cryptoassets (MiCAR) data standards and format requirements. The statement provides technical specifications on:


	The format of order book records for cryptoasset service providers (CASPs) operating a trading platform for cryptoassets, as defined by Commission Delegated Regulation (EU) 2025/416.
	Record-keeping obligations for CASPs as defined by Commission Delegated Regulation (EU) 2025/1140, specifying records to be kept of all cryptoasset services, activities, orders and transactions undertaken.
	Presentation of transparency data by CASPs operating a trading platform for cryptoassets, as defined by Commission Delegated Regulation (EU) 2025/417.
	Format and data standards requirements for MiCAR white papers, under Commission Implementing Regulation (EU) 2024/2984.
	Data necessary for the classification of cryptoasset white papers, as defined by Commission Delegated Regulation (EU) 2025/421 and the practical arrangements to ensure that such data is machine-readable.


This public statement aims to provide further practical guidance to market participants in complying with the above requirements.]]></description>
					      
						      <pubDate>Fri, 28 Nov 2025 17:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-statement-on-implementation-of-micar-data-standards-and-format-requirements</guid>
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					      <title>UK PRA issues 2025 sector assessment letter to credit union directors</title>
					      <link>https://finreg.aoshearman.com/uk-pra-issues-2025-sector-assessment-letter-to-credit-union-directors</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published a letter addressed to credit union directors. It summarises key findings from its 2025 assessment of credit unions with assets up to GBP50 million and sets out supervisory priorities for 2026. The PRA identifies operational resilience as a key risk, with thematic work planned in 2026 to strengthen this area, including contingency planning and ensuring robust arrangements for replacing key staff and directors. The second key risk highlighted is disorderly failure: boards are expected to monitor prudential positions and financial forecasts proactively, act promptly on emerging issues and consider alternatives where activities become unsustainable, to avoid disorderly wind-down. In addition to these priorities, the PRA will maintain a focus on risk management throughout 2026. Governance standards also remain a priority, with emphasis on reducing dependency on key individuals and improving risk oversight. Areas for continued attention include succession planning, policy reviews, business planning and board performance appraisals (noted as a non-exhaustive list). The PRA reminds credit unions of their regulatory obligations, including maintaining open and cooperative engagement under Fundamental Rule 7. The letter should be read alongside the January Dear CEO letter to UK deposit takers, which outlines the PRA&apos;s priorities in this sector.]]></description>
					      
						      <pubDate>Fri, 28 Nov 2025 15:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-issues-2025-sector-assessment-letter-to-credit-union-directors</guid>
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					      <title>UK FCA finalises SI regime changes for bonds and derivatives and other consultation proposals</title>
					      <link>https://finreg.aoshearman.com/uk-fca-finalises-si-regime-changes-for-bonds-and-derivatives-and-other-consultation-proposals</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published policy statement PS25/17 on removing the systematic internaliser regime for bonds, derivatives, structured finance products and emission allowances from 1 December.

Following feedback from its July consultation, the FCA is adopting all proposals as consulted on, except for the second proposed change to the price waiver. That change would have allowed a trading venue to derive the price from the best bid and offer prices on the lit order book where reference price orders are placed, which would allow placing mid-price dark orders below large in scale on lit order books. The FCA remains minded to implement this change after gathering further information to ensure the change does not weaken the information content of post-trade data. The FCA expects to finalise a proposal on post-trade transparency in its forthcoming consultation on equity transparency. Meanwhile, from 20 March 2026, trading venue operators will be permitted to use a broader set of prices from a wider set of venues when crossing orders for equities under the reference price waiver.

The FCA also confirms the repeal of the rule that prevents investment firms from carrying out matched principal trading on their multilateral trading facilities and from operating an organised trading facility in the same entity for which they are a systematic internaliser from 30 March 2026.

Read more.]]></description>
					      
						      <pubDate>Fri, 28 Nov 2025 12:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-finalises-si-regime-changes-for-bonds-and-derivatives-and-other-consultation-proposals</guid>
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					      <title>UK FCA findings on effectiveness and governance of rating committees at CRAs</title>
					      <link>https://finreg.aoshearman.com/uk-fca-findings-on-effectiveness-and-governance-of-rating-committees-at-cras</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published findings from a multi-firm review assessing the effectiveness and governance of rating committees at UK-registered credit rating agencies (CRAs). The review focused on four areas: purpose, people, processes, and internal controls, highlighting both good practices and areas for improvement. Most firms had systems supporting compliance with internal policies and the EU Credit Rating Agencies Regulation (as amended by the CRA Regulations (EU Exit) 2019), alongside controls to prevent unauthorised access to information. Most firms also had robust governance frameworks in place with three lines of defence. However, some lacked clear documentation of rating committees, making it difficult to determine variations by asset class or whether any deviations or exceptions were permitted. Good practices on people included collective decision-making, in-house training for committee Chairs and systems for member selection, while improvements were needed in meeting minimum quorum requirements and monitoring conduct and culture risks. 

Read more.]]></description>
					      
						      <pubDate>Fri, 28 Nov 2025 12:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-findings-on-effectiveness-and-governance-of-rating-committees-at-cras</guid>
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					      <title>UK FCA Handbook Notice 135</title>
					      <link>https://finreg.aoshearman.com/uk-fca-handbook-notice-135</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Handbook Notice 135 outlining amendments to the FCA Handbook resulting from the following statutory instruments:


	Markets in Financial Instruments (Systematic Internalisers Multilateral Trading Facilities and Equity Transparency) Instrument 2025 - now in force - and the Technical Standards (Markets in Financial Instruments Regulation) (Equity Transparency) (Amendment) Instrument 2025, which will enter into force on 30 March 2026. These instruments make changes to repeal the systematic internaliser regime for bonds and derivatives and remove certain obligations and restrictions placed on UK venues by onshored EU legislation.
	Berne Financial Services Agreement Instrument 2025, which enters into force on 1 January 2026, to add a new Handbook guide and update related guidance provisions.
	Dispute Resolution: Complaints Sourcebook (Eligibility of Complainants) Instrument 2025, which entered into force on 28 November, to add new guidance to clarify DISP 2.7.6R(4).
	Compensation Sourcebook (Assignments Under Scots Law) Instrument 2025, which entered into force on 28 November, making changes to ensure the Financial Services Compensation Scheme&apos;s electronic assignments comply with Scots law.

]]></description>
					      
						      <pubDate>Fri, 28 Nov 2025 11:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-handbook-notice-135</guid>
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					      <title>UK FCA publishes additional materials supporting UK short selling regime proposals</title>
					      <link>https://finreg.aoshearman.com/uk-fca-publishes-additional-materials-supporting-uk-short-selling-regime-proposals</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Primary Market Bulletin 60, highlighting its consultation paper on proposed changes to the UK short selling regime. The proposals aim to repeal and replace assimilated EU law by introducing a new Short Selling Sourcebook within the FCA Handbook, supporting the UK Short Selling Regulations 2025 (SSR 2025). To further aid firms&apos; understanding of the proposals, the FCA has produced a derivation and changes table which now accompanies the consultation as outlined in its updated webpage. This document shows how the FCA proposes to transfer rules and guidance from the UK Short Selling Regulation, relevant Commission Delegated Regulation, technical standards, ESMA guidelines and ESMA Q&amp;A into its new Short Selling Sourcebook. Following the industry event held on 6 November, other materials discussed have also been published as additional information for firms: Aggregated Net Short Positions (ANSP) by issuer and anonymisation of position holders and Reportable Shares List under SSR 2025 implementation and key changes.]]></description>
					      
						      <pubDate>Fri, 28 Nov 2025 11:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-publishes-additional-materials-supporting-uk-short-selling-regime-proposals</guid>
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					      <title>UK regulators finalise changes to UK EMIR margin requirements for non-centrally cleared derivatives</title>
					      <link>https://finreg.aoshearman.com/uk-regulators-finalise-changes-to-uk-emir-margin-requirements-for-non-centrally-cleared-derivatives</link>
					      <description><![CDATA[
The UK Prudential Regulatory Authority (PRA) and the UK Financial Conduct Authority (FCA) have published a policy statement finalising amendments to the Binding Technical Standards (BTS 2016/2251) on margin requirements for non-centrally cleared derivatives under UK EMIR. Following feedback on its March consultation, the regulators confirm the rules are largely as proposed, including: (i) an indefinite exemption from the bilateral margining requirements for single-stock equity options and index options; (ii) the removal of the obligation to exchange initial margin (IM) on outstanding legacy contracts where a firm subsequently falls below the in-scope thresholds; and (iii) allowing UK firms to use another jurisdiction&apos;s threshold assessment calculation periods and entry into scope dates to determine whether those transactions are subject to certain IM requirements, when transacting with a counterparty subjected to the margin requirements in that jurisdiction. Other than these, only minor technical amendments were made. The final text of the FCA and PRA instruments amending BTS 2016/2251 can be found in the appendices to the policy statement. The amendments to the BTS are effective immediately, from 27 November.]]></description>
					      
						      <pubDate>Thu, 27 Nov 2025 17:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-regulators-finalise-changes-to-uk-emir-margin-requirements-for-non-centrally-cleared-derivatives</guid>
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					      <title>UK FCA regulation round-up</title>
					      <link>https://finreg.aoshearman.com/uk-fca-regulation-round-up</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its latest Regulation Round-up, a monthly newsletter to firms covering hot topics, events and sector news. Areas for firms to note include: (i) the launch of the InvestSmart Hype Type Revealer, a behavioural tool designed to help retail investors recognise how hype can influence their investment decisions; (ii) plans to standardise financial data collection at the authorisation gateway, introducing sector-specific templates to accelerate authorisation processes and reduce follow-up queries. The improvements are live for wholesale applicants with templates available on the FCA website, with further rollout coming for other sector firms; and (iii) enhancing the Digital Gateway experience by testing and rolling out a series of improved digital online forms for authorisations and notifications, providing clearer guidance and improved navigation for firms. The list of forms is included within the newsletter.]]></description>
					      
						      <pubDate>Thu, 27 Nov 2025 17:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-regulation-round-up</guid>
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					      <title>Council of the EU and European Parliament reach provisional agreement on EU Payments Package</title>
					      <link>https://finreg.aoshearman.com/council-of-the-eu-and-european-parliament-reach-provisional-agreement-on-eu-payments-package</link>
					      <description><![CDATA[
The Council of the EU and the European Parliament have announced a provisional political agreement on the EU payments package. While the final texts of the third Payment Services Directive (PSD3) and the Payment Services Regulation (PSR) are not yet available, press releases indicate that negotiations centred on three key areas: fraud prevention, transparency and open banking. For further details, you may like to read our blog post &quot;European Council and Parliament reach provisional agreement on EU Payments Package&quot;.]]></description>
					      
						      <pubDate>Thu, 27 Nov 2025 16:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/council-of-the-eu-and-european-parliament-reach-provisional-agreement-on-eu-payments-package</guid>
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					      <title>UK FOS consults on plans and budget for 2026/27</title>
					      <link>https://finreg.aoshearman.com/uk-fos-consults-on-plans-and-budget-for-202627</link>
					      <description><![CDATA[
The UK Financial Ombudsman Service (FOS) has launched a consultation on its plans and budget for 2026/27. Key proposals include increasing its case fee to GBP680 and compulsory levy to GBP86 million. The FOS has also announced that it will simplify its billing process for the next financial year by replacing the free case allowance with a monetary value of GBP2,000 for both respondent businesses and professional representatives. It is also introducing quarterly billing in advance for the largest businesses expected to account for the most cases. The FOS anticipates receiving 188,000 cases across a range of financial products, including bank accounts, credit cards and insurance, and resolving 245,000 cases as it works through its existing backlog. Of these, around 60,000 are expected to relate to motor finance commission complaints. The FOS is also preparing for deferred payment credit (buy now, pay later) complaints to fall within its remit from July 2026, meaning it is likely to start receiving these complaints in the second half of 2026/27. The deadline for comments is 21 January 2026.]]></description>
					      
						      <pubDate>Thu, 27 Nov 2025 14:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fos-consults-on-plans-and-budget-for-202627</guid>
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					      <title>HMT issues 2025 remit and recommendations to FPC for 2025/26</title>
					      <link>https://finreg.aoshearman.com/hmt-issues-2025-remit-and-recommendations-to-fpc-for-202526</link>
					      <description><![CDATA[
HM Treasury (HMT) has published a letter from Rachel Reeves, Chancellor of the Exchequer, to Andrew Bailey, Bank of England Governor, setting out the remit and recommendations for the Financial Policy Committee (FPC) for 2025/26. The letter reaffirms the FPC&apos;s objectives to maintain UK financial stability and support the government&apos;s economic policy. The letter also highlights the need for regulation that balances resilience with growth, aligning with the Financial Services Growth and Competitiveness Strategy and the Leeds Reforms. Key priorities include reviewing the level of bank capital requirements, which should ensure the UK&apos;s capital framework strikes the optimal balance to deliver resilience, growth and competitiveness. Ms Reeves also looks forward to the FPC&apos;s findings on where there is potential to increase the ability of the financial sector to contribute to sustainable economic growth. The next steps in this work should identify how to support the supply of long-term capital for productive investment. The letter also highlights the critical nature of the FPC&apos;s work in the light of challenges for the global financial system such as the adoption of transformative technologies, climate change and the net zero transition, while also facing global macroeconomic uncertainty.]]></description>
					      
						      <pubDate>Wed, 26 Nov 2025 17:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hmt-issues-2025-remit-and-recommendations-to-fpc-for-202526</guid>
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					      <title>UK FCA publishes updated forms and checklists ahead of new UK prospectus regime</title>
					      <link>https://finreg.aoshearman.com/uk-fca-publishes-updated-forms-and-checklists-ahead-of-new-uk-prospectus-regime</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new webpage with updated forms and checklists to support the UK&apos;s new Public Offers and Admission to Trading regime (POATR) which fully comes into force on 19 January 2026. The FCA&apos;s new sourcebook for admissions to trading on regulated markets, Prospectus Rules: Admission to Trading on a Regulated Market (PRM), also comes into force on 19 January 2026. From this date, the FCA will be able to approve documents under the new PRM sourcebook. From 1 December, the FCA confirms that issuers can submit a draft prospectus, registration document, universal registration document and/or a securities note and summary prepared under the new framework for review with a view to seeking approval once the new regime goes live. This can be done as usual via the FCA&apos;s Electronic Submission System (ESS).

Read more.]]></description>
					      
						      <pubDate>Wed, 26 Nov 2025 17:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-publishes-updated-forms-and-checklists-ahead-of-new-uk-prospectus-regime</guid>
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					      <title>SRB 2026 work programme</title>
					      <link>https://finreg.aoshearman.com/srb-2026-work-programme</link>
					      <description><![CDATA[
The Single Resolution Board (SRB) has published its 2026 work programme, outlining key priorities and building on the Single Resolution Mechanism (SRM) Vision 2028 strategy. The SRB will focus on advancing further the operationalisation of resolution tools and apply revised methodologies, including the revamped resolvability assessment and dry runs in close cooperation with the national resolution authorities. It will also implement the new multi-annual testing framework established under EBA guidelines to ensure banks&apos; resolvability capabilities remain adequate over time. Further, the SRB will support EU and global policy debates on simplification initiatives without compromising on resolvability and contribute to regulatory work on the implementation of the crisis management and deposit insurance (CMDI) framework, completion of the Banking Union as part of the Savings and Investment Union, digitalisation in financial services, the macroprudential framework review and other global developments.

Additionally, the SRB will host its first international economic conference to foster dialogue on resolution policy and competitiveness in the EU financial sector. The overarching goal is to ensure banks are resolvable not only in theory but in practice. The SRB will also intensify efforts to streamline decision-making processes and to foster a shared SRM culture together with national resolution authorities. Other priorities include advancing digital transformation through a Data Quality Framework, accelerating key data initiatives, conducting a mid-term review of the SRM Vision 2028 and progressing HR initiatives on mobility, talent management and diversity and inclusion.]]></description>
					      
						      <pubDate>Wed, 26 Nov 2025 16:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/srb-2026-work-programme</guid>
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					      <title>UK FCA findings from data quality review of prudential regulatory reporting by MIFIDPRU investment firms</title>
					      <link>https://finreg.aoshearman.com/uk-fca-findings-from-data-quality-review-of-prudential-regulatory-reporting-by-mifidpru-investment-firms</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published findings from its data quality review of prudential regulatory reporting by MIFIDPRU investment firms, covering submissions from January 2024 to March 2025. The FCA found that 60% of firms passed all data quality tests and saw good practice in reporting across time periods and accurate cross-validation returns. However, the FCA identified significant areas for improvement firms, including: (i) inconsistent reporting across multiple data sources; (ii) inaccurate implementation of reporting guidance; (iii) incorrect reporting of type of investment firm; and (iv) incorrect reporting units and data entry issues. From the 10% of firms that were not meeting their reporting requirements, the FCA found recurring reporting errors, indicating weaknesses in these firms&apos; regulatory systems and controls.

The FCA urges firms to review their reporting processes against the relevant provisions in its Handbook, including MIFIDPRU 9 Annex 2, and ensure accuracy, noting that no new requirements or guidance are being introduced. Notifications highlighting data quality failures will be issued to firms and further detailed examples of data quality issues the FCA has seen will be shared in an upcoming IFPR Newsletter.]]></description>
					      
						      <pubDate>Wed, 26 Nov 2025 16:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-findings-from-data-quality-review-of-prudential-regulatory-reporting-by-mifidpru-investment-firms</guid>
				    </item>
			
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					      <title>EBA peer review report on gender diversity under CRD IV and CRR</title>
					      <link>https://finreg.aoshearman.com/eba-peer-review-report-on-gender-diversity-under-crd-iv-and-crr</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a peer review report assessing how competent authorities have implemented and supervised gender diversity requirements. EU legislation requires that credit institutions have robust governance arrangements, including gender-neutral remuneration policies and diversity policies. The review examined six competent authorities, including the European Central Bank, on the application of the respective requirements under the fourth Capital Requirements Directive (CRD IV), the Capital Requirements Regulation and certain EBA guidelines across six major areas. It found that most requirements checked have been fully or largely incorporated into the supervisory framework by all supervisors reviewed.

However, deficiencies were noted, particularly in the use of supervisors&apos; own benchmarking of diversity practices, where three supervisors were rated &quot;partially applied&quot; overall, with five out of six supervisors being rated &quot;partially applied&quot; on the second criteria of that benchmark, which concerns the further use of own diversity benchmarking results. The EBA recommends improvements in collecting and publishing supervisors&apos; benchmarking results to enhance transparency and to improve the ability of credit institutions to compare with their peers. Both individual and general follow-up measures, as well as best practices have been adopted to strengthen consistency and effectiveness across the EU. The EBA will conduct a follow-up peer review of the implementation of the measures included in the report in two years.]]></description>
					      
						      <pubDate>Wed, 26 Nov 2025 16:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-peer-review-report-on-gender-diversity-under-crd-iv-and-crr</guid>
				    </item>
			
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					      <title>UK FCA launches stablecoins cohort of Regulatory Sandbox</title>
					      <link>https://finreg.aoshearman.com/uk-fca-launches-stablecoins-cohort-of-regulatory-sandbox</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new webpage announcing the launch of a special stablecoins cohort within its Regulatory Sandbox for firms issuing stablecoins. This will enable UK firms planning to issue stablecoins to test products under the UK&apos;s evolving regulatory regime. The cohort supports innovation in financial services and complements projects such as the Digital Securities Sandbox. For a successful application, firms must demonstrate: (i) clear readiness to begin testing; (ii) hold appropriate permissions and resources; (iii) prepare a well-aligned test plan consistent with the recent FCA stablecoin issuance consultation paper CP25/14; and (iv) include as much detail as possible. Applications close on 18 January 2026. Successful participants will be notified by the FCA, and feedback will be provided to unsuccessful applicants.]]></description>
					      
						      <pubDate>Wed, 26 Nov 2025 12:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-launches-stablecoins-cohort-of-regulatory-sandbox</guid>
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					      <title>UK SFO updates guidance on evaluating corporate compliance programmes</title>
					      <link>https://finreg.aoshearman.com/uk-sfo-updates-guidance-on-evaluating-corporate-compliance-programmes</link>
					      <description><![CDATA[
The UK Serious Fraud Office (SFO) has published updated guidance on evaluating corporate compliance programmes, clarifying when and how such assessments occur. The updated guidance identifies six scenarios in which it may need to evaluate an organisation&apos;s compliance programme: (i) determining decisions on prosecution; (ii) considering deferred prosecution agreements (DPAs); (iii) including compliance terms and monitorships as part of any DPA; (iv) determining whether an organisation has a defence of &quot;adequate procedures&quot; under the Bribery Act 2010; (v) determining whether an organisation has a defence of &quot;reasonable procedures&quot; under the Economic Crime and Corporate Transparency Act 2023 (ECCTA); and (vi) sentencing considerations. In relation to statutory defences, the updated guidance draws on the six statutory principles in relation to proportionate procedures, top-level commitment, risk assessment, due diligence, communication (including training), and monitoring and ongoing review. It includes a &quot;FAQs/general guidance&quot; section, explaining the distinction between &quot;adequate&quot; or &quot;reasonable&quot; procedures (for statutory defences) and an &quot;effective compliance programme&quot; under failure-to-prevent offences. The SFO stresses that assessments depend on an organisation&apos;s individual circumstances. Having policies and controls in place does not automatically mean a programme is effective; the focus is on how policies translate into conduct on the ground.]]></description>
					      
						      <pubDate>Wed, 26 Nov 2025 11:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-sfo-updates-guidance-on-evaluating-corporate-compliance-programmes</guid>
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					      <title>EP resolution on impact of AI on the financial sector</title>
					      <link>https://finreg.aoshearman.com/ep-resolution-on-impact-of-ai-on-the-financial-sector</link>
					      <description><![CDATA[
The European Parliament (EP) has adopted a resolution on the impact of AI on the financial sector. This follows the final report published by the EP&apos;s Committee on Economic and Monetary Affairs (ECON) earlier in November. The press release confirms that the resolution highlights AI&apos;s potential benefits to the financial sector, including through fraud detection, personalised advice, transaction monitoring and environmental, social and governance (ESG) data analysis. However, it also warns of risks such as data bias, model opacity, cybersecurity threats and over-reliance on major tech providers. MEPs call for human oversight, robust data governance and updates to supervisory tools — emphasising that no new legislation is needed; instead, existing rules should be clarified and streamlined to foster innovation without compromising consumer protection or financial stability. The resolution urges the European Commission and supervisors to provide proportionate guidance and to enhance cross-border cooperation and support initiatives such as setting up AI-specific regulatory sandboxes, increasing AI literacy, researching AI&apos;s environmental impact, and reducing regulatory barriers for AI-based financial firms.]]></description>
					      
						      <pubDate>Tue, 25 Nov 2025 17:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ep-resolution-on-impact-of-ai-on-the-financial-sector</guid>
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					      <title>EC adopts Delegated Regulation on equity transparency under MiFIR</title>
					      <link>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-on-equity-transparency-under-mifir</link>
					      <description><![CDATA[
The European Commission has adopted a Delegated Regulation amending Delegated Regulation (EU) 2017/567 as regards regulatory technical standards (RTS) on equity transparency requirements under the Markets in Financial Instrument Regulation (MiFIR). The amendments follow the EBA&apos;s final report in December 2024 and reflect changes introduced by the MiFIR review and the amendments to the second Markets in Financial Instruments Directive (MiFID II). The changes cover: (i) the determination of what constitutes a liquid market for equity instruments, with liquidity assessment now based on the &quot;market capitalisation&quot; criterion, replacing the previous &quot;free-float&quot; criterion; (ii) the obligation to provide market data on a &quot;reasonable commercial basis&quot;; (iii) the size specific to the financial instrument for the purposes of obligations for systematic internalisers; and (iv) the definition of, and disclosure for, post-trade risk reduction (PTRR) services. The Delegated Regulation will be subject to scrutiny by the Council of the EU and the European Parliament. If neither object, it will be published in the Official Journal of the European Union (OJ). It will enter into force on the third day following publication in the OJ, with Article 1, point (4), applying from 23 August 2026.]]></description>
					      
						      <pubDate>Mon, 24 Nov 2025 12:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-on-equity-transparency-under-mifir</guid>
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					      <title>EBA factsheet on implications of EU AI Act for banking and payments sector</title>
					      <link>https://finreg.aoshearman.com/eba-factsheet-on-implications-of-eu-ai-act-for-banking-and-payments-sector</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a fact sheet summarising the findings from its 2025 mapping exercise on the interaction between the EU AI Act (Regulation EU 2024/1689) and existing banking and payments legislation. This includes the Capital Requirements Regulation (575/2013), the Consumer Credit Directive (2008/48/EC), the Mortgage Credit Directive (2014/17/EU) and the Payment Services Directive ((EU) 2015/2366). The EBA&apos;s key findings include: (i) no significant contradictions have been found between the AI Act and EU banking and payment legislation; (ii) the AI Act is complementary to EU banking and payment sector legislation, which already provides a comprehensive framework to manage risks. However, some efforts may be required by banks and other financial institutions to integrate the two frameworks effectively; and (iii) the co-existence of multiple authorities supervising financial entities&apos; compliance highlights the importance of supervisory cooperation to ensure effective implementation of the AI Act.

The EBA also concludes that no immediate changes to its guidelines or new EBA guidelines are planned. Instead, the EBA will follow up with actions to contribute to a common supervisory approach to supervisory cooperation and implementation of sectoral requirements alongside AI Act requirements. The EBA will undertake specific activities in 2026-2027 to support the implementation of the AI Act in the EU banking and payments sector by: promoting common supervisory approaches and cooperation among national competent authorities responsible for financial sector supervision and market surveillance authorities; and providing input to the AI office, as appropriate, and participating in discussions of the AI Board Subgroup on Financial Services.]]></description>
					      
						      <pubDate>Fri, 21 Nov 2025 17:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-factsheet-on-implications-of-eu-ai-act-for-banking-and-payments-sector</guid>
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					      <title>Implementing Regulation updating ITS on joint decision process for internal models authorisation under CRR published in OJ</title>
					      <link>https://finreg.aoshearman.com/implementing-regulation-updating-its-on-joint-decision-process-for-internal-models-authorisation-under-crr-published-in-oj</link>
					      <description><![CDATA[
Commission Implementing Regulation (EU) 2025/2338 (Amending Regulation) has been published in the Official Journal of the European Union. The amendments update the implementing technical standards (ITS) under Commission Implementing Regulation (EU) 2016/100, which govern the joint decision process for competent authorities when granting permission to use internal models for credit risk, counterparty credit risk and market risk for prudential purposes for certain entities in banking groups, as required by Article 20(8) of the Capital Requirements Regulation (CRR). The Amending Regulation introduces three key changes: (i) the removal of the Advanced Measurement Approach for operational risk, reflecting amendments to the CRR by CRR III (Regulation (EU) 2024/1623); (ii) the alignment with new RTS and ITS on the functioning of supervisory colleges that were published in August (Commission Delegated Regulation (EU) 2025/791 and Implementing Regulation (EU) 2025/790); and (iii) Commission Delegated Regulation (EU) 2025/1496, which sets out that the current requirements on the calculation of own funds requirements for market risk will apply until 1 January 2027. The Amending Regulation enters into force on 11 December.]]></description>
					      
						      <pubDate>Fri, 21 Nov 2025 16:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/implementing-regulation-updating-its-on-joint-decision-process-for-internal-models-authorisation-under-crr-published-in-oj</guid>
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					      <title>ECB publishes TIBER-EU SSM implementation guide under DORA</title>
					      <link>https://finreg.aoshearman.com/ecb-publishes-tiber-eu-ssm-implementation-guide-under-dora</link>
					      <description><![CDATA[
The European Central Bank (ECB) has published its guide on implementing the Threat Intelligence-based Ethical Red Teaming (TIBER-EU) framework for mandatory threat-led penetration testing (TLPT) of significant institutions under the Digital Operational Resilience Act (DORA). Under Articles 26 and 27 of DORA, significant institutions must conduct advanced operational resilience testing by means of TLPT at least every three years. To assist significant institutions in fulfilling the DORA TLPT requirements, the ECB has decided to adopt the TIBER-EU framework. The guide sets out: the ECB&apos;s role in identifying significant institutions subject to TLPT requirements; the testing process (preparation, execution and closure); key stakeholder responsibilities, including the use of external threat intelligence providers and red team testers; and general considerations for TLPT, including test management, secrecy and risk management. The ECB clarifies that while the TIBER-EU implementation guide provides detailed operational steps, only DORA and its accompanying regulatory technical standards on TLPT remain legally binding.]]></description>
					      
						      <pubDate>Fri, 21 Nov 2025 15:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ecb-publishes-tiber-eu-ssm-implementation-guide-under-dora</guid>
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					      <title>UK FCA consults on improving the UK transaction reporting regime</title>
					      <link>https://finreg.aoshearman.com/uk-fca-consults-on-improving-the-uk-transaction-reporting-regime</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/32 setting out proposals to improve the UK transaction reporting regime under the Markets in Financial Instruments Regulation (MiFIR). HM Treasury previously confirmed that assimilated law (law inherited from the EU at the point of Brexit) in this area will be repealed, enabling the FCA to deliver a more streamlined framework aimed at reducing the regulatory burden on firms and increasing the FCA&apos;s ability to fight financial crime and protect market integrity. In particular, the FCA is looking to replace the regulatory technical standards in Commission Delegated Regulations (EU) 2017/590 (RTS 22), 2017/585 (RTS 23), and 2017/580 (RTS 24) with new rules in its Market Conduct Sourcebook (MAR). Key proposals are set out below.

Read more.]]></description>
					      
						      <pubDate>Fri, 21 Nov 2025 14:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-consults-on-improving-the-uk-transaction-reporting-regime</guid>
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					      <title>UK FCA consults on regulatory fees and levies policy proposals for 2026/27</title>
					      <link>https://finreg.aoshearman.com/uk-fca-consults-on-regulatory-fees-and-levies-policy-proposals-for-202627</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/33 outlining its proposed changes to the fees and levies framework ahead of the 2026/27 fee cycle. The consultation paper is structured as follows:


	Chapter 2 sets out proposed changes to the fees manual of the FCA Handbook (FEES). These cover, among other things, introducing the Private Intermittent Securities and Capital Exchange System (PISCES) periodic fee, targeted support fees and levies, cryptoasset firms&apos; application fees and deferred payment credit (often called buy-now, pay-later) fees and levies.
	Chapter 3 sets out proposed changes to FEES 5 (regarding the UK Financial Ombudsman) and FEES 6 (regarding the UK Financial Services Compensation Scheme).
	Chapter 4 sets out joint proposals with the UK Prudential Regulation Authority (PRA) to amend invoice due dates for firms which pay GBP50,000 or more in FCA and/or PRA fees in a year (referred to as &quot;payments on account&quot;).
	Chapter 5 provides updates on various areas of fee policy, including section 166 costs for motor finance firms, pro-rating fees for firms which cancel their permissions, and technical changes to the financial penalty scheme. The FCA also confirms that it does not propose to charge fees to incoming Swiss firms for regulated activities they perform under the Berne Financial Services Agreement.

The deadline for responses is 9 January 2026 for targeted support proposals and 16 January 2026 for all other proposals.]]></description>
					      
						      <pubDate>Fri, 21 Nov 2025 11:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-consults-on-regulatory-fees-and-levies-policy-proposals-for-202627</guid>
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					      <title>EC adopts a proposal to amend SFDR simplifying transparency rules for sustainable financial products</title>
					      <link>https://finreg.aoshearman.com/ec-adopts-a-proposal-to-amend-sfdr-simplifying-transparency-rules-for-sustainable-financial-products</link>
					      <description><![CDATA[
The European Commission (EC) has adopted a proposal for a regulation to amend the Sustainable Finance Disclosure Regulation (SFDR). The SFDR, which has been in application since March 2021, sets detailed sustainability disclosure requirements for financial intermediaries and financial products regarding consideration of environmental, social, and governance (ESG) factors. The proposed amendments are aimed at simplifying the framework and making disclosures more retail friendly. An EC review found that the current regime produces lengthy, complex disclosures that hinder investor understanding and comparability.

Key elements of the proposal include: (i) removing entity-level disclosure requirements on principal adverse impacts and reducing product-level requirements; (ii) introducing a new clear categorisation system comprising of three product categories for ESG claims, based on existing market practice and the latest regulatory guidance; and (iii) repealing Commission Delegated Regulation (EU) 2022/1288 supplementing the SFDR, to remove the complex templates and entity-level requirements under it. The EC proposal will now be submitted to the European Parliament and Council of the EU for their deliberation.]]></description>
					      
						      <pubDate>Thu, 20 Nov 2025 17:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-adopts-a-proposal-to-amend-sfdr-simplifying-transparency-rules-for-sustainable-financial-products</guid>
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					      <title>EIOPA publishes new Q&amp;A under DORA</title>
					      <link>https://finreg.aoshearman.com/eiopa-publishes-new-qa-under-dora</link>
					      <description><![CDATA[
The European Insurance and Occupational Pensions Authority (EIOPA) has published a Q&amp;A under the Digital Operational Resilience Act (DORA) on the interpretation of Article 13 of Commission Delegated Regulation (EU) 2024/1774 (comprising the regulatory technical standards on ICT risk management), which supplements DORA. The clarification concerns the Article 13(c) which requires financial entities to implement the use of a separate and dedicated network for the administration of ICT assets. EIOPA confirms that such administration should be interpreted broadly so as to include both manual and automated activities and processes, and cross refers to other DORA articles which are relevant for interpreting this provision.]]></description>
					      
						      <pubDate>Thu, 20 Nov 2025 15:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eiopa-publishes-new-qa-under-dora</guid>
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					      <title>UK government lays draft SI on T+1 settlement</title>
					      <link>https://finreg.aoshearman.com/uk-government-lays-draft-si-on-t1-settlement</link>
					      <description><![CDATA[
The draft Central Securities Depositories (Amendment) (Intended Settlement Date) Regulations 2026 has been laid before the UK Parliament, accompanied by a policy note . The draft statutory instrument (SI) amends the UK Central Securities Depositories Regulation to mandate settlement &quot;no later than the first business day after trading,&quot; making T+1 the standard settlement period in the UK from 11 October 2027. The SI introduces exemptions for certain securities financing transactions, specifically: securities or commodities lending; securities or commodities borrowing; buy-sell back transactions; sell-buy back transactions and repurchase transactions (to the extent they involve transferable securities). The policy note explains the approach taken and clarifies issues not addressed in the legislation. The deadline for technical comments on the draft SI is 27 February 2026. Subject to feedback, the government intends to lay the final SI well before the implementation date, to allow for Parliamentary scrutiny and provide early certainty for the sector.]]></description>
					      
						      <pubDate>Thu, 20 Nov 2025 12:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-government-lays-draft-si-on-t1-settlement</guid>
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					      <title>EC adopts Digital Omnibus Package and launches consultation</title>
					      <link>https://finreg.aoshearman.com/ec-adopts-digital-omnibus-package-and-launches-consultation</link>
					      <description><![CDATA[
The European Commission (EC) has adopted its Digital Omnibus Package with a set of proposals which seek to simplify rules on AI, data and cybersecurity. This forms part of the EC&apos;s broader digital initiative to help EU businesses innovate, scale and save on administrative costs. At the core of the package is the proposal for a regulation on simplification of the digital legislation which introduces technical amendments to a large range of digital laws.

Key measures include:

	AI - providing clarifications and practical measures to ensure smooth application of AI rules, including provisions for regulatory sandboxes and SME-friendly compliance pathways. Further targeted amendments to the EU AI Act are made through a separate legal proposal within the package.
	Cybersecurity - establishing a single-entry reporting mechanism that consolidates mandatory obligations under, among others, the NIS2 Directive, the General Data Protection Regulation (GDPR) and the Digital Operational Resilience Act (DORA). In a second stage, sector-specific rules in areas such as energy and aviation will also be integrated into this single-entry point.


Read more.]]></description>
					      
						      <pubDate>Wed, 19 Nov 2025 17:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-adopts-digital-omnibus-package-and-launches-consultation</guid>
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					      <title>Basel Committee publishes summary of meeting discussion and forward-looking priorities</title>
					      <link>https://finreg.aoshearman.com/basel-committee-publishes-summary-of-meeting-discussion-and-forward-looking-priorities</link>
					      <description><![CDATA[
The Basel Committee has published a summary of its latest meeting in which members discussed a range of initiatives. The Committee reaffirmed its commitment to full and consistent implementation of Basel III standards and approved final principles for managing third-party risk in banking, which will be released next month. It also agreed to expedite a targeted review of its prudential standard for banks&apos; cryptoasset exposures in response to market developments. Other priorities include examining synthetic risk transfers (SRTs), consulting on machine-readable Pillar 3 disclosures (expected in December) and consolidating guidelines into a more user-friendly format. The Committee also approved assessment reports on the UK implementation of the net stable funding ratio and large exposures framework, which are expected next month, and committed to pursue further analytical work of financial risks from extreme weather events.]]></description>
					      
						      <pubDate>Wed, 19 Nov 2025 16:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/basel-committee-publishes-summary-of-meeting-discussion-and-forward-looking-priorities</guid>
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					      <title>UK FCA consults on the framework for a UK equity consolidated tape</title>
					      <link>https://finreg.aoshearman.com/uk-fca-consults-on-the-framework-for-a-uk-equity-consolidated-tape</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/31 outlining a proposed framework for introducing an equity consolidated tape (CT) in the UK, operated by a consolidated tape provider (CTP). The proposals are linked to broader considerations on the structure and transparency of UK equity markets in CP25/20. The FCA plans a separate consultation on the equity transparency regime in 2026.For the purposes of this consultation, the FCA states an equity CT collates and distributes market data, such as prices and trade volumes, across trading venues and over-the-counter transactions, providing a comprehensive view of equity markets. In the paper, &quot;equity&quot; is defined as including shares, exchange-traded funds, depositary receipts, certificates and similar instruments.  

Read more.]]></description>
					      
						      <pubDate>Wed, 19 Nov 2025 15:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-consults-on-the-framework-for-a-uk-equity-consolidated-tape</guid>
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					      <title>UK amends ancillary activities exemption under FSMA to introduce FCA rule-making powers</title>
					      <link>https://finreg.aoshearman.com/uk-amends-ancillary-activities-exemption-under-fsma-to-introduce-fca-rule-making-powers</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2025 has been laid before the UK Parliament, accompanied by an explanatory memorandum. This follows the draft version laid in July. The order amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) to reform the ancillary activities exemption (AAE). The AAE allows firms dealing in commodity derivatives, emissions allowances or related derivatives as an ancillary activity to be exempt from seeking investment firm authorisation. The order introduces changes giving the FCA a new rule-making power to set criteria for determining when such trading qualifies for exemption. The current AAE is replaced with a more proportionate regime offering two options: (i) assessing whether the activity is ancillary to the firm&apos;s main business at group level; or (ii) checking whether the activity is below an annual monetary threshold determined by the FCA. The order also makes consequential amendments allowing the FCA to direct how firms provide calculation data under both tests and removes references to assimilated law that FCA rules will replace.

Read more.]]></description>
					      
						      <pubDate>Wed, 19 Nov 2025 14:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-amends-ancillary-activities-exemption-under-fsma-to-introduce-fca-rule-making-powers</guid>
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					      <title>Property (Digital Assets etc) Bill awaits royal assent</title>
					      <link>https://finreg.aoshearman.com/property-digital-assets-etc-bill-awaits-royal-assent</link>
					      <description><![CDATA[
The UK Property (Digital Assets etc) Bill has completed its third reading in the House of Commons with further amendments and now awaits royal assent before becoming law. The Bill gives effect to recommendations of the Law Commission confirming in statute that a thing that is digital or electronic in nature can be recognised as personal property even if it does not fall within the traditional categories of &quot;things in possession&quot; or &quot;things in action&quot;. The Bill applies to England, Wales and Northern Ireland.]]></description>
					      
						      <pubDate>Wed, 19 Nov 2025 12:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/property-digital-assets-etc-bill-awaits-royal-assent</guid>
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					      <title>ECB SREP review findings and supervisory priorities for 2026-2028</title>
					      <link>https://finreg.aoshearman.com/ecb-srep-review-findings-and-supervisory-priorities-for-20262028</link>
					      <description><![CDATA[
The European Central Bank (ECB) has published the results of its 2025 supervisory review and evaluation process (SREP) and supervisory priorities for 2026-2028. The review covers 105 banks under ECB supervision and looks at their capital, liquidity, profitability, governance and risk management. Overall, banks maintained robust capital and liquidity positions and strong profitability in the second quarter of 2025.

Looking ahead, the ECB&apos;s supervisory priorities for 2026-2028 reflect a comprehensive assessment of emerging risks and vulnerabilities for supervised entities. Each supervisory priority targets a specific set of vulnerabilities in the banking sector for which dedicated strategic objectives have been set and tailored work programmes developed.

Read more.]]></description>
					      
						      <pubDate>Tue, 18 Nov 2025 15:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ecb-srep-review-findings-and-supervisory-priorities-for-20262028</guid>
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					      <title>EC call for evidence on application of market risk prudential framework</title>
					      <link>https://finreg.aoshearman.com/ec-call-for-evidence-on-application-of-market-risk-prudential-framework</link>
					      <description><![CDATA[
The European Commission (EC) has published a call for evidence on a proposed Delegated Act to amend market risk rules under the Fundamental Review of the Trading Book (FRTB) in Basel III. This follows the November consultation where responses are due by 6 January 2026. Although most Basel III requirements have applied since January, the EC postponed FRTB implementation on several occasions and most recently to 1 January 2027 due to delays and uncertainty regarding FRTB implementation in other major jurisdictions. As a result, the EC is evaluating whether to use the empowerment granted under Article 461a of the Capital Requirements Regulation, to adopt a Delegated Act to mitigate potential negative impacts arising from an unlevel playing field in the international implementation of the FRTB. It would also aim to incorporate those targeted changes already proposed by other jurisdictions that the EC believes can improve the EU framework (e.g. removing excessive rigidity and preventing excessive operational burden on banks). The deadline for responses is 18 December.]]></description>
					      
						      <pubDate>Tue, 18 Nov 2025 15:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-call-for-evidence-on-application-of-market-risk-prudential-framework</guid>
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					      <title>UK PSR compliance report on the implementation of CoP service</title>
					      <link>https://finreg.aoshearman.com/uk-psr-compliance-report-on-the-implementation-of-cop-service</link>
					      <description><![CDATA[
The UK Payments System Regulator (PSR) has published a compliance report on Specific Direction 17 which mandated the implementation of its name checking service, Confirmation of Payee (CoP), by UK payment service providers (PSPs) to prevent misdirected and fraudulent payments. PSPs were divided into two groups subject to different implementation timelines: Group 1 PSPs were required to implement CoP by 31 October 2023; and Group 2 PSPs by 31 October 2024. The report shows compliance is strong, with over 320 organisations now offering CoP checks. While most firms have met deadlines, the PSR opened enforcement investigations into a few non-compliant PSPs, including three Group 2 firms that missed the deadline and one ongoing case from Group 1. Directed firms are reminded of their obligations under General Direction 1 to maintain transparency regarding a PSPs ability to comply with PSR requirements, proactively communicate with the PSR if deadlines are missed or expected to be missed, plan regulatory changes early and ensure compliance before launching new services.]]></description>
					      
						      <pubDate>Tue, 18 Nov 2025 15:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-psr-compliance-report-on-the-implementation-of-cop-service</guid>
				    </item>
			
					 <item>
					      <title>ESAs publish official list of designated critical CTPPs under DORA</title>
					      <link>https://finreg.aoshearman.com/esas-publish-official-list-of-designated-critical-ctpps-under-dora</link>
					      <description><![CDATA[
The European Supervisory Authorities, referred to as ESAs (comprising the European Banking Authority, European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) have published the official list of designated critical ICT third-party providers (CTPPs) under the Digital Operational Resilience Act (DORA). This designation followed a structured process involving data collection from financial entities&apos; ICT service registers, a criticality assessment in cooperation with national competent authorities and a notification process to those CTPPs identified as critical, after which they benefitted from their right to be heard by providing a reasoned statement. The final designation decisions were adopted following a careful review of all relevant information. Designated CTPPs, which deliver essential ICT services across the EU financial sector, will now be subject to direct oversight by the ESAs to ensure they have appropriate risk management and governance frameworks in place. The ESAs will continue engaging with CTPPs in the course of upcoming examination activities.]]></description>
					      
						      <pubDate>Tue, 18 Nov 2025 15:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esas-publish-official-list-of-designated-critical-ctpps-under-dora</guid>
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					      <title>UK PRA increases depositor protection limit</title>
					      <link>https://finreg.aoshearman.com/uk-pra-increases-depositor-protection-limit</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published policy statement PS24/25 on depositor protection and feedback to responses it received on its March consultation on the topic. The policy statement sets out final rules relating to the limits for deposit protection available from the Financial Services Compensation Scheme (FSCS).

In particular:

	From 1 December, the deposit protection limit increases from GBP85,000 to GBP120,000.
	From 1 December, the limit applicable to certain temporary high balance claims increases from GBP1 million to GBP1.4m.


In response to feedback, the PRA has made additional amendments to the depositor protection part of the PRA Rulebook (DPP rules). These include amending the requirement for firms to display the FSCS compensation sticker and poster to exclude branches where a firm does not deal with depositors in person, clarifying the scope of &quot;third-party premises&quot; to tighten the requirement and more closely reflect models such as banking hubs, and updates to the information sheet to address points raised about accessibility. Firms are required to update their single customer view systems to reflect the new limit from December 1. Deposit takers will then have up to six months to make changes to disclosure materials, which will need to be completed no later than 11.59pm on 31 May 2026.]]></description>
					      
						      <pubDate>Tue, 18 Nov 2025 12:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-increases-depositor-protection-limit</guid>
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					 <item>
					      <title>FSB Chair issues letter to G20 leaders on priorities for financial stability</title>
					      <link>https://finreg.aoshearman.com/fsb-chair-issues-letter-to-g20-leaders-on-priorities-for-financial-stability</link>
					      <description><![CDATA[
The Financial Stability Board (FSB) has published a letter from the FSB&apos;s Chair, Andrew Bailey, addressed to G20 leaders. The letter urges G20 leaders to accelerate efforts to modernise financial regulation while safeguarding stability, citing significant gaps in reform implementation and a challenging economic outlook. The next phase of the FSB&apos;s work will look deeper into where full, timely and consistent implementation of global standards, such as Basel III, was not achieved.

The letter highlights the growing influence of non-bank financial intermediaries in global financial markets, now estimated at USD2 trillion globally, and stresses the need for robust monitoring to prevent systemic risks. It also calls for continued attention to national policy barriers to achieve the objectives of the G20 Roadmap for enhancing cross-border payments. With the rise of digital assets, the FSB calls on authorities to carefully consider how frameworks are designed to ensure they are effective, consistent, and supportive of safe innovation and notes that it will be equally important to consider how stablecoins can operate effectively and safely across borders. The FSB&apos;s work programme for the year ahead will include a focus on stablecoins and other forms of payment.]]></description>
					      
						      <pubDate>Tue, 18 Nov 2025 11:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/fsb-chair-issues-letter-to-g20-leaders-on-priorities-for-financial-stability</guid>
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					      <title>FSB practices paper on the operationalisation of transfer tools for resolution of banks</title>
					      <link>https://finreg.aoshearman.com/fsb-practices-paper-on-the-operationalisation-of-transfer-tools-for-resolution-of-banks</link>
					      <description><![CDATA[
The Financial Stability Board (FSB) has published a practices paper outlining how authorities can operationalise transfer tools to ensure the orderly resolution of failing banks without taxpayer losses. Transfer tools, a key element of the FSB&apos;s &quot;key attributes of effective resolution regimes&quot;, help maintain continuity of critical banking functions by transferring all or part of a failed institution to a private purchaser or bridge entity. The paper covers defining transfer perimeters, arrangements for operational continuity (such as transitional service agreements and management of third-party contracts) and approaches to marketing the transfer perimeter under tight timelines and confidentiality. It also explains mechanisms for loss absorption in line with creditor hierarchy, including write-downs and conversions, and outlines challenges in cross-border execution. Case studies of real resolution cases are also included, illustrating operational issues and practices to enhance readiness for deploying these tools effectively.]]></description>
					      
						      <pubDate>Mon, 17 Nov 2025 15:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/fsb-practices-paper-on-the-operationalisation-of-transfer-tools-for-resolution-of-banks</guid>
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					 <item>
					      <title>ESMA peer review report on the supervision of depositary obligations</title>
					      <link>https://finreg.aoshearman.com/esma-peer-review-report-on-the-supervision-of-depositary-obligations</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a peer review report on the supervision of depositary obligations under the Undertakings for Collective Investment in Transferable Securities Directive (UCITS) and Alternative Investment Fund Managers Directive (AIFMD) frameworks. The review assessed five jurisdictions: Czechia, Ireland, Italy, Luxembourg and Sweden, with a focus on compliance with oversight and safekeeping obligations. While all national competent authorities (NCAs) have foundational supervisory frameworks in place, ESMA identified notable divergences in the depth and maturity of supervisory practices across jurisdictions. Czechia and Luxembourg fully met expectations, Ireland and Italy largely met expectations and Sweden only partially met expectations, prompting calls for an overall scale up of supervisory assessments, intrusiveness and intensity.

Key findings highlight the need for more frequent and risk-proportionate supervisory engagement, particularly given the concentration of depositaries and their potential systemic importance. There are also concerns over the depth and intrusiveness of supervisory assessments where depositaries entrust significant tasks to third parties. The report recommends that NCAs strengthen risk-based supervision by increasing the frequency and intrusiveness of engagement with higher-impact entities and ensuring risks are properly identified, assessed and mitigated. Jurisdiction-specific recommendations are detailed in the report&apos;s tables. ESMA will follow up on these recommendations and continue discussions on strengthening depositary supervision.]]></description>
					      
						      <pubDate>Mon, 17 Nov 2025 14:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-peer-review-report-on-the-supervision-of-depositary-obligations</guid>
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					      <title>IOSCO consultation report on valuing collective investment schemes</title>
					      <link>https://finreg.aoshearman.com/iosco-consultation-report-on-valuing-collective-investment-schemes</link>
					      <description><![CDATA[
The International Organization of Securities Commissions (IOSCO) has issued a consultation report proposing 13 updated recommendations for valuing collective investment schemes (CIS). The revisions seek to update IOSCO&apos;s 2007 principles for the valuation of hedge fund portfolios and its 2013 principles for the valuation of collective investment schemes, in light of market developments, including increased exposure to illiquid and private assets and heightened retail participation. The key updates cover: oversight arrangement; governance under stressed market conditions; management of conflicts of interest; fair value; back testing; use of third-party valuation service providers; stale valuations; and record keeping. IOSCO emphasises that robust valuation practices are critical to ensure accurate net asset value calculations of funds and maintain investor protection and market confidence. The deadline for comments is 2 February 2026, with a final report expected in mid-2026.]]></description>
					      
						      <pubDate>Mon, 17 Nov 2025 14:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/iosco-consultation-report-on-valuing-collective-investment-schemes</guid>
				    </item>
			
					 <item>
					      <title>EC adopts two Delegated Regulations under AIFMD and UCITS framework on LMTs</title>
					      <link>https://finreg.aoshearman.com/ec-adopts-two-delegated-regulations-under-aifmd-and-ucits-framework-on-lmts</link>
					      <description><![CDATA[
The European Commission has adopted two Delegated Regulations: (i) Delegated Regulation supplementing the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) and; (ii) Delegated Regulation supplementing the Undertakings for Collective Investment in Transferable Securities Directive (Directive 2009/65/EC) (UCITS). These regulations lay down regulatory technical standards (RTS) specifying the characteristics of liquidity management tools (LMTs), following the recent amendments made to AIFMD and UCITS by Directive (EU) 2024/927.

The RTS aim to harmonise the characteristics of LMTs across the EU for open-ended AIFs and UCITS, enhancing investor protection and financial stability. The harmonised list of tools, which are set out in the annexes to the Directives, include: suspension of subscriptions, repurchases and redemptions; redemption gates; extension of notice periods; redemption fees; swing pricing; dual pricing; anti-dilution levy; redemption in kind; and side pockets. Under the amended Directives, managers must select at least two appropriate LMTs from this list for potential use, considering the fund&apos;s investment strategy, liquidity profile and redemption policy. The Council of the EU and the European Parliament will scrutinise the Delegated Regulations. If neither object, they will enter into force 20 days after publication in the Official Journal of the European Union and apply from 16 April 2026. The RTS also establish a transitional period of application for existing funds constituted before this date.]]></description>
					      
						      <pubDate>Mon, 17 Nov 2025 12:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-adopts-two-delegated-regulations-under-aifmd-and-ucits-framework-on-lmts</guid>
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					      <title>UK JMLSG consults on revisions to Part 1 of AML/CFT guidance</title>
					      <link>https://finreg.aoshearman.com/uk-jmlsg-consults-on-revisions-to-part-1-of-amlcft-guidance</link>
					      <description><![CDATA[
The UK Joint Money Laundering Steering Group (JMLSG) has launched a consultation on proposed amendments to Part I of its anti-money laundering and counter-terrorist financing (AML/CFT) guidance for the financial services sector. The consultation proposes amendments to: (i) chapter 3 related to guidance on the standing of the MLRO, and on monitoring the effectiveness of money laundering controls and; (ii) chapter 6 relating to guidance on subject access requests in cases where a suspicious report has been made. The deadline for comments on the proposed revisions is 14 January 2026.]]></description>
					      
						      <pubDate>Mon, 17 Nov 2025 12:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-jmlsg-consults-on-revisions-to-part-1-of-amlcft-guidance</guid>
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					      <title>UK FCA provides update on the delay to appointment of bond consolidated tape provider</title>
					      <link>https://finreg.aoshearman.com/uk-fca-provides-update-on-the-delay-to-appointment-of-bond-consolidated-tape-provider</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has issued a statement following its September update regarding the legal challenge to its decision to award the bond consolidated tape provider contract. The FCA confirms it has applied to the High Court to lift the suspension on awarding the contract to Etrading Software. If granted, this will allow the FCA to proceed with signing the contract while defending the ongoing legal challenge, which it considers meritless. The FCA emphasises that delivering the tape&apos;s benefits promptly is in the public interest and confirms that its formal defence to the legal challenge will be submitted by the end of the week.]]></description>
					      
						      <pubDate>Sat, 15 Nov 2025 15:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-provides-update-on-the-delay-to-appointment-of-bond-consolidated-tape-provider</guid>
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					      <title>UK FCA updated statement of policy on statutory investigations into regulatory failure</title>
					      <link>https://finreg.aoshearman.com/uk-fca-updated-statement-of-policy-on-statutory-investigations-into-regulatory-failure</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published an updated statement of policy regarding statutory investigations into regulatory failure under the Financial Services Act 2012. The statement of policy sets out the FCA&apos;s approach and process for deciding whether to conduct an investigation into possible regulatory failure and give a report of the findings and recommendations to HM Treasury (HMT) for publication. Following its review of the statement of policy to ensure it remains fit for purpose, the FCA has introduced one substantive change: revising the monetary thresholds for assessing the &quot;significance&quot; of consumer detriment in line with inflation. The FCA will continue to review and adjust these thresholds periodically.]]></description>
					      
						      <pubDate>Fri, 14 Nov 2025 16:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-updated-statement-of-policy-on-statutory-investigations-into-regulatory-failure</guid>
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					      <title>IPSF 2025 annual report on sustainable finance and key deliverables</title>
					      <link>https://finreg.aoshearman.com/ipsf-2025-annual-report-on-sustainable-finance-and-key-deliverables</link>
					      <description><![CDATA[
The European Commission&apos;s International Platform on Sustainable Finance (IPSF) has published its 2025 annual report, assessing progress in sustainable finance framework design to implementation across jurisdictions. The report highlights significant progress in consolidating the core elements of sustainable finance frameworks including: refinement of taxonomies; increased regulatory focus on transition plans; and convergence of disclosure frameworks around international standards, notably the International Sustainability Standards Board (ISSB) and the EU&apos;s European sustainability reporting standards (ESRS). The report underscores efforts by IPSF members in preventing greenwashing and enabling credible capital allocation aligned with real economy needs. There is also a dedicated chapter in the report that addresses transition finance for strategic sectors and critical raw materials. The IPSF notes these sectors (such as metals, mining, and heavy industry) are indispensable for clean technologies but are also among the hardest to decarbonise. The chapter explores how sustainable finance frameworks can help steer investment into these complex areas. Looking ahead, the IPSF will continue this work in 2026, with further attention to transition frameworks, taxonomies, strategic sectors and comparability.

Read more.]]></description>
					      
						      <pubDate>Fri, 14 Nov 2025 10:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ipsf-2025-annual-report-on-sustainable-finance-and-key-deliverables</guid>
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					      <title>EP adopts negotiating position on Omnibus sustainability package</title>
					      <link>https://finreg.aoshearman.com/ep-adopts-negotiating-position-on-omnibus-sustainability-package</link>
					      <description><![CDATA[
The European Parliament (EP) has announced it has adopted its negotiating mandate on the Omnibus I sustainability package which proposes targeted amendments to, amongst other things, the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CS3D), aimed at reducing administrative burdens for businesses. The EU has already published Directive (EU) 2025/794 which implemented the &quot;stop-the-clock&quot; proposal, postponing the application date of aspects of CSRD and CS3D.

It follows the EP&apos;s rejection of the mandate proposed by its Legal Affairs Committee just last month. Although the text of the mandate has not been published, the announcement states that the mandate proposes sustainability reporting will only apply to companies with over 1,750 employees and annual turnover exceeding EUR450 million, with simplified standards and voluntary sector-specific disclosures. Only businesses within this scope would also be required to provide sustainability reporting under taxonomy rules (i.e. a classification of sustainable investments).

Read more.]]></description>
					      
						      <pubDate>Thu, 13 Nov 2025 12:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ep-adopts-negotiating-position-on-omnibus-sustainability-package</guid>
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					      <title>NGFS updated guide on climate scenario analysis</title>
					      <link>https://finreg.aoshearman.com/ngfs-updated-guide-on-climate-scenario-analysis</link>
					      <description><![CDATA[
The Network for Greening the Financial System (NGFS) has released an updated guide on climate scenario analysis for central banks and supervisors, building on the 2020 edition. The revised guide reflects significant methodological progress and best practices in scenario design, data and modelling, with a new emphasis on short-term scenarios to assess near-term financial risks from climate change and evolving policy developments. While retaining the original four-step framework, which includes: (i) identifying objectives and scope; (ii) choosing climate scenarios; (iii) assessing economic and financial impacts; and (iv) communicating and using results; the guide expands on each step with new insights, methodologies and examples. It serves as a practical reference for authorities and financial institutions integrating climate scenario analysis into their risk management frameworks and will continue evolving alongside ongoing sector developments.]]></description>
					      
						      <pubDate>Thu, 13 Nov 2025 12:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ngfs-updated-guide-on-climate-scenario-analysis</guid>
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					      <title>The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2025 laid before UK Parliament</title>
					      <link>https://finreg.aoshearman.com/the-financial-services-gibraltar-amendment-eu-exit-regulations-2025-laid-before-uk-parliament</link>
					      <description><![CDATA[
The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2025 have been laid before UK Parliament, accompanied by an explanatory memorandum. The Regulations extend, by a further 12 months, the transitional arrangements under Parts 2 and 3 of the Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019 to 31 December 2026. These temporary provisions allow specified categories of Gibraltar-based firms to provide financial services in the UK and, similarly, UK-based firms to access Gibraltar&apos;s financial services market. Last extended by the Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2024, the temporary arrangements ensure continuity while secondary legislation for the long-term framework, the Gibraltar Authorisation Regime, established under the Financial Services Act 2021 is finalised. HM Treasury engaged with the Government of Gibraltar and both parties agreed to the extension.]]></description>
					      
						      <pubDate>Thu, 13 Nov 2025 12:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/the-financial-services-gibraltar-amendment-eu-exit-regulations-2025-laid-before-uk-parliament</guid>
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					      <title>UK FCA findings on CFD providers&apos; compliance with the consumer duty</title>
					      <link>https://finreg.aoshearman.com/uk-fca-findings-on-cfd-providers-compliance-with-the-consumer-duty</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its findings from its multi-firm review of contracts for difference (CFD) providers, assessing compliance with the consumer duty&apos;s &quot;price and value&quot; outcome. The review found examples of good practice but highlighted significant concerns and areas needing improvement. While some firms simplified charging structures and restricted high-risk retail clients, many failed to make meaningful changes following implementation of the duty, with board reports often restating requirements rather than analysing compliance. Fair value assessments (FVAs) were frequently inadequate, focusing narrowly on spreads and execution speed while overlooking material costs such as overnight funding charges and ancillary fees. The FCA highlighted poor transparency on fee structures and unjustified overnight funding charges, including on matched positions, which can create substantial costs with little benefit.

Few firms pay interest on client margin deposits despite high market rates, raising further concerns about fair value. Weaknesses also persisted in monitoring vulnerable clients, appropriateness testing and not adequately considering consumer complaints in FVAs. CFDs remain complex and risky products, and the FCA warns that foreseeable harm could arise from practices such as charging for hedged positions without offsetting costs. The regulator will engage directly with firms showing poor compliance and consider further action, stressing that CFD providers must deliver good outcomes, communicate clearly and ensure fair value under the consumer duty. The FCA encourages CFD manufacturers and distributors to consider these findings and address these identified gaps.]]></description>
					      
						      <pubDate>Thu, 13 Nov 2025 12:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-findings-on-cfd-providers-compliance-with-the-consumer-duty</guid>
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					      <title>House of Lords (Industry and Regulators Committee) seeks views on regulators&apos; approach to growth</title>
					      <link>https://finreg.aoshearman.com/house-of-lords-industry-and-regulators-committee-seeks-views-on-regulators-approach-to-growth</link>
					      <description><![CDATA[
The House of Lords (Industry and Regulators Committee) has issued a call for evidence for its new inquiry into the role of UK regulators in promoting economic growth. This follows the government&apos;s action plan on its new approach to ensure regulators and regulations support growth. The inquiry will explore how regulators contribute to economic growth, how implications of prioritising growth might impact their other duties and how regulators are responding to the action plan. The call for evidence includes a list of questions to consider and provide responses to. The deadline for submissions is 9 January 2026.]]></description>
					      
						      <pubDate>Wed, 12 Nov 2025 12:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/house-of-lords-industry-and-regulators-committee-seeks-views-on-regulators-approach-to-growth</guid>
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					      <title>IOSCO final report on neo-brokers</title>
					      <link>https://finreg.aoshearman.com/iosco-final-report-on-neo-brokers</link>
					      <description><![CDATA[
The International Organization of Securities Commissions (IOSCO) has published its final report on neo-brokers. These are a sub-set of digital-first broker-dealers leveraging social media and online platforms to provide low-cost, online-only investment services with minimal human interaction. While these evolving business models enhance market access, IOSCO highlights the associated risks and provides five key recommendations for regulators and firms to ensure that neo-brokers operate in an environment that upholds investor protection and market transparency.

These include: (i) acting honestly and fairly with retail investors; (ii) providing clear disclosure of fees and charges to retail investors and advertising; (iii) ensuring transparency of revenue and obtaining consent before providing ancillary services; (iv) assessing the impact of payment for order flow on the best execution of customer orders; and (v) maintaining robust IT infrastructure to prevent service disruptions.]]></description>
					      
						      <pubDate>Wed, 12 Nov 2025 12:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/iosco-final-report-on-neo-brokers</guid>
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					      <title>UK PRA finalises policy on increasing retail deposits threshold for leverage ratio requirement</title>
					      <link>https://finreg.aoshearman.com/uk-pra-finalises-policy-on-increasing-retail-deposits-threshold-for-leverage-ratio-requirement</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published policy statement PS22/25, confirming changes to the retail deposits threshold for the UK leverage ratio requirement. Following feedback on its March consultation, the PRA has amended the final policy to increase the retail deposits threshold for major UK firms from GBP50 billion to GBP75bn, compared to the GBP70bn initially proposed. It will also calculate the metric of firms&apos; retail deposits assessed against this threshold using a three-year averaging mechanism. The non-UK assets threshold remains unchanged at GBP10bn. Modifications by consent granted during the review, which allowed firms to disapply the leverage ratio part of the PRA Rulebook while thresholds were under consideration, will cease on 30 June 2026. The final policy will take effect on January 1, 2026. The PRA will continue annual reviews of both thresholds as part of the Financial Policy Committee&apos;s oversight of the leverage ratio framework. The final policy and rules are set out in the appendices to the policy statement.]]></description>
					      
						      <pubDate>Wed, 12 Nov 2025 12:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-finalises-policy-on-increasing-retail-deposits-threshold-for-leverage-ratio-requirement</guid>
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					      <title>Joint UK—Singapore report on tokenised assets and announcements on collaborative partnerships</title>
					      <link>https://finreg.aoshearman.com/joint-uksingapore-report-on-tokenised-assets-and-announcements-on-collaborative-partnerships</link>
					      <description><![CDATA[
The Investment Association and the Investment Management Association of Singapore, in partnership with the UK Financial Conduct Authority (FCA) and Monetary Authority of Singapore (MAS), have released a joint report on challenges and opportunities in tokenised asset markets across the UK and Singapore. The report highlights an &quot;adoption gap&quot; between innovation in digital assets and investor requirements. It introduces a practical operational readiness checklist in section 4, to guide market participants looking to design and launch tokenised financial products.

Read more.]]></description>
					      
						      <pubDate>Wed, 12 Nov 2025 12:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/joint-uksingapore-report-on-tokenised-assets-and-announcements-on-collaborative-partnerships</guid>
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					      <title>UK FSCS update on compensation levy for 2025/26 and early view forecast for 2026/27</title>
					      <link>https://finreg.aoshearman.com/uk-fscs-update-on-compensation-levy-for-202526-and-early-view-forecast-for-202627</link>
					      <description><![CDATA[
The UK Financial Services Compensation Scheme (FSCS) has published its November 2025 Outlook newsletter, providing an update on compensation figures for the current financial year and an early view of the levy forecast for 2026/27. It confirms that the 2025/26 levy remains at GBP356 million, with no additional levies expected for firms. Compensation payments are forecast to decrease by 5% to GBP315m, primarily due to changes in the types of claims expected. Recoveries remain a priority, with GBP40m anticipated by year-end. An early forecast for 2026/27 indicates a levy of GBP342m (a slight decrease from 2025/26) based on compensation costs of GBP294m. The FSCS will publish a budget update in early 2026 detailing expected management expenses for 2026/27, which form part of the overall levy and are jointly consulted on by the UK Prudential Regulation Authority and UK Financial Conduct Authority. The final levy will be confirmed in May 2026.]]></description>
					      
						      <pubDate>Wed, 12 Nov 2025 12:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fscs-update-on-compensation-levy-for-202526-and-early-view-forecast-for-202627</guid>
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					      <title>ECB opinion regarding EC&apos;s proposed securitisation reforms</title>
					      <link>https://finreg.aoshearman.com/ecb-opinion-regarding-ecs-proposed-securitisation-reforms</link>
					      <description><![CDATA[
The European Central Bank (ECB) has issued its opinion on the European Commission&apos;s proposed amendments to the EU securitisation framework, which was submitted in June. The package consists of a proposal to amend the EU Securitisation Regulation, a proposal to amend the Capital Requirements Regulation as regards exposures to securitisations and a consultation on measures to amend the Liquidity Coverage Ratio (LCR) Delegated Regulation. The ECB broadly supports the reforms aimed at enhancing the functioning of the EU&apos;s securitisation market, but makes a number of general and specific observations, including that:


	Proposed changes to synthetic securitisations require careful consideration. Although this segment is driving market growth, if not properly managed by originator credit institutions, large synthetic securitisations could amplify procyclicality through rollover risk, potentially affecting financial stability.


Read more.]]></description>
					      
						      <pubDate>Tue, 11 Nov 2025 17:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ecb-opinion-regarding-ecs-proposed-securitisation-reforms</guid>
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					      <title>IOSCO final report on tokenisation of financial assets</title>
					      <link>https://finreg.aoshearman.com/iosco-final-report-on-tokenisation-of-financial-assets</link>
					      <description><![CDATA[
The International Organization of Securities Commissions (IOSCO) has published its final report on the tokenisation of financial assets. The report summarises observations from IOSCO&apos;s monitoring exercise led by its Fintech Task Force. It examines the development and adoption of tokenisation and distributed ledger technology (DLT) in capital markets, to share understanding among IOSCO members of current use cases and regulatory responses. IOSCO finds that while tokenisation, enabled by DLT, offers potential efficiency gains such as shorter settlement cycles and improved collateral mobility, adoption remains limited. This is considered to be due to new or heightened risks such as interoperability challenges and the lack of credible settlement assets, which hinder scalability.

Other evolving risks include legal uncertainty, operational vulnerabilities and cyber threats, which mirror existing risk categories but manifest differently under DLT, requiring tailored risk controls. Regulatory approaches to respond to these risks vary globally, with some IOSCO members applying existing frameworks while others have issued new guidance or sandbox programs. The report concludes with examples of steps taken by authorities in various jurisdictions to address the application of existing regulatory frameworks and risks arising from tokenised capital markets products. IOSCO also encourages regulators to apply recommendations from its previous reports on crypto and digital asset markets and decentralised finance to ensure consistent outcomes under the principle of &quot;same activities, same risks, same regulatory outcomes&quot;.]]></description>
					      
						      <pubDate>Tue, 11 Nov 2025 12:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/iosco-final-report-on-tokenisation-of-financial-assets</guid>
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					      <title>UK FCA findings of risk assessment processes and controls in firms</title>
					      <link>https://finreg.aoshearman.com/uk-fca-findings-of-risk-assessment-processes-and-controls-in-firms</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published findings from a multi-firm review of business-wide risk assessments (BWRA) and customer risk assessments (CRA) as part of its financial crime supervisory work under the 2025-30 strategy. You may like to read our article &quot;Financial Crime: The FCA&apos;s Strategy for 2025 - 2030&quot; for further information on the strategy.

The FCA found that while most firms maintain BWRAs, weaknesses remain in identifying, understanding and assessing risk. Common issues include failure to tailor assessments to specific business risks, lack of detail and evidence to support claims of being &quot;low risk&quot; and limited quantitative analysis. Examples of good practice include annual reviews of BWRAs, comprehensive assessments using both quantitative and qualitative analysis and tailored assessments aligned to the firm&apos;s business model, products and customers.

Read more.]]></description>
					      
						      <pubDate>Tue, 11 Nov 2025 12:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-findings-of-risk-assessment-processes-and-controls-in-firms</guid>
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					      <title>ECON report on impact of AI on the financial sector</title>
					      <link>https://finreg.aoshearman.com/econ-report-on-impact-of-ai-on-the-financial-sector</link>
					      <description><![CDATA[
The European Parliament&apos;s Committee on Economic and Monetary Affairs (ECON) has adopted its final report on the impact of AI on the financial sector. This follows the draft report published in May, which highlighted concerns around regulatory overlaps and legal uncertainty, and set out recommendations to encourage responsible use of AI in financial services. This final report builds on those recommendations, reinforcing the need for clarity on how existing financial and other regulations interact with the EU AI Act. It advocates for proportional supervisory approaches and supporting measures, such as the issuance of clear and practical guidance by the European Commission, to foster innovation while safeguarding market integrity. Further, the report emphasises that current sectoral legislation on AI is sufficient to cover AI deployment in its present form but highlights the importance of continuous monitoring to identify any duplications or gaps in the current financial services legislation applicable to AI deployment, especially with a view to safeguarding consumer rights and the right to privacy.]]></description>
					      
						      <pubDate>Tue, 11 Nov 2025 12:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/econ-report-on-impact-of-ai-on-the-financial-sector</guid>
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					      <title>BoE consults on regulatory regime for sterling-denominated systemic stablecoins</title>
					      <link>https://finreg.aoshearman.com/boe-consults-on-regulatory-regime-for-sterling-denominated-systemic-stablecoins</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a consultation paper outlining its proposed regulatory framework for sterling-denominated systemic stablecoins. Under the framework, HM Treasury (HMT) will determine which payment systems using stablecoins, and their service providers, are recognised as systemically important. Once designated, these entities will fall within the BoE&apos;s remit and be subject to its powers under the Banking Act 2009. The proposed regime does not cover stablecoins used for non-systemic purposes which are not widely used by individuals to make retail or business payments. These activities will remain under the supervision of the UK Financial Conduct Authority (FCA).The consultation builds on feedback to the 2023 discussion paper.

Key proposals include:

	Allowing issuers to hold up to 60% of backing assets in short-term sterling-denominated UK government debt, with the remaining 40% as unremunerated deposits at the BoE. Issuers deemed systemic at launch, or transitioning from the FCA regime, may initially hold up to 95% in short-term UK government debt to support viability during growth.


Read more.]]></description>
					      
						      <pubDate>Mon, 10 Nov 2025 17:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/boe-consults-on-regulatory-regime-for-sterling-denominated-systemic-stablecoins</guid>
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					      <title>Delegated Regulation postponing ESRS disclosure requirements for wave one companies published in OJ</title>
					      <link>https://finreg.aoshearman.com/delegated-regulation-postponing-esrs-disclosure-requirements-for-wave-one-companies-published-in-oj</link>
					      <description><![CDATA[
Delegated Regulation 2025/1416 amending Delegated Regulation (EU) 2023/2772 has been published in the Official Journal of the European Union. Adopted on 11 July, it introduces targeted amendments, referred to as &quot;quick fix&quot; amendments, to defer the application of specific European sustainability reporting standards (ESRS) under the Omnibus I sustainability package, to ease reporting burdens and provide legal certainty for companies already reporting for financial year 2024 (&quot;wave one&quot; companies). The amendments allow these companies to continue omitting certain disclosures for financial years 2025 and 2026. Additionally, larger wave one companies (with over 750 employees) will now benefit from the same phase-in provisions previously reserved for smaller entities. The amendments address gaps left by the &quot;stop-the-clock&quot; Directive, which deferred reporting obligations for wave two and three companies but excluded wave one. The Regulation applies retrospectively from financial years starting on or after 1 January 2025 and entered into force on 13 November.]]></description>
					      
						      <pubDate>Mon, 10 Nov 2025 12:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/delegated-regulation-postponing-esrs-disclosure-requirements-for-wave-one-companies-published-in-oj</guid>
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					      <title>Council of the EU invites COREPER to confirm provisional agreement on CMDI framework</title>
					      <link>https://finreg.aoshearman.com/council-of-the-eu-invites-coreper-to-confirm-provisional-agreement-on-cmdi-framework</link>
					      <description><![CDATA[
The Council of the EU has published an &quot;I&quot; item note from the Presidency to its Permanent Representatives Committee (COREPER) inviting it to confirm the provisional political agreement on the Crisis Management and Deposit Insurance (CMDI) legislative package. This package includes amendments to the Bank Recovery and Resolution Directive (2014/59/EU) (BRRD), the Deposit Guarantee Schemes Directive (2014/49/EU) (DGSD) and the Single Resolution Mechanism Regulation (806/2014) (SRM). The provisional political agreement on these legislative proposals was reached between the European Parliament (EP) and the Council of the EU in June. On 5 November, the EP&apos;s Committee on Economic and Monetary Affairs (ECON) endorsed the texts. Following this, the Chair of ECON sent a letter to the Chair of COREPER indicating that, if the Council of the EU transmits its agreed position (subject to legal-linguistic review), she will recommend that the EP accept the Council&apos;s position without amendments at second reading.

Read more.]]></description>
					      
						      <pubDate>Mon, 10 Nov 2025 12:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/council-of-the-eu-invites-coreper-to-confirm-provisional-agreement-on-cmdi-framework</guid>
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					      <title>UK FCA statement on credit builder products</title>
					      <link>https://finreg.aoshearman.com/uk-fca-statement-on-credit-builder-products</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a statement with findings from its review of certain credit builder products, which claim to improve consumers&apos; credit scores by reporting regular payments to credit reference agencies (CRAs). The FCA found little evidence that these products significantly enhance credit scores for most consumers and highlighted potential risks, including misrepresentation of a customer&apos;s financial circumstances and facilitating access to unaffordable credit. Many of these products are unregulated, and firms often fail to clearly disclose their limitations. Following FCA engagement, five firms have ceased offering such products, while others have amended their models and marketing practices. The FCA continues to work with firms and CRAs to improve data reporting standards while considering whether it should take further action.]]></description>
					      
						      <pubDate>Mon, 10 Nov 2025 12:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-statement-on-credit-builder-products</guid>
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					      <title>NGFS publishes explanatory notes on NGFS long-term climate scenarios</title>
					      <link>https://finreg.aoshearman.com/ngfs-publishes-explanatory-notes-on-ngfs-long-term-climate-scenarios</link>
					      <description><![CDATA[
The Network for Greening the Financial System (NGFS) has published a series of explanatory notes to enhance clarity and usability of its long-term climate scenarios. These notes respond to user feedback seeking greater transparency on underlying assumptions and narratives and aim to support broader application of NGFS scenarios. They cover energy investments, scenario narratives and key findings, key assumptions, physical risks and tipping points in the earth system in the context of NGFS physical risk assessment. The documents form part of Phase V of the NGFS scenario development and go beyond the high-level results presented in the Phase V presentation deck released in November 2024, offering users a closer look at individual scenario outcomes.]]></description>
					      
						      <pubDate>Fri, 07 Nov 2025 12:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ngfs-publishes-explanatory-notes-on-ngfs-long-term-climate-scenarios</guid>
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					      <title>EC call for evidence on proposed amendments to Taxonomy Delegated Acts</title>
					      <link>https://finreg.aoshearman.com/ec-call-for-evidence-on-proposed-amendments-to-taxonomy-delegated-acts</link>
					      <description><![CDATA[
The European Commission (EC) has published calls for evidence on proposals to amend two Delegated Regulations: the Taxonomy Climate Delegated Act and the Taxonomy Environmental Delegated Act. The Taxonomy Climate and Environmental Delegated Acts, adopted respectively in 2021 and 2023, specify the technical screening criteria for activities contributing to the six EU climate and environmental objectives including climate change mitigation, climate change adaptation, sustainable use and protection of water and marine resources, circular economy, pollution prevention and control and biodiversity. The proposed amendments aim to simplify, clarify and enhance usability of these criteria. This initiative forms part of the EC&apos;s broader effort to reduce reporting burdens for companies and support sustainable finance through clearer and more proportionate rules. The deadline for comments on both proposals is 5 December.]]></description>
					      
						      <pubDate>Fri, 07 Nov 2025 12:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-call-for-evidence-on-proposed-amendments-to-taxonomy-delegated-acts</guid>
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					      <title>UK PVDC strategy for future retail payments infrastructure</title>
					      <link>https://finreg.aoshearman.com/uk-pvdc-strategy-for-future-retail-payments-infrastructure</link>
					      <description><![CDATA[
The Payments Vision Delivery Committee (PVDC) has published its long-term strategy for the future UK retail payments infrastructure, building on the government&apos;s National Payments Vision. The PVDC, comprising HM Treasury, the Bank of England, the UK Financial Conduct Authority (FCA) and the UK Payments Systems Regulator, developed the strategy following the Mansion House 2025 announcement of a new model of public and private sector collaboration.

With user needs at its core, the strategy focuses on five high-level strategic outcomes: (i) greater choice of innovative, cost-effective payment options that meet consumers and business needs; (ii) interoperability across a multi-money ecosystem, including new and existing forms of digital money; (iii) strong protections against fraud and financial crime; (iv) fair, transparent and non-discriminatory access for participants to drive competition and innovation; and (v) operational and financial resilience of the payments ecosystem.

Governance and delivery oversight will be led by the newly established Retail Payments Infrastructure Board, alongside an industry-led Delivery Company responsible for implementing the design. Implementation is expected to span several years. The FCA confirms in a statement which has been published on the same day that the strategy will be followed by the &quot;Payments Forward Plan&quot;, which will be a sequenced plan of future payments initiatives.]]></description>
					      
						      <pubDate>Fri, 07 Nov 2025 12:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pvdc-strategy-for-future-retail-payments-infrastructure</guid>
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					      <title>CPMI and IOSCO report and proposed guidance on FMIs&apos; general business risk and losses management</title>
					      <link>https://finreg.aoshearman.com/cpmi-and-iosco-report-and-proposed-guidance-on-fmis-general-business-risk-and-losses-management</link>
					      <description><![CDATA[
The BIS Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) have published two reports addressing financial market infrastructures&apos; (FMIs) management of general business risks and losses.

The Level 3 assessment report reviews compliance with PFMI Principle 15 (&quot;general business risk&quot;) across 34 FMIs based on work carried out in 2023-24. The report identifies six significant concerns highlighting clear challenges for FMIs&apos; resilience to different types of risk that could result in general business losses. These include: (i) failure to consider general business risk when determining liquid net assets funded by equity (LNAFE); (ii) insufficient resources for recovery and wind-down plans; (iii) lack of additional LNAFE beyond participant default coverage; (iv) absence of recovery plans; (v) gaps in orderly wind-down planning; and (vi) no explicit plan for raising additional equity in case of capital shortfalls. In response, the CPMI and IOSCO has issued a consultative report proposing supplemental guidance to the PFMI. The guidance does not introduce new standards but elaborates on the existing PFMI principles. It clarifies the scope of general business risk and its interaction with other principles, and provides guidance on identifying, monitoring and managing general business risks; determining the minimum amount of LNAFE; and governance and transparency. The guidance also considers the findings from the Level 3 assessment report. The deadline for comments is 6 February 2026.]]></description>
					      
						      <pubDate>Fri, 07 Nov 2025 12:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/cpmi-and-iosco-report-and-proposed-guidance-on-fmis-general-business-risk-and-losses-management</guid>
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					      <title>EBA calls on counterparties to seek authorisation for using ISDA SIMM margin models</title>
					      <link>https://finreg.aoshearman.com/eba-calls-on-counterparties-to-seek-authorisation-for-using-isda-simm-margin-models</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has launched a data collection, through competent authorities, to identify EU counterparties who must apply to the EBA for validation of the ISDA standard initial margin model (SIMM) under the European Market Infrastructure Regulation (EMIR) and their contact persons. All financial and non-financial counterparties exchanging initial margins calculated using ISDA SIMM, directly or indirectly, must apply for authorisation from their competent authority, as mandated by Article 11(3) EMIR and the EBA&apos;s no-action letter of 17 December 2024. The information provided will be used to onboard counterparties onto the EBA&apos;s validation system during the first half of 2026, ahead of counterparties&apos; applications to the EBA for validation of ISDA SIMM expected in the second half of 2026. Failure to obtain validation will prohibit the use of ISDA SIMM until counterparties rectify their status with the EBA. A list of validated counterparties is expected by the end of 2026.]]></description>
					      
						      <pubDate>Fri, 07 Nov 2025 12:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-calls-on-counterparties-to-seek-authorisation-for-using-isda-simm-margin-models</guid>
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					      <title>EC consults on application of market risk prudential framework</title>
					      <link>https://finreg.aoshearman.com/ec-consults-on-application-of-market-risk-prudential-framework</link>
					      <description><![CDATA[
The European Commission (EC) has launched a consultation on the Fundamental Review of the Trading Book (FRTB) under Basel III, focusing on market risk for banks. Although most Basel III requirements have applied since January, the EC postponed FRTB implementation on several occasions and most recently to 1 January 2027 due to delays and uncertainty regarding FRTB implementation in other major jurisdictions. To address potential negative impacts arising from an unlevel playing field in the international implementation of the FRTB, the consultation seeks feedback on whether the EC should adopt a delegated act, using its powers under Article 461a of the Capital Requirements Regulation by the end of March 2026. This empowerment, due to previous postponements, now only allows the introduction of targeted relief measures and targeted multipliers for up to three years.

Longer term solutions will be duly and timely considered in a comprehensive way. The proposed policy options comprises two main components: (i) the introduction of temporary targeted amendments to the market risk framework that would address aspects of the framework on which other jurisdictions have already deviated or indicated that they would plan to deviate in their final FRTB implementation; and (ii) the introduction of a multiplier for the overall market risk capital requirements that banks negatively impacted by the new rules (i.e., banks facing an increase in capital requirements for market risk) would be allowed to use to significantly limit their market risk capital requirements increases for three years. The EC highlights that due to the temporary nature of the multiplier and its objective, the methodology should be simple and risk‑sensitive, and relatively easy to implement, maintain and supervise. The deadline for responses is 6 January 2026.]]></description>
					      
						      <pubDate>Thu, 06 Nov 2025 12:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-consults-on-application-of-market-risk-prudential-framework</guid>
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					      <title>EBA publishes follow-up peer review report on CVA risk</title>
					      <link>https://finreg.aoshearman.com/eba-publishes-follow-up-peer-review-report-on-cva-risk</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a follow-up peer review report examining the supervisory practices of EU competent authorities regarding their assessment of credit valuation adjustment (CVA) risk of the institutions under their supervision. The same four EU competent authorities which were part of the EBA&apos;s 2023 peer review were also part of this follow up review. The EBA found that competent authorities continue to largely assess CVA risk sufficiently, using approaches which are fit for purpose in satisfying the regulatory and supervisory review and evaluation process guidelines. Furthermore, since the 2023 report, all competent authorities have made progress to strengthen their CVA risk assessments and address the follow-up measures suggested as part of that report. However, only one competent authority was found to have made specific efforts to review compliance with the regulatory technical standards (RTS) in Commission Delegated Regulation (EU) 2018/728 on the procedures for excluding transactions with non-financial counterparties established in a third country from the own funds requirements for CVA risk (Exclusion RTS). The EBA urges continued efforts to ensure robust CVA risk management and compliance with the Exclusion RTS to ensure that this risk is properly managed and capitalised by the institutions under their supervision.]]></description>
					      
						      <pubDate>Thu, 06 Nov 2025 12:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-publishes-follow-up-peer-review-report-on-cva-risk</guid>
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					      <title>HMT consults on reform of UK&apos;s AML/CTF supervisory regime for professional services firms</title>
					      <link>https://finreg.aoshearman.com/hmt-consults-on-reform-of-uks-amlctf-supervisory-regime-for-professional-services-firms</link>
					      <description><![CDATA[
HM Treasury (HMT) has published a consultation on proposals to reform the UK&apos;s anti-money laundering and counter-terrorist financing (AML/CTF) supervisory regime for professional services firms. This follows the October consultation response and policy statement confirming that the UK Financial Conduct Authority (FCA) will be the sole AML supervisor for legal, accountancy and trust and company service providers under the Money Laundering Regulations 2017 (MLRs). The consultation sets out the FCA&apos;s proposed key duties, powers and accountability mechanisms that the FCA will need for supervising professional services firms under the MLRs, along with the legislative changes needed to implement these reforms. While many proposals involve extending existing MLR provisions to the FCA in its new expanded role, HMT is also considering whether further enhancements are necessary to the MLRs to ensure the FCA has a comprehensive supervisory toolkit.

Key proposals include the following as set out below.

Read more.]]></description>
					      
						      <pubDate>Thu, 06 Nov 2025 11:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hmt-consults-on-reform-of-uks-amlctf-supervisory-regime-for-professional-services-firms</guid>
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					      <title>HMT consults on updating the UK&apos;s exemption framework for intragroup over-the-counter derivatives</title>
					      <link>https://finreg.aoshearman.com/hmt-consults-on-updating-the-uks-exemption-framework-for-intragroup-over-the-counter-derivatives</link>
					      <description><![CDATA[
HM Treasury (HMT) has published a draft statutory instrument (SI), the Over the Counter Derivatives (Intragroup Transactions) Regulations 2026, for technical comment, alongside a policy paper. The proposed Regulations aim to replace the temporary intragroup exemption regime (TIGER), which expires on 31 December 2026, with a permanent framework for intragroup exemptions from clearing and margin requirements under the UK European Market Infrastructure Regulation (UK EMIR). The draft SI should be read alongside the UK Financial Conduct Authority&apos;s consultation paper, published on the same day, which sets out supporting proposals to simplify the exemption process.

Read more.]]></description>
					      
						      <pubDate>Wed, 05 Nov 2025 17:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hmt-consults-on-updating-the-uks-exemption-framework-for-intragroup-over-the-counter-derivatives</guid>
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					      <title>UK FCA consults on streamlining the UK EMIR intragroup regime</title>
					      <link>https://finreg.aoshearman.com/uk-fca-consults-on-streamlining-the-uk-emir-intragroup-regime</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/30 on changes to its binding technical standards (BTS) on the intragroup exemption regime under the UK European Market Infrastructure Regulation (UK EMIR). The consultation should be read alongside HM Treasury&apos;s (HMT) draft statutory instrument (SI), published on the same day for technical comment, which sets out the proposed amendments to UK EMIR. This consultation summarises HMT&apos;s proposed legislative changes to the intragroup regime and sets out the FCA&apos;s proposals to implement these changes alongside additional changes to consolidate the regime and further reduce burdens on counterparties.

Read more.]]></description>
					      
						      <pubDate>Wed, 05 Nov 2025 17:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-consults-on-streamlining-the-uk-emir-intragroup-regime</guid>
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					      <title>UK FCA progress statement on motor finance compensation scheme consultation</title>
					      <link>https://finreg.aoshearman.com/uk-fca-progress-statement-on-motor-finance-compensation-scheme-consultation</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a progress statement on its proposed motor finance consumer redress scheme consultation, following the UK Supreme Court ruling on 1 August. In the statement, the FCA confirms that the consultation deadline has been extended from 18 November to 12 December. The FCA also confirms that it has been actively engaging with stakeholders and has received feedback on key issues, including on the methodology for calculating redress, the time period for the scheme, the rate of compensatory interest, how independent mechanisms will ensure confidence, including the role of the Financial Ombudsman Service and ideas for alternative approaches, and fraud prevention. It urges respondents to provide detailed evidence and alternative suggestions where they disagree with proposals, all of which will be considered before final decisions are made.

Final rules are still expected in early 2026 but the FCA confirms this will now be February or March. While some complaints have been paused since January 2024 and the FCA has consulted on extending this pause beyond 4 December 2025, the consultation is now closed and the FCA is considering responses. However, the FCA stresses that complaints cannot remain paused indefinitely and lenders are therefore encouraged to maintain momentum to deliver certainty for customers and the wider market.]]></description>
					      
						      <pubDate>Wed, 05 Nov 2025 16:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-progress-statement-on-motor-finance-compensation-scheme-consultation</guid>
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					      <title>HMT commissions report on AI, disruptive technologies and skills needs</title>
					      <link>https://finreg.aoshearman.com/hmt-commissions-report-on-ai-disruptive-technologies-and-skills-needs</link>
					      <description><![CDATA[
The Economic Secretary to HM Treasury (HMT) has published a letter confirming it has commissioned the Financial Services Skills Commission to produce a comprehensive report on the impact of AI and other disruptive technologies on the UK financial services sector. The research, aligned with the Financial Services Growth and Competitiveness Strategy, will examine emerging technologies, their effect on the sector&apos;s growth at both national and regional levels and on implications for customers. It will also identify the skills required for successful adoption and deployment of the technologies and set out a clear plan with actionable steps for employers, employees, education providers and government on how to build the skills required over the next decade. The final report is scheduled for mid-2027.]]></description>
					      
						      <pubDate>Wed, 05 Nov 2025 16:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hmt-commissions-report-on-ai-disruptive-technologies-and-skills-needs</guid>
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					      <title>EBA publishes final guidelines on environmental scenario analysis under CRD VI</title>
					      <link>https://finreg.aoshearman.com/eba-publishes-final-guidelines-on-environmental-scenario-analysis-under-crd-vi</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a final report on guidelines for environmental scenario analysis under the Capital Requirements Directive (CRD), as amended by CRD VI (Directive (EU) 2024/1619). These guidelines complement the EBA&apos;s January 2025 environmental, social and governance (ESG) risk management framework by clarifying supervisory expectations for how institutions should conduct environmental scenario analysis, including for institutions using the internal ratings-based approach for calculating the own funds requirements for credit risk. The EBA consulted on the guidelines in January. In response to feedback, the EBA has amended the guidelines with a focus on enhancing clarity and simplifying expectations in line with operational realities. The scope has been streamlined to focus on environmental risks, with climate as the priority. 

Read more.]]></description>
					      
						      <pubDate>Wed, 05 Nov 2025 12:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-publishes-final-guidelines-on-environmental-scenario-analysis-under-crd-vi</guid>
				    </item>
			
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					      <title>UK government launches new financial inclusion strategy</title>
					      <link>https://finreg.aoshearman.com/uk-government-launches-new-financial-inclusion-strategy</link>
					      <description><![CDATA[
HM Treasury (HMT) has released its financial inclusion strategy, outlining a comprehensive national plan to remove barriers to financial participation and to build financial resilience. The strategy focuses on six main areas: (i) improving digital inclusion and access to banking through the roll-out of 350 in-person banking hubs and the launch of a pilot scheme enabling the opening of a bank account without standard ID; (ii) supporting savings by delivering regulatory clarity to enable employers to offer workplace savings schemes with confidence and driving uptake of the government&apos;s Help to Save scheme; (iii) ensuring the insurance market is supporting the financial wellbeing of households and vulnerable customers; (iv) increasing access to affordable credit; (v) strengthening debt advice provision; and (vi) introducing compulsory financial education in primary schools. HMT will review the strategy&apos;s implementation progress two years after publication and provide an update thereafter.]]></description>
					      
						      <pubDate>Wed, 05 Nov 2025 10:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-government-launches-new-financial-inclusion-strategy</guid>
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					      <title>ESRB and IOSCO publish final reports analysing credit default swaps market</title>
					      <link>https://finreg.aoshearman.com/esrb-and-iosco-publish-final-reports-analysing-credit-default-swaps-market</link>
					      <description><![CDATA[
The European Systemic Risk Board (ESRB) has published a report analysing the credit default swaps (CDS) market, with a particular focus on single-name CDSs in terms of their market structure and current regulatory framework. The report evaluates the EU regulatory framework for CDSs and the functioning of the CDS market in light of recent derivatives market instability, notably the March 2023 banking turmoil. The ESRB identifies key vulnerabilities and calls for improved data quality, enhanced transparency, and greater cross-border regulatory co-ordination. To address these issues, it sets out a medium-term policy roadmap aimed at improving the functioning of the single-name CDS market and addressing systemic risks.

Key proposals include:

	Enhancing post-trade market transparency for single-name CDSs.
	Strengthening supervisory access to information through improved quality and standardisation of data reported as well as through enhanced global co-operation.
	Promoting the efficiency and functioning of the single-name CDS market.
	Improving credit risk assessment frameworks by reducing excessive reliance on CDS spreads and raising awareness of the price formation mechanisms.


Read more.]]></description>
					      
						      <pubDate>Tue, 04 Nov 2025 17:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esrb-and-iosco-publish-final-reports-analysing-credit-default-swaps-market</guid>
				    </item>
			
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					      <title>Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) (No. 2) Order 2025 published</title>
					      <link>https://finreg.aoshearman.com/financial-services-and-markets-act-2000-regulated-activities-etc-amendment-no-2-order-2025-published</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) (No. 2) Order 2025 has been laid before Parliament, accompanied by an explanatory memorandum. A draft was laid before Parliament in June. The Order amends the Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) Order 2025 (the 2025 Order) which provides for certain buy-now-pay-later (BNPL) agreements to become &quot;regulated deferred payment credit agreements&quot; with effect from 15 July 2026. Under article 3(2) of the 2025 Order, nearly all merchants brokering BNPL products are exempt from the regulatory requirements concerning credit broking by virtue of a new provision (article 36FB) in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO). Generally, merchants who introduce customers to regulated credit products are undertaking the regulated activity of credit broking under article 36A of the RAO and must have regulatory approval, unless an exemption applies.

Read more.]]></description>
					      
						      <pubDate>Tue, 04 Nov 2025 16:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/financial-services-and-markets-act-2000-regulated-activities-etc-amendment-no-2-order-2025-published</guid>
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					      <title>ESAs update Q&amp;As on SFDR</title>
					      <link>https://finreg.aoshearman.com/esas-update-qas-on-sfdr</link>
					      <description><![CDATA[
The Joint Committee of the European Supervisory Authorities (ESAs) has published an updated version of its consolidated Q&amp;A document on the Sustainable Finance Disclosure Regulation (SFDR) and the SFDR Delegated Regulation (Commission Delegated Regulation (EU) 2022/1288). A new Q&amp;A has been added clarifying the requirements under Article 6(2) of the SFDR Delegated Regulation concerning principal adverse impact (PAI) disclosures.]]></description>
					      
						      <pubDate>Tue, 04 Nov 2025 10:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esas-update-qas-on-sfdr</guid>
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					      <title>Technical standards on consolidated tape under MiFIR published in OJ</title>
					      <link>https://finreg.aoshearman.com/technical-standards-on-consolidated-tape-under-mifir-published-in-oj</link>
					      <description><![CDATA[
Five technical standards supplementing the Markets in Financial Instruments Regulation enabling the creation of the consolidated tape have been published in the Official Journal of the European Union (OJ):

	Commission Delegated Regulation (EU) 2025/1143 regarding regulatory technical standards (RTS) on the authorisation and organisational requirements for approved publication arrangements (APAs) and approved reporting mechanisms (ARMs), and on the authorisation requirements for consolidated tape providers, and repealing Commission Delegated Regulation (EU) 2017/571.
	Commission Delegated Regulation (EU) 2025/1155 regarding RTS specifying the input and output data of consolidated tapes, the synchronisation of business clocks and the revenue redistribution by the consolidated tape provider for shares and exchange traded funds, and repealing Commission Delegated Regulation (EU) 2017/574 from 2 March 2026. Articles 11 to 16 will apply from 2 March 2026.


Read more.]]></description>
					      
						      <pubDate>Mon, 03 Nov 2025 17:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/technical-standards-on-consolidated-tape-under-mifir-published-in-oj</guid>
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					      <title>EBA consults on guidelines for authorisation of third country branches under CRD VI</title>
					      <link>https://finreg.aoshearman.com/eba-consults-on-guidelines-for-authorisation-of-third-country-branches-under-crd-vi</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has launched a consultation on draft guidelines on the authorisation of third-country branches (TCBs) under Article 48c(8) of the Capital Requirements Directive (CRD), as amended by CRD VI (Directive (EU) 2024/1619). The guidelines set out: (i) the list of information to be included in the application, concerning matters such as the business plan, capital endowment, liquidity, internal governance, booking arrangement and reporting requirements and information about head undertaking(s), in particular their compliance with prudential requirements and a reasoned, third party legal opinion on the absence of impediments in the third country&apos;s framework precluding the ability of the TCB to comply with the EU and prudential legislation and regulation; (ii) the procedure for authorisation, as well as standard forms and templates for the provision of the information required; (iii) the conditions for granting authorisation; and (iv) the conditions under which competent authorities may rely on information that has already been provided in the process of any prior authorisation third country branch authorisation.

Read more.]]></description>
					      
						      <pubDate>Mon, 03 Nov 2025 15:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-consults-on-guidelines-for-authorisation-of-third-country-branches-under-crd-vi</guid>
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					      <title>European Parliament reports on amendments to digital euro legislative package</title>
					      <link>https://finreg.aoshearman.com/european-parliament-reports-on-amendments-to-digital-euro-legislative-package</link>
					      <description><![CDATA[
The European Parliament&apos;s Committee on Economic and Monetary Affairs (ECON) has published three draft reports proposing amendments to the European Commission&apos;s legislative package on the establishment of the digital euro. These proposals collectively aim to establish a comprehensive legal framework for the issuance, use and coexistence of the digital euro alongside physical cash. The first draft report (COM(2023)0369) proposes amendments to the proposed regulation establishing the digital euro as a central bank digital currency, detailing its governance and operational principles. Accompanying this, the second draft report (COM(2023)0368) proposes limited procedural amendments to the proposed regulation on the provision of digital euro services by payment service providers in Member States whose currency is not the euro. Finally, the third draft report (COM(2023)0364) proposes amendments to the proposed regulation on the legal tender status of euro banknotes and coins. This measure is designed to safeguard the mandatory acceptance of continued use of cash, ensuring it remains a viable payment option alongside the digital euro.]]></description>
					      
						      <pubDate>Mon, 03 Nov 2025 12:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/european-parliament-reports-on-amendments-to-digital-euro-legislative-package</guid>
				    </item>
			
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					      <title>New UK collections page on sanctions enforcement action</title>
					      <link>https://finreg.aoshearman.com/new-uk-collections-page-on-sanctions-enforcement-action</link>
					      <description><![CDATA[
The UK government has launched a new collections webpage consolidating resources on sanctions enforcement. The page lists published monetary penalties, prosecution outcomes and disclosure notices imposed by HM Revenue &amp; Customs, the National Crime Agency, the Office of Financial Sanctions Implementation and the Office of Trade Sanctions Implementation. It also lists case studies, blogposts and annual reviews containing key lessons from enforcement actions in the relevant year.]]></description>
					      
						      <pubDate>Mon, 03 Nov 2025 11:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/new-uk-collections-page-on-sanctions-enforcement-action</guid>
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					      <title>IOSCO publishes final report on use of ESG indices as benchmarks</title>
					      <link>https://finreg.aoshearman.com/iosco-publishes-final-report-on-use-of-esg-indices-as-benchmarks</link>
					      <description><![CDATA[
The International Organization of Securities Commissions (IOSCO) has published a final report on environmental, social and governance (ESG) indices used as benchmarks (FR/15/25), referred to as &quot;ESG benchmarks&quot;. ESG benchmarks are defined in the report as indices specifically constructed to reflect ESG factors according to its publicly disclosed methodology, and which are used as a reference for assessing ESG risk exposure or ESG impact. The report provides a comparative analysis of ESG benchmarks against IOSCO&apos;s Principles for Financial Benchmarks (PFBs). The report compares key characteristics and vulnerabilities of ESG benchmarks against traditional financial benchmarks. It also focuses on greenwashing vulnerabilities and existing market and regulatory initiatives aimed at addressing these vulnerabilities.

The report&apos;s assessment is structured around the four core pillars of benchmarks, examining how the relevant PFBs apply and whether ESG benchmark administrators should consider any additional factors when embedding these pillars into benchmark design and administration to maintain transparency, consistency, and reliability.

Read more.]]></description>
					      
						      <pubDate>Mon, 03 Nov 2025 10:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/iosco-publishes-final-report-on-use-of-esg-indices-as-benchmarks</guid>
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					      <title>IOSCO publishes final report on pre-hedging</title>
					      <link>https://finreg.aoshearman.com/iosco-publishes-final-report-on-pre-hedging</link>
					      <description><![CDATA[
The International Organization of Securities Commissions (IOSCO) has published a final report providing guidance on pre-hedging (FR/14/25). Pre-hedging is a practice used by dealers to manage the risk of anticipated primary principal market offerings and secondary market transactions, mainly in wholesale markets. While pre-hedging can offer benefits such as enabling price discovery, reducing market risk and market impact, assisting liquidity, and improving competition, IOSCO notes that certain practices pose potential risks including in relation to misuse of information, inability to understand risks, lack of transparency and adverse impact on price and liquidity. The report defines pre-hedging and reviews existing regulatory approaches and industry standards. It identifies potential issues and gaps in current industry practices and regulation and aims to promote consistent interpretation across jurisdictions. IOSCO also sets out recommendations to guide regulators in determining acceptable pre-hedging practices and managing the associated conduct risks effectively. Additionally, a dedicated chapter summarises feedback from its earlier consultation on pre-hedging.]]></description>
					      
						      <pubDate>Mon, 03 Nov 2025 09:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/iosco-publishes-final-report-on-pre-hedging</guid>
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					      <title>UK FCA Handbook Notice 134</title>
					      <link>https://finreg.aoshearman.com/uk-fca-handbook-notice-134</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Handbook Notice 134, outlining amendments to the FCA Handbook resulting from the following statutory instruments:


	(i) Markets in Financial Instruments (Transfer of MiFID Organisational Regulation) Instrument 2025; (ii) Technical Standards (Markets in Financial Instruments Regulation) (Organisational Requirements) Instrument 2025; and (iii) Commodity Derivatives (Position Limits, Position Management and Perimeter) (No 2) Instrument 2025. These instruments mainly entered into force on 23 October, with other parts coming into force on 12 January 2026 and 19 January 2026. The instruments make changes relating to the MiFID Organisational Regulation. The FCA is keeping the substance of the MiFID Organisational Regulation requirements the same without any policy or scope changes. Most of the changes that have been made are to reflect its Handbook drafting style and to clarify drafting where possible.


Read more.]]></description>
					      
						      <pubDate>Fri, 31 Oct 2025 16:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-handbook-notice-134</guid>
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					      <title>Financial Services (Overseas Recognition Regime Designations) Regulations 2025 published</title>
					      <link>https://finreg.aoshearman.com/financial-services-overseas-recognition-regime-designations-regulations-2025-published</link>
					      <description><![CDATA[
The Financial Services (Overseas Recognition Regime Designations) Regulations 2025 (the ORR Regulations) have been laid before Parliament, accompanied by an explanatory memorandum. A draft was laid before Parliament in July. The ORR is the UK&apos;s regime for providing &quot;recognition&quot; of a regulatory regime in an overseas jurisdiction, allowing cross-border financial services into the UK. It is similar to the EU&apos;s equivalence and the U.S.&apos;s comparability regimes. The ORR Regulations, made on 30 October, set out powers and obligations relating to HM Treasury&apos;s ORRs, including (i) giving HM Treasury the power to request information and advice from the Bank of England (BoE), the UK Prudential Regulation Authority and the UK Financial Conduct Authority in connection with the ORR; (ii) giving HM Treasury the power to impose conditions on the application of an ORR designation; and (iii) requiring HM Treasury and the UK regulators to co-ordinate the discharge of their respective functions in relation to ORRs. The instrument also amends ORRs that have already been established.

These amendments are intended to ensure there is clarity and uniformity across ORRs, to make the law clearer, and to provide for efficient and effective regulatory arrangements relating to the provision of financial services or the operation of financial markets. The Regulations will enter into force on 28 November.]]></description>
					      
						      <pubDate>Fri, 31 Oct 2025 15:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/financial-services-overseas-recognition-regime-designations-regulations-2025-published</guid>
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					      <title>Implementing Regulation amending ITS on prudential reporting framework under IFR published in OJ</title>
					      <link>https://finreg.aoshearman.com/implementing-regulation-amending-its-on-prudential-reporting-framework-under-ifr-published-in-oj</link>
					      <description><![CDATA[
Commission Implementing Regulation (EU) 2025/2159 (the Regulation) has been published in the Official Journal of the European Union (OJ). The Regulation amends the implementing technical standards (ITS) laid down in Implementing Regulation (EU) 2021/2284 as regards supervisory reporting and disclosures of investment firms under the Investment Firms Regulation (IFR). Due to the changes introduced by the CRR III, the reporting framework for investment firms has been revised. Consequential changes to Implementing Regulation (EU) 2021/2284 are therefore needed. To provide investment firms with sufficient time to adapt their own internal system and to comply with the revised reporting requirements, a derogation has been laid down deferring the remittance date of the first quarterly reporting obligation after the date of application of this Regulation. The Regulation enters into force on the 20th day following publication in the OJ.]]></description>
					      
						      <pubDate>Fri, 31 Oct 2025 14:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/implementing-regulation-amending-its-on-prudential-reporting-framework-under-ifr-published-in-oj</guid>
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					      <title>UK FCA findings on consolidation in the financial advice and wealth management sector</title>
					      <link>https://finreg.aoshearman.com/uk-fca-findings-on-consolidation-in-the-financial-advice-and-wealth-management-sector</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its findings from a multi-firm review into consolidation trends within the financial advice and wealth management sector. The FCA has seen an increase in consolidation in the financial advice and wealth management sector through acquisitions in recent years. Therefore, to support sustainable growth in the sector, the FCA has reviewed a sample of groups which included acquiring independent financial advisers (IFAs) and established wealth management businesses, providing discretionary investment management and advice solutions to group clients. The review assesses how firms manage risks, debt, governance and integration during and after acquisitions, highlighting both good practices and areas of increased risk. The FCA has seen consolidation support efficiency and growth by pooling resources, expertise and infrastructure and enabling long-term innovation, stronger governance and enhanced financial resilience. However, it has also seen that if fast growth of these businesses is not managed effectively, it may create poor outcomes. These could include poor client service, failure of business continuity and disorderly failure.

Read more.]]></description>
					      
						      <pubDate>Fri, 31 Oct 2025 10:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-findings-on-consolidation-in-the-financial-advice-and-wealth-management-sector</guid>
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					      <title>House of Lords Committee challenges UK government response to report on growth and competitiveness</title>
					      <link>https://finreg.aoshearman.com/house-of-lords-committee-challenges-uk-government-response-to-report-on-growth-and-competitiveness</link>
					      <description><![CDATA[
The House of Lords Financial Services Regulation Committee (the Committee) has issued a formal response to HM Treasury&apos;s (HMT) reply to its report &quot;Growing Pains: Clarity and Culture Change Required&quot; which evaluated the progress made by the UK Financial Conduct Authority (FCA) and UK Prudential Regulation Authority (PRA) in supporting growth and competitiveness in the financial services sector and the wider UK economy. The Financial Services and Markets Act 2023 introduced a secondary objective for the UK regulators focused on international competitiveness and growth. While welcoming initial steps taken by the UK government, the Committee notes that HMT did not engage with several key findings, critical to the success of the secondary objective and broader UK economic growth. The Committee uses this opportunity to restate some of its recommendations and raise further questions on the following themes as set out below.

Read more.]]></description>
					      
						      <pubDate>Fri, 31 Oct 2025 10:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/house-of-lords-committee-challenges-uk-government-response-to-report-on-growth-and-competitiveness</guid>
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					      <title>UK regulators finalise additional Q&amp;As for derivative reporting requirements under UK EMIR</title>
					      <link>https://finreg.aoshearman.com/uk-regulators-finalise-additional-qas-for-derivative-reporting-requirements-under-uk-emir</link>
					      <description><![CDATA[
The Bank of England and the UK Financial Conduct Authority (FCA) have published additional finalised Q&amp;As on derivative reporting requirements under the UK European Market Infrastructure Regulation (UK EMIR) following a consultation on the draft Q&amp;As in August. The additional Q&amp;As include: (i) Q&amp;A 4.14, which provides guidance on when it is acceptable to report with a technical International Securities Identification Number (ISIN). Following feedback to the consultation, an additional scenario has been included alongside those originally specified, and a technical ISIN has been created for use in the specified scenarios; and (ii) Q&amp;A 11.7, which provides detailed guidance on the reporting of FX swaps. Further clarification has been added to this Q&amp;A, including the addition of a table illustrating reporting expectations for FX swaps. The FCA has appended the finalised Q&amp;As to the relevant sections of its UK EMIR reporting Q&amp;As.]]></description>
					      
						      <pubDate>Fri, 31 Oct 2025 09:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-regulators-finalise-additional-qas-for-derivative-reporting-requirements-under-uk-emir</guid>
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					      <title>UK legislation to implement Berne Financial Services Agreement published </title>
					      <link>https://finreg.aoshearman.com/uk-legislation-to-implement-berne-financial-services-agreement-published</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025 have been published, accompanied by an explanatory memorandum. The Regulations will make changes to UK legislation to implement the UK&apos;s commitments under the Berne Financial Services Agreement (BFSA), signed with Switzerland in December 2023. The BFSA is an outcomes-based mutual recognition agreement covering a range of wholesale financial services, including asset management, banking, investment services, insurance and financial market infrastructure, as well as the provision of investment services to sophisticated high net worth clients. The BFSA allows UK insurance companies to offer certain wholesale insurance services in Switzerland without needing Swiss authorisation, while Swiss firms can offer certain investment services to sophisticated clients in the UK without requiring UK authorisation.

Read more.]]></description>
					      
						      <pubDate>Fri, 31 Oct 2025 09:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-legislation-to-implement-berne-financial-services-agreement-published</guid>
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					      <title>Implementing Decision on equivalence of New Zealand benchmark framework published in OJ</title>
					      <link>https://finreg.aoshearman.com/implementing-decision-on-equivalence-of-new-zealand-benchmark-framework-published-in-oj</link>
					      <description><![CDATA[
Commission Implementing Decision (EU) 2025/2197 has been published in the Official Journal of the European Union (OJ), confirming the equivalence of New Zealand&apos;s legal and supervisory framework for financial benchmarks in accordance with Regulation (EU) 2016/1011 (the Benchmarks Regulation). Since 2018, non-EU benchmark administrators have benefited from a transitional period allowing continued use of third-country benchmarks within the EU, which was most recently extended in October 2023 by Commission Implementing Decision (EU) 2023/2222 until 31 December. The new equivalence Decision will mean that benchmarks administered by licensed entities in New Zealand, such as the New Zealand Bill Benchmark Rate, can continue to be used within the EU following the expiry of the transitional period on 31 December.

Read more.]]></description>
					      
						      <pubDate>Fri, 31 Oct 2025 09:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/implementing-decision-on-equivalence-of-new-zealand-benchmark-framework-published-in-oj</guid>
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					      <title>ECB moves to next phase of digital euro project</title>
					      <link>https://finreg.aoshearman.com/ecb-moves-to-next-phase-of-digital-euro-project</link>
					      <description><![CDATA[
The European Central Bank Governing Council has announced its decision to move on to the next phase of the digital euro project in a letter to Aurore Lalucq, Chair of the European Parliament&apos;s ECON Committee. The announcement follows the successful completion of the two-year preparation phase launched in 2023, which laid the groundwork for issuing a digital euro. The digital euro is intended to complement cash by offering a secure, inclusive and resilient public digital payment solution across the euro area. The ECB states the final decision on whether to issue a digital euro, and when, will only be made once the relevant legislation has been adopted, which is expected by 2026. A pilot exercise and initial transactions could begin as early as mid-2027, with the ECB aiming to be technically prepared for a potential first issuance by 2029. Published alongside the announcement were: (i) a report on digital euro user research; (ii) a technical report focusing on the workstream led by the dedicated Euro Retail Payments Board; and (iii) an update from the Rulebook Development Group on the digital euro scheme.]]></description>
					      
						      <pubDate>Thu, 30 Oct 2025 15:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ecb-moves-to-next-phase-of-digital-euro-project</guid>
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					      <title>BoE publishes first annual report on wholesale cash distribution market oversight regime</title>
					      <link>https://finreg.aoshearman.com/boe-publishes-first-annual-report-on-wholesale-cash-distribution-market-oversight-regime</link>
					      <description><![CDATA[
The Bank of England (BoE) has published its first annual report on the wholesale cash distribution market oversight regime, following its full operationalisation on 12 June under Part 5A of the Banking Act 2009, as introduced by the Financial Services and Markets Act 2023. The report outlines the BoE&apos;s supervisory approach in promoting the effectiveness, resilience and sustainability of the UK&apos;s wholesale cash distribution (WCD) industry. It also highlights several market-wide risks to the WCD market, which are set out below.

Read more.]]></description>
					      
						      <pubDate>Thu, 30 Oct 2025 14:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/boe-publishes-first-annual-report-on-wholesale-cash-distribution-market-oversight-regime</guid>
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					      <title>EBA issues formal response to EC call for advice on AMLA mandates</title>
					      <link>https://finreg.aoshearman.com/eba-issues-formal-response-to-ec-call-for-advice-on-amla-mandates</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has issued a report with its formal response to the European Commission&apos;s (EC) March 2024 call for advice on six regulatory mandates under the forthcoming EU anti-money laundering and countering the financing of terrorism (AML/CFT) framework. The formal response aims to support the operational launch of the new Anti-Money Laundering Authority (AMLA) and includes the EBA&apos;s proposals for the draft regulatory technical standards (RTS) which the AMLA will ultimately adopt. These RTS separately cover: (i) methodologies for assessing inherent and residual money laundering/terrorist financing risks of obliged entities; (ii) risk assessment criteria for AMLA&apos;s selection of institutions for direct supervision; (iii) customer due diligence requirements; and (iv) classification of the severity of breaches and determination of pecuniary sanctions.

Read more.]]></description>
					      
						      <pubDate>Thu, 30 Oct 2025 13:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-issues-formal-response-to-ec-call-for-advice-on-amla-mandates</guid>
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					      <title>UK FCA warns retail investors of risks in CFDs trading</title>
					      <link>https://finreg.aoshearman.com/uk-fca-warns-retail-investors-of-risks-in-cfds-trading</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has issued a warning to investors regarding contracts for difference (CFDs), a type of derivative that allows speculation on the price movement of shares or assets without owning the underlying asset. The FCA expresses concern that some firms are using high-pressure tactics to encourage investors to self-certify as professional clients, which thereby removes key retail consumer protections, potentially exposing individuals to losses beyond their financial capacity.

The regulator also raises concerns about the role of social media influencers in promoting offshore firms and unrealistic returns, often without disclosing that such firms are unregulated. The FCA reminds firms that they must not push elective professional or redirection promotions onto their retail clients, otherwise it will take action against firms who breach its rules. The FCA also reiterates its commitment to targeting &quot;finfluencers&quot; who unlawfully promote financial products and services. Firms are also reminded of their obligations under the consumer duty and investors are encouraged to use the FCA&apos;s InvestSmart tools to support informed decision-making with their investments.]]></description>
					      
						      <pubDate>Thu, 30 Oct 2025 10:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-warns-retail-investors-of-risks-in-cfds-trading</guid>
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					      <title>EBA publishes final draft RTS on credit valuation adjustment risk of SFTs</title>
					      <link>https://finreg.aoshearman.com/eba-publishes-final-draft-rts-on-credit-valuation-adjustment-risk-of-sfts</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its final report on the draft regulatory technical standards (RTS) under Article 382(6) of the Capital Requirements Regulation (CRR), as amended by CRR3. The RTS establish a quantitative framework for assessing the materiality of credit valuation adjustment (CVA) risk exposures arising from fair-valued securities financing transactions (SFTs). Following feedback to the July 2024 consultation, the EBA retained its proposed quantitative approach to assessing materiality, opting for a ratio-based threshold of 5% to determine whether such transactions should be included in CVA capital requirements. The final RTS also uphold quarterly assessments aligned with COREP reporting cycles and clarify that the CVA capital requirement metric, rather than broader own funds or exposure values, should be used for the materiality test.

Read more.]]></description>
					      
						      <pubDate>Wed, 29 Oct 2025 16:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-publishes-final-draft-rts-on-credit-valuation-adjustment-risk-of-sfts</guid>
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					      <title>EC communication on treatment of equity exposures under CRR for legislative programmes</title>
					      <link>https://finreg.aoshearman.com/ec-communication-on-treatment-of-equity-exposures-under-crr-for-legislative-programmes</link>
					      <description><![CDATA[
The European Commission (EC) has adopted a communication providing guidance clarifying how banks can benefit from preferential prudential treatment under Article 133(5) of the Capital Requirements Regulation (CRR) when investing in equity through legislative programmes, which are structured public investment schemes established under EU or national law. These programmes, which combine public support (e.g. guarantees or co-investment) with private funding and oversight mechanisms, target strategic sectors such as clean technologies, digital innovation and defence. The guidance promotes consistent application across the Single Market, enabling banks to apply lower capital charges to qualifying exposures, reflecting their reduced risk profile. This initiative supports financial stability while enhancing access to equity financing for EU companies and advancing the EC&apos;s broader goals under the Savings and Investments Union (SIU), including capital market integration and competitiveness. A public register of eligible legislative programmes has been published, as well as a website with questions and answers on legislative programmes under Article 133(5).]]></description>
					      
						      <pubDate>Wed, 29 Oct 2025 16:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-communication-on-treatment-of-equity-exposures-under-crr-for-legislative-programmes</guid>
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					      <title>EC adopts Delegated Regulation on fees payable to ESMA under Benchmark Regulation</title>
					      <link>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-on-fees-payable-to-esma-under-benchmark-regulation</link>
					      <description><![CDATA[
The European Commission has adopted a Delegated Regulation amending Delegated Regulation (EU) 2022/805 to update the supervisory fee framework for benchmark administrators under the oversight of the European Securities and Markets Authority (ESMA). This amendment follows the expansion of ESMA&apos;s supervisory remit under the revised Benchmarks Regulation (BMR), which now includes EU benchmark administrators endorsing third-country benchmarks. Following the draft published in July, the Regulation introduces application and annual supervisory fees for this new category, aligning them with those applicable to recognised third-country administrators.

Notably, fees are differentiated based on whether benchmarks are deemed significant under Article 24 of the BMR, with fixed fees for non-significant benchmarks and turnover-based fees for significant ones. The Regulation also clarifies the calculation of applicable turnover and introduces transitional provisions for administrators recognised or supervised as of 1 January 2026. Specifically, administrators who are already under ESMA&apos;s supervision or have obtained recognition before this date will be subject to the new fee framework starting from the 2026 fee cycle. The changes aim to ensure proportionality ahead of the 31 December transitional deadline for third-country benchmark use in the EU. The Regulation will enter into force on the day following its publication in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Wed, 29 Oct 2025 14:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-on-fees-payable-to-esma-under-benchmark-regulation</guid>
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					      <title>UK FCA consults on changes to the UK short selling regime</title>
					      <link>https://finreg.aoshearman.com/uk-fca-consults-on-changes-to-the-uk-short-selling-regime</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/29, alongside a press release, setting out proposed rules and guidance for the UK short selling regime. This follows the introduction of the Short Selling Regulations 2025 (SSR 2025) under the Financial Services and Markets Act 2023. The FCA proposes to establish a new Short Selling Sourcebook within its Handbook, aiming to consolidate existing requirements and introduce targeted changes to reduce regulatory burdens and improve market efficiency. This approach is informed by HM Treasury&apos;s 2023 response to its call for evidence.

Key proposals include:

	Extending the Net Short Position (NSP) notification deadline to 23:59 on the day after the trade (T+1) and providing guidance on calculating NSPs and determining issued share capital.
	Clarifying when NSPs must be calculated and how to report within corporate groups.
	Requiring short sellers to retain records of covering arrangements for a minimum of five years.


Read more.]]></description>
					      
						      <pubDate>Wed, 29 Oct 2025 13:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-consults-on-changes-to-the-uk-short-selling-regime</guid>
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					      <title>HMRC releases handbook to tackle trade-based money laundering</title>
					      <link>https://finreg.aoshearman.com/hmrc-releases-handbook-to-tackle-trade-based-money-laundering</link>
					      <description><![CDATA[
HM Revenue &amp; Customs (HMRC) has released a comprehensive handbook to add to its resources, aimed at identifying and tackling trade-based money laundering (TBML). The guide provides an accessible overview of TBML techniques, legal frameworks and investigative strategies, with a particular focus on Operation A, an HMRC-led investigation that successfully disrupted a major organised crime group. The handbook includes case studies, evidentiary approaches using customs and trade data, prosecution insights and lessons learned. While tailored to UK systems and authorities, the resource offers valuable guidance for professionals globally who are exposed to TBML risks.]]></description>
					      
						      <pubDate>Wed, 29 Oct 2025 13:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hmrc-releases-handbook-to-tackle-trade-based-money-laundering</guid>
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					      <title>EC adopts Delegated Regulation specifying requirements for EMIR 3 active account requirement</title>
					      <link>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-specifying-requirements-for-emir-3-active-account-requirement</link>
					      <description><![CDATA[
The European Commission has adopted a Delegated Regulation supplementing the European Market Infrastructure Regulation (EMIR), setting out regulatory technical standards (RTS) for the new active account requirement introduced by EMIR 3. The RTS follow the European Securities and Markets Authority 2024 consultation and specify the operational conditions, representativeness obligations and reporting requirements for the active account mandate.

The RTS specify minimum operational conditions, including legal and technical arrangements to support clearing services and internal systems to handle increased clearing volumes. Firms must also conduct annual stress tests to demonstrate IT connectivity and operational readiness. Reporting is required every six months, with the first report due six months after the Regulation enters into force. The aim is to reduce systemic risk and strengthen the resilience of EU clearing infrastructure. The Regulation shall enter into force on the twentieth day following its publication in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Wed, 29 Oct 2025 13:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-specifying-requirements-for-emir-3-active-account-requirement</guid>
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					      <title>UK PRA near-final rules on retiring the refined methodology to Pillar 2A capital framework</title>
					      <link>https://finreg.aoshearman.com/uk-pra-near-final-rules-on-retiring-the-refined-methodology-to-pillar-2a-capital-framework</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published near-final policy statement PS18/25, confirming its intention to retire the refined methodology to Pillar 2A capital requirements. This decision follows the 2024 consultation and is aligned with the forthcoming implementation of the Basel 3.1 standardised approach to credit risk (CR SA), now scheduled for implementation on 1 January 2027. The PRA concludes that the refined methodology to Pillar 2A, originally introduced to address conservatism in CR SA relative to the Internal Ratings-Based (IRB) approach, is no longer necessary due to improvements in risk sensitivity under Basel 3.1.

Despite mixed feedback from respondents, the PRA maintains that the retirement will simplify the capital framework, reduce operational burdens and better reflect firms&apos; risk profiles. Implementation will take effect from 1 January 2027, aligning with the extended implementation date of Basel 3.1. Final policy materials are expected in Q1 2026, following HM Treasury&apos;s revocation of relevant Capital Requirements Regulation (CRR) provisions. Final minor amendments to policies concerning interest rate risk in the banking book (IRRBB) and pension obligation risk have also been published, with implementation deferred to 1 July 2026. The appendices to this near-final policy statement contain the PRA&apos;s near-final policy materials regarding the retirement of the refined methodology, as well as final policy materials related to IRRBB and pension obligation risk.]]></description>
					      
						      <pubDate>Tue, 28 Oct 2025 13:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-near-final-rules-on-retiring-the-refined-methodology-to-pillar-2a-capital-framework</guid>
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					      <title>UK PRA near-final rules on the restatement of remaining CRR requirements</title>
					      <link>https://finreg.aoshearman.com/uk-pra-near-final-rules-on-the-restatement-of-remaining-crr-requirements</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published near-final policy statement PS19/25, setting out its approach to restating remaining provisions of the Capital Requirements Regulation (CRR) into the PRA Rulebook and associated policy materials. This follows the 2024 consultation and complements earlier finalised proposals in the PRA&apos;s July policy statement.

The statement is structured into four chapters:

	Chapter 1 - provides an overview, summarises feedback to the consultation and outlines the scope of the near-final rules.
	Chapter 2 - covers amendments to the securitisation requirements, including updates to supervisory statements SS9/13 and SS10/18 and introduces new statements of policy (SoP7/25 and SoP8/25).
	Chapter 3 - covers other CRR provisions including the Groups Part, Credit Risk: Internal Ratings Based Approach Part, Counterparty Credit Risk Part and introduces a new Settlement Risk (CRR) Part of the Rulebook. It also updates supervisory statements SS15/13 and SS4/24 and introduces SoP6/25 on Internal Model Method permissions.
	Chapter 4 - focuses on changes related to the mapping of external credit rating agency ratings to credit quality mapping aligned with Basel 3.1 standards.


Read more.]]></description>
					      
						      <pubDate>Tue, 28 Oct 2025 11:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-near-final-rules-on-the-restatement-of-remaining-crr-requirements</guid>
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					      <title>UK PRA near-final rules on a simplified capital regime for SDDTs</title>
					      <link>https://finreg.aoshearman.com/uk-pra-near-final-rules-on-a-simplified-capital-regime-for-sddts</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published near-final policy statement PS20/25, marking the second and final phase of its &quot;strong and simple&quot; framework. This introduces a simplified capital regime for smaller, domestically focused banks and building societies, referred to as small domestic deposit takers (SDDTs). The framework aims to reduce regulatory complexity and compliance costs for these firms while maintaining their financial resilience. Phase 1, which focused on liquidity and disclosure simplifications, was finalised in the December 2023 policy statement. Phase 2, as outlined in this near-final policy statement, builds on phase 1 and incorporates feedback from the 2024 consultation.

Read more.]]></description>
					      
						      <pubDate>Tue, 28 Oct 2025 11:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-near-final-rules-on-a-simplified-capital-regime-for-sddts</guid>
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					      <title>Basel Committee issues final technical amendment on hedging of counterparty credit risk exposures</title>
					      <link>https://finreg.aoshearman.com/basel-committee-issues-final-technical-amendment-on-hedging-of-counterparty-credit-risk-exposures</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision (BCBS) has published a final technical amendment to the Basel framework, clarifying the treatment of guarantees and credit derivatives used to hedge counterparty credit risk (CCR) from derivative exposures. The technical amendment, revised following consultation feedback, applies specifically to a bank&apos;s use of fixed or capped protection and excludes securities financing transactions (SFTs) and securitisation exposures. Amendments have been made to the credit risk and CCR standards to align the treatment of guarantees and credit derivative protection with that of eligible collateral under the CCR framework.

These changes aim to clarify how fixed or capped protection should be reflected in exposure calculations and address inconsistencies in the application of the framework. As a technical amendment, it does not constitute a substantial change to the standards but resolves ambiguities that could not be addressed under the existing rules. Supervisors and the BCBS will monitor implementation and potential circumvention strategies, with the possibility of extending similar treatment to SFTs and securitisations if necessary. BCBS members have agreed to implement the amendment as soon as practical and within three years at the latest.]]></description>
					      
						      <pubDate>Tue, 28 Oct 2025 11:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/basel-committee-issues-final-technical-amendment-on-hedging-of-counterparty-credit-risk-exposures</guid>
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					      <title>EC adopts Delegated Regulation amending RTS under Benchmark Regulation</title>
					      <link>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-amending-rts-under-benchmark-regulation</link>
					      <description><![CDATA[
The European Commission has adopted a Delegated Regulation amending the regulatory technical standards (RTS) under Delegated Regulations (EU) 2018/1645 and 2018/1646, pursuant to the Benchmark Regulation (EU) 2016/1011. These amendments update the form and content of applications for recognition, authorisation and registration of benchmark administrators, reflecting changes introduced by the BMR recognition regime under Regulation (EU) 2019/2175 as well as further reforms under Regulation (EU) 2025/914 aimed at reducing the regulatory burden on administrators of smaller benchmarks. The amendments to both RTS are consolidated in a single amending Delegated Regulation.

Key revisions include enhanced disclosure requirements relating to organisational structure, employees and governance integrity, including self-declarations for management and oversight personnel. Additional provisions address operational separation of the applicant&apos;s business, record-keeping and complaint handling mechanisms. Applications must now be submitted electronically and either in the official language of the Member State where the legal representative is established or in a language customary in the sphere of international finance. Personal data retention by national competent authorities and the European Securities and Markets Authority is limited to five years after the individual has ceased to perform its function. The Regulation shall enter into force on the twentieth day following its publication in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Mon, 27 Oct 2025 15:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ec-adopts-delegated-regulation-amending-rts-under-benchmark-regulation</guid>
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					      <title>UK FCA provides guidance for firms offering cETNS</title>
					      <link>https://finreg.aoshearman.com/uk-fca-provides-guidance-for-firms-offering-cetns</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a statement outlining guidance for firms intending to offer crypto exchange-traded notes (cETNs) to retail investors, following the lifting of its ban effective from 8 October. The products are classified as Restricted Mass Market Investments and only cETNs listed on the FCA&apos;s official list and traded on a UK Recognised Investment Exchange are eligible for retail distribution. Firms are expected to hold the appropriate permissions and comply with the relevant financial promotion rules. This includes not offering investment incentives, conducting mandatory appropriateness assessments, categorising clients, providing cooling-off periods and issuing prominent risk warnings. Firms are also expected to meet consumer duty obligations, ensuring products offer fair value, transparency and good consumer outcomes. Firms seeking authorisation or new permissions may request a pre-application meeting with the FCA through its pre-application support service.]]></description>
					      
						      <pubDate>Mon, 27 Oct 2025 14:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-provides-guidance-for-firms-offering-cetns</guid>
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					      <title>Draft Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 published</title>
					      <link>https://finreg.aoshearman.com/draft-financial-services-and-markets-act-2000-regulated-activities-esg-ratings-order-2025-published</link>
					      <description><![CDATA[
The draft Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 has been laid before UK Parliament and published alongside a draft explanatory memorandum. The draft Order seeks to bring the provision of environmental, social or governance (ESG) ratings within scope of regulation under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO), making it a specified activity where such ratings are likely to influence decisions to invest in instruments listed in Part 3 of the RAO. This will require providers of an ESG rating to be authorised and supervised by the UK Financial Conduct Authority (FCA). Savings and transitional arrangements will apply, allowing firms to continue providing ESG ratings without authorisation, provided they submit an application for authorisation within a relevant application period to be specified by the FCA.

Read more.]]></description>
					      
						      <pubDate>Mon, 27 Oct 2025 14:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/draft-financial-services-and-markets-act-2000-regulated-activities-esg-ratings-order-2025-published</guid>
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					      <title>HMT consults and calls for views on enhancing the Bank Referral Scheme</title>
					      <link>https://finreg.aoshearman.com/hmt-consults-and-calls-for-views-on-enhancing-the-bank-referral-scheme</link>
					      <description><![CDATA[
HM Treasury has published a consultation paper and call for evidence inviting views on a range of proposals aimed at enhancing the UK&apos;s Bank Referral Scheme (BRS) to improve its performance. The BRS requires lenders (designated banks) to refer small-and medium-sized enterprise (SME) customers that they reject for finance, with the SME&apos;s permission, to finance platforms that can match the SME with alternative finance providers, to improve access to finance. The BRS operates under the Small and Medium Sized Business (Finance Platforms) Regulations 2015, which were made under powers in the Small Business, Enterprise and Employment Act 2015.

Key proposals include:

	Expanding the scope to allow non-bank lenders (e.g. building societies) to be designated under the BRS.
	Introducing a voluntary opt-in mechanism for smaller lenders to participate in the BRS.
	Improving transparency and timing of information provided to SMEs during the application process, including minimum standards for how and when they are informed about the BRS.


Read more.]]></description>
					      
						      <pubDate>Mon, 27 Oct 2025 10:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hmt-consults-and-calls-for-views-on-enhancing-the-bank-referral-scheme</guid>
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					      <title>ESMA prioritises cyber risk and digital resilience in 2026 supervisory strategy</title>
					      <link>https://finreg.aoshearman.com/esma-prioritises-cyber-risk-and-digital-resilience-in-2026-supervisory-strategy</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has announced that cyber risk and digital resilience will remain central to its Union Strategic Supervisory Priorities (USSPs) for 2026. This follows strong engagement from national competent authorities (NCAs) and aligns with the implementation of the Digital Operational Resilience Act (DORA), enhancing ICT risk management and supervisory coordination across EU financial markets. ESMA urges NCAs to sustain supervisory momentum into 2026, as coordination between authorities&apos; supervisory work and the DORA oversight framework will be essential. Additionally, NCAs will target supervisory efforts to consolidate achievement under the environmental, social and governance disclosures USSP, with a focus on high-risk areas. ESMA will also consider the potential introduction of new supervisory topics to address emerging risks at the Union-wide level in the following years.]]></description>
					      
						      <pubDate>Fri, 24 Oct 2025 15:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-prioritises-cyber-risk-and-digital-resilience-in-2026-supervisory-strategy</guid>
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					      <title>UK launches new Scale-up Unit to accelerate growth of financial services firms</title>
					      <link>https://finreg.aoshearman.com/uk-launches-new-scale-up-unit-to-accelerate-growth-of-financial-services-firms</link>
					      <description><![CDATA[
HM Treasury has announced the launch of a new Scale-up Unit in Leeds, designed to accelerate the growth of innovative financial services firms. Jointly led by the UK Financial Conduct Authority (FCA) and the UK Prudential Regulation Authority (PRA), the Unit will provide bespoke regulatory support to fast-growing firms across three distinct groups including banks and building societies, insurers and FCA solo-regulated firms. Support for fintech firms is expected to follow in early 2026.

The Unit aims to simplify regulatory navigation, remove barriers to investment and offer firms a clear point of contact for timely responses to regulatory queries and access to expert guidance. It is intended to complement, not replace, existing supervisory and support services. The FCA published a press release and new webpage outlining how the Unit will operate, who it is for and how it differs from existing support services. The PRA also published a new webpage describing the Unit&apos;s purpose and sector-specific support, including tailored pages for insurers and banks and building societies. This joint initiative forms part of the government&apos;s broader Financial Services Growth and Competitiveness Strategy.]]></description>
					      
						      <pubDate>Fri, 24 Oct 2025 14:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-launches-new-scale-up-unit-to-accelerate-growth-of-financial-services-firms</guid>
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					      <title>EBA consults on revised guidelines on SREP and supervisory stress testing</title>
					      <link>https://finreg.aoshearman.com/eba-consults-on-revised-guidelines-on-srep-and-supervisory-stress-testing</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has launched a consultation on its revised guidelines for the supervisory review and evaluation process (SREP) and supervisory stress testing, mandated under the Capital Requirements Directive (CRD). The proposed guidelines consolidate all relevant SREP provisions into a single, comprehensive framework as part of the EBA&apos;s efforts to simplify and enhance the EU supervisory framework. The update integrates new elements, including environmental, social and governance factors, operational resilience and mandates under the revised Capital Requirements Directive (CRD VI) relating to third-country branches and the output floor.

Read more.]]></description>
					      
						      <pubDate>Fri, 24 Oct 2025 13:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-consults-on-revised-guidelines-on-srep-and-supervisory-stress-testing</guid>
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					      <title>EBA publishes two Q&amp;As under CRR</title>
					      <link>https://finreg.aoshearman.com/eba-publishes-two-qampas-under-crr</link>
					      <description><![CDATA[
The European Banking Authority has published two Q&amp;A under the Capital Requirements Regulation (CRR): (i) 2025_7363 addresses how exposures to institutions should be treated under the Credit Risk Standardised approach, if such institutions have been waived of individual capital requirements under Article 7 of the CRR; and (ii) 2025_7470 addresses the eligibility as collateral under Article 207(2) of the CRR of secured notes designed specifically to remove any material positive correlation between the value of the note and the credit quality of its issuer.]]></description>
					      
						      <pubDate>Fri, 24 Oct 2025 13:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-publishes-two-qampas-under-crr</guid>
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					      <title>BoE progress update on digital pound</title>
					      <link>https://finreg.aoshearman.com/boe-progress-update-on-digital-pound</link>
					      <description><![CDATA[
The Bank of England (BoE) has published an update on the ongoing design phase of the digital pound, a proposed form of central bank digital currency intended to complement existing payment methods. While no decision has yet been made on its introduction, the focus over the past year has been on developing a detailed blueprint, supported by design notes and practical experimentation through the Digital Pound Lab. The blueprint is expected to be published in 2026.

This work aims to deepen understanding of how public money could operate within a multi-money system and will inform a joint, evidence-based assessment by the BoE and HM Treasury in 2026. In parallel, payment trends in the UK and internationally will continue to be monitored to support this assessment. If a decision is made to proceed, a digital pound would only be introduced following the passage of primary legislation by the UK Parliament. The BoE will continue targeted experiments and stakeholder engagement to explore what is viable and what may need to change.]]></description>
					      
						      <pubDate>Thu, 23 Oct 2025 17:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/boe-progress-update-on-digital-pound</guid>
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					      <title>UK FCA&apos;s expectations for transition to T+1 securities settlement</title>
					      <link>https://finreg.aoshearman.com/uk-fca39s-expectations-for-transition-to-t1-securities-settlement</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a letter addressed to asset management and alternative firms outlining its expectations ahead of the UK&apos;s transition from T+2 to a T+1 securities settlement cycle, effective from 11 October 2027. The FCA has identified that some small and medium-sized asset managers and alternative investment firms may not yet be fully aware of the operational changes required. As such, the FCA reiterates its expectations and urges all impacted firms to proactively assess their readiness. With two years remaining, firms are expected to plan now to ensure their settlement processes, particularly those reliant on manual workflows, are sufficiently automated to meet the demands of a shortened settlement cycle.

Read more.]]></description>
					      
						      <pubDate>Thu, 23 Oct 2025 16:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca39s-expectations-for-transition-to-t1-securities-settlement</guid>
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					      <title>UK FCA Primary Market Bulletin No. 59</title>
					      <link>https://finreg.aoshearman.com/uk-fca-primary-market-bulletin-no-59</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Primary Market Bulletin 59 (PMB59). It begins with findings from a review of issuers&apos; compliance with Article 17.4 of the UK Market Abuse Regulation (MAR) on delayed disclosure of inside information (DDII) under certain conditions. Notably, the FCA observed a 39% drop in DDII notifications, alongside an increase of approximately seven days in average delay periods compared to its previous review in November 2020. While this could be due to fewer instances of information being classified as inside information, or a reduced use of delayed disclosure rather than non-compliance, the FCA reminds issuers of their obligations under UK MAR, including timely DDII submissions and maintaining confidentiality.

Read more.]]></description>
					      
						      <pubDate>Thu, 23 Oct 2025 15:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-primary-market-bulletin-no-59</guid>
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					      <title>UK CFRF publishes new resources to strengthen climate and nature risk management in finance</title>
					      <link>https://finreg.aoshearman.com/uk-cfrf-publishes-new-resources-to-strengthen-climate-and-nature-risk-management-in-finance</link>
					      <description><![CDATA[
The Financial Conduct Authority (FCA) has updated its Climate Financial Risk Forum (CFRF) webpage, announcing the release of a comprehensive suite of publications aimed at enhancing the financial sector&apos;s capacity to manage climate and nature-related risks. These are set out below.

Read more.]]></description>
					      
						      <pubDate>Thu, 23 Oct 2025 10:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-cfrf-publishes-new-resources-to-strengthen-climate-and-nature-risk-management-in-finance</guid>
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					      <title>UK regulators support HMT&apos;s proposal on consolidating the UK PSR within the UK FCA framework</title>
					      <link>https://finreg.aoshearman.com/uk-regulators-support-hmt39s-proposal-on-consolidating-the-uk-psr-within-the-uk-fca-framework</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) and the UK Payment Systems Regulator (PSR) have published a joint response to HM Treasury&apos;s consultation on consolidating the PSR&apos;s functions within the FCA&apos;s legislative framework. Both regulators support the proposed integration, agreeing with the overarching approach to the consolidation, and believe that the proposed model enables a coherent and holistic view of regulatory issues that impact payment systems and payment services. Their response outlines work already completed as well as ongoing efforts to prepare for the transition. In terms of next steps, beyond development of the detailed legislation, and in the longer term, they consider that there may be aspects of the FSMA regime that may be appropriately adapted to payment systems regulation. There may also be further opportunities to review how the developing regime for the regulation of activities involving stablecoins or other crypto-assets fits together with the regulation of systems that use such technology to transfer funds. In the accompanying annex, the PSR and FCA set out their responses to the specific consultation questions. You may also like to read our opinion piece &quot;UK Payment Systems Regulator to be abolished - what&apos;s next?&quot; which explores key considerations and potential impact of the transition of the consolidation.]]></description>
					      
						      <pubDate>Thu, 23 Oct 2025 09:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-regulators-support-hmt39s-proposal-on-consolidating-the-uk-psr-within-the-uk-fca-framework</guid>
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					      <title>ESMA final draft RTS establishing EU code of conduct for issuer-sponsored research</title>
					      <link>https://finreg.aoshearman.com/esma-final-draft-rts-establishing-eu-code-of-conduct-for-issuer-sponsored-research</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its final report with draft regulatory technical standards (RTS) that establish an EU code of conduct for issuer-sponsored research. The RTS supplement the revised Markets in Financial Instruments Directive, as amended by the Listing Act Directive. Under the revised framework, research distributed by investment firms to clients or potential clients that is paid for, fully or partially, by an issuer must be labelled as &quot;issuer-sponsored research&quot;. No substantive changes have been made following the December 2024 consultation. A feedback statement is included in the final report in section 3. While the code is non-binding, ESMA emphasises that all research providers (whether independent or not) must comply with the EU code of conduct if they wish their analysis to be labelled and distributed as &quot;issuer-sponsored research&quot;, otherwise it would have to be labelled as a marketing communication. The final draft RTS have been submitted to the European Commission for adoption, who has three months to decide whether to adopt them. If adopted, they will apply from 6 June 2026.]]></description>
					      
						      <pubDate>Wed, 22 Oct 2025 17:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-final-draft-rts-establishing-eu-code-of-conduct-for-issuer-sponsored-research</guid>
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					      <title>EP rejects mandate to enter into negotiations on Omnibus I Sustainability Package</title>
					      <link>https://finreg.aoshearman.com/ep-rejects-mandate-to-enter-into-negotiations-on-omnibus-i-sustainability-package</link>
					      <description><![CDATA[
The European Parliament has rejected the negotiating mandate, adopted by its Legal Affairs Committee on 13 October, on the Omnibus I package on simplified rules for sustainability reporting and due diligence. The Legal Affairs Committee&apos;s report (A10-0197/2025) was published on 17 October. Members of the European Parliament will vote on amendments to the file at the upcoming plenary session in Brussels on 13 November, after which trilogue negotiations with the Council of the EU and the European Commission may begin. The Council of EU adopted its mandate in June. The aim is to finalise the legislation by the end of the year.]]></description>
					      
						      <pubDate>Wed, 22 Oct 2025 16:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ep-rejects-mandate-to-enter-into-negotiations-on-omnibus-i-sustainability-package</guid>
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					      <title>EBA fifth and final report on the functioning of AML/CFT colleges</title>
					      <link>https://finreg.aoshearman.com/eba-fifth-and-final-report-on-the-functioning-of-amlcft-colleges</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has released its fifth and final report on the functioning of anti-money laundering and countering the financing of terrorism (AML/CFT) colleges, covering the period from 1 January 2024 to 31 May. Overall, the EBA found that the state of the colleges framework has remained stable since December 2023. It concludes that these colleges have been effective in facilitating information exchange and strengthening AML/CFT supervision across the EU. However, the EBA identifies limited progress by supervisors in addressing two key priorities: (i) applying a risk-based approach in the functioning of AML/CFT college meetings meaning that resources were not always allocated to the most strategically important colleges; and (ii) ensuring systematic, meaningful discussions on coordinated responses to shared risks. From 1 January 2026, oversight of AML/CFT colleges will transition to the new Anti-Money Laundering Authority (AMLA), with the EBA&apos;s findings expected to inform AMLA&apos;s supervisory framework going forward.]]></description>
					      
						      <pubDate>Wed, 22 Oct 2025 13:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-fifth-and-final-report-on-the-functioning-of-amlcft-colleges</guid>
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					      <title>ESMA final draft RTS on open-ended loan-originating alternative investment funds</title>
					      <link>https://finreg.aoshearman.com/esma-final-draft-rts-on-open-ended-loan-originating-alternative-investment-funds</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its final report on the draft regulatory technical standards (RTS) for open-ended loan-originating alternative investment funds (OE LO AIFs), pursuant to the Alternative Investment Fund Managers Directive (AIFMD). Following consultation feedback, ESMA has made the following changes to the draft RTS: removed the requirement for Alternative Investment Fund Managers (AIFMs) to determine a target appropriate amount of liquid assets, instead AIFMs must ensure their OE LO AIFs have sufficient liquidity to honour redemption requests; revised the frequency of liquidity stress testing, requiring AIFMs managing OE LO AIFs to conduct such tests at least annually, rather than quarterly as previously proposed and; clarified certain provisions to improve interpretability. The final draft RTS have been submitted to the European Commission for adoption but, as the RTS are classified as non-essential Level 2 acts, they are not expected to be adopted before 1 October 2027 at the earliest.]]></description>
					      
						      <pubDate>Tue, 21 Oct 2025 17:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-final-draft-rts-on-open-ended-loan-originating-alternative-investment-funds</guid>
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					      <title>Better Data Sharing Regulation published in OJ</title>
					      <link>https://finreg.aoshearman.com/better-data-sharing-regulation-published-in-oj</link>
					      <description><![CDATA[
The Better Data Sharing Regulation (Regulation (EU) 2025/2088) has been published in the Official Journal of the European Union (OJ). The regulation introduces targeted amendments to certain reporting requirements in the fields of financial services and investment support. It amends seven foundational EU laws to streamline supervisory reporting and improve data sharing among EU financial authorities. Key features include: (i) a requirement for the European Supervisory Authorities, through the Joint Committee and in cooperation with other EU bodies, to deliver a feasibility report within five years on a cross-sectoral integrated reporting system. Based on its findings and a comprehensive impact assessment, the European Commission may, where appropriate, put forward a legislative proposal; (ii) calls for consistent application of the &quot;report once&quot; principle, whereby authorities should obtain information from other authorities that have already collected it, rather than requesting it again from reporting entities, provided this does not compromise the entities&apos; ability to perform their tasks; (iii) a shift from biannual to annual reporting under the InvestEU Programme; (iv) clarification of the scope and conditions for both mandatory and voluntary data sharing; and (v) encouragement for authorities to enter into memoranda of understanding to support information exchange. The Regulation will enter into force on 10 November.]]></description>
					      
						      <pubDate>Tue, 21 Oct 2025 16:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/better-data-sharing-regulation-published-in-oj</guid>
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					      <title>HMT confirms UK FCA to be sole AML supervisor for professional services</title>
					      <link>https://finreg.aoshearman.com/hmt-confirms-uk-fca-to-be-sole-aml-supervisor-for-professional-services</link>
					      <description><![CDATA[
HM Treasury (HMT) has published its consultation response and policy statement on the reform of the anti-money laundering and counter-terrorism financing (AML/CTF) supervision regime, following its 2023 consultation. The consultation had proposed four potential models to reform the current supervisory framework, which comprises of three public sector supervisors, namely the UK Financial Conduct Authority (FCA), the Gambling Commission and HMRC, as well as 22 professional body supervisors (PBSs) responsible for overseeing the legal and accountancy sectors&apos; compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. HMT now confirms its intention to implement the Single Professional Services Supervisor (SPSS) model. Under this model, the FCA will become the sole AML/CTF supervisor for in-scope legal service providers, accountancy service providers and trust and company service providers, consolidating supervisory responsibilities previously held by 23 separate bodies, with the aim of improving consistency, effectiveness and coordination across the regime.

Read more.]]></description>
					      
						      <pubDate>Tue, 21 Oct 2025 15:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hmt-confirms-uk-fca-to-be-sole-aml-supervisor-for-professional-services</guid>
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					      <title>European Commission 2026 work programme</title>
					      <link>https://finreg.aoshearman.com/european-commission-2026-work-programme</link>
					      <description><![CDATA[
The European Commission (EC) has published a communication alongside a fact sheet outlining its 2026 work programme, which sets out a comprehensive legislative and policy agenda to strengthen the EU. The programme includes 38 new policy objectives across key areas including energy, defence and digital innovation, among others.

Key initiatives include the European Innovation Act, Cloud and AI Development Act and Quantum Act, which seek to accelerate technological progress and support the EU&apos;s digital transition. In the area of sustainable finance, the EC includes a package of measures for &quot;the decade ahead&quot; on climate and the Energy Union, aiming to strengthen the EU&apos;s climate and energy frameworks. These measures include revising national targets, updating the emissions trading system, and establishing new infrastructure and regulatory frameworks for CO₂ transport, energy efficiency and renewables. A notable focus of the programme is regulatory simplification, with over half of the legislative initiatives designed to reduce administrative burdens and deliver net cost savings, particularly for small and medium-sized enterprises. The annexes accompanying the work programme list the new initiatives, pending proposals and those the EC proposes to withdraw, among other elements.]]></description>
					      
						      <pubDate>Tue, 21 Oct 2025 15:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/european-commission-2026-work-programme</guid>
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					      <title>HMT progress update on Regulation Action Plan</title>
					      <link>https://finreg.aoshearman.com/hmt-progress-update-on-regulation-action-plan</link>
					      <description><![CDATA[
HM Treasury has published a policy paper, setting out a six-month progress update to the UK Government&apos;s Regulation Action Plan, originally launched in March. It reflects on commitments it has delivered upon, including with UK regulators, and outlines a series of forward-looking initiatives aimed at reducing regulatory burdens and fostering economic growth in several key areas for financial services which are set out below.

Read more.]]></description>
					      
						      <pubDate>Tue, 21 Oct 2025 15:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/hmt-progress-update-on-regulation-action-plan</guid>
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					      <title>ESMA publishes final draft ITS extending alleviated format of insider lists under MAR</title>
					      <link>https://finreg.aoshearman.com/esma-publishes-final-draft-its-extending-alleviated-format-of-insider-lists-under-mar</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its final report on the draft implementing technical standards (ITS) extending the use of the alleviated format of insider lists to all issuers under the amended Market Abuse Regulation (MAR), as mandated by the Listing Act (Regulation (EU) 2024/2809). The draft ITS consolidates the existing five insider list templates into three: two templates for event-based and permanent insider lists applicable to non-SME issuers and SME Growth Market issuers in Member States that have opted out of the simplified regime, and a third template for SME GM issuers under the simplified regime, covering persons with regular access to inside information.

Following its April consultation, ESMA has made no major changes to the templates. It maintained its view that all issuers should report the national identification number of insiders, and where not applicable, their date of birth. ESMA also added a recital clarifying that issuers may include one contact person per external provider with access to inside information. The draft ITS has been submitted to the European Commission, which has three months to decide whether to adopt them.]]></description>
					      
						      <pubDate>Tue, 21 Oct 2025 15:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-publishes-final-draft-its-extending-alleviated-format-of-insider-lists-under-mar</guid>
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					      <title>UK DSIT plans to establish a new AI Growth Lab</title>
					      <link>https://finreg.aoshearman.com/uk-dsit-plans-to-establish-a-new-ai-growth-lab</link>
					      <description><![CDATA[
The UK Department for Science, Innovation and Technology (DSIT) has announced its plans to establish an AI Growth Lab, a new blueprint for AI regulation. This regulatory sandbox is designed to support responsible AI innovation by allowing firms to pilot AI technologies in real-world conditions, under temporary and closely supervised environments. The Lab would operate issue specific sandboxes, focusing on sectors where there is opportunity for innovation and adoption, but where regulatory modification may be needed and existing regulatory sandboxes are not in place. Within the Lab, certain regulations may be temporarily &quot;switched off&quot; or adjusted for a limited period to enable experimentation.

Target sectors include professional services, healthcare, transport and advanced manufacturing. DSIT has issued a call for views to help shape the Lab&apos;s operating model. The proposals cover its design (including whether it should be centrally operated by the government or relevant regulator-led on a sandbox-by-sandbox approach), application criteria, necessary safeguards and the length of the sandbox. DSIT is also considering powers for government to make permanent responsible regulatory modifications, validated through Lab testing, by secondary legislation. This would be subject to appropriate parliamentary scrutiny. If adopted, this mechanism would mean that the Lab is not only a safe and controlled way to trial responsible AI, but also a driver for dynamic regulatory reform. The deadline for responses is 2 January 2026. During the response window, DSIT will organise roundtables for stakeholder and public engagement.]]></description>
					      
						      <pubDate>Tue, 21 Oct 2025 12:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-dsit-plans-to-establish-a-new-ai-growth-lab</guid>
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					      <title>UK FCA findings on client categorisation practices in corporate finance firms</title>
					      <link>https://finreg.aoshearman.com/uk-fca-findings-on-client-categorisation-practices-in-corporate-finance-firms</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published findings from its multi-firm review of client categorisation practices in corporate finance firms. The review assessed compliance with COBS 3 and COBS 4 requirements and identified both good practices and areas for improvement. While most firms conducted client categorisation assessments under COBS3, many were found to be superficial, lacking supporting records and relying on invalid criteria, particularly in elective professional categorisations. The FCA expects firms to use structured assessments to evaluate whether a client meets the specific criteria in COBS3.5.3R for the elective professional categorisation and to keep adequate supporting records.

Read more.]]></description>
					      
						      <pubDate>Mon, 20 Oct 2025 16:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-findings-on-client-categorisation-practices-in-corporate-finance-firms</guid>
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					      <title>UK FCA findings on financial crime controls in corporate finance firms</title>
					      <link>https://finreg.aoshearman.com/uk-fca-findings-on-financial-crime-controls-in-corporate-finance-firms</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its findings from a recent survey on financial crime controls in corporate finance firms not required to submit financial crime data returns. The findings reflect firms&apos; self-reported practices and are not based on an FCA review. They highlight both good practices and areas needing improvement. Approximately two-thirds of respondents may be non-compliant with one or more aspects of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (Money Laundering Regulations). Key deficiencies include the absence of documented business-wide risk assessments, gaps in customer due diligence and inadequate oversight of appointed representatives. Despite these concerns, the FCA did identify good practices, such as regular reporting to senior management and the use of risk registers. The FCA has begun contacting firms falling short of expectations to prompt remedial action and will follow up to assess progress. Firms are reminded of their obligations under the Money Laundering Regulations and are expected to address identified gaps in their financial crime frameworks.]]></description>
					      
						      <pubDate>Mon, 20 Oct 2025 16:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-findings-on-financial-crime-controls-in-corporate-finance-firms</guid>
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					      <title>UK FCA data room related to motor finance redress consultation</title>
					      <link>https://finreg.aoshearman.com/uk-fca-data-room-related-to-motor-finance-redress-consultation</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has updated its webpage on the proposed motor finance consumer redress scheme consultation to announce the launch of a data room. The facility is intended to support stakeholder engagement during the consultation period, which closes on 4 November. The data room provides controlled access to underlying datasets relevant to the FCA&apos;s analysis of consumer loss, particularly in relation to the APR adjustment remedy and high commission arrangements. Access is restricted to individuals with demonstrable expertise in handling large datasets and financial modelling and is granted solely for the purpose of responding meaningfully to the consultation. Entry is conditional upon signing a confidentiality agreement. The FCA clarifies that the data room is not designed to enable firms to calculate their own redress liabilities, as they would need to calculate this from their own data.]]></description>
					      
						      <pubDate>Mon, 20 Oct 2025 12:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-data-room-related-to-motor-finance-redress-consultation</guid>
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					      <title>ESRB report on crypto-assets and decentralised finance</title>
					      <link>https://finreg.aoshearman.com/esrb-report-on-crypto-assets-and-decentralised-finance</link>
					      <description><![CDATA[
The European Systemic Risk Board (ESRB) has published a report highlighting trends and systemic risks associated with the crypto-asset ecosystem, with a particular focus on stablecoins, crypto-asset investment products and multi-function groups:


	The report notes that global stablecoin market capitalisation has more than doubled since the ESRB&apos;s previous assessment in May 2023, driven in part by U.S. policies promoting the adoption of U.S. dollar-denominated stablecoins. The ESRB flag policy challenges in ensuring that stablecoins issued outside the EU that are non-compliant with MiCAR are not widely used within the EU. The ESRB also flags financial stability risks posed by stablecoins jointly issued by EU and third-country entities, noting that such schemes are not explicitly addressed under the current Markets in Crypto-Assets Regulation (MiCAR).


Read more.]]></description>
					      
						      <pubDate>Mon, 20 Oct 2025 10:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esrb-report-on-crypto-assets-and-decentralised-finance</guid>
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					      <title>UK regulators publish effective practices on cyber response and recovery capabilities</title>
					      <link>https://finreg.aoshearman.com/uk-regulators-publish-effective-practices-on-cyber-response-and-recovery-capabilities</link>
					      <description><![CDATA[
The Bank of England, UK Financial Conduct Authority (FCA) and UK Prudential Regulation Authority (PRA) have published a joint document outlining effective practices in cyber response and recovery capabilities across systemic firms and financial market infrastructures (FMIs). The publication highlights practices drawn from firms&apos; operational resilience self-assessments and is structured around the following four key areas:


	Response to a high severity cyber disruption - maturer firms are using a broader set of impact tolerance metrics, beyond just duration, to define critical service levels. These include metrics such as value, volume, critical activity, end-users and types of payments. Effective self-assessments also feature clear, timely crisis communication plans and resilient communication capabilities.


Read more.]]></description>
					      
						      <pubDate>Mon, 20 Oct 2025 10:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-regulators-publish-effective-practices-on-cyber-response-and-recovery-capabilities</guid>
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					      <title>Draft FSMA 2023 (Prudential Regulation of Credit Institutions) (Consequential Amendments) Regulations published</title>
					      <link>https://finreg.aoshearman.com/draft-fsma-2023-prudential-regulation-of-credit-institutions-consequential-amendments-regulations-published</link>
					      <description><![CDATA[
A draft of the Financial Services and Markets Act 2023 (Prudential Regulation of Credit Institutions) (Consequential Amendments) Regulations 2025 has been laid before the UK Parliament, and published together with a draft explanatory memorandum. The draft regulations are part of the UK&apos;s continued process to repeal and replace assimilated EU financial services law following Brexit, under the Financial Services and Markets Act 2023 (FSMA 2023). Under section 1 of FSMA 2023, several provisions of the UK Capital Requirements Regulation (UK CRR) will be revoked, effective from 1 January 2026, by virtue of the FSMA 2023 (Commencement No. 10 and Saving Provisions) Regulations 2025. These provisions, which set prudential standards for credit institutions and investment firms, will largely be replaced by rules made by the UK Prudential Regulation Authority (PRA) and the Bank of England.

Read more.]]></description>
					      
						      <pubDate>Mon, 20 Oct 2025 10:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/draft-fsma-2023-prudential-regulation-of-credit-institutions-consequential-amendments-regulations-published</guid>
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					      <title>ESMA publishes Q&amp;A&apos;s under MiCAR</title>
					      <link>https://finreg.aoshearman.com/esma-publishes-qampa39s-under-micar</link>
					      <description><![CDATA[
The European Securities Markets Authority (ESMA) has published two Q&amp;A&apos;s relating to the Markets in Crypto-Assets Regulation (MiCAR): (i) ESMA_QA_2653 provides guidance on how crypto-asset service providers (CASPs) should distinguish between different types of execution services; and (ii) ESMA_QA_2654 clarifies the respective responsibilities of offerors, persons seeking admission to trading, trading platform operators and other CASPs referenced in Article 66(3) of MiCAR, relating to white papers for crypto-assets (excluding asset-referenced tokens and e-money tokens) that were admitted to trading before 30 December 2024.]]></description>
					      
						      <pubDate>Fri, 17 Oct 2025 16:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-publishes-qampa39s-under-micar</guid>
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					      <title>UK FCA findings on detecting and responding to romance fraud from PSPs</title>
					      <link>https://finreg.aoshearman.com/uk-fca-findings-on-detecting-and-responding-to-romance-fraud-from-psps</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its findings from a multi-firm review assessing how UK payment service providers (PSPs) (including banks and other businesses offering payment accounts) detect and respond to romance fraud, a growing financial crime where victims are deceived into sending money to fraudsters who engineer false romantic relationships or friendships. The review covered 60 cases across six firms and the conclusions highlight examples of good practice and areas for improvement. Whilst some firms are leading the way with proactive engagement and compassionate support reflecting best practice, these examples were not consistent across the industry and it is clear that staff play a critical role in interventions. Equally, the review also examined the effectiveness of firms&apos; systems and controls in detecting romance fraud, to avoid missed opportunities to detect suspicious activity, including transactions to overseas jurisdictions, multiple payments over a short period and sudden increases in the value of funds being sent.

Read more.]]></description>
					      
						      <pubDate>Fri, 17 Oct 2025 16:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-findings-on-detecting-and-responding-to-romance-fraud-from-psps</guid>
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					      <title>UK launches new concierge service for global financial services firms</title>
					      <link>https://finreg.aoshearman.com/uk-launches-new-concierge-service-for-global-financial-services-firms</link>
					      <description><![CDATA[
HM Treasury (HMT) has announced the launch of the &quot;Office for Investment: Financial Services&quot; a new free one-stop support service designed to make the UK more attractive to global financial services investors. The service operates through a partnership between HMT, UK financial regulators including the UK Financial Conduct Authority and the UK Prudential Regulation Authority, and the City of London Corporation. It aims to help international financial firms expand their operations in the UK, including in financial clusters such as Leeds, Liverpool, Belfast and Bristol, removing barriers to investment, offering regulatory assistance and providing broader business support. The launch delivers on commitments made in the Chancellor of the Exchequer, Rachel Reeves, Mansion House speech and forms part of the government&apos;s broader strategy to strengthen the UK&apos;s position as a global financial hub.]]></description>
					      
						      <pubDate>Fri, 17 Oct 2025 16:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-launches-new-concierge-service-for-global-financial-services-firms</guid>
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					      <title>ITPN launches new global interactive map to track transition plan requirements</title>
					      <link>https://finreg.aoshearman.com/itpn-launches-new-global-interactive-map-to-track-transition-plan-requirements</link>
					      <description><![CDATA[
The International Transition Plan Network (ITPN) has launched a new interactive global map to help track the regulatory status of climate-related transition plans across jurisdictions. The map allocates jurisdictions into one of three categories: (i) mandatory, where rules or guidance are in force; (ii) upcoming, where mandatory rules are under development; and (iii) voluntary, where guidance encourages disclosure. The map will be regularly updated, with stakeholders invited to contribute to its accuracy.]]></description>
					      
						      <pubDate>Fri, 17 Oct 2025 11:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/itpn-launches-new-global-interactive-map-to-track-transition-plan-requirements</guid>
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					      <title>UK FCA Primary Market Bulletin No.58 - POATRs regime</title>
					      <link>https://finreg.aoshearman.com/uk-fca-primary-market-bulletin-no58-ndash-poatrs-regime</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Primary Market Bulletin 58, setting out updates to its guidance in the Knowledge Base, in preparation for the new Public Offers and Admissions to Trading Regulations (POATRs) regime, which will take effect on 19 January 2026. Specifically, the FCA: (i) confirms that from 1 December, issuers will be able to submit draft prospectuses, registration documents, and other relevant materials for review, with a view to seeking formal approval on or after 19 January 2026. The FCA intends to publish updated forms and checklists on its webpage to accompany these submissions; and (ii) provides feedback on its consultation in PMB 57, finalising two technical notes, TN 710.2 (Sponsor Services: Principles for Sponsors) and TN 638.1 (Complex Financial Histories and Significant Financial Commitments).

Additionally, the FCA is consulting on new draft technical notes described in policy statement PS25/9, which are intended to take effect alongside the POATRs regime, proposes updates to 42 existing notes and the deletion of seven notes from the Knowledge Base. The deadline for comments on the four new technical notes and proposed updates to PN 902, TN 602, TN 619, TN 628, TN 801 and TN 802 is 5 December. For all other notes it is 21 November. The FCA plans to finalise these updates in a further Primary Market Bulletin to be published shortly before the new rules come into force in January 2026.]]></description>
					      
						      <pubDate>Fri, 17 Oct 2025 10:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-primary-market-bulletin-no58-ndash-poatrs-regime</guid>
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					      <title>SRB consults on new communication guidance for banks in resolution scenarios</title>
					      <link>https://finreg.aoshearman.com/srb-consults-on-new-communication-guidance-for-banks-in-resolution-scenarios</link>
					      <description><![CDATA[
The Single Resolution Board (SRB) has launched a consultation on new operational guidance for banks&apos; communication in resolution scenarios, along with a communication testing supplement to its existing operational guidance on resolvability testing for banks. The consultation aims to enhance the timeliness, accuracy and consistency of communication from banks when they are failing or likely to fail. It builds on the SRB&apos;s expectations for banks and further clarifies the strategic communication expectations during resolution. Key areas covered include: (i) coordination between banks and the resolution authorities; (ii) consideration of moratorium tools under the Bank Recovery and Resolution Directive in communication planning; (iii) banks&apos; communication plans for resolution; and (iv) governance arrangements for communication during resolution.

Read more.]]></description>
					      
						      <pubDate>Fri, 17 Oct 2025 10:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/srb-consults-on-new-communication-guidance-for-banks-in-resolution-scenarios</guid>
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					      <title>Amending Regulation on the reporting of supervisory financial information under SSM</title>
					      <link>https://finreg.aoshearman.com/amending-regulation-on-the-reporting-of-supervisory-financial-information-under-ssm</link>
					      <description><![CDATA[
Regulation (EU) 2025/1958 of the European Central Bank (ECB), amending Regulation (EU) 2015/534 on the reporting of supervisory financial information (the Financial Reporting Regulation) under the Single Supervisory Mechanism (SSM), has been published in the Official Journal of the European Union. Adopted on 9 September, the Regulation amends the Financial Reporting Regulation to allow the ECB to collect additional data from less significant credit institutions and branches with total assets of EUR3 billion or less. The additional information is considered necessary for the ECB to foster comparability of the outcomes of the supervisory review and evaluation process assessment. The Regulation enters into force on 6 November and will apply from 30 December.]]></description>
					      
						      <pubDate>Fri, 17 Oct 2025 09:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/amending-regulation-on-the-reporting-of-supervisory-financial-information-under-ssm</guid>
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					      <title>FSB and IOSCO publish reports on implementation of global crypto-asset regulatory frameworks</title>
					      <link>https://finreg.aoshearman.com/FSB-and-IOSCO-publish-reports-on-implementation-o</link>
					      <description><![CDATA[
The Financial Stability Board (FSB) has published a thematic peer review report assessing the implementation progress of its 2023 global regulatory framework for crypto-asset activities. As of August of this year, the review shows that while many jurisdictions have made notable progress in regulating crypto-asset activities, there has been slower progress in finalising their global stablecoin arrangements (GSCs). Even where regulatory frameworks have been finalised, alignment with FSB recommendations remains limited, especially regarding stablecoin arrangements and crypto-asset service providers (CASPs). These gaps could pose risks to financial stability and to the development of a resilient digital asset ecosystem.

In response to the concerns, the report sets out eight recommendations to address outstanding issues in the following key areas set out below.

Read more.]]></description>
					      
						      <pubDate>Thu, 16 Oct 2025 15:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FSB-and-IOSCO-publish-reports-on-implementation-o</guid>
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					      <title>BoE publishes terms of participation for new Synchronisation Lab to launch in spring 2026</title>
					      <link>https://finreg.aoshearman.com/BoE-publishes-terms-of-participation-for-new-Sync</link>
					      <description><![CDATA[
The Bank of England (BoE) has published the terms of participation for its upcoming Synchronisation Lab which will support the testing and refinement of a proposed synchronisation capability for the UK&apos;s renewed Real-Time Gross Settlement (RTGS) service, RT2. Synchronisation would allow for atomic settlement in central bank money: the conditional settlement of funds in RT2 against assets on a variety of external asset ledgers, meaning that funds in RT2 will settle if and only if the external asset also settles. The Lab is being launched as a platform to simulate the synchronisation interface enabling prospective synchronisation operators (Lab Participants), to develop and demonstrate viable propositions across multiple use cases.

The Lab is scheduled to launch in Spring 2026 and will run for approximately six months across four six-week testing and development phases. In each phase, Lab Participants will showcase end-to-end synchronised transaction flows and interact with synchronisation users. Lab findings will inform the design and delivery of a potential future live RT2 synchronisation capability. Participation is by invitation by the BoE and based on an application process. Technical onboarding will begin roughly one month before launch. Demonstrations and a final report summarising key learnings will follow the Lab&apos;s conclusion.]]></description>
					      
						      <pubDate>Thu, 16 Oct 2025 14:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-publishes-terms-of-participation-for-new-Sync</guid>
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					      <title>ESMA publishes second consolidated report on sanctions for 2024</title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-second-consolidated-report-on-sanc</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its second consolidated report on sanctions and measures imposed by national competent authorities in Member States in 2024. The report reveals that over 970 administrative sanctions and measures were issued in financial sectors under ESMA&apos;s remit, with the total aggregated value of administrative fines exceeding EUR100 million, an increase compared to 2023. The highest number of administrative sanctions and measures were imposed under the Market Abuse Regulation (MAR), the Markets in Financial Instruments Directive (MiFID) and the Markets in Financial Instruments Regulation (MiFIR).

The highest amounts of administrative fines for 2024 were imposed under MAR. The more granular data shows that over 60% of all administrative sanctions and measures imposed in 2024 were administrative fines, and 10% were issued using settlement procedures. ESMA also reports that no sanctions or measures were imposed under the Securities Financing Transactions Regulation (SFTR) or the Markets in Crypto-Assets Regulation (MiCAR), while a measure was issued for the first time under the European Crowdfunding Service Providers Regulation. ESMA highlights discrepancies in sanctioning powers across jurisdictions, including differences in the amounts of fines, number and types of sanctions and measures, and use of settlements.]]></description>
					      
						      <pubDate>Thu, 16 Oct 2025 14:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-second-consolidated-report-on-sanc</guid>
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					      <title>ESAs publish 2026 work programme</title>
					      <link>https://finreg.aoshearman.com/esas-publish-2026-work-programme</link>
					      <description><![CDATA[
The Joint Committee of the European Supervisory Authorities (comprising the European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities and Markets Authority) (ESAs) have published their 2026 work programme, setting out key priorities for cross-sectoral collaboration for 2026.

The programme focuses on joint efforts in relation to:

	Digital Operational Resilience Act (DORA) - the ESAs will concentrate on the effective operation of the new oversight framework and work related to supervisory convergence of DORA. The ESAs will designate third-party providers critical (CTPPs) to the EU financial sector by the end of 2025 and will conduct risk assessments to outline individual annual oversight plans for each CTPP, complemented by a strategic multi-annual oversight plan.
	Consumer protection and financial innovation - in 2026, the ESAs expect to work on drafting regulatory technical standards based on the empowerments in the proposed amendments to the PRIIPs Regulation in the European Commission&apos;s (EC&apos;s) Retail Investment Strategy. Work on consumer confidence and protection will consider the EC&apos;s strategy to develop a Savings and Investment Union.


Read more.]]></description>
					      
						      <pubDate>Thu, 16 Oct 2025 12:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esas-publish-2026-work-programme</guid>
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					      <title>ESMA publishes final report on replacement of RTS on the European Electronic Access Point</title>
					      <link>https://finreg.aoshearman.com/esma-publishes-final-report-on-replacement-of-rts-on-the-european-electronic-access-point</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its final report proposing the replacement of Commission Delegated Regulation (EU) 2016/1437, which sets out the regulatory technical standards (RTS) for the European Electronic Access Point (EEAP). The publication of the European Single Access Point (ESAP) Regulation and of the two Joint Committee implementing technical standards (ITS) on the ESAP make certain aspects of Commission Delegated Regulation (EU) 2016/1437 (the RTS on the EEAP) obsolete. It is therefore necessary to replace the RTS on the EEAP with an RTS whose content is aligned with the ESAP legislation to bring more legal certainty. The proposed RTS align the requirements which are currently in the RTS on the EEAP with the ITS on tasks of ESAP collection bodies and the ITS on ESAP functionalities, and therefore with the establishment of the ESAP project. It does this by cross-referring the relevant sections of the ESAP Regulation or of one of the two ITS. The report also includes a feedback statement following the consultation earlier this year. The draft RTS will now be submitted to the European Commission and are expected to apply from 10 July 2026.]]></description>
					      
						      <pubDate>Thu, 16 Oct 2025 12:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-publishes-final-report-on-replacement-of-rts-on-the-european-electronic-access-point</guid>
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					      <title>UK PRA consults on low-impact amendments to PRA rules and policy material</title>
					      <link>https://finreg.aoshearman.com/uk-pra-consults-on-low-impact-amendments-to-pra-rules-and-policy-material</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published consultation paper LIAC02/25, proposing a series of low-impact amendments to its Rulebook and policy materials.

Key proposals include:

	The conditional disapplication of certain PRA general provisions to implement the deference arrangements under the UK-Swiss Berne Financial Services Agreement.
	A minor technical amendment to the Transitional Measure on Technical Provisions (TMTP) formula to improve consistency in reporting.
	Miscellaneous corrections across the PRA Rulebook to ensure its accuracy.


The deadline for comments is 13 November with implementation for all amendments expected in December. In addition to LIAC02/25, the PRA has published low impact amendments to its rules and policy materials that it has made without further consultation (LIAF02/25).]]></description>
					      
						      <pubDate>Thu, 16 Oct 2025 10:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-pra-consults-on-low-impact-amendments-to-pra-rules-and-policy-material</guid>
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					      <title>ESMA publishes final report on supervisory expectations for the governance arrangements of supervised entities</title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-final-report-on-supervisory-expect</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its final report setting out supervisory expectations for the governance arrangements of entities under its direct supervision. These include credit rating agencies, benchmark administrators of EU critical benchmarks and third-country recognised benchmarks, Tier 2 central counterparties, data reporting service providers, securitisation repositories and trade repositories. The report contains feedback from ESMA&apos;s July 2024 consultation. Based on the feedback, ESMA has revised its initial proposals to address concerns regarding the prescriptive nature of certain supervisory expectations based on proportionality grounds and the absence of a legal mandate for ESMA to enact regulation in the corporate governance area. As a result, the final framework has been restructured around 12 high-level principles.

Read more.]]></description>
					      
						      <pubDate>Wed, 15 Oct 2025 16:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-final-report-on-supervisory-expect</guid>
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					      <title>BoE publishes approach to responsible innovation in AI, DLT and quantum computing</title>
					      <link>https://finreg.aoshearman.com/BoE-publishes-approach-to-responsible-innovation-</link>
					      <description><![CDATA[
The Bank of England (BoE) has published its approach to supporting responsible innovation across artificial intelligence (AI), distributed ledger technology (DLT) and quantum computing. Recognising these as potentially transformative technologies, the BoE emphasises its role in enabling safe adoption while safeguarding monetary and financial stability. The BoE acknowledges that these technologies will significantly impact the work it does, from setting interest rates, to maintaining financial stability, to operating the UK&apos;s core payments infrastructure. It also highlights its responsibility to understand and manage the risks and opportunities these innovations present.

To foster a resilient and innovation-friendly environment, the BoE sets out the following three key regulatory levers.

Read more.]]></description>
					      
						      <pubDate>Wed, 15 Oct 2025 15:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-publishes-approach-to-responsible-innovation-</guid>
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					      <title>UK FCA updates webpage with new FAQs section on proposed motor finance redress scheme</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-updates-webpage-with-new-FAQs-section-on-p</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has updated its webpage on its consultation on the motor finance consumer redress scheme to include a Frequently Asked Questions (FAQs) section. The FCA&apos;s responses reflect queries raised during initial stakeholder engagement and aim to clarify operational and legal aspects of the scheme. Notably, the FCA addresses the role of the UK Financial Ombudsman Service, firms&apos; communication obligations to consumers and to professional representatives, firms&apos; liabilities in relation to 0% APR agreements and the treatment of deceased consumers. The FCA confirms that these FAQs do not represent any new approach to policy. The FCA intends to update these FAQs regularly as its engagement with stakeholders continues.]]></description>
					      
						      <pubDate>Wed, 15 Oct 2025 14:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-updates-webpage-with-new-FAQs-section-on-p</guid>
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					      <title>EBA publishes 2024 annual report on supervisory convergence</title>
					      <link>https://finreg.aoshearman.com/eba-publishes-2024-annual-report-on-supervisory-convergence</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has released its 2024 annual report on the convergence of supervisory practices across the EU. The report outlines the EBA&apos;s ongoing efforts to strengthen the alignment of supervisory approaches across Member States and across key areas of its activities, including prudential, resolution, digital finance, consumer protection and until the end of this year anti-money laundering/counter-terrorist financing (AML/CFT). In the area of prudential regulation, the report reflects on findings from its 2024 European Supervisory Examination Programme focused on liquidity and funding risk, interest rate risk and hedging, and recovery operationalisation. The report notes that risk levels in these areas remain stable, though challenges persist around data quality, stress testing scenarios and modelling assumptions. The EBA will continue monitoring risks related to online deposit platforms and compliance with Supervisory Outlier Tests in 2025.

Read more.]]></description>
					      
						      <pubDate>Wed, 15 Oct 2025 12:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-publishes-2024-annual-report-on-supervisory-convergence</guid>
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					      <title>ESMA finalises draft technical standards for external reviewers under European Green Bonds Regulation</title>
					      <link>https://finreg.aoshearman.com/esma-finalises-draft-technical-standards-for-external-reviewers-under-european-green-bonds-regulation</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its final report on the regulatory and implementing technical standards (RTS and ITS) under the European Green Bonds Regulation (Regulation (EU) 2023/2631). The report follows its April consultation and outlines ESMA&apos;s finalised draft technical standards on various aspects of the external reviewer regime, covering criteria for assessing: (i) the appropriateness, adequacy and effectiveness of the systems, resources and procedures; (ii) whether the compliance function has the authority to discharge its responsibilities properly and independently and for assessing the necessary resources, expertise and access to relevant information; (iii) the soundness of administrative and accounting procedures and internal control mechanisms and the effectiveness of control and safeguard arrangements for information processing systems; (iv) whether the information used when providing reviews is of sufficient quality and from reliable sources; (v) information, form and content of applications for recognition; and (vi) standard forms, templates and procedures to notify ESMA of material changes in the information provided at registration.

Following feedback, ESMA has revised the final technical standards to address concerns around proportionality and costs for compliance, as well as providing clarity on compliance and implementation. ESMA has submitted the final draft RTS and ITS to the European Commission for adoption. They will apply exclusively to ESMA-registered external reviewers from 21 June 2026.]]></description>
					      
						      <pubDate>Wed, 15 Oct 2025 12:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-finalises-draft-technical-standards-for-external-reviewers-under-european-green-bonds-regulation</guid>
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					      <title>ESMA publishes final report on technical standards on transparency and integrity of ESG rating activities</title>
					      <link>https://finreg.aoshearman.com/esma-publishes-final-report-on-technical-standards-on-transparency-and-integrity-of-esg-rating-activities</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its final report on three draft regulatory technical standards (RTS) under Regulation (EU) 2024/3005 on the transparency and integrity of environmental, social and governance (ESG) rating activities. ESMA revised the three RTS to take into account comments received from its May consultation. ESMA has also been mindful of the wider initiative for simplification and burden reduction. As a result, the revisions to the finalised RTS are aimed at removing or clarifying elements which could be considered unduly onerous or ambiguous.

Key changes include on the following: 

	RTS on authorisation and recognition - ESMA has removed or simplified several information requirements.
	RTS on separation of business - The requirement for a physical separation of staff remains. However other requirements, such as those relating to network segmentation, have been clarified or removed where they were deemed as imposing excessive burden.
	RTS on disclosures - Several elements have been revised to ensure they are practically achievable by ESG rating providers - Others have been removed when it was judged they did not provide sufficient added value for the burden that was imposed.


ESMA has submitted the finalised draft RTS to the European Commission for adoption. They will also be subject to non-objection by the European Parliament and Council of the EU. They are expected to apply from 2 July 2026.]]></description>
					      
						      <pubDate>Wed, 15 Oct 2025 12:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/esma-publishes-final-report-on-technical-standards-on-transparency-and-integrity-of-esg-rating-activities</guid>
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					      <title>The Public Offers and Admissions to Trading (Amendment and Consequential and Transitional Provisions) Regulations 2025 made and published</title>
					      <link>https://finreg.aoshearman.com/the-public-offers-and-admissions-to-trading-amendment-and-consequential-and-transitional-provisions-regulations-2025-made-and-published</link>
					      <description><![CDATA[
The Public Offers and Admissions to Trading (Amendment and Consequential and Transitional Provisions) Regulations 2025 have been published, together with an explanatory memorandum. The Regulations make consequential amendments arising out of the commencement of provisions of the Public Offers and Admissions to Trading Regulations 2024 (POATRs), set out transitional provisions in relation to the new regulated activity introduced by the POATRs and make a minor amendment to the UK Financial Conduct Authority&apos;s (FCA) investigatory powers provided under the POATRs. The POATRs framework will replace the UK Prospectus Regulation once it takes effect in January 2026.

In particular:

	Regulation 2 substitutes regulation 44 of the POATRs, relating to the power of the FCA to appoint persons to carry out investigations concerning persons who are subject to requirements imposed by, or as a result of, the POATRs.
	Regulation 3 introduces the schedule to the Regulations which contains amendments to various primary legislation (part 1), assimilated direct legislation (part 2) and subordinate legislation (part 3), in connection with the POATRs.


Read more.]]></description>
					      
						      <pubDate>Wed, 15 Oct 2025 12:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/the-public-offers-and-admissions-to-trading-amendment-and-consequential-and-transitional-provisions-regulations-2025-made-and-published</guid>
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					      <title>UK regulators finalise rules on remuneration reforms</title>
					      <link>https://finreg.aoshearman.com/uk-regulators-finalise-rules-on-remuneration-reforms</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) and the UK Financial Conduct Authority (FCA) have published joint policy statement PS21/25, setting out the final policy changes to the remuneration rules for dual-regulated firms. The policy statement also provides a summary of feedback to the regulators&apos; November 2024 consultation.

The final rules go beyond the original proposals with key changes including:

	Reducing the bonus deferral period for Senior Management Functions (SMFs) further, so a uniform four-year bonus deferral period will apply to all Material Risk Takers.
	Removing the requirement for a 50/50 split between cash and instruments in both upfront and deferred bonus proportions. Firms may now pay a higher proportion of bonuses in cash up front, provided the deferred portion contains a correspondingly higher proportion of instruments.
	Reducing bonus deferral requirements for many individuals, with the 40% deferral rate applying to the first GBP660,000 and 60% above that threshold.


To support the shift toward a unified framework, the FCA remuneration Handbook rules will be cut by more than 70% as firms will now largely only need to refer to the PRA&apos;s remuneration rules.

Read more.]]></description>
					      
						      <pubDate>Wed, 15 Oct 2025 12:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-regulators-finalise-rules-on-remuneration-reforms</guid>
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					      <title>UK FCA publishes final rules on definition of capital for FCA investment firms</title>
					      <link>https://finreg.aoshearman.com/uk-fca-publishes-final-rules-on-definition-of-capital-for-fca-investment-firms</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published policy statement PS25/14, accompanied by a press release, setting out final rules to simplify and consolidate the definition of regulatory capital, also known as &quot;own funds&quot;, for FCA investment firms under chapter MIFIDPRU 3 of its Handbook. The FCA will delete and replace the existing rules in MIFIDPRU 3 in their entirety. Following feedback to its April consultation, the FCA is removing all cross-references to the UK Capital Requirements Regulation from MIFIDPRU 3 and is establishing a standalone framework for regulatory capital tailored specifically to investment firms. The changes do not alter overall levels of regulatory capital firms must hold or require firms to alter their capital structures, but instead they clarify what qualifies as own funds, reduce unnecessary complexity of requirements and remove banking-specific provisions that are not relevant to investment firms. The new rules, set out in the &quot;Definition Of Capital For Investment Firms Instrument 2025&quot; in the Annex to PS25/14, will apply to all entities subject to MIFIDPRU, including MIFIDPRU investment firms, UK parent entities and parent undertakings subject to the Group Capital Test. For mixed groups containing FCA investment firms and PRA-regulated entities, the rules apply to the FCA investment firm on a solo basis. The new rules will come into force on 1 April 2026.]]></description>
					      
						      <pubDate>Wed, 15 Oct 2025 11:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-fca-publishes-final-rules-on-definition-of-capital-for-fca-investment-firms</guid>
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					      <title>EU authorities publish joint final report on technical advice on IFR and IFD prudential framework</title>
					      <link>https://finreg.aoshearman.com/eu-authorities-publish-joint-final-report-on-technical-advice-on-ifr-and-ifd-prudential-framework</link>
					      <description><![CDATA[
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have published their joint final report on technical advice in response to the European Commission&apos;s Call for Advice on the Investment Firms Regulation (IFR) and the Investment Firms Directive (IFD). The report, mandated under Article 60 of the IFR and Article 66 of the IFD, proposes limited but targeted revisions to the existing prudential framework which has been deemed fit-for-purpose following feedback to its 2024 June discussion paper. The authorities make a series of 49 recommendations in the report, which aim to: (i) enhance the proportionality and functioning of the prudential framework; and (ii) improve the framework&apos;s ability to contribute to a level playing field among investment firms, and between investment firms and financial institutions that perform similar activities.

Read more.]]></description>
					      
						      <pubDate>Wed, 15 Oct 2025 10:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eu-authorities-publish-joint-final-report-on-technical-advice-on-ifr-and-ifd-prudential-framework</guid>
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					      <title>UK FCA consults on progressing fund tokenisation</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-consults-on-progressing-fund-tokenisation</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/28, accompanied by a press release, outlining proposals to accelerate the adoption of tokenisation and tokenised funds in the UK. The proposals apply to authorised funds but the FCA&apos;s discussion and roadmap sections may be of wider interest to fund and asset managers, including managers of non-authorised funds. The FCA&apos;s proposals address fund tokenisation, and do not address unbacked assets such as cryptocurrencies.

The FCA&apos;s proposals include:

	Guidance for operating a tokenised fund under the Blueprint model.
	Rules and guidance for an alternative, streamlined dealing model for conventional and tokenised authorised funds, referred to as &apos;direct to fund&apos; (D2F). D2F has wider application than just to tokenised funds, but the FCA thinks allowing this new dealing model will enable tokenisation.
	A roadmap to advance fund tokenisation and address key barriers.
	A discussion on future tokenisation models that use DLT to provide tokenised portfolio management at retail scale and how regulation may need to change to be fit for the future.


The deadline for responses to the consultation proposals is 21 November, except for the discussion chapter on future tokenisation models, which is 12 December. The FCA expects to publish a policy statement with final rules in the first half of 2026.]]></description>
					      
						      <pubDate>Tue, 14 Oct 2025 16:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-consults-on-progressing-fund-tokenisation</guid>
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					      <title>Regulation to shorten settlement cycle to T+1 published in OJ</title>
					      <link>https://finreg.aoshearman.com/Regulation-to-shorten-settlement-cycle-to-T1-publ</link>
					      <description><![CDATA[
Regulation (EU) 2025/2075 amending the Central Securities Depositories Regulation (Regulation (EU) No 909/2014) to shorten the settlement cycle for EU transactions in transferable securities from two business days (T+2) to one business day after the trade date (T+1), has been published in the Official Journal of the European Union (OJ). The proposal was first adopted in February and is intended to: (i) promote settlement efficiency and increase the resilience of EU capital markets; (ii) improve the liquidity of EU capital markets; and (iii) eliminate the costs linked to the misalignment of settlement cycles between EU and other jurisdictions. The Regulation enters into force on 3 November and will apply from 11 October 2027.]]></description>
					      
						      <pubDate>Tue, 14 Oct 2025 16:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Regulation-to-shorten-settlement-cycle-to-T1-publ</guid>
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					      <title>EBA publishes report on white labelling for banking and payments services in the EU</title>
					      <link>https://finreg.aoshearman.com/eba-publishes-report-on-white-labelling-for-banking-and-payments-services-in-the-eu</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a report on white labelling, accompanied by a fact sheet. In the report, the EBA considers the use of white labelling as a business model by the firms that are under its mandate, including credit institutions, e-money institutions, payment institutions, non-bank issuers of asset-referenced tokens and non-bank lenders. The report defines white labelling as a business model in which a financial institution (the provider) enters into an agreement with another entity (the partner, who may or may not be a financial institution) to distribute and offer one or more financial products and services under the partner&apos;s own brand only. The EBA finds that white labelling is being widely used, with 35% of surveyed banks employing the model to distribute a broad range of financial products and services, both domestically and cross-border, including account and payment services, credit provisioning and open banking services.

Read more.]]></description>
					      
						      <pubDate>Tue, 14 Oct 2025 12:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/eba-publishes-report-on-white-labelling-for-banking-and-payments-services-in-the-eu</guid>
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					      <title>The Financial Services and Markets Act 2023 (Commencement No. 11 and Saving Provisions) Regulations 2025 published</title>
					      <link>https://finreg.aoshearman.com/the-financial-services-and-markets-act-2023-commencement-no-11-and-saving-provisions-regulations-2025-published</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2023 (Commencement No.11 and Saving Provisions) Regulations 2025 were made and have been published. These Regulations are the eleventh commencement regulations made under the Financial Services and Markets Act 2023 (FSMA 2023). The Regulations continue the process of revoking certain pieces of retained EU law relating to financial services and restating them into UK domestic law, including through regulator-made rules. You may like to read our article &quot;A boost for UK Financial Services&quot; for further information.

In particular, these Regulations revoke the following:

	The UK MiFID Organisational Regulation (UK Commission Delegated Regulation (EU) 2017/565, otherwise known as the UK MiFID Org Regulation), on 23 October.
	The UK Prospectus Regulation ((EU) 2017/1129), on 19 January 2026.
	The UK PRIIPs Regulation (1286/2014), on 6 April 2026.


Read more.]]></description>
					      
						      <pubDate>Tue, 14 Oct 2025 11:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/the-financial-services-and-markets-act-2023-commencement-no-11-and-saving-provisions-regulations-2025-published</guid>
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					      <title>Delegated Regulation on RTS for materiality assessment for alternative internal model changes under CRR published in OJ</title>
					      <link>https://finreg.aoshearman.com/delegated-regulation-on-rts-for-materiality-assessment-for-alternative-internal-model-changes-under-crr-published-in-oj</link>
					      <description><![CDATA[
Delegated Regulation (EU) 2025/1311 supplementing the Capital Requirements Regulation (Regulation (EU) No 575/2013) (CRR) has been published in the Official Journal of the European Union (OJ). The Delegated Regulation sets out regulatory technical standards (RTS) specifying the materiality assessment of extensions, and changes to, the use of alternative internal models and changes to the subset of modellable risk factors. The RTS reflect a mandate in Article 325az(8) of the CRR. The Delegated Regulation also sets out detailed documentation requirements and clarifies supervisory expectations for model governance, validation and IT infrastructure changes. It enters into force on 3 November.]]></description>
					      
						      <pubDate>Tue, 14 Oct 2025 11:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/delegated-regulation-on-rts-for-materiality-assessment-for-alternative-internal-model-changes-under-crr-published-in-oj</guid>
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					      <title>Delegated Regulation on RTS for identification of main risk driver of a position under CRR published in OJ</title>
					      <link>https://finreg.aoshearman.com/delegated-regulation-on-rts-for-identification-of-main-risk-driver-of-a-position-under-crr-published-in-oj</link>
					      <description><![CDATA[
Delegated Regulation 2025/1265 supplementing the Capital Requirements Regulation (Regulation (EU) No 575/2013) (CRR) has been published in the Official Journal of the European Union (OJ). The Delegated Regulation, adopted in July, sets out regulatory technical standards (RTS) specifying the method for identifying the main risk driver of a position and for determining whether a transaction represents a long or short position as referred to in Articles 94(3), 273a(3), and 325a(2) of the CRR. The Delegated Regulation enters into force on 3 November.]]></description>
					      
						      <pubDate>Tue, 14 Oct 2025 11:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/delegated-regulation-on-rts-for-identification-of-main-risk-driver-of-a-position-under-crr-published-in-oj</guid>
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					      <title>ESMA issues final report on amending settlement discipline RTS under CSDR</title>
					      <link>https://finreg.aoshearman.com/ESMA-issues-final-report-on-amending-settlement-d</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a final report setting out its proposed amendments to the regulatory technical standards (RTS) on settlement discipline (Commission Delegated Regulation (EU) 2018/1229) which supplements the Central Securities Depositories Regulation (Regulation (EU) No 909/2014) (CSDR). The final draft RTS aim to improve settlement efficiency across the EU and support the transition to a T+1 settlement cycle by 11 October 2027. Key proposals include: (i) same-day, trade date, timing for trade allocations and settlement instructions, whereby investment firms must ensure professional clients submit allocation and confirmation details by 23:00 CET on the trade date; (ii) machine-readable formats, where allocations and confirmations must be exchanged using standardised, electronic formats that software can easily process; (iii) mandatory implementation of functionalities, including hold and release, auto-partial settlement and auto-collateralisation; (iv) updated provisions for the monitoring and reporting of settlement fails; and (v) a phased-in implementation timeline to begin in December 2026 and conclude by 11 October 2027 to ensure a smooth transition to the new regime. The final draft RTS have been submitted to the European Commission, which has three months to decide whether to adopt them.]]></description>
					      
						      <pubDate>Mon, 13 Oct 2025 16:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-issues-final-report-on-amending-settlement-d</guid>
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					      <title>UK FCA announces partnership to accelerate delivery of open finance in UK</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-announces-partnership-to-accelerate-delive</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has announced a major new partnership and the launch of two TechSprints aimed at accelerating the delivery of open finance in the UK. The announcement follows the FCA&apos;s January letter to the Prime Minister which reaffirmed the FCA&apos;s commitment to promote digital innovation, particularly in small and medium-sized enterprise (SME) lending. To support this vision, the FCA commissioned KPMG and Europe Economics to carry out work to assess the potential benefits of open banking and open finance for consumers and the financial services sector.

As part of its broader innovation strategy, the FCA confirms that its recently launched Smart Data Accelerator, an extension of the FCA&apos;s sandbox, will enable the testing of real uses of open finance in practice. The FCA is also collaborating with Raidiam to use its testing environment, which will provide Smart Data Sprint participants with access to a stable environment that mirrors real-world conditions. Following the FCA&apos;s Open Finance Sprint held in March, and the publication of the FCA&apos;s outcomes report in July, the two upcoming TechSprints will take place between 17 November and 12 February 2026, with separate focuses on mortgages and finance for SMEs. The sprints are now open for registration until 2 November. The FCA will set out a roadmap for open finance by March 2026.]]></description>
					      
						      <pubDate>Mon, 13 Oct 2025 15:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-announces-partnership-to-accelerate-delive</guid>
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					      <title>UK to move to a single list for UK sanctions from January 2026</title>
					      <link>https://finreg.aoshearman.com/UK-to-move-to-a-single-list-for-UK-sanctions-from</link>
					      <description><![CDATA[
HM Treasury has published guidance confirming that from 28 January 2026, the UK Sanctions List (UKSL) will become the sole official source for UK sanctions designations, replacing the OFSI Consolidated List of Asset Freeze Targets. From this date, all new sanctions entries will appear only on the UKSL, which will include clearer identifiers and will be available in a more user-friendly format. An updated search tool and designation notices for all types of sanctions designations will also be introduced to make it easier to understand who is sanctioned and why. Businesses are encouraged to start updating their systems now to avoid disruption and prepare for the formal closure of the OFSI Consolidated List.]]></description>
					      
						      <pubDate>Mon, 13 Oct 2025 14:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-to-move-to-a-single-list-for-UK-sanctions-from</guid>
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					      <title>FSB issues letter and G20 implementation monitoring review interim report</title>
					      <link>https://finreg.aoshearman.com/fsb-issues-letter-and-g20-implementation-monitoring-review-interim-report</link>
					      <description><![CDATA[
The Financial Stability Board (FSB) has published a letter from its Chair, Andrew Bailey, to G20 Finance Ministers and Central Bank Governors ahead of their meeting on 15-16 October, alongside an interim report from the G20 strategic review of the FSB implementation monitoring work. In the letter, Mr Bailey highlights the importance of global standards and co-operation in preventing crises and supporting sustained growth. The letter also emphasises the urgent need for full, timely and consistent implementation of financial reforms, warning that incomplete efforts leave the global financial system vulnerable to shocks. To address this, the FSB confirms it will enhance its surveillance of vulnerabilities in the financial system and pivot from policy development to monitoring and facilitating the implementation of agreed reforms.

The accompanying interim report provides an initial assessment of progress across several key reform areas including too-big-to-fail policy measures, non-bank financial intermediation, over-the-counter derivatives market reforms, Basel III and crypto-asset markets and activities. The initial assessment of implementation status shows that full, timely and consistent implementation has not been completely achieved. This is despite the active programme of implementation monitoring by the FSB and standard-setting bodies. The next phase of the G20 strategic implementation monitoring review will reflect on why implementation gaps exist. The final report will make specific recommendations to strengthen the FSB&apos;s monitoring and implementation processes.]]></description>
					      
						      <pubDate>Mon, 13 Oct 2025 13:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/fsb-issues-letter-and-g20-implementation-monitoring-review-interim-report</guid>
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					      <title>ESMA issues second statement on the transition for the application of the MiFID II/MiFIR review</title>
					      <link>https://finreg.aoshearman.com/ESMA-issues-second-statement-on-the-transition-fo</link>
					      <description><![CDATA[
The European Securities Markets Authority (ESMA) has issued a second public statement providing transitional guidance on the application of revised provisions under the Markets in Financial Instruments Directive II (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) review. Key updates include the extension of position management controls to derivatives on emission allowances, a new weekly position reporting obligation for trading venues options and the removal of the quantitative test for Systematic Internaliser designation. The single volume cap mechanism (VCM) has now replaced the previous double VCM, with the first calculation results published on 9 October. Revised transparency rules for bonds, structured finance products, emission allowances and equity instruments will apply from 2 March 2026, with certain RTS 1 provision taking effect 20 days post-publication in the Official Journal of the EU.

Read more.]]></description>
					      
						      <pubDate>Fri, 10 Oct 2025 16:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-issues-second-statement-on-the-transition-fo</guid>
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					      <title>EBA issues opinions on amendments to draft RTS on prudential matters under MiCAR</title>
					      <link>https://finreg.aoshearman.com/EBA-issues-opinions-on-amendments-to-draft-RTS-on</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published two opinions in response to the European Commission&apos;s (EC) proposed amendments to the draft regulatory technical standards (RTS) concerning the composition and liquidity requirements of the reserve of assets under the Markets in Crypto-Assets Regulation (MiCAR). The EBA considers the EC&apos;s proposed changes to be inconsistent with the prudential framework established by MiCAR. The first opinion (EBA/Op/2025/13) addresses amendments to the final draft RTS on liquidity requirements of the reserve of assets. The second opinion (EBA/Op/2025/14) concerns amendments to the final draft RTS on the highly liquid financial instruments (HLFI) with minimal market risk, credit and concentration risk.

Read more.]]></description>
					      
						      <pubDate>Fri, 10 Oct 2025 15:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-issues-opinions-on-amendments-to-draft-RTS-on</guid>
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					      <title>FSB publishes report on monitoring AI adoption and related vulnerabilities in the financial sector</title>
					      <link>https://finreg.aoshearman.com/FSB-publishes-report-on-monitoring-AI-adoption-an</link>
					      <description><![CDATA[
The Financial Stability Board (FSB) has published a report examining how financial authorities can monitor the adoption of AI and assess related vulnerabilities. Building on its 2024 report and drawing on insights from a member survey on AI monitoring approaches, alongside other sources, the FSB highlights that while AI presents potential benefits such as enhanced efficiency, improved regulatory compliance, advanced data analytics and more personalised financial products, many financial authorities are still in an early stage of monitoring AI-related vulnerabilities. Several data collection challenges remain, including lack of agreed definitions for AI, data gaps and difficulties in assessing the criticality of AI services.

In addition, as AI adoption in the financial sector is still evolving, mapping indicators to specific vulnerabilities, ensuring regular data collection, and addressing gaps in monitoring critical areas such as third-party dependencies, market correlations, and cyber risks will help to enhance monitoring initiatives. The report also includes a range of direct and proxy indicators to support monitoring activities, as well as a case study on generative AI (GenAI). It highlights how financial institutions are exploring new use cases, and how GenAI deployment often relies on the critical role of third-party service providers which could lead to operational vulnerabilities and critical dependencies within the AI supply chain.

Read more.]]></description>
					      
						      <pubDate>Fri, 10 Oct 2025 14:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FSB-publishes-report-on-monitoring-AI-adoption-an</guid>
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					      <title>BIS publishes report on the use of AI for policy purposes</title>
					      <link>https://finreg.aoshearman.com/BIS-publishes-report-on-the-use-of-AI-for-policy-</link>
					      <description><![CDATA[
The Bank for International Settlements (BIS) has published a report examining how central banks, financial regulators and supervisory authorities are increasingly leveraging AI, including generative AI and large language models, for policy purposes. The report outlines the transformative impact of AI on managing large datasets and complex decision-making processes, with real-world examples illustrating how big data and machine learning are transforming key areas of work across monetary and financial stability functions. It also identifies key challenges such as data governance, investment in human capital and the need for robust IT infrastructure. To overcome challenges, collaboration is emphasised, forming a &quot;community of practice&quot; to share knowledge, data, best practices and AI tools emerges as a promising a way forward.]]></description>
					      
						      <pubDate>Fri, 10 Oct 2025 14:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BIS-publishes-report-on-the-use-of-AI-for-policy-</guid>
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					      <title>UK DRCF launches new Thematic Innovation Hub and publishes call for views on agentic AI</title>
					      <link>https://finreg.aoshearman.com/UK-DRCF-launches-new-Thematic-Innovation-Hub-and-</link>
					      <description><![CDATA[
The Digital Regulation Cooperation Forum (DRCF) has announced the launch of its new Thematic Innovation Hub. Building on the success of the AI and Digital Hub pilot, the Thematic Hub will provide tailored regulatory advice on priority topics, with its first thematic focus centred on agentic AI - AI systems capable of autonomous decision-making and initiating actions without direct human prompts. As part of this new approach, the DRCF has also published a &quot;call for views&quot; seeking input on the regulatory challenges and opportunities associated with agentic AI. The call for views consists of six questions that stakeholders may choose to respond to or share other insights that they believe are relevant.

The deadline for submissions is 6 November. The DRCF clarifies that it does not intend to issue advice or guidance in response to submissions; the aim is to gather insights to inform future thematic work. Accompanying the launch, the DRCF has published an insights paper that shares learnings from the pilot phase of its AI and Digital Hub.]]></description>
					      
						      <pubDate>Fri, 10 Oct 2025 14:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-DRCF-launches-new-Thematic-Innovation-Hub-and-</guid>
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					      <title>UK PSR consults on methodology for developing a price cap remedy</title>
					      <link>https://finreg.aoshearman.com/uk-psr-consults-on-methodology-for-developing-a-price-cap-remedy</link>
					      <description><![CDATA[
The UK Payment Systems Regulator (PSR) has published consultation paper MR22/2.8 on a methodology for developing a price cap on multilateral interchange fees (MIFs) for UK-EEA card-not-present (CNP) outbound transactions. The PSR&apos;s 2024 final report found that interchange fees on UK-EEA CNP outbound transactions had increased to unduly high levels and were detrimental to UK merchants and consumers. The PSR proposes using the Merchant Indifference Test (MIT) as a starting point. The MIT assesses whether a merchant would refuse a card payment if they were certain that a customer who was about to pay at the cash register had an alternative means to pay. The test is passed if accepting the card does not increase the merchant&apos;s operating costs, therefore making the merchant indifferent between a card transaction and one using the alternative payment method. The PSR will decide on an appropriate cap based on the results of the MIT and on evidence of the impact of interchange fees on issuers&apos; incentives and on competition between methods of payment.

Read more.]]></description>
					      
						      <pubDate>Fri, 10 Oct 2025 10:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/uk-psr-consults-on-methodology-for-developing-a-price-cap-remedy</guid>
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					      <title>FSB publishes consolidated progress report for G20 Roadmap on cross-border payments</title>
					      <link>https://finreg.aoshearman.com/FSB-publishes-consolidated-progress-report-for-G2</link>
					      <description><![CDATA[
The Financial Stability Board (FSB) has published its consolidated progress report on the G20 Roadmap for Enhancing Cross-Border Payments. While notable policy milestones have been achieved since the roadmap&apos;s launch in 2020, the report highlights that these efforts have yet to yield meaningful improvements for end-users globally. Key performance indicators for 2025 show only a slight improvement since 2023, with improvements in the speed of wholesale payments and remittances, but challenges persist in cost reduction and transparency of information to end-users. The FSB notes it is unlikely for the global roadmap&apos;s targets to be met by 2027. The focus for the coming year will be on strengthening monitoring and supporting implementation of the international policies agreed under the G20 roadmap.]]></description>
					      
						      <pubDate>Thu, 09 Oct 2025 16:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FSB-publishes-consolidated-progress-report-for-G2</guid>
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					      <title>UK FCA finalises rules on the MiFID Organisational Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-finalises-rules-on-the-MiFID-Organisationa</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published policy statement PS25/13, finalising the transfer of firm-facing requirements from the UK version of the Markets in Financial Instruments Directive Organisational Regulation (MiFID Org Reg) into the FCA Handbook. This follows the FCA&apos;s November 2024 consultation and Chapter 4 of Quarterly Consultation No 44 on the transfer of those requirements, as well as HM Treasury&apos;s publication of the Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (MiFIR Amendment Regulations), which restate certain definitions that are retained in domestic financial services law. The FCA is restating the MiFID Org Reg requirements without policy change, so firms may continue to follow existing practices. However, firms should update internal references accordingly to reflect the new location of the rules. The final rules are set out in the relevant statutory instruments included in the Annex to the policy statement.

Read more.]]></description>
					      
						      <pubDate>Thu, 09 Oct 2025 16:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-finalises-rules-on-the-MiFID-Organisationa</guid>
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					      <title>UK PRA finalises rules on restating MiFID Organisational Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-PRA-finalises-rules-on-restating-MiFID-Organis</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published final policy statement PS6/25, on the restatement of relevant firm-facing provisions from the UK version of the Markets in Financial Instruments Directive Organisational Regulation (MiFID Org Reg) into the PRA Rulebook. This follows its April consultation on the transfer of those requirements, as well as HM Treasury&apos;s publication of the Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (MiFIR Amendment Regulations), which restate certain definitions that must be retained in domestic financial services law. The PRA rules contain no material changes to the MiFID Org Reg requirements. In response to consultation feedback, the PRA has, however, made two changes to its draft rules: (i) to improve clarity for firms, the PRA has included a transposition table to help firms navigate the relocation of the rules; and (ii) reinstated provisions from Article 25 of the MiFID Org Reg relating to supervisory oversight but replacing the term &quot;supervisory function&quot; with &quot;governing body&quot; instead, which is defined in the Rulebook to reflect UK practice. The final rules and technical standards, set out in the statutory instruments appended to the policy statement, are expected to take effect on 23 October, subject to HM Treasury&apos;s commencement order to revoke the MiFID Org Reg.]]></description>
					      
						      <pubDate>Thu, 09 Oct 2025 16:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PRA-finalises-rules-on-restating-MiFID-Organis</guid>
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					      <title>ESMA consults on EMIR 3 draft RTS on participation requirements</title>
					      <link>https://finreg.aoshearman.com/ESMA-consults-on-EMIR-3-draft-RTS-on-participatio</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a consultation paper and reply form, setting out draft regulatory technical standards (RTS) on the elements to be considered when central counterparties (CCPs) define participation requirements. The revised European Market Infrastructure Regulation (EMIR 3) revised the participation requirements and mandated ESMA to develop RTS specifying aspects that CCPs should consider when: (i) establishing admission criteria; and (ii) assessing the ability of non-financial counterparties acting as clearing members to meet margin requirements and default fund contributions.

Responses should be submitted by 5 January 2026. Based on the responses received, ESMA will prepare the final report and submit the final draft RTS to the European Commission by the end of Q1 2026.]]></description>
					      
						      <pubDate>Thu, 09 Oct 2025 15:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-consults-on-EMIR-3-draft-RTS-on-participatio</guid>
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					      <title>ESMA final draft RTS on CCP authorisations, extensions and validations</title>
					      <link>https://finreg.aoshearman.com/ESMA-final-draft-RTS-on-CCP-authorisations-extens</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its final reports under the revised European Market Infrastructure Regulation (EMIR 3) on: (i) draft regulatory technical standards (RTS) on the conditions and list of documents for extensions of authorisation; and (ii) draft RTS on the conditions and list of documents for an application for validation of changes to models and parameters. The final draft RTS follow ESMA&apos;s consultation papers published between 7 February to 7 April. The RTS will now be submitted to the European Commission for endorsement, after which they will be subject to scrutiny by the European Parliament and the Council of the EU.]]></description>
					      
						      <pubDate>Thu, 09 Oct 2025 15:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-final-draft-RTS-on-CCP-authorisations-extens</guid>
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					      <title>EBA publishes report on tackling ML/TF risks in crypto-asset services</title>
					      <link>https://finreg.aoshearman.com/EBA-publishes-report-on-tackling-MLTF-risks-in-cr</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a report addressing money laundering and terrorist financing (ML/TF) risks in crypto-asset services, including issuance, trading and service provision. Drawing on lessons from recent supervisory cases across the EU and engagement with national supervisors, the report identifies vulnerabilities in the sector and offers guidance to strengthen compliance and oversight. It examines strategies used by certain crypto-asset service providers and issuers to side-step national AML/CFT supervision, including through unauthorised operations, forum shopping and improper use of certain regulatory exemptions. The report also outlines safeguards introduced by MiCAR and the AML/CFT regime, stating that effective implementation will depend on proactive monitoring of unauthorised activities, continuous risk identification and strong cross-border cooperation, amongst others.]]></description>
					      
						      <pubDate>Thu, 09 Oct 2025 15:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-publishes-report-on-tackling-MLTF-risks-in-cr</guid>
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					      <title>FMSB publishes final statement of good practice on unauthorised trading frameworks</title>
					      <link>https://finreg.aoshearman.com/FMSB-publishes-final-statement-of-good-practice-o</link>
					      <description><![CDATA[
The Financial Markets Standards Board (FMSB) has released its finalised Statement of Good Practice (SoGP) on Unauthorised Trading Frameworks. The SoGP, consulted on in July, aims to support firms in developing robust oversight and control mechanisms to mitigate the risk of unauthorised trading in wholesale financial markets. It provides practical recommendations on areas related to: (i) governance (including firm governance frameworks, understanding of the authorisation perimeter and accountability for unauthorised trading controls); (ii) controls and monitoring (including pre-trade and point-of-trade controls to mitigate unauthorised trading, post-trade controls to signal potential unauthorised trading and analytics across the front-to-back trade lifecycle); and (iii) intervention and reporting (including escalation in the case of a potential or actual unauthorised trading event and periodic management reporting). The SoGP is applicable to all types of trading.]]></description>
					      
						      <pubDate>Thu, 09 Oct 2025 15:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FMSB-publishes-final-statement-of-good-practice-o</guid>
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					      <title>HMT publishes terms of reference for Dematerialisation Market Action Taskforce</title>
					      <link>https://finreg.aoshearman.com/HMT-publishes-terms-of-reference-for-Dematerialis</link>
					      <description><![CDATA[
HM Treasury has published its Terms of Reference for the UK Dematerialisation Market Action Taskforce (DMAT), which will act as a technical group supporting the delivery of the UK&apos;s paperless, fully digitised system of shareholding. The digitisation of the UK shareholding framework is being overseen by the Digitisation Taskforce, which published a final report in July, on the three step process by which the new system will be introduced. The Terms of Reference set out the objectives and timelines the DMAT should pursue in its oversight role, its governance and the criteria for establishing readiness for step 3 of the implementation process.]]></description>
					      
						      <pubDate>Thu, 09 Oct 2025 13:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-publishes-terms-of-reference-for-Dematerialis</guid>
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					      <title>BoE consultation on FMI supervision fees 2025/26</title>
					      <link>https://finreg.aoshearman.com/BoE-consultation-on-FMI-supervision-fees-202526</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a consultation paper on its fees regime for financial market infrastructure (FMI) supervision for 2025/26.

The proposals cover:

	The fee rates to meet the BoE&apos;s 2025/26 funding requirement for its FMI supervisory activity and the policy activity that supports this, together with a comparison against the actual fees for the 2024/25 fee year.
	Proposed changes to the fee ratios across different categories of UK FMIs and creation of a new category 3 for UK payment systems. The UK central securities depository (CSD) fees for 2025/26 reflect activity to start scoping the work on CSDR repeal and replace.
	The BoE&apos;s proposed hourly rates for special project fees for 2025/26.

The deadline for responses is 9 December and the proposed implementation date is Q4 of the 2025/26 fee year (December 2025 to February 2026), where invoices will be issued for the 2025/26 fee year. In light of feedback from firms, the BoE is exploring how it might bring forward its consultation timeline to consult on FMI fees alongside the separate consultations on the Bank Levy and PRA fees. HMT is also exploring options to increase the statutory fee cap for payment systems in future and will consult on any proposals in due course.]]></description>
					      
						      <pubDate>Thu, 09 Oct 2025 10:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-consultation-on-FMI-supervision-fees-202526</guid>
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					      <title>UK PSR publishes one-year impact of APP reimbursement policy on victims</title>
					      <link>https://finreg.aoshearman.com/UK-PSR-publishes-one-year-impact-of-APP-reimburse</link>
					      <description><![CDATA[
The UK Payments Systems Regulator has published findings of the impact of its authorised push payment (APP) scam reimbursement requirement policy, one year since its implementation. Between October 2024 and June, GBP112 million was reimbursed to victims, with 88% of claimed losses returned, an increase from 66% from the same period in the previous year. Firms resolved 97% of claims within 35 days, and 84% within five business days. Claim volumes fell, indicating improved fraud prevention by firms. However, purchase fraud continues to be a significant issue, accounting for nearly 60% of APP scam cases. The survey also reveals that awareness of the reimbursement policy is low, with 71% of victims unaware of it.]]></description>
					      
						      <pubDate>Wed, 08 Oct 2025 16:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PSR-publishes-one-year-impact-of-APP-reimburse</guid>
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					      <title>EBA publishes final report on NCAs approaches to AML/CFT supervision of banks</title>
					      <link>https://finreg.aoshearman.com/EBA-publishes-final-report-on-NCAs-approaches-to-</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its final report, concluding a six-year review of the effectiveness of national competent authorities (NCAs) approaches to the anti-money laundering and countering the financing of terrorism (AML/CFT) supervision of banks across the EU/EEA. This final report evaluates the actions taken by NCAs in response to the interim bilateral findings and recommendations the EBA provided to NCAs during the course of its review. The report highlights significant progress by NCAs in adopting risk-based approaches, developing targeted supervisory strategies and enhancing cooperation at both national and international levels, as well as aligning their national strategies and practices with EBA standards.

Enhanced supervisory manuals have contributed to more consistent and effective AML/CFT supervision, and supervisory tools are now being used more strategically. While NCAs have made efforts to strengthen information exchange with their national public authorities and NCAs in other EU jurisdictions and third countries, some jurisdictions continue to face challenges in ensuring effective cooperation, particularly in coordinating with prudential supervisors. This report will form part of the EBA&apos;s handover to the new EU Anti-Money Laundering Authority (AMLA), providing a comprehensive overview of current supervisory practices and will serve as a foundation for future indirect supervision under the revised EU AML/CFT framework.]]></description>
					      
						      <pubDate>Wed, 08 Oct 2025 15:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-publishes-final-report-on-NCAs-approaches-to-</guid>
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					      <title>ESMA publishes Q&amp;A on consolidated error reporting for exchange-traded derivatives</title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-QampA-on-consolidated-error-report</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a Q&amp;A (ESMA_QA_2660) on whether reporting counterparties can submit a single consolidated Errors and Omissions Notification for exchange-traded derivatives when multiple Entities Responsible for Reporting (ERRs) which are managed by the same management company or AIFM are involved. ESMA confirms that this is permissible. Firms should specify in their notification that the issue relates to multiple ERRs and include relevant details of all affected ERRs.]]></description>
					      
						      <pubDate>Wed, 08 Oct 2025 13:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-QampA-on-consolidated-error-report</guid>
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					      <title>UK FCA Dear CEO letter outlining expectations for CMCs handling motor finance commission claims</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-Dear-CEO-letter-outlining-expectations-for</link>
					      <description><![CDATA[The UK Financial Conduct Authority (FCA) has published a Dear CEO Letter addressed to claims management companies (CMCs), in particular those that may fall within scope of the proposed industry-wide motor finance redress scheme. This follows the FCA&apos;s separate letter of 31 July highlighting concerns around financial promotions that may breach the requirements of the Claims Management: Conduct of Business sourcebook (CMCOB) and the consumer duty.

The FCA&apos;s latest letter to CMCs sets out the key issues it is monitoring and its expectations from firms participating in the proposed redress scheme on behalf of consumers once it comes into effect. Key issues include: (i) pre-contract disclosure of customers&apos; ability to pursue claims independently, with firms expected to review past cases to ensure customers were adequately informed and, where they were not, to remedy the situation; (ii) multiple representation, where firms should cease acting if they discover a customer has multiple representatives; (iii) contract termination, with CMCs expected to avoid excessive termination fees for customers who choose to exit contracts to participate directly in the redress scheme; and (iv) representing customers participating in the redress scheme, where CMCs should not request excessive or unnecessary information from respondent firms or place undue burden on them, with mutual cooperation between CMCs and respondent firms expected. The FCA warns that failure to act in accordance with the expectations of the Dear CEO letter may result in enforcement.]]></description>
					      
						      <pubDate>Tue, 07 Oct 2025 13:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-Dear-CEO-letter-outlining-expectations-for</guid>
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					      <title>UK FCA Dear CEO letter addressed to firms handling motor finance complaints</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-Dear-CEO-letter-addressed-to-firms-handlin</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) published a Dear CEO letter addressed to all firms involved in motor finance lending and broking since 2007, outlining its expectations ahead of the introduction of the proposed industry-wide redress scheme. Although the redress scheme is under consultation, firms are urged to act now to meet existing complaints and prepare for potential implementation of the redress scheme. The FCA warns that failure to prepare adequately may result in enforcement action. For existing leasing complaints, firms must be ready to deliver accurate and fair complaint outcomes from 5 December. For commission-related complaints subject to the proposed extension of 31 July 2026, firms should continue gathering evidence, investigating diligently and progressing complaints, including issues that potentially fall outside the scope of the scheme which relate to lending and broking.

The FCA also expects lenders to begin taking the following actions in preparation: (i) accurately identifying impacted customers; (ii) gathering appropriate information to assess cases; (iii) strengthening case-handling systems and controls where necessary, including the use of AI-technologies; (iv) maintaining adequate financial and non-financial resources; and (v) taking responsibility at the senior manager level for ensuring there is no undue delay in the resolution of complaints, including by ensuring there is appropriate oversight of the firm&apos;s approach to the potential scheme. Lenders and brokers are expected to engage proactively with the FCA and notify it promptly of any material developments affecting their ability to meet obligations, via a SUP 15 notification. The FCA reaffirms its commitment to securing fair outcomes and expects full cooperation from all parties throughout the process.]]></description>
					      
						      <pubDate>Tue, 07 Oct 2025 13:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-Dear-CEO-letter-addressed-to-firms-handlin</guid>
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					      <title>UK FCA consults on motor finance redress scheme</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-consults-on-motor-finance-redress-scheme</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/27 (alongside a press release and an accompanying statement) incorporating its proposed market-wide consumer redress scheme under section 404 of the Financial Services and Markets Act 2000. The consultation follows the UK Supreme Court ruling on 1 August. The consultation on the redress scheme proposals closes on 18 November. The FCA anticipates the final rules will be set out in early 2026 followed by a staged implementation.

The proposed scheme covers claims in relation to arrangements which involve discretionary commissions, commissions said to be too high, and where there are commercial ties between the lender and the dealer, in each case that were not adequately disclosed, so giving rise to &quot;unfair relationships&quot; under the Consumer Credit Act 1974. For further information on the proposed scheme, you may like to read our article &quot;FCA consultation on motor finance redress scheme&quot;.

In addition to the redress scheme, the FCA is consulting on an extension to the deadline for motor finance firms to send final responses to motor finance complaints until 31 July 2026, allowing time for the scheme rules to be finalised and for firms to act upon them. This 2026 deadline is a further extension to the 4 December 2025 deadline the FCA previously introduced for relevant complaints. The extended 2026 deadline would not apply to complaints regarding leasing agreements. Comments on these proposals should be submitted by 4 November, with FCA confirmation expected by 4 December.]]></description>
					      
						      <pubDate>Tue, 07 Oct 2025 10:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-consults-on-motor-finance-redress-scheme</guid>
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					      <title>EBA publishes Q&amp;A under CRR on NSFR for capital instruments with a residual 6 to 12-month maturity</title>
					      <link>https://finreg.aoshearman.com/EBA-publishes-QampA-under-CRR-on-NSFR-for-capital</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a Q&amp;A (2021_6017) providing clarification on the net stable funding ratio (NSFR) treatment of capital instruments with a residual maturity of at least 6 but less than 12 months under the Capital Requirements Regulation. The EBA confirms that in accordance with Article 428l(d), such instruments should be subject to a 50% available stable funding factor under the NSFR framework. The EBA notes that the relevant reporting template currently does not allow firms to report this. The template and related instructions will be adjusted in the next NSFR reporting framework release.]]></description>
					      
						      <pubDate>Tue, 07 Oct 2025 08:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-publishes-QampA-under-CRR-on-NSFR-for-capital</guid>
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					      <title>Implementing Regulation under SEPA Regulation on credit transfer reporting templates published in OJ</title>
					      <link>https://finreg.aoshearman.com/Implementing-Regulation-under-SEPA-Regulation-on-</link>
					      <description><![CDATA[
Commission Implementing Regulation 2025/1979 laying down implementing technical standards (ITS) under the Single Euro Payments Area Regulation or SEPA (Regulation (EU) No 260/2012) has been published in the Official Journal of the European Union. The Implementing Regulation introduces harmonised reporting templates, instructions and a methodology for payment service providers (PSPs) to report on charges related to credit transfers, instant credit transfers and payment accounts, as well as the share of rejected instant credit transfer transactions in a given year arising as a result of asset freezes. The Regulation enters into force on 26 October and is directly applicable across all Member States.]]></description>
					      
						      <pubDate>Mon, 06 Oct 2025 16:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Implementing-Regulation-under-SEPA-Regulation-on-</guid>
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					      <title>G7 Cyber Expert Group issues statement on AI and cybersecurity in the financial sector</title>
					      <link>https://finreg.aoshearman.com/G7-Cyber-Expert-Group-issues-statement-on-AI-and-</link>
					      <description><![CDATA[
HM Treasury has published a statement from the G7 Cyber Expert Group (CEG) on AI and cybersecurity, aiming to raise awareness of the cybersecurity implications of AI and outlining key considerations for financial institutions, amongst others, to strengthen resilience and security in the financial sector. It highlights how AI can enhance cyber resilience, including through improved anomaly and fraud detection, while also amplifying existing risks, such as AI-driven phishing and increased effectiveness of attacks.

The statement sets out financial sector-specific considerations and recommendations which include strengthening internal capabilities to understand specific AI risks, integrating AI-related risks in existing risk management processes, encouraging strong governance and leadership engagement and fostering cross-sector collaboration to monitor evolving AI capabilities, opportunities and risks. Looking ahead, as AI becomes more embedded in financial systems, the CEG encourages stakeholders to explore AI&apos;s potential to enhance cyber defence, update risk frameworks accordingly and engage in collaborative research and dialogue. The statement concludes with a list of reference materials that financial institutions may find useful for further guidance.]]></description>
					      
						      <pubDate>Mon, 06 Oct 2025 09:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/G7-Cyber-Expert-Group-issues-statement-on-AI-and-</guid>
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					      <title>EC letter to AMLA &amp; ESAs on the de-prioritisation of certain Level 2 financial services acts</title>
					      <link>https://finreg.aoshearman.com/EC-letter-to-AMLA-amp-ESAs-on-the-de-prioritisati</link>
					      <description><![CDATA[
The European Commission (EC) has published a letter dated 1 October, with accompanying Annex, addressed to the Anti-Money Laundering Authority (AMLA) and the European Supervisory Authorities (namely, the European Banking Authority, European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) concerning the de-prioritisation of 430 Level 2 acts in financial services legislation. The EC states that this approach is consistent with its broader objective to improve the effectiveness and efficiency of EU policy implementation, as set out in its Communication on Implementation and Simplification.

Read more.]]></description>
					      
						      <pubDate>Mon, 06 Oct 2025 09:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-letter-to-AMLA-amp-ESAs-on-the-de-prioritisati</guid>
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					      <title>Delegated Regulation under MiCAR on liquidity management for ARTs and EMTs published in OJ</title>
					      <link>https://finreg.aoshearman.com/Delegated-Regulation-under-MiCAR-on-liquidity-man</link>
					      <description><![CDATA[
Delegated Regulation 2025/1264 supplementing Regulation (EU) 2023/1114 (Markets in Crypto Assets Regulation) has been published in the Official Journal of the European Union. The Delegated Regulation (adopted by the European Commission on 27 June) sets out regulatory technical standards (RTS) specifying the minimum contents of the liquidity management policy and procedures for certain issuers of asset-referenced tokens and e-money tokens. The RTS aim to ensure that issuers maintain robust liquidity frameworks capable of withstanding both normal and stressed market conditions. The Regulation enters into force on 23 October.]]></description>
					      
						      <pubDate>Fri, 03 Oct 2025 15:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Delegated-Regulation-under-MiCAR-on-liquidity-man</guid>
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					      <title>UK FCA Handbook Notice 133</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-Handbook-No133</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Handbook Notice 133, outlining updates to the FCA Handbook resulting from the following statutory instruments:


	Payments and Electronic Money (Safeguarding) Instrument 2025, enters into force on 7 May 2026, updating the rules to better capture non-financial misconduct (NFM) in non-banks.
	Insurance: Conduct of Business Sourcebook (Access to Travel Insurance) (Amendment) Instrument 2025, enters into force on 1 January 2026 and makes amendments to increase the medical condition premium trigger point for firms to signpost consumers with pre-existing medical conditions to a directory of specialist providers, futureproof the threshold in line with inflation as well as limiting directory entries in a medical cover firm directory to 1 per firm.


Read more.]]></description>
					      
						      <pubDate>Fri, 03 Oct 2025 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-Handbook-No133</guid>
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					      <title>ESMA publishes 2026 annual work programme</title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-2026-annual-work-programme</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its 2026 annual work programme, guided by its 2023-2028 strategy.

Key priorities include: (i) continuing to build on existing priorities under the savings &amp; investments union (SIU) strategy particularly by aligning supervisory practices across Member States, enhancing market data capabilities and contributing to upcoming reforms designed to create a more integrated and globally competitive EU financial system; (ii) continuing support for key legislative files such as the revised European Market Infrastructure Regulation (EMIR 3) and the European Single Access Point. Other legislative files that may warrant ESMA&apos;s involvement include the Retail Investment Strategy, along with the reviews of the Packaged Retail and Insurance-Based Investment Products Regulation, Sustainable Finance Disclosure Regulation and the Securitisation Regulation; and (iii) driving data innovation and market integration through the rollout of the ESMA Data Platform and the development of AI-powered supervisory tools. ESMA will also continue to focus on the effective implementation of the Markets in Crypto Assets Regulation, particularly on the authorisation and supervision of crypto-asset service providers and coordinate closely with market participants on the T+1 settlement cycle towards the agreed implementation date of 11 October 2027.

Alongside the work programme, ESMA has published its simplification and burden reduction document, outlining upcoming publications expected in Q1 and Q2 2026 aimed at streamlining regulatory requirements and reducing compliance burdens.]]></description>
					      
						      <pubDate>Fri, 03 Oct 2025 09:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-2026-annual-work-programme</guid>
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					      <title>UK FCA research note on potential quantum computing applications in UK financial services</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-research-note-on-potential-quantum-computi</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a research note examining the potential applications of quantum computing within UK financial services, and exploring how firms can prepare for their emergence. Points of particular interest include: (i) the UK is well-positioned to benefit from quantum computing in financial services, but coordinated action across industry, government, academia and regulators is required to realise this potential; (ii) leading firms are already building quantum readiness strategies, focusing on optimisation, machine learning and stochastic modelling through hybrid quantum classical methods; (iii) regulatory change is not immediately required, though future quantum applications may intersect with existing themes of explainability and operational resilience which are already central in regulatory frameworks (iv) regulatory awareness among quantum computing vendors remains limited, presenting an opportunity to build early relationships with regulators, which can help provide technical and regulatory clarity; and (v) regulators could evolve existing innovation tools to better support quantum development, including sandboxes, which could be expanded to offer firms safe environments for experimentation.]]></description>
					      
						      <pubDate>Thu, 02 Oct 2025 15:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-research-note-on-potential-quantum-computi</guid>
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					      <title>EBA 2026 work programme for a more efficient EU regulatory and supervisory framework</title>
					      <link>https://finreg.aoshearman.com/EBA-2026-work-programme-for-a-more-efficient-EU-r</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its 2026 work programme, setting out its key priorities and planned initiatives. The programme is driven by three overarching priorities: (i) developing a rulebook to foster a resilient and efficient financial single market, with proposals to simplify rules, improve public sector coordination and assess the framework&apos;s impact. This includes continuing work on the EU banking package and advancing proposals on the forthcoming revised Payment Services Directive 3, the Payment Services Regulation and the Financial Data Access Act; (ii) strengthening risk assessment capabilities through improved data, methodologies and oversight under the Digital Operational Resilience Act (for critical ICT third-party providers), Markets in Crypto-Assets Regulation (for supervision of crypto-asset issuers) and European Market Infrastructure Regulation (for validation of initial margin models); and (iii) advancing innovation and technological capacity across the financial sector, with a focus on AI and machine learning, including its contribution to the implementation of the EU AI Act. In parallel, the EBA has published a report (EBA/REP/2025/26) proposing ways to streamline the EU&apos;s regulatory and supervisory framework, following a comprehensive review earlier this year of four key areas: level 2 and 3 measures, reporting burdens on financial institutions, the EBA&apos;s role in the prudential framework and its internal processes. The review resulted in 21 recommendations which are set out in the report.]]></description>
					      
						      <pubDate>Wed, 01 Oct 2025 16:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-2026-work-programme-for-a-more-efficient-EU-r</guid>
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					      <title>UK PRA issues Dear CFO letter on IFRS 9 expected credit losses</title>
					      <link>https://finreg.aoshearman.com/UK-PRA-issues-Dear-CFO-letter-on-IFRS-9-expected-</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published a Dear CFO letter to selected deposit-takers providing thematic feedback from its review of written reports from auditors of UK-headquartered banks and building societies. The PRA&apos;s focus this year was accounting for IFRS 9 expected credit losses (ECL) and climate risk. The review highlighted several key findings: (i) model risk remains elevated in light of persistent macroeconomic and geopolitical uncertainty, with current credit risk factors differing from those that existing models were built to capture. The PRA emphasises the need for firms to critically assess the responsiveness of their modelling frameworks and the completeness of post-model adjustments; (ii) firms are making progress on multi-year model redevelopment plans to address longstanding limitations. The PRA encourages firms to ensure that investment is appropriately targeted to better capture risk, and that it is supported by strong governance and controls; (iii) the risk of historical bias in Loss Given Default (LGD) estimates continues, and so the PRA urges firms to strengthen their processes to challenge the realism of recovery assumptions, particularly underpinning LGD for vulnerable sectors and borrowers; and (iv) regarding climate risks, the PRA acknowledges improvements in firms&apos; capabilities to incorporate climate-related factors into ECL modelling, despite ongoing data limitations, and encourages further efforts to align with existing supervisory expectations, including those set out in its recent consultation.

Read more.]]></description>
					      
						      <pubDate>Tue, 30 Sep 2025 14:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PRA-issues-Dear-CFO-letter-on-IFRS-9-expected-</guid>
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					      <title>ESMA cloud outsourcing guidelines published in all official EU languages</title>
					      <link>https://finreg.aoshearman.com/ESMA-cloud-outsourcing-guidelines-published-in-al</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published official translations of its final report updating the 2021 guidelines on outsourcing to cloud service providers. The updated guidelines, initially published in July, narrow the scope to exclude entities covered by the Digital Operational Resilience Act (DORA), ensuring they remain applicable only to financial entities outside DORA&apos;s remit, specifically, certain types of depositary under the Alternative Investment Fund Managers Directive and the Undertakings for Collective Investment in Transferable Securities Directive. The revision aims to prevent regulatory overlap, as DORA now governs ICT third-party risk for most financial entities. The revised guidelines apply from 30 September. National competent authorities must notify ESMA by 30 November whether they comply or intend to comply with the guidelines, and must inform ESMA of their reasons for non-compliance. Firms are not required to report on whether they comply.]]></description>
					      
						      <pubDate>Tue, 30 Sep 2025 13:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-cloud-outsourcing-guidelines-published-in-al</guid>
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					      <title>UK FCA Market Watch 84</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-Market-Watch-84</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Market Watch 84, sharing observations on the first year of UK European Market Infrastructure Regulation (EMIR) Refit implementation. The Refit, effective from 30 September 2024, made changes to the UK EMIR reporting regime aimed to enhance transparency and data quality in derivatives reporting. The FCA reports that by the end of the transition period on 31 March, 95% of reports were successfully uplifted, though some counterparties failed to meet the deadline. The FCA identified two main drivers for this: (i) inadequate resource planning, which led to delays in system testing, late discovery of issues and insufficient time for resolution. The FCA emphasises the need for firms to allocate appropriate resources to change management supported by clear policies, procedures and effective change-related documentation; and (ii) over-reliance on external vendors, who struggled to support clients due to limited capacity and competing priorities. The FCA reminds firms that while vendors may assist with reporting, the responsibility for data accuracy and completeness remains with the counterparty.

The FCA also raised concerns over the low volume of breach notifications received, suggesting underreporting of material issues. Firms are reminded of their obligation to ensure complete and accurate reporting, regardless of vendor involvement, and to notify the FCA promptly of any material errors. Looking ahead, the FCA&apos;s focus over the next 12 months will be on improving data quality, monitoring reconciliation rates and assessing firms&apos; systems and controls. Counterparties should review their arrangements in light of these priorities.]]></description>
					      
						      <pubDate>Tue, 30 Sep 2025 13:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-Market-Watch-84</guid>
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					      <title>UK FCA publishes consumer duty updates including in relation to wholesale firms</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-publishes-consumer-duty-updates-including-</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a letter to HM Treasury (HMT), addressing concerns about the consumer duty&apos;s application to wholesale firms. While the consumer duty aims to enhance retail consumer outcomes, the FCA clarifies that wholesale activities with minimal retail impact generally fall outside its scope. Following extensive industry engagement, the FCA acknowledges confusion and disproportionate compliance burdens. In response, it outlines a four-point action plan and suggests legislative updates for HMT to consider.

Read more.]]></description>
					      
						      <pubDate>Tue, 30 Sep 2025 10:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-publishes-consumer-duty-updates-including-</guid>
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					      <title>EBA launches 2025 EU-wide transparency exercise</title>
					      <link>https://finreg.aoshearman.com/EBA-launches-2025-EU-wide-transparency-exercise</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has announced the launch of its 2025 EU-wide transparency exercise, aimed at enhancing transparency and market discipline across the EU financial system. The exercise complements banks&apos; own Pillar 3 disclosures under the Capital Requirements Directive (CRD) and will cover data from over 100 major EU banks, including capital positions, financial assets, risk exposures, sovereign exposures and asset quality, spanning Q3 2024 to Q2 2025. The results, to be published in December alongside the EBA&apos;s risk assessment report, will be based solely on supervisory reporting data, ensuring no additional burden on banks. The EBA will also provide interactive tools for data comparison across time, jurisdictions and individual banks.]]></description>
					      
						      <pubDate>Mon, 29 Sep 2025 14:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-launches-2025-EU-wide-transparency-exercise</guid>
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					      <title>HMT consultation and call for evidence on commercial data sharing</title>
					      <link>https://finreg.aoshearman.com/HMT-consultation-and-call-for-evidence-on-commerc</link>
					      <description><![CDATA[
HM Treasury (HMT) has launched a consultation and call for evidence to assess potential enhancements to the UK&apos;s Commercial Credit Data Sharing (CCDS) scheme. CCDS, established under the Small and Medium Sized Business (Credit Information) Regulations 2015, mandates that designated banks share SME credit data with designated credit reference agencies (CRAs) to improve access to finance. The consultation sets out specific proposals aimed at improving CCDS operations, including a standardised data format, enhancing data amendment processes, tightening deadlines for data submission and exploring expansion of the scope of CCDS to include a wider range of finance providers. HMT is also seeking views on several related areas, including whether CRAs should set up online data amendment portals (similar to those used under the consumer credit data sharing scheme) and the costs and benefits of them doing so; whether changes are needed to the CCDS regime to improve the timely amendment of data by CRAs and/or lenders, which could potentially be supported through legislative changes or guidance; and the status quo for amending data and what challenges may arise to help formulate a position. The deadline for comments is 11:59am on 20 November. The consultation will help determine whether changes should be made to the existing CCDS regulations or whether policy objectives can be achieved through non-legislative means.]]></description>
					      
						      <pubDate>Fri, 26 Sep 2025 16:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-consultation-and-call-for-evidence-on-commerc</guid>
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					      <title>SRB publishes final operational guidance on resolvability testing for banks</title>
					      <link>https://finreg.aoshearman.com/SRB-publishes-final-operational-guidance-on-resol</link>
					      <description><![CDATA[
The Single Resolution Board (SRB) has published its final operational guidance on resolvability testing for banks under the SRB&apos;s remit, following its March consultation. The guidance outlines a multi-annual testing programme designed to enhance banks&apos; crisis readiness and ensure the operational viability of resolution strategies. It provides practical instructions for implementing the revised EBA guidelines on resolvability, covering testing methods, governance, environments and follow-up procedures. The framework supports the SRM Vision 2028 and introduces a harmonised approach to resolvability self-assessment. Following feedback, several sections of the guidance text have been simplified, and clarification has been provided on aspects such as testing environments. The multi-annual testing programme will define the testing exercises banks will conduct over a three-year period, with an annual review to incorporate developments from the previous year. A natural feedback loop exists between resolvability assessment and testing. A feedback statement has been published alongside the final version of the guidance.]]></description>
					      
						      <pubDate>Fri, 26 Sep 2025 15:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/SRB-publishes-final-operational-guidance-on-resol</guid>
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					      <title>UK FCA consults on consequential Handbook changes following &quot;targeted support&quot; proposals</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-consults-on-consequential-Handbook-changes</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/26 proposing consequential updates to the FCA Handbook following its June consultation (now closed) on a new regulated activity of &quot;targeted support&quot;. This new form of support seeks to help consumers navigate their financial lives by enabling firms to offer investment product suggestions to groups of consumers with shared characteristics. The FCA is now consulting on additional Handbook changes to ensure that the targeted support proposals work effectively with existing requirements. Specifically, the FCA seeks to refine earlier proposals, including rules on commissions, charging structures and disclosure obligations, and ensure that the new regulated activity aligns with the wider regulatory framework, such as reporting requirements. The changes impact the glossary of definitions and several sourcebooks. The deadline for comments is 17 October, with a final policy statement incorporating feedback from this and the June consultation, expected in December.]]></description>
					      
						      <pubDate>Fri, 26 Sep 2025 10:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-consults-on-consequential-Handbook-changes</guid>
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					      <title>UK FCA issues statement concerning high-risk investments from unregulated firms</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-issues-statement-concerning-high-risk-inve</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has issued a statement highlighting the growing concern over high-risk investment schemes promoted by unregulated firms. The FCA notes that these schemes, which often involve unlisted loan notes or mini-bonds used to fund property developments, may be marketed to investors through enticing websites, marketing campaigns and social media influencer promotions. Many of these firms operate outside the FCA&apos;s regulatory remit due to legal exemptions, meaning investors may not have access to the UK Financial Ombudsman Service or the Financial Services Compensation Scheme if things go wrong. The FCA emphasises that such investments are generally suitable only for experienced or self-certified &quot;sophisticated investors&quot; under strict criteria and urges individuals to verify a firm&apos;s regulatory status using its register, before investing. The statement also includes a section of &quot;top tips to investors&quot; which includes, among others, advising caution around promised high returns, encouraging diversification of investments and recommending limited exposure to high-risk investments to no more than 10% of an investment portfolio.]]></description>
					      
						      <pubDate>Fri, 26 Sep 2025 10:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-issues-statement-concerning-high-risk-inve</guid>
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					      <title>ESMA publishes updated instructions for weekly commodity derivative position reporting</title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-updated-instructions-for-weekly-co</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published updated reporting instructions and XML schema (version 1.2.0) for weekly commodity derivatives position reporting under MiFID II. The changes reflect amendments to ITS 4, as outlined in ESMA&apos;s final report on proposed amendments to MiFID II technical standards in relation to commodity derivatives. The amendments are in response to changes introduced by the MiFID II review, submitted to the European Commission in December 2024 and currently pending adoption. Beyond the changes directly originating from MiFID II, such as the requirement to publish two weekly reports and the exclusion of (spot) emission allowances from position reporting, the update also introduces harmonisation of reporting units for energy derivatives. The new schema and instructions will apply from 1 April 2026, after which reporting entities must use version 1.2.0 exclusively.]]></description>
					      
						      <pubDate>Thu, 25 Sep 2025 15:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-updated-instructions-for-weekly-co</guid>
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					      <title>Delegated Regulation amending EMIR framework for CCP colleges published in OJ</title>
					      <link>https://finreg.aoshearman.com/Delegated-Regulation-amending-EMIR-framework-for-</link>
					      <description><![CDATA[
A Delegated Regulation amending Delegated Regulation 876/2013 supplementing EMIR (Regulation 648/2012) regarding changes to the functioning and management of colleges for central counterparties, has been published in the Official Journal of the European Union (OJ). The amendments are limited in scope and aim to align the existing regulatory framework with recent changes made by Regulation 2024/2987—part of the broader EMIR 3 reform package. The Regulation will enter into force on 15 October.]]></description>
					      
						      <pubDate>Thu, 25 Sep 2025 14:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Delegated-Regulation-amending-EMIR-framework-for-</guid>
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					      <title>EBA issues advice to EC on the review of the EU covered bond framework</title>
					      <link>https://finreg.aoshearman.com/EBA-issues-advice-to-EC-on-the-review-of-the-EU-c</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its advice and recommendations to the European Commission, in response to the July 2023 Call for Advice (CfA) on the review and performance of the EU covered bond framework. The framework comprises the Covered Bond Directive (Directive 2019/2162) and Regulation 2019/2160 on exposures in the form of covered bonds amending the Capital Requirements Regulation. The EBA submitted its advice alongside a letter to John Berrigan, Director-General at DG FISMA. The EBA&apos;s recommendations are intended to: (i) harmonise further the EU covered bond framework; (ii) strengthen safeguards and disclosure in all national frameworks; (iii) simplify the framework by bringing the Covered Bond Directive into closer alignment with the Capital Requirements Regulation; and (iv) develop and expand the framework including with the introduction of a third-country equivalence regime.]]></description>
					      
						      <pubDate>Wed, 24 Sep 2025 09:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-issues-advice-to-EC-on-the-review-of-the-EU-c</guid>
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					      <title>BoE consults on partial revocation of UK Technical Standards on resolution reporting</title>
					      <link>https://finreg.aoshearman.com/BoE-consults-on-partial-revocation-of-UK-Technica</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a consultation paper proposing the partial revocation of the UK Technical Standard (UKTS) 2018/1624 on resolution reporting, specifically relating to COREP13 templates. The proposal seeks to remove six templates that collect on- and off-balance sheet data from firms for resolution planning, to reduce duplicative and non-essential reporting for firms regulated by the UK Prudential Regulation Authority (PRA). The BoE intends to rely on alternative means to have access to information it requires to meet its obligations, such as the Resolvability Assessment Framework and revised PRA Minimum Requirement for Own Funds and Eligible Liabilities (MREL) reporting templates expected to take effect from 1 January 2027. The BoE plans to publish the revised policy by the end of Q1 2026, with the proposed revocation date taking effect from 1 April 2026, ahead of the next annual reporting cycle. Firms would no longer be required to submit the six deleted templates, although they may remain visible in the RegData reporting system due to technical limitations. In such cases, firms are expected to use simple negative filing indicators. The remaining COREP13 templates will be kept under review as part of ongoing efforts to simplify resolution-related reporting. The deadline for comments is 21 November, with the proposed changes set out in the draft Bank Resolution Standards Instrument: The Technical Standards (COREP13) Instrument 2025.]]></description>
					      
						      <pubDate>Mon, 22 Sep 2025 16:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-consults-on-partial-revocation-of-UK-Technica</guid>
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					      <title>UK PRA consults on reducing bank reporting templates</title>
					      <link>https://finreg.aoshearman.com/UK-PRA-consults-on-reducing-bank-reporting-templa</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published a consultation paper CP21/25, proposing changes to streamline regulatory reporting for banks as part of its Future Banking Data project. The proposals include: (i) deleting 34 Financial Reporting (FINREP) templates; (ii) consolidating FINREP requirements into a single chapter within the PRA Rulebook; and (iii) removing three further templates including two Common Reporting templates and PRA 109, which are now considered obsolete. These changes mark the first phase of broader efforts to simplify data collection and are intended to eliminate reporting that no longer materially contributes to the PRA&apos;s supervisory or policy objectives. The changes will be implemented through the draft statutory instrument and draft amendments to Supervisory Statement 34/15 on guidelines for completing regulatory reports, both of which are included in the appendices to the consultation paper. The deadline for comments is 22 October, with implementation proposed for 31 December. A discussion paper outlining the PRA&apos;s future approach to banking data is expected later this year. The consultation complements wider simplification efforts across the financial sector, including for resolution-related reporting, which is addressed in a separate consultation.]]></description>
					      
						      <pubDate>Mon, 22 Sep 2025 16:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PRA-consults-on-reducing-bank-reporting-templa</guid>
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					      <title>BoE consults on changes to collection of data on non-resident business by UK MFIs</title>
					      <link>https://finreg.aoshearman.com/BoE-consults-on-changes-to-collection-of-data-on-</link>
					      <description><![CDATA[
The Bank of England (BoE) has announced a consultation on discontinuing the collection and publication of statistical data via Form BN, on the further sectoral breakdown of non-resident business by UK Monetary Financial Institutions (MFIs). Following an internal review, the BoE concluded that the operational costs of collecting and publishing Form BN data outweigh its benefits, as sufficient non-resident data is already available through Forms CC and CL (albeit on a quarterly rather than monthly basis). If the proposal is confirmed, the final reference period for Form BN will be April 2026, with publication expected in May 2026. The deadline for comments, particularly on the impact of the proposal, is 31 December.]]></description>
					      
						      <pubDate>Mon, 22 Sep 2025 15:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-consults-on-changes-to-collection-of-data-on-</guid>
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					      <title>BoE confirms expansion of mandatory ISO 20022 enhanced data requirements in CHAPS</title>
					      <link>https://finreg.aoshearman.com/BoE-confirms-expansion-of-mandatory-ISO-20022-enh</link>
					      <description><![CDATA[
The Bank of England (BoE) has published its consultation response and policy statement confirming the expansion of mandatory ISO 20022 enhanced data requirements for CHAPS payments, following its 2024 consultation. Following feedback, it confirms that effective from November 2027, mandatory Purpose Code requirements will apply to all CHAPS payments through channels within direct participants&apos; (DPs) control. The new requirements will not extend to payment initiation channels outside DPs&apos; control at this stage, however, the BoE does expect more payments to move into DPs&apos; control as ISO 20022 adoption increases. DPs are expected to communicate CHAPS requirements to all parties to whom they provide CHAPS access and are encouraged to implement systematic controls and customer education programmes to ensure successful adoption. Pay.UK will apply a similar approach for Faster Payments DPs and will continue to collaborate with the BoE to encourage adoption and best usage practices. While changes to the LEI policy was not part of the consultation, the BoE received feedback on its the approach to including LEIs within ISO 20022 payment messages. In response, the BoE describes steps taken to enhance the stakeholder experience in conjunction with other organisations in the annex to the policy statement. The BoE remains committed to providing at least 18 months&apos; notice for future changes and, in line with this, expects to provide an update by May 2026 on LEI and structured remittance expansions.]]></description>
					      
						      <pubDate>Mon, 22 Sep 2025 15:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-confirms-expansion-of-mandatory-ISO-20022-enh</guid>
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					      <title>HMT and U.S. Treasury establish a &quot;Transatlantic Taskforce for Markets of the Future&quot;</title>
					      <link>https://finreg.aoshearman.com/HMT-and-US-Treasury-establish-a-quotTransatlantic</link>
					      <description><![CDATA[
HM Treasury has announced the formation of a &quot;Transatlantic Taskforce for Markets of the Future&quot;, jointly established by UK Chancellor Rachel Reeves and U.S. Treasury Secretary Scott Bessent. The Taskforce aims to strengthen collaboration between the UK and U.S. financial systems, particularly in capital markets and digital assets. Reporting back with recommendations to both ministries through the UK-U.S. Financial Regulatory Working Group (FRWG), the Taskforce will explore short- and long-term opportunities on digital assets while legislation and regulatory regimes are still developing, and in wholesale digital markets innovation. It will also assess ways to reduce cross-border capital-raising burdens and enhance market competitiveness in both UK and U.S. markets. The Taskforce is expected to deliver its recommendations within 180 days.]]></description>
					      
						      <pubDate>Mon, 22 Sep 2025 09:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-and-US-Treasury-establish-a-quotTransatlantic</guid>
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					      <title>Swiss and UK Authorities sign MoU under the Berne Financial Services Agreement</title>
					      <link>https://finreg.aoshearman.com/Swiss-and-UK-Authorities-sign-MoU-under-the-Berne</link>
					      <description><![CDATA[
The Swiss Financial Market Supervisory Authority, the UK Financial Conduct Authority (FCA), and the Bank of England (including the UK Prudential Regulation Authority) have entered into a Memorandum of Understanding (MoU) under Article 14 of the Berne Financial Services Agreement (BFSA). The MoU establishes a framework for supervisory cooperation and information sharing between the UK and Switzerland in the insurance and investment services sectors. It sets out procedures for mutual assistance, the exchange of confidential information, and sector-specific cooperation, including notification, reporting and the maintenance of public registers for covered financial services suppliers. The general provisions of the MoU are complemented by annexes and an appendix, which further specify aspects of cooperation.]]></description>
					      
						      <pubDate>Mon, 22 Sep 2025 09:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Swiss-and-UK-Authorities-sign-MoU-under-the-Berne</guid>
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					      <title>Delegated Regulation delaying application date of own funds requirements for market risk published in OJ</title>
					      <link>https://finreg.aoshearman.com/Delegated-Regulation-delaying-application-date-of</link>
					      <description><![CDATA[
Delegated Regulation 2025/1496 amending Regulation 575/2013 (the Capital Requirements Regulation or CRR) regarding the date of application of the own funds requirements for market risk has been published in the Official Journal of the European Union (OJ). While the application of the new market risk requirements, which form part of the Fundamental Review of the Trading Book (FRTB) under the Basel III international standards, had already been postponed to 1 January 2026, this Delegated Regulation further delays their application to 1 January 2027. It follows continued delays and uncertainty regarding FRTB implementation in other key jurisdictions, raising concerns about a level playing field for internationally active banks. Until the new date, financial institutions must continue to apply the existing market risk framework as set out in the CRR as of 8 July 2024 and maintain current reporting and disclosure requirements under pre-FRTB approaches. Competent authorities are encouraged to exercise flexibility in their assessment of internal models during this transitional period to avoid unintended impacts on own funds requirements that are not linked to increases in the underlying market risk. The Regulation entered into force on 20 September and applies from 1 January 2026.]]></description>
					      
						      <pubDate>Fri, 19 Sep 2025 16:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Delegated-Regulation-delaying-application-date-of</guid>
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					      <title>ESAs joint report on EU financial system risks with policy recommendations</title>
					      <link>https://finreg.aoshearman.com/ESAs-joint-report-on-EU-financial-system-risks-wi</link>
					      <description><![CDATA[
The European Supervisory Authorities (ESAs, comprising the European Banking Authority, the European Insurance and Occupational Pensions Authority, and the European Securities Markets Authority) have published the Joint Committee&apos;s Autumn 2025 report, highlighting global risks to the EU financial system and recommending policy actions amid instability. The risks, attributed to ongoing geopolitical tensions including the U.S.&apos;s imposition of widespread tariffs and continued conflicts in Ukraine and the Middle East, are said to have led to downward revisions in global and EU growth forecasts and divergence in monetary policy between the EU and U.S.

Read more.]]></description>
					      
						      <pubDate>Fri, 19 Sep 2025 15:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESAs-joint-report-on-EU-financial-system-risks-wi</guid>
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					      <title>UK FCA consults on rules and guidance for regulated cryptoasset activities</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-consults-on-rules-and-guidance-for-regulat</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/25 (CP), alongside a press release, setting out its proposed regulatory framework for cryptoasset activities under the Financial Services and Markets Act 2000 (FSMA). This follows HM Treasury&apos;s (HMT) draft statutory instrument (SI) to bring qualifying cryptoasset activities within the scope of the Regulated Activities Order 2001 (RAO) and under the FCA&apos;s remit. Qualifying cryptoasset activities will include issuing qualifying stablecoins, safeguarding qualifying cryptoassets and specified investment cryptoassets, operating a qualifying cryptoasset trading platform (CATP), intermediation and staking. Firms and individuals undertaking these activities will require FCA authorisation before operating by way of business in the UK.

Read more.]]></description>
					      
						      <pubDate>Wed, 17 Sep 2025 11:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-consults-on-rules-and-guidance-for-regulat</guid>
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					      <title>UK regulations made to extend transitional regimes for overseas CCPs</title>
					      <link>https://finreg.aoshearman.com/UK-regulations-made-to-extend-transitional-regime</link>
					      <description><![CDATA[
The Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2025 have been made and published alongside an explanatory memorandum. The Regulations extend key transitional provisions for the temporary recognition regime (TRR) for overseas central counterparties (CCPs) and for exposures to CCPs. First, the Regulations amend regulation 18 of the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 to extend to 31 December 2027 the TRR. This means that overseas CCPs that are in the TRR may continue offering clearing services in the UK while their recognition applications are being assessed by the Bank of England. It will also allow time for the revisions to the UK regime for UK and overseas CCPs to be finalised.

Read more.]]></description>
					      
						      <pubDate>Wed, 17 Sep 2025 10:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-regulations-made-to-extend-transitional-regime</guid>
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					      <title>ECB consults on managing legacy NPEs in less significant institutions</title>
					      <link>https://finreg.aoshearman.com/ECB-consults-on-managing-legacy-NPEs-in-less-sign</link>
					      <description><![CDATA[
The European Central Bank (ECB) has launched a consultation on a draft Guideline, accompanied by a press release, aimed at harmonising the supervisory approach of national competent authorities (NCAs) to non-performing exposures (NPEs) held by less significant institutions (LSIs). The Guideline seeks to address persistent legacy NPE challenges by establishing supervisory coverage expectations for exposures originated before 26 April 2019, which fall outside the scope of existing Capital Requirements Regulation deduction requirements. Developed in collaboration with NCAs, it reflects the ECB&apos;s oversight role within the Single Supervisory Mechanism, promoting the consistent application of high supervisory standards across participating Member States while allowing for the NCAs&apos; supervisory discretion under the Pillar 2 framework. Building on the successful application of a similar approach for significant institutions since 2018, the Guideline is tailored to the specific characteristics of LSIs.

Read more.]]></description>
					      
						      <pubDate>Mon, 15 Sep 2025 15:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECB-consults-on-managing-legacy-NPEs-in-less-sign</guid>
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					      <title>UK legislation made to further clarify capital buffers framework</title>
					      <link>https://finreg.aoshearman.com/UK-legislation-made-to-further-clarify-capital-bu</link>
					      <description><![CDATA[
The UK Financial Services and Markets Act 2023 (Capital Buffers and Macro-prudential Measures) (Consequential Amendments) Regulations 2025 have been made and an explanatory memorandum published. The Regulations are part of the continued process to repeal and replace assimilated EU financial services law following Brexit. The Regulations make consequential amendments to UK legislation following the replacement as of 31 July by the new Capital Buffers and Macro-prudential Measures Regulations 2025 (S.I. 2025/653) of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014 (S.I. 2014/894), which have been revoked. The Regulations amend existing UK legislation to replace references to the 2014 Capital Buffers Regulations with references to the Capital Buffers and Macroprudential Measures Regulations 2025. The Regulations will enter into force on 30 November.]]></description>
					      
						      <pubDate>Mon, 15 Sep 2025 15:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-legislation-made-to-further-clarify-capital-bu</guid>
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					      <title>Two EU Regulations on ART authorisation applications published in OJ</title>
					      <link>https://finreg.aoshearman.com/Two-EU-Regulations-on-ART-authorisation-applicati</link>
					      <description><![CDATA[
Two Commission Regulations supplementing the Markets in Crypto-Assets Regulation have been published in the Official Journal of the European Union (OJ), namely the:

	Commission Delegated Regulation (EU) 2025/1125 of 5 June, which sets out regulatory technical standards specifying the information in an application for authorisation to offer asset-referenced tokens to the public or to seek their admission to trading; and
	Commission Implementing Regulation (EU) 2025/1126 of 5 June, which lays down implementing technical standards establishing standard forms, templates and procedures for the information to be included in such applications.


Both Regulations enter into force on the 20th day following publication in the OJ and apply from 5 October.]]></description>
					      
						      <pubDate>Mon, 15 Sep 2025 11:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Two-EU-Regulations-on-ART-authorisation-applicati</guid>
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					      <title>UK legislation made progressing changes to MiFID Org Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-legislation-made-progressing-changes-to-MiFID-</link>
					      <description><![CDATA[
The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 have been made and an explanatory memorandum published. The Regulations form part of the continued process to repeal and replace assimilated EU financial services law following Brexit. Specifically, these Regulations will restate, with appropriate modifications, key definitions from the Commission Delegated Regulation (EU) 2017/565 (MiFID Org Regulation) into UK law. The main affected legislation includes the Financial Services and Markets Act 2000 and the Financial Services and Markets Act 2000 Regulated Activities Order 2001. Clarificatory changes are also made to the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001 and the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, and related cross references are updated in the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005.

Read more.]]></description>
					      
						      <pubDate>Mon, 15 Sep 2025 10:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-legislation-made-progressing-changes-to-MiFID-</guid>
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					      <title>EC adopts Delegated Regulation on external review regime under the EU Green Bonds Regulation</title>
					      <link>https://finreg.aoshearman.com/EC-adopts-Delegated-Regulation-on-external-review</link>
					      <description><![CDATA[
The European Commission has adopted a Delegated Regulation supplementing the EU Green Bonds Regulation (Regulation (EU) 2023/2631) (EUGB) regarding regulatory technical standards (RTS) on the external review regime. From 21 June 2026, any entity wishing to provide external review services under the EUGB must be registered with and supervised by the European Securities Markets Authority (ESMA), which is also tasked with developing the relevant RTS/ITS specifying certain provisions for external reviewers. This Delegated Regulation sets out RTS relating to: (i) the conditions for the registration of external reviewers; (ii) the criteria for assessing the sound and prudent management of external reviewers; (iii) the knowledge, experience and training of the external reviewers&apos; employees; and (iv) the conditions under which external reviewers can outsource their assessment activities. The Delegated Regulation will enter into force once it is published in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Fri, 12 Sep 2025 15:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-adopts-Delegated-Regulation-on-external-review</guid>
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					      <title>EBA publishes final draft ITS for reporting of MREL decisions by resolution authorities</title>
					      <link>https://finreg.aoshearman.com/EBA-publishes-final-draft-ITS-for-reporting-of-MR</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its final report amending the implementing technical standards (ITS) under Commission Implementing Regulation (EU) 2021/622, which governs the reporting of Minimum Requirement for Own Funds and Eligible Liabilities (MREL) decisions by resolution authorities. The amendments aim to strengthen the EBA&apos;s ability to monitor the consistent implementation of MREL across the EU, as required under Directive 2014/59/EU (the Bank and Recovery Resolution Directive). The revised ITS increase the reporting frequency from annual to biannual, with submissions due from resolution authorities by 16 September and 18 March, covering MREL applicable as of 30 June and 31 December, respectively. This change addresses the current lag in the EBA&apos;s publications and assessments, which previously excluded decisions adopted after 1 May until the following year. The revised ITS also introduce changes to better capture discretionary elements applied by resolution authorities, align reporting with recent legislative updates, including the &quot;Daisy Chain Act&quot; (Directive (EU) 2024/1174), and streamline templates to reduce administrative burden. The proposed amendments to the Annexes of Regulation (EU) 2021/622 are available on the EBA&apos;s webpage. As the changes are addressed exclusively to resolution authorities and do not alter institutions&apos; reporting obligations, the EBA did not conduct a public consultation. The final draft ITS will be submitted to the European Commission for endorsement, and once adopted, will be published in the Official Journal of the European Union. The amended ITS are expected to apply from 31 December.]]></description>
					      
						      <pubDate>Fri, 12 Sep 2025 15:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-publishes-final-draft-ITS-for-reporting-of-MR</guid>
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					      <title>UK FCA launches campaign to raise awareness of motor finance compensation scheme</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-launches-campaign-to-raise-awareness-of-mo</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has announced a GBP1 million public awareness campaign regarding its proposed motor finance compensation scheme. The campaign aims to inform consumers that they do not need to engage claims management companies (CMCs) or law firms to access redress, potentially saving them up to 30% of any compensation awarded. The FCA has taken regulatory action against misleading promotions, requiring CMCs to amend or remove 396 advertisements since January 2024. A formal consultation on the scheme is expected in early October, with potential compensation payments commencing in 2026.]]></description>
					      
						      <pubDate>Fri, 12 Sep 2025 11:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-launches-campaign-to-raise-awareness-of-mo</guid>
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					      <title>UK FCA highlights good practices and areas for improvement in authorisation and registration applications</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-highlights-good-practices-and-areas-for-im</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new webpage highlighting good practices and areas of improvement it has observed in firm applications for authorisation and registration. These cover three key areas:


	Staff with the appropriate skills, experience and capacity to provide the relevant financial service. The FCA observed that some firms overly rely on compliance consultants and fail to show independent understanding of regulatory obligations. Others do not adequately explain how individuals with multiple roles will manage their responsibilities, and some lack sufficient evidence of UK-based operations or staff eligibility to work in the UK. Examples of good practice include firms submitting their own internal suitability assessments, identifying gaps in staff resources and clearly explaining how and when these should be addressed and providing clear ownership structure charts.


Read more.]]></description>
					      
						      <pubDate>Thu, 11 Sep 2025 10:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-highlights-good-practices-and-areas-for-im</guid>
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					      <title>EC publishes second report on assembling payment account data under PAD</title>
					      <link>https://finreg.aoshearman.com/EC-publishes-second-report-on-assembling-payment-</link>
					      <description><![CDATA[
The European Commission (EC) has published its second report mandated under Article 27 of the Payments Account Directive 2014/92/EU (PAD), on assembling specific payment related data from Member States on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features (PABFs). The EC highlights that the differences in data collection methods across Member States and that existing data gaps make it difficult to draw firm conclusions about the extent of PAD&apos;s benefits to European consumers, though the report offers some tentative findings. The report covers information relating to 2022 and 2023, as well as complete data for 2021 that was not available at the time of the first report. The report confirms general compliance by payment service providers with Articles 4, 5 and 6, which require the provision of standardised fee information, annual fee statements and consistent terminology in consumer communications. Most Member States also have operational comparison websites as required under Article 7, with websites updated regularly and some offering information through various communication channels and public campaigns, helping to raise consumer awareness.

Read more.]]></description>
					      
						      <pubDate>Thu, 11 Sep 2025 09:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-publishes-second-report-on-assembling-payment-</guid>
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					      <title>EP adopts resolution on report on SIU reforms</title>
					      <link>https://finreg.aoshearman.com/EP-adopts-resolution-on-report-on-SIU-reforms</link>
					      <description><![CDATA[
The European Parliament (EP) has published a press release announcing it has voted to adopt a report on facilitating the financing of investments and reforms to boost European competitiveness and creating a Capital Markets Union (CMU). The report considers reforms that will form part of the European Commission&apos;s Savings and Investments Union (SIU). It has also published the text of the resolution that it has adopted on the report. The report sets out the views of the Committee on Economic and Monetary Affairs on measures intended to mobilise private investment and ease access to finance proposed by the Draghi report on the future of European competitiveness, which was published in September 2024. The European Commission subsequently adopted many of the proposals made in the Draghi report in its strategy for the SIU, which was published in March. ECON voted to adopt the report in June.]]></description>
					      
						      <pubDate>Wed, 10 Sep 2025 13:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EP-adopts-resolution-on-report-on-SIU-reforms</guid>
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					      <title>UK FCA Quarterly Consultation No 49</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-Quarterly-Consultation-No-49</link>
					      <description><![CDATA[
The UK Financial Conduct Authority has published its quarterly consultation paper No 49, accompanied by a new webpage, inviting key feedback on proposed amendments to its Handbook.
Key proposals include:

	Broadening the scope of the FCA&apos;s Decision Procedure and Penalties Manual on penalties policy to include the Private Intermittent Securities and Capital Exchange System (PISCES).
	Removing most statutory declarations from mutuals registration function forms to reduce the time and expense involved for mutual societies submitting applications to the FCA.


Read more.]]></description>
					      
						      <pubDate>Wed, 10 Sep 2025 13:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-Quarterly-Consultation-No-49</guid>
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					      <title>European Parliament adopts position for shortening the settlement cycle to T+1 under CSDR</title>
					      <link>https://finreg.aoshearman.com/European-Parliament-adopts-position-for-shortenin</link>
					      <description><![CDATA[
The European Parliament has adopted its position at first reading on the proposed Regulation to amend the Central Securities Depositories Regulation (CSDR), which introduces a shorter settlement cycle for transferable securities transactions within the EU. The proposed Regulation will reduce the settlement period from two business days after trading takes place (T+2) to one business day (T+1), with the aim of promoting settlement efficiency, improving the liquidity of capital markets and eliminating costs linked to the misalignment of settlement cycles between the EU and other jurisdictions. A provisional agreement on the proposal was reached in June between the Council of the EU and the European Parliament, under which they agreed certain securities financing transactions (SFTs) will be exempt from the T+1 settlement cycle requirement. The exemption will only apply to SFTs that are formally documented as single transactions comprising two linked operations, in order to prevent the potential circumvention of the T+1 rule. The next step is for the Council of the EU to formally adopt the agreed text. Once adopted, the Regulation will be published in the Official Journal of the European Union and enter into force on the twentieth day following its publication. It will apply from 11 October 2027.]]></description>
					      
						      <pubDate>Wed, 10 Sep 2025 09:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Parliament-adopts-position-for-shortenin</guid>
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					      <title>ESAs publish fourth annual report on PAI disclosures under SFDR</title>
					      <link>https://finreg.aoshearman.com/ESAs-publish-fourth-annual-report-on-PAI-disclosu</link>
					      <description><![CDATA[
The Joint Committee of the European Supervisory Authorities (comprising the European Banking Authority, the European Insurance Occupational Pensions Authority and the European Securities and Markets Authority - ESAs) has published its fourth annual report on Principal Adverse Impact disclosures (PAI) under the Sustainable Finance Disclosure Regulation (SFDR). The report refers to PAI disclosures published by 30 June 2024 for the reference period from 1 January to 31 December 2023. The analysis included both mandatory and voluntary disclosures by financial market participants (FMPs). Building on the progress identified in previous reports, the report notes an effort from FMPs to publish more complete information and in full compliance with the SFDR&apos;s disclosure requirements, with a general improvement in the quality of information provided. The findings confirm the trends of previous years, such as that the FMPs that are part of larger multinational groups disclose the information on sustainability in a more detailed and appropriate manner, and that smaller entities mix information on ESG / general marketing information with SFDR disclosures, for example a lot of text, but no clear information whether principal adverse impacts are considered or not.

Read more.]]></description>
					      
						      <pubDate>Tue, 09 Sep 2025 15:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESAs-publish-fourth-annual-report-on-PAI-disclosu</guid>
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					      <title>UK FCA publishes new webpage on its approach to AI</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-publishes-new-webpage-on-its-approach-to-A</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new webpage to support the safe and responsible adoption of AI in UK financial markets. The FCA confirms it does not intend to introduce new AI-specific regulations, opting instead to rely on existing frameworks which mitigate many of the risks associated with AI. The webpage outlines the requirements already in place that are relevant for using AI safely: the consumer duty and the accountability and governance requirements under the senior managers and certification regime. Firms are encouraged to visit the FCA&apos;s AI Lab for support on developing AI models and solutions safely and responsibly. The FCA confirms that it is leveraging AI tools, including predictive models and large language models, to enhance supervisory efficiency and consumer engagement. The webpage also highlights ongoing collaboration with domestic and international partners, including co-chairing the AI consortium with the Bank of England and signposting links to research the FCA has been involved in. In parallel, the FCA has confirmed on the same day that it intends to proceed with AI live testing.]]></description>
					      
						      <pubDate>Tue, 09 Sep 2025 14:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-publishes-new-webpage-on-its-approach-to-A</guid>
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					      <title>UK FCA publishes feedback statement on AI live testing service</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-publishes-feedback-statement-on-AI-live-te</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published feedback statement FS25/5, summarising responses to its April engagement paper on AI live testing. The AI live testing service aims to promote the safe and responsible adoption of AI in UK financial services through a collaborative, real-world testing environment. The live testing service is voluntary and open to firms that have developed AI proofs of concept and are active in UK financial markets, subject to competitive selection criteria. The FCA has made it clear that the feedback statement does not set out its policy position or views on AI use in financial markets. The feedback reveals strong industry support for the proposal, with respondents recognising the potential of AI live testing.

Read more.]]></description>
					      
						      <pubDate>Tue, 09 Sep 2025 14:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-publishes-feedback-statement-on-AI-live-te</guid>
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					      <title>ECB adopts Regulation to amend reporting of supervisory financial information under SSM</title>
					      <link>https://finreg.aoshearman.com/ECB-adopts-Regulation-to-amend-reporting-of-super</link>
					      <description><![CDATA[
The European Central Bank (ECB) has adopted Regulation (EU) (ECB/2025/31) (Amending Regulation) amending Regulation (EU) 2015/534 on the reporting of supervisory financial information (the Financial Reporting Regulation) under the Single Supervisory Mechanism (SSM). The Financial Reporting Regulation sets out reporting requirements based on templates developed by the European Banking Authority and laid down in Commission Implementing Regulation (EU) 2021/451, now repealed and replaced by Implementing Regulation (EU) 2024/3117. In line with the principle of proportionality, less significant credit institutions and branches with total assets of EUR3 billion or less are subject to reduced reporting requirements, limited to a subset of data points as specified in Annex III of the Financial Reporting Regulation. In order to exercise oversight over the functioning of the SSM and to promote the consistent application of high supervisory standards, the ECB needs additional data points concerning these less significant credit institutions. The Amending Regulation amends the Financial Reporting Regulation to enable the ECB to collect additional data on those institutions, to enable comparability of outcomes of the supervisory review and evaluation process. The Amending Regulation will enter into force on the twentieth day following its publication in the Official Journal of the European Union and will apply from 30 December.]]></description>
					      
						      <pubDate>Tue, 09 Sep 2025 13:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECB-adopts-Regulation-to-amend-reporting-of-super</guid>
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					      <title>Wolfsberg Group issues guidance on the provision of banking services to fiat-backed stablecoin issuers</title>
					      <link>https://finreg.aoshearman.com/Wolfsberg-Group-issues-guidance-on-the-provision-</link>
					      <description><![CDATA[
The Wolfsberg Group has published comprehensive guidance on managing financial crime risks for financial institutions (FIs) that provide banking services to fiat-backed stablecoin issuers. While recognising the legitimate benefits of stablecoins, such as pseudonymity, rapid settlement and global reach, the Group also highlights that these same benefits introduce unique risks. The guidance therefore introduces a risk-based framework for assessing and monitoring relationships with issuers operating in regulated jurisdictions. It notes that although existing financial crime risk management principles remain applicable, existing controls may require adapting to address the specific risks posed by stablecoin issuers. The guidance introduces the relevant terminology used by the Group on stablecoins and describes the typical fiat-based services an FI may offer to a stablecoin issuer, highlighting how financial crime-related controls may require adjustment. It also explains how, under a risk-based approach, an FI may evaluate the issuer&apos;s compliance obligations on the blockchain. Ultimately, the Group&apos;s view is that the approach to banking a stablecoin issuer mirrors that of any customer relationship: firstly to identify and understand the risks associated with both the customer and the nature of the relationship, as well as evaluate how the issuer manages those risks; secondly to determine whether the issuer&apos;s risk profile and mitigation strategies align with its own risk appetite; and finally, the FI should implement a proportionate risk management framework that enables ongoing monitoring of the issuer&apos;s behaviour and supports timely corrective action when necessary.]]></description>
					      
						      <pubDate>Mon, 08 Sep 2025 15:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Wolfsberg-Group-issues-guidance-on-the-provision-</guid>
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					      <title>UK FCA Market Watch 83</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-Market-Watch-83</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Market Watch 83, sharing findings from a series of reviews on market abuse risks and related systems and controls at corporate finance firms that provide advisory and corporate broking services to small and mid-cap companies.

The FCA has observed the following in relation to market soundings:

	Disclosing Market Participants (DMPs) extending their market soundings to a relatively large number of Market Sounding Recipients (MSRs) without a process for considering the appropriateness or the number of MSRs contacted. The FCA highlights that a good practice was a simple governance process where a senior employee or relevant committee approved the initial proposed list of MSRs, as well as any additions to it. The FCA encourages firms to consider whether their policies and procedures help effectively manage the number of MSRs to control the flow of inside information.


Read more.]]></description>
					      
						      <pubDate>Mon, 08 Sep 2025 15:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-Market-Watch-83</guid>
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					      <title>HMT consults on policy approach to consolidating the UK PSR within the UK FCA</title>
					      <link>https://finreg.aoshearman.com/HMT-consults-on-policy-approach-to-consolidating-</link>
					      <description><![CDATA[
HM Treasury (HMT) has published a consultation paper &quot;A Streamlined Approach to Payment Systems Regulation&quot; seeking views on its proposals on the consolidation of the UK Payment Systems Regulator&apos;s (PSR) functions within the UK Financial Conduct Authority (FCA). The move, announced in March as part of the UK government&apos;s broader Regulatory Action Plan, aims to simplify the regulatory framework to help support growth, better manage burdens on businesses and minimise overlaps between regulators&apos; responsibilities. Under the proposal, the FCA will assume the PSR&apos;s responsibilities, including on promoting competition and innovation, and supporting consumer protection in payment systems. Transitional work is already underway, and the consultation now sets out the government&apos;s proposed policy approach.

Key things to note include:

	HMT intends to align the PSR&apos;s functions within the FCA&apos;s existing framework under the Financial Services and Markets Act 2000 (FSMA 2000), to the extent this is practicable. Where full integration is not feasible, the relevant functions are expected to be set out in a new part of FSMA 2000.


Read more.]]></description>
					      
						      <pubDate>Mon, 08 Sep 2025 11:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-consults-on-policy-approach-to-consolidating-</guid>
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					      <title>BoE publishes discussion paper on enhancing the resilience of the UK gilt repo market</title>
					      <link>https://finreg.aoshearman.com/BoE-publishes-discussion-paper-on-enhancing-the-r</link>
					      <description><![CDATA[
The Bank of England has published a discussion paper (DP) setting out potential measures to enhance the resilience of the UK gilt repo market and support broader financial stability. Developed in consultation with the UK Financial Conduct Authority and informed by input from HM Treasury and the UK Debt Management Office, the DP reflects on insights from the Bank&apos;s System-wide Exploratory Scenario and considers international developments, most notably in the U.S., where the Securities and Exchange Commission (SEC) has mandated central clearing for most repo and cash US Treasury transactions by mid-2027. To strengthen the UK gilt repo market, the paper explores two primary options: (i) increasing central clearing of gilt repo transactions; and (ii) introducing minimum haircuts or margins on non-centrally cleared repos. These options aim to reduce counterparty credit risk and mitigate systemic vulnerabilities. The DP also considers additional measures that could improve market resilience, such as enhanced public and private counterparty disclosures. These could serve as alternatives to, or complement, the two core proposals. The deadline for responses is 28 November. Next steps will be considered closely with other UK authorities, with further consultation to follow should any measures be progressed.]]></description>
					      
						      <pubDate>Thu, 04 Sep 2025 15:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-publishes-discussion-paper-on-enhancing-the-r</guid>
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					      <title>EBA extends consultation deadline for draft guidelines on credit conversion factors</title>
					      <link>https://finreg.aoshearman.com/EBA-extends-consultation-deadline-for-draft-guide</link>
					      <description><![CDATA[
The European Banking Authority has announced an extension to the consultation deadline for its draft guidelines on credit conversion factor estimations (EBA/CP/2025/10) under the Capital Requirements Regulation (CRR), as amended by the revised Capital Requirements Regulation (CRR III). The original deadline of 15 October has now been extended to 29 October. The consultation paper sets out draft guidelines on the methodology institutions shall apply for their own estimation and application of credit conversion factors under Article 182(5) of the CRR, to ensure alignment and consistency with existing guidelines on the Probability of Default and Loss Given Default estimation.]]></description>
					      
						      <pubDate>Thu, 04 Sep 2025 14:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-extends-consultation-deadline-for-draft-guide</guid>
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					      <title>BIS Innovation Hub launches Project Keystone for ISO 20022 payments</title>
					      <link>https://finreg.aoshearman.com/BIS-Innovation-Hub-launches-Project-Keystone-for-</link>
					      <description><![CDATA[
The BIS Innovation Hub London Centre, in collaboration with the Bank of England, has announced the launch of Project Keystone, an initiative exploring how technology can enhance the analytical use of ISO 20022 data. 93% of payment system operators have either implemented or are preparing to implement ISO 20022. Project Keystone aims to support this transition by offering a standardised data analytics platform focused on ISO 20022 data. The tool comprises two modules: one for managing the complex data structure and storage needs of ISO 20022, and another for conducting data-driven analysis. Keystone is intended to be an off-the-shelf component for payment system operators to integrate into their own systems, enabling enhanced use of enriched payments data. Central banks and other regulatory bodies could leverage this to gain deeper insights into real-time economic activity, monitor system-wide liquidity and enhance participant confidence, including ensuring adherence to the ISO 20022 standard itself.]]></description>
					      
						      <pubDate>Thu, 04 Sep 2025 12:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BIS-Innovation-Hub-launches-Project-Keystone-for-</guid>
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					      <title>IWG response to FCA feedback on its final report on credit information market study</title>
					      <link>https://finreg.aoshearman.com/IWG-response-to-FCA-feedback-on-its-final-report-</link>
					      <description><![CDATA[
The Interim Working Group (IWG) advising on the UK Financial Conduct Authority&apos;s (FCA) Credit Information Market Study has issued a formal response to the FCA&apos;s feedback on its final report regarding the establishment of the Credit Information Governance Body (CIGB). The IWG welcomes the FCA&apos;s support and acknowledges its recommendations, confirming these will be communicated to the newly appointed CIGB staff. The response addresses key areas including supporting positive outcomes for financial inclusion, effectiveness reviews for the CIGB, Memoranda of Understanding (MoUs) between the FCA and CIGB, decision-making safeguards, funding transparency and commercial data governance. While the IWG agrees with the FCA&apos;s emphasis on inclusive and transparent governance, it notes that certain initiatives, such as early MoUs and effectiveness reviews, may be delayed due to resource constraints during the CIGB&apos;s initial operational phase.]]></description>
					      
						      <pubDate>Thu, 04 Sep 2025 10:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/IWG-response-to-FCA-feedback-on-its-final-report-</guid>
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					      <title>HMT and PRA respond to House of Lords Committee&apos; report on barriers to growth and competitiveness</title>
					      <link>https://finreg.aoshearman.com/HMT-and-PRA-respond-to-House-of-Lords-Committee-r</link>
					      <description><![CDATA[
HM Treasury (HMT) has published a formal response letter dated 2 September to the House of Lords Financial Services Regulation Committee&apos;s June report on the UK Financial Conduct Authority (FCA) and UK Prudential Regulation Authority&apos;s (PRA) secondary international competitiveness and growth objectives. The letter welcomes the Committee&apos;s recommendations and notes their alignment with the UK government&apos;s Financial Services Growth and Competitiveness Strategy, announced in July, reaffirming its commitment to regulatory reform. HMT&apos;s response outlines ongoing efforts that directly address the Committee&apos;s recommendations, including reforms to the UK Financial Ombudsman Service (FOS) to restore its original role as a swift and impartial dispute resolution body, a review of the consumer duty&apos;s application to wholesale firms, with the FCA due to report back to the Chancellor by the end of September, and the prioritisation of the Advice Guidance Boundary Review to tackle the advice gap. Appendix A of the letter provides further detail on the government&apos;s response to each of the Committee&apos;s recommendations, including ongoing work and future priorities.

Read more.]]></description>
					      
						      <pubDate>Wed, 03 Sep 2025 15:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-and-PRA-respond-to-House-of-Lords-Committee-r</guid>
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					      <title>UK PSR publishes annual report and accounts for 2024/25</title>
					      <link>https://finreg.aoshearman.com/UK-PSR-publishes-annual-report-and-accounts-for-2</link>
					      <description><![CDATA[
The UK Payment Systems Regulator (PSR) has published its annual report and accounts for 2024/25, summarising the PSR&apos;s progress across its key activities over the year. In March, the UK government announced that the PSR would consolidate into the UK Financial Conduct Authority (FCA) to streamline regulation and enhance efficiency. While legislation is pending, the report highlights the transitional work already underway to support a more streamlined approach. You may like to read our opinion piece &quot;UK Payment Systems Regulator to be abolished - what&apos;s next?&quot; which explores key considerations and potential impacts of the transition. The PSR&apos;s annual report sets out significant achievements in its work over the past year, including in fraud prevention through the reimbursement requirement for authorised push payment fraud scams, resulting in 99% of victims being reimbursed in the first three months.

Read more.]]></description>
					      
						      <pubDate>Tue, 02 Sep 2025 14:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PSR-publishes-annual-report-and-accounts-for-2</guid>
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					      <title>Delegated Regulations bringing CTPs into scope of ESMA rules for DRSP fines and fees published in OJ</title>
					      <link>https://finreg.aoshearman.com/Delegated-Regulations-bringing-CTPs-into-scope-o</link>
					      <description><![CDATA[
Delegated Regulation (EU) 2025/1768 and Delegated Regulation (EU) 2025/884 have been published in the Official Journal of the European Union (OJ), extending the scope of rules on fines and fees for data reporting service providers (DRSPs) to include consolidated tape providers (CTPs). Previously, these rules applied only to two types of DRSPs: approved publication arrangements and approved reporting mechanisms. The amendments align with the EU&apos;s review of the Markets in Financial Instruments Directive and Regulation, which aims to improve market data transparency and support the emergence of CTPs in the EU.

Read more.]]></description>
					      
						      <pubDate>Tue, 02 Sep 2025 12:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Delegated-Regulations-bringing-CTPs-into-scope-o</guid>
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					      <title>HMT publishes draft SI consulting on targeted changes to MLRs</title>
					      <link>https://finreg.aoshearman.com/HMT-publishes-draft-SI-consulting-on-targeted-cha</link>
					      <description><![CDATA[
HM Treasury (HMT) has published the draft Money Laundering and Terrorist Financing (Amendment and Miscellaneous Provision) Regulations 2025, accompanied by a policy note, for technical consultation. This follows HMT&apos;s 2024 consultation on improving the effectiveness of the UK Money Laundering Regulations (MLRs), with the government&apos;s response published in July this year. The consultation identified key weaknesses in the UK&apos;s anti-money laundering (AML) regime, including issues with pooled client accounts, trust registration, cryptoasset regulation and the practicalities of customer due diligence (CDD). The draft statutory instrument (SI) proposes targeted amendments to the MLRs 2017 and related legislation to address these concerns. The key changes are set out below.

Read more.]]></description>
					      
						      <pubDate>Tue, 02 Sep 2025 10:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-publishes-draft-SI-consulting-on-targeted-cha</guid>
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					      <title>UK Home Office publishes outcomes progress report for Economic Crime Plan 2</title>
					      <link>https://finreg.aoshearman.com/UK-Home-Office-publishes-outcomes-progress-report</link>
					      <description><![CDATA[
The UK Home Office has published a progress report on the outcomes framework of the 2023 Economic Crime Plan 2 (ECP2). The ECP2 set out strategic objectives to reduce economic crime, safeguard national security and promote legitimate economic growth in the UK. The progress report sets out insights gathered to date under the ECP2, including: a 36% increase in prosecutions and 7% increase in convictions for money laundering offences in 2024; indications that Suspicious Activity Reports are having a positive effect on asset recovery; and evidence of improved transparency in company ownership, with 32,000 entities having registered on the Companies House Register of Overseas Entities as of 31 March. The report acknowledges a comprehensive assessment of progress towards ECP2 outcomes is constrained by data limitations, with steps being taken to address these data gaps, including through HM Treasury&apos;s Effectiveness Framework and the Home Office&apos;s Economic Crime Survey 2024. The Home Office plans to publish a further update to the progress report in 2027.

Read more.]]></description>
					      
						      <pubDate>Tue, 02 Sep 2025 10:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Home-Office-publishes-outcomes-progress-report</guid>
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					      <title>HMT publishes revised MoU on financial crisis management</title>
					      <link>https://finreg.aoshearman.com/HMT-publishes-revised-MoU-on-financial-crisis-man</link>
					      <description><![CDATA[
HM Treasury (HMT) has published a revised Memorandum of Understanding (MoU) with the Bank of England (BoE) and UK Prudential Regulation Authority (PRA) on financial crisis management, replacing the previous version from October 2017. The MoU sets out the coordinated responsibilities of HMT, the BoE and the PRA, under the Banking Act 2009, the Financial Services Act 2012 and the Financial Services and Markets Act 2023 (FSMA 2023). The MoU has been updated to align with key developments since 2017.]]></description>
					      
						      <pubDate>Mon, 01 Sep 2025 14:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-publishes-revised-MoU-on-financial-crisis-man</guid>
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					      <title>EBA publishes three new Q&amp;As in relation to PSD2</title>
					      <link>https://finreg.aoshearman.com/EBA-publishes-three-new-QampAs-in-relation-to-PSD</link>
					      <description><![CDATA[
The European Banking Authority has published three single rulebook Q&amp;As relating to Commission Delegated Regulation (EU) 2018/389 supplementing the revised Payment Services Directive 2 (Directive 2015/2366/EU), specifying regulatory technical standards on strong customer authentication (SCA) and secure communication. The Q&amp;As cover: (i) whether payment initiation service providers can access payment status information without encountering obstacles (2024_7261); (ii) the manner in which corporate clients of account servicing payment service providers can use proxy matrices to invoke the services of third party providers (2024_7265); and (iii) whether an application programming interface key can constitute a knowledge element of SCA (2024_7286).]]></description>
					      
						      <pubDate>Fri, 29 Aug 2025 14:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-publishes-three-new-QampAs-in-relation-to-PSD</guid>
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					      <title>Council of the EU first reading position on Better Data Sharing Regulation published in OJ</title>
					      <link>https://finreg.aoshearman.com/Better-Data-Sharing-Regulation-to-streamline-EU-f</link>
					      <description><![CDATA[
The Better Data Sharing Regulation (Position (EU) No 5/2025), formally adopted by the Council of the EU on 8 July, has been published in the Official Journal of the European Union (OJ), together with the Council&apos;s Statement of Reasons. The Regulation amends seven foundational EU laws to streamline supervisory reporting and improve data sharing among EU financial authorities. Key features include: (i) a requirement for the European Supervisory Authorities, through the Joint Committee and in cooperation with other EU bodies, to deliver a feasibility report within five years (i.e., by 18 September 2030) on a cross-sectoral integrated reporting system. Based on its findings and a comprehensive impact assessment, the European Commission may, where appropriate, put forward a legislative proposal; (ii) calls for consistent application of the &quot;report once&quot; principle, whereby authorities should obtain information from other authorities that have already collected it, rather than requesting it again from reporting entities, provided this does not compromise the entities&apos; ability to perform their tasks; (iii) a shift from biannual to annual reporting under the InvestEU Programme; (iv) clarification of the scope and conditions for both mandatory and voluntary data sharing; and (v) encouragement for authorities to enter into memoranda of understanding to support information exchange. The Regulation enters into force on the twentieth day following its publication in the OJ, being 18 September.]]></description>
					      
						      <pubDate>Fri, 29 Aug 2025 10:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Better-Data-Sharing-Regulation-to-streamline-EU-f</guid>
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					      <title>UK FCA continues to simplify supervisory communications</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-continues-to-simplify-supervisory-communic</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has confirmed further steps to simplify its supervisory communications, building on its April announcement and aligning with its Consumer Duty Requirements Review. The FCA confirms it will simplify multi-firm and thematic reviews, labelling those published before 2022 as &quot;historical&quot;. While these documents will remain publicly accessible, going forward, the FCA will shift towards publishing concise market reports in place of traditional Dear CEO or portfolio letters. Firms have been advised to continue referring to current relevant supervisory communications until the new reports are released.]]></description>
					      
						      <pubDate>Thu, 28 Aug 2025 14:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-continues-to-simplify-supervisory-communic</guid>
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					      <title>FATF announce the launch of new NRA toolkit for AML/CFT measures</title>
					      <link>https://finreg.aoshearman.com/FATF-announce-the-launch-of-new-NRA-toolkit-for-A</link>
					      <description><![CDATA[
The Financial Action Task Force (FATF) has announced the launch of a new National Risk Assessment (NRA) toolkit aimed at enhancing countries&apos; ability to identify and address money laundering risks. The toolkit supports a risk-based approach aligned with FATF Standards and provides cross-country insights into predicate offences, laundering methods, and proceeds of crime. It focuses on four priority areas that are currently consistently challenging to assess, including: corruption, virtual assets and service providers, legal persons and arrangements, and the informal economy. Quick guides, which include practical examples, have also been published to support risk assessment in each priority area. The toolkit draws on good practices from FATF member jurisdictions and is designed to be flexible and adaptable to country-specific needs. It can be integrated into a full NRA, applied to sectoral or thematic assessments, or used to strengthen broader efforts to improve risk understanding. Coinciding with the launch, on the same day, the FATF has also updated its NRA guidance, to reflect recent changes made to its Recommendation 1 standard and guidance on financial inclusion and anti-money laundering and counter terrorist financing measures.]]></description>
					      
						      <pubDate>Thu, 28 Aug 2025 14:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FATF-announce-the-launch-of-new-NRA-toolkit-for-A</guid>
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					      <title>UK FCA issues statement on workplace savings schemes</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-issues-statement-on-workplace-savings-sche</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has issued a statement alongside a press release aimed at clarifying the rules surrounding workplace savings schemes. These schemes, which allow employees to save directly from their salary via payroll, are seen as a tool to enhance financial resilience and support economic growth. Despite their potential, uptake remains low with only 7% of UK employers currently offering such schemes, largely due to perceived regulatory barriers. The statement is intended to provide reassurance that workplace savings schemes can be successfully set up and implemented to comply with existing rules and legislation.

Read more.]]></description>
					      
						      <pubDate>Wed, 27 Aug 2025 14:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-issues-statement-on-workplace-savings-sche</guid>
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					      <title>UK FCA multi-firm review findings of algorithmic trading controls under MiFID</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-multi-firm-review-findings-of-algorithmic-</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published the findings from its multi-firm review of principal trading firms&apos; compliance with the detailed organisational requirements for algorithmic trading set out under the UK Markets in Financial Instruments Directive, specifically those outlined in the associated regulatory technical standards known as RTS 6. The review reveals progress in governance, notably in the quality of self-assessments and validation processes, but also exposes weaknesses such as outdated or incomplete policies, poor documentation, and inconsistent compliance oversight. While many firms demonstrated strong practices in maintaining algorithm inventories, such as detailed records outlining each algorithm&apos;s objective, ownership, market usage, and associated risk parameters, in some cases, the algorithmic inventory did not specify the individuals who were approved to operate the algorithm. Deployment protocols were generally formalised, with clear accountability and multi-layered approval processes, especially for new market entries or material changes. However, some firms had outdated policies or lacked clarity on what constituted a material change.

Read more.]]></description>
					      
						      <pubDate>Thu, 21 Aug 2025 16:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-multi-firm-review-findings-of-algorithmic-</guid>
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					      <title>BoE publishes RTGS and CHAPS 2024/25 annual report</title>
					      <link>https://finreg.aoshearman.com/BoE-publishes-RTGS-and-CHAPS-202425-annual-report</link>
					      <description><![CDATA[
The Bank of England (BoE) has published its 2024/25 annual report for the Real-Time Gross Settlement (RTGS) system and CHAPS, marking the successful completion of the RTGS Renewal Programme with the launch of RT2 in April. RT2 introduces a new core ledger and settlement engine, enhancing resilience, security, and functionality, including ISO 20022 messaging and extended automation. Looking ahead, the BoE is shifting towards an &quot;ongoing programme of change&quot; focused on continuous improvement to further strategic deliverables. This includes the following as set out below.

Read more.]]></description>
					      
						      <pubDate>Thu, 21 Aug 2025 08:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-publishes-RTGS-and-CHAPS-202425-annual-report</guid>
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					      <title>Delegated Regulation regarding RTS on market abuse under MiCAR published in OJ</title>
					      <link>https://finreg.aoshearman.com/Delegated-Regulation-regarding-RTS-on-market-abus</link>
					      <description><![CDATA[
On 20 August, Commission Delegated Regulation (EU) 2025/885 supplementing the Markets in Crypto-assets Regulation with regard to regulatory technical standards specifying the arrangements, systems, and procedures for persons to prevent, detect, and report market abuse, the templates to be used for reporting suspected market abuse, and the coordination procedures between competent authorities for the detection and sanctioning of market abuse in cross-border market abuse situations, has been published in the Official Journal of the European Union (OJ). The Delegated Regulation enters into force on the twentieth day following its publication in the OJ, being 9 September.]]></description>
					      
						      <pubDate>Wed, 20 Aug 2025 13:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Delegated-Regulation-regarding-RTS-on-market-abus</guid>
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					      <title>ESMA and the European Environment Agency sign MoU to strengthen cooperation in sustainable finance</title>
					      <link>https://finreg.aoshearman.com/ESMA-and-the-European-Environment-Agency-sign-MoU</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) and the European Environment Agency (EEA) have announced the signing of a Memorandum of Understanding (MoU) to enhance cooperation in the area of sustainable finance. The MoU seeks to reinforce the integration of environmental considerations into the EU&apos;s sustainable finance framework, including its supervisory practices. It outlines how ESMA and the EEA will exchange expertise, data and information to promote collaboration between national securities regulators and environmental authorities. This partnership is expected to create synergies, reduce duplication of efforts, and support the EU&apos;s broader goals in addressing biodiversity loss, climate change, and pollution.]]></description>
					      
						      <pubDate>Wed, 20 Aug 2025 11:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-and-the-European-Environment-Agency-sign-MoU</guid>
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					      <title>UK FCA releases report on using synthetic data for models in financial services</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-releases-report-on-using-synthetic-data-fo</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has released the second report on generating and using synthetic data in financial services, offering comprehensive insights into the governance, ethical, and regulatory considerations surrounding its use in the sector. The report builds on the first 2024 report and responds to industry feedback to the FCA&apos;s 2022 Call for Input, which focused on key governance considerations for organisations and professionals planning to use synthetic data. Drawing on insights from members of its Synthetic Data Expert Group (SDEG) (a specialised sub-group of the FCA&apos;s Innovation Advisory Group, launched in March 2023 and concluding with this second and final publication), the report offers practical guidance on identifying challenges in synthetic data projects, suggests possible mitigation strategies, and outlines ways to build strong governance practices. It outlines nine key principles for responsible synthetic data adoption which firms may wish to consider when developing their own approaches. These principles, which include accountability, transparency, fairness, and continuous monitoring, among others, provide a foundation for building trustworthy and effective synthetic data practices. The report does not constitute regulatory guidance but serves as a foundational resource highlighting insights and best practices identified from SDEG members, reinforcing the FCA&apos;s commitment to fostering safe experimentation and digital transformation within the UK financial sector.]]></description>
					      
						      <pubDate>Tue, 19 Aug 2025 11:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-releases-report-on-using-synthetic-data-fo</guid>
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					      <title>ECB issues opinion on Lithuania&apos;s CRD VI transposition into national law</title>
					      <link>https://finreg.aoshearman.com/ECB-issues-opinion-on-Lithuania39s-CRD-VI-transpo</link>
					      <description><![CDATA[
The European Central Bank (ECB) has published its opinion adopted on 14 August in response to a request from Lithuania&apos;s Minister of Finance. The opinion concerns proposed amendments to the Law on Lietuvos bankas (the draft law) aimed at transposing Directive (EU) 2024/1619, commonly referred to as the Capital Requirements Directive (CRD VI), into national legislation. CRD VI introduces enhanced requirements for the supervisory independence of competent authorities and the prevention of conflicts of interest among their officials and employees. Lithuania&apos;s draft law seeks to reinforce the independence of Lietuvos bankas by introducing measures such as public disclosure of dismissal grounds for board members, structured cooling-off periods for former staff and board members, and broader post-employment restrictions. The ECB confirms that Lithuania&apos;s provisions on appointment and dismissal are consistent with CRD VI and the Statute of the European System of Central Banks. However, it stresses that national rules must remain compatible with the ECB&apos;s ethics framework, including the Single Code of Conduct and Guideline (EU) 2021/2256. It notes that the proposed 12-month cooling-off period for certain officials is less stringent than the ECB&apos;s own framework, which allows for up to two years. It also highlights that Lithuania&apos;s definitions of restricted entities post-employment are narrower than those in the Single Code. The ECB emphasises that the draft law must be interpreted without prejudice to the Single Code, as it may be amended from time to time.]]></description>
					      
						      <pubDate>Tue, 19 Aug 2025 10:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECB-issues-opinion-on-Lithuania39s-CRD-VI-transpo</guid>
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					      <title>ESMA publishes updated registration guide </title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-updated-registration-guidenbsp</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published an updated registration guide (dated 14 August), outlining the procedures and expectations for entities seeking registration, authorisation, recognition, or endorsement to operate within EU financial markets. The guide applies to a broad range of entities including credit rating agencies, benchmark administrators, trade and securitisation repositories, and data reporting services providers. It also anticipates the forthcoming mandates such as ESG rating providers and external reviewers under the EU Green Bond Regulation. Applicants are expected to submit complete and accurate documentation aligned with relevant regulatory and implementing technical standards (RTS/ITS). ESMA places particular emphasis on governance, internal controls, ICT resilience, outsourcing risks, and methodological robustness as key criteria in its assessment process. From January 2026, new mandates under the Benchmarks Regulation review and the Environmental, Social, Governance Regulation will expand ESMA&apos;s supervisory scope. While not legally binding, the guide serves as a practical tool to promote transparency and consistency across ESMA&apos;s supervisory functions and should be read alongside the specific information available on ESMA&apos;s website and the relevant RTS/ITS. The Annex to the guide provides a consolidated overview of the applicable legal frameworks for each type of supervised entity, providing a practical reference point for applicants navigating the registration and compliance process.]]></description>
					      
						      <pubDate>Mon, 18 Aug 2025 15:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-updated-registration-guidenbsp</guid>
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					      <title>Transition Finance Council consults on entity-level guidelines</title>
					      <link>https://finreg.aoshearman.com/Transition-Finance-Council-consults-on-entity-lev</link>
					      <description><![CDATA[
The Transition Finance Council, co-launched by the City of London Corporation and HM Government, has issued a consultation on draft entity-level Transition Finance Guidelines. The aim of the Guidelines is to establish a consistent framework for assessing the credibility of transition finance at entity-level across asset classes and jurisdictions, particularly for high-emitting sectors, to shift toward lower-carbon, more sustainable models and transition to net zero in line with the Paris Agreement. Designed to complement existing disclosure frameworks such as those from the Transition Plan Taskforce and the International Sustainability Standards Board, the Guidelines introduce four core principles, each addressing a dimension of credibility. This includes credible ambition, action into progress, transparent accountability, and addressing dependencies. The principles are supported by: (i) universal factors, which serve as minimum criteria applicable in all cases to assess whether the principles are met; and (ii) contextual factors, which apply depending on the materiality of the issue to the entity or the policy environment in which it operates. The consultation specifically seeks feedback on the structure, content, and usability of the Guidelines. The deadline for responses is 19 September, with a second consultation planned for later this year and final publication expected in 2026.]]></description>
					      
						      <pubDate>Mon, 18 Aug 2025 14:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Transition-Finance-Council-consults-on-entity-lev</guid>
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					      <title>EC publishes draft acts revising REMIT IR and introducing new rules for IIPs and RRMS</title>
					      <link>https://finreg.aoshearman.com/EC-publishes-draft-acts-revising-REMIT-IR-and-int</link>
					      <description><![CDATA[
The European Commission (EC) has published two draft regulations which aim to modernise and reinforce the transparency and integrity of the EU&apos;s wholesale energy markets under Regulation (EU) No 1227/2011 on Wholesale Energy Market Integrity and Transparency (REMIT). The proposals follow the recent revision of REMIT by Regulation (EU) 2024/1106, which entered into force in May 2024, to address growing volatility in energy markets, geopolitical disruptions, and the emergence of new trading technologies. REMIT IR (Implementing Regulation (EU) No 1348/2014) sets out the principles and technical details for reporting transactional and fundamental data to the European Union Agency for the Cooperation of Energy Regulators (ACER). To align with the revised REMIT, its revision is now required.

Read more.]]></description>
					      
						      <pubDate>Mon, 18 Aug 2025 11:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-publishes-draft-acts-revising-REMIT-IR-and-int</guid>
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					      <title>EBA publishes final RTS for off-balance conversion factors under CRR</title>
					      <link>https://finreg.aoshearman.com/EBA-publishes-final-RTS-for-off-balance-conversio</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its final draft regulatory technical standards (RTS) concerning the allocation of off-balance sheet items and the specification of factors that may constrain institutions&apos; ability to cancel unconditionally cancellable commitments. Under the standardised approach to credit risk, the exposure values of off-balance sheet items depend on the application of specific percentages, which are determined by a bucket classification. Developed under Article 111(8) of the Capital Requirements Regulation (CRR), the RTS introduces assignment criteria for items not currently mapped to the five factor buckets in Annex I of the CRR, thereby supporting consistent classification. These criteria aim to reflect varying levels of conversion probability, considering the existence of financial covenants, non-credit related conditions, and obligor optionality.

Read more.]]></description>
					      
						      <pubDate>Mon, 18 Aug 2025 10:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-publishes-final-RTS-for-off-balance-conversio</guid>
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					      <title>BIS Innovation Hub launches Project Noor to explain AI models for financial supervision</title>
					      <link>https://finreg.aoshearman.com/BIS-Innovation-Hub-launches-Project-Noor-to-expla</link>
					      <description><![CDATA[
The BIS Innovation Hub has announced the launch of Project Noor, a collaborative initiative with the Hong Kong Monetary Authority and the UK Financial Conduct Authority aimed at enhancing the transparency and accountability of AI models used by banks and other financial institutions. AI is increasingly shaping decisions in digital finance, from mortgage approvals to fraud detection. Yet as these models grow more complex, the press release states that regulators and consumers alike face challenges in interpreting how decisions are made. Project Noor seeks to address this by prototyping explainable AI (XAI) tools that translate complex model logic into human-readable explanations and intuitive visuals. The initiative intends to support compliance with emerging regulations requiring high-risk financial AI systems to be auditable and explainable, without prescribing fixed standards. It empowers supervisors to assess fairness, robustness, and consistency in AI-driven decisions, while preserving privacy and promoting responsible innovation. Importantly, Project Noor does not seek to override existing practices or impose mandatory frameworks. Rather, its purpose is to support supervisors by offering tools and reference points to help them develop their own well-informed judgments. Financial institutions will remain responsible for model explainability.]]></description>
					      
						      <pubDate>Mon, 18 Aug 2025 10:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BIS-Innovation-Hub-launches-Project-Noor-to-expla</guid>
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					      <title>HMT releases new collections of joint statements on financial partnerships</title>
					      <link>https://finreg.aoshearman.com/HMT-releases-new-collections-of-joint-statements-</link>
					      <description><![CDATA[
HM Treasury (HMT) has published five new webpages, each with a collection of joint statements from key international financial partnerships reflecting their shared commitments and the outcomes they are seeking to achieve. These include:

	UK-U.S. Financial Regulatory Working Group - joint statements from the biannual UK-U.S. Financial Regulatory Working Group held between HMT, U.S. Treasury and representatives from their respective supervisory authorities.
	UK-U.S. Financial Innovation Partnership (FIP) - joint statements from the annual FIP held between HMT and the U.S. Treasury on emerging trends in financial services innovation.


Read more.]]></description>
					      
						      <pubDate>Fri, 15 Aug 2025 16:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-releases-new-collections-of-joint-statements-</guid>
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					      <title>ECB letter to MEPs on climate risk strategy and potential risks from Omnibus I Sustainability package</title>
					      <link>https://finreg.aoshearman.com/ECB-letter-to-MEPs-on-climate-risk-strategy-and-p</link>
					      <description><![CDATA[
The President of the European Central Bank (ECB), Christine Lagarde, has issued a letter responding to Members of the European Parliament regarding the Eurosystem&apos;s evolving approach to climate-related financial risks. Firstly, the letter confirms the ECB&apos;s plan to introduce a &quot;climate factor&quot; in the second half of 2026, which will adjust the collateral value of marketable assets from non-financial corporations based on climate risk data. This replaces previously proposed collateral pool concentration limits, which were not implemented due to insufficient data granularity. The climate factor is part of the ECB&apos;s broader Climate and Nature Plan, aimed at strengthening climate risk management across the Eurosystem&apos;s balance sheet and collateral framework. Secondly, the letter emphasises the importance of high-quality climate data and raises concerns about the Omnibus I sustainability package, which proposes amendments to the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive that would reduce reporting obligations. As highlighted in the ECB opinion dated 8 May on the Omnibus proposal, it is their view that the proposed changes risk reducing firm-level sustainability reporting, weakening the Eurosystem&apos;s ability to assess climate-related financial risks, and causing delays in the transposition of the CSRD into the national laws of euro area member states. The letter therefore concludes by stressing the need to &quot;strike the right balance&quot; between preserving the benefits of sustainability reporting and ensuring proportionality in the requirements.]]></description>
					      
						      <pubDate>Fri, 15 Aug 2025 14:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECB-letter-to-MEPs-on-climate-risk-strategy-and-p</guid>
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					      <title>UK FCA Cyber Coordination Group Insights 2024</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-Cyber-Coordination-Group-Insights-2024</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a summary of discussions held throughout 2024 with industry members of the FCA&apos;s Cyber Coordination Group programme. The publication is not intended to introduce any additional regulatory expectations. The FCA states that it is making the insights widely available so that firms can consider them, within the context of the FCA&apos;s existing expectations, to learn from other firms and to help strengthen their cyber resilience capabilities. They included insights from both members&apos; positive and more challenging experiences of the issues, and focus on three key topics: i) the reconnection framework and third-party management; ii) threat and vulnerability management and threat-led penetration testing; and iii) AI and other emerging technologies, including quantum computing.]]></description>
					      
						      <pubDate>Thu, 14 Aug 2025 08:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-Cyber-Coordination-Group-Insights-2024</guid>
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					      <title>FCA update on sustainability-linked loans market</title>
					      <link>https://finreg.aoshearman.com/FCA-update-on-sustainability-linked-loans-market</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a letter to heads of sustainable finance on the sustainability-linked loan (SLL) market and by way of update since the FCA&apos;s previous letter on this topic in 2023. The FCA report improvements in the market for SLLs, with better practice and more robust product structures, but continue to observe barriers to scaling the SLL market and some concerns around incentives. The FCA will continue to monitor the SLL market and will work closely with the Transition Finance Council (TFC) to promote the competitive position of the UK as a transition finance hub. Firms are encouraged to engage collaboratively with the TFC&apos;s work and the Loan Markets Association, to build alignment in approaches to transition finance.]]></description>
					      
						      <pubDate>Thu, 14 Aug 2025 08:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-update-on-sustainability-linked-loans-market</guid>
				    </item>
			
					 <item>
					      <title>UK PSR revokes Specific Directions 2, 2a, 4, and 4a</title>
					      <link>https://finreg.aoshearman.com/UK-PSR-revokes-Specific-Directions-2-2a-4-and-4a</link>
					      <description><![CDATA[
The UK Payment Systems Regulator (PSR) has published its decisions to revoke:

	From 27 August, Specific Direction 2, which requires all central infrastructure for Bacs to be competitively procured (and Specific Direction 2a which varied the requirement). This decision stems from work to deliver the National Payments Vision (NPV) and aims to provide the necessary space and certainty for work to deliver the NPV.
	From 25 August, Specific Direction 4, which requires the operator of the LINK payment system to procure any future contracts for central infrastructure services in a competitive manner (and Specific Direction 4a which varied the requirement). This decision aims to ensure that LINK and its members have the regulatory clarity they need to focus on their longer-term sustainability and the delivery of an efficient network, given that due to changes in market conditions, a competitive tender obligation may no longer be an effective way to address the competition issues.

]]></description>
					      
						      <pubDate>Wed, 13 Aug 2025 14:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PSR-revokes-Specific-Directions-2-2a-4-and-4a</guid>
				    </item>
			
					 <item>
					      <title>ECB Decision on safeguards in relation to access by CCPs to Eurosystem overnight credit in TARGET</title>
					      <link>https://finreg.aoshearman.com/ECB-Decision-on-safeguards-in-relation-to-access-</link>
					      <description><![CDATA[
Decision 2025/1734 of the European Central Bank (ECB) of 31 July on safeguards in relation to access by central counterparties (CCPs) to Eurosystem overnight credit in TARGET, has been published in the Official Journal. Under Guideline 2022/912, national central banks of Member States whose currency is the euro may provide overnight credit through a dedicated crisis facility to CCPs established in the euro area and which meet certain requirements. This Decision specifies i) the requirements that CCPs must meet in relation to financial soundness and liquidity risk management; ii) the assessments of compliance which the Eurosystem central banks are to carry out; iii) the Governing Council&apos;s powers to decide on discretionary measures in cases where an eligible CCP does not comply with the requirements relating to the safeguards on financial soundness and sound liquidity risk management; and iv) the penalties applicable for cases where a CCP&apos;s access to the CCP credit facility has been limited and the CCP exceeds the restricted level of access, or resorts to the CCP credit facility in breach of relevant requirements relating to liquidity risk controls. The Decision enters into force on 2 September and applies from 6 October, aligned with the date of application of the amendments to Guideline 2022/912 relating to the CCP credit facility.]]></description>
					      
						      <pubDate>Wed, 13 Aug 2025 11:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECB-Decision-on-safeguards-in-relation-to-access-</guid>
				    </item>
			
					 <item>
					      <title>Bank of England updates on the national payments vision</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-updates-on-the-national-payments-</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a new webpage on the national payments vision and the vision engagement group (VEG) of sector representatives supporting delivery of the vision. The webpage on the national payments vision contains an update on the delivery of the next generation UK retail payments infrastructure to date and next steps in 2025, focusing on key deliverables in H2.


	In September: i) The BoE will communicate further on the establishment of the Retail Payments Infrastructure Board (RPIB), and the application process for membership of RPIB; ii) The Bank, HM Treasury, FCA and PSR will engage with VEG members to discuss the Payments Vision Delivery Committee&apos;s strategy, which is due to be published later in the autumn.
	In October and November: i) The BoE will appoint members to the RPIB with a view to holding the first meeting of the RPIB in late October; ii) The BoE will also set out an approach to wider stakeholder engagement across the ecosystem for the RPIB beyond 2025, and the processes to deliver an early 2026 RPIB consultation paper; iii) The Payments Vision Delivery Committee plans to publish its strategy for retail payments infrastructure. This will inform the early 2026 RPIB consultation paper.
	In December: The Payments Vision Delivery Committee will publish the Payments Forward Plan by the end of the year.

]]></description>
					      
						      <pubDate>Wed, 13 Aug 2025 11:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-updates-on-the-national-payments-</guid>
				    </item>
			
					 <item>
					      <title>UK Financial Ombudsman Service funding model proposals</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Ombudsman-Service-funding-model-prop</link>
					      <description><![CDATA[
The UK Financial Ombudsman Service (FOS) has published a consultation on further changes to its case fee structure. In April, the FOS implemented changes to its charging structure, which included charges for professional representatives bringing cases. The proposed additional changes in this consultation are stated to respond to regular feedback from stakeholders that further differentiation is required to support the &apos;polluter pays&apos; model and to better reflect the work the FOS carries out on individual cases.

Read more.]]></description>
					      
						      <pubDate>Wed, 13 Aug 2025 10:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Ombudsman-Service-funding-model-prop</guid>
				    </item>
			
					 <item>
					      <title>UK CMA proposes releasing remaining provisions in the SME Banking Undertakings 2002</title>
					      <link>https://finreg.aoshearman.com/UK-CMA-proposes-releasing-remaining-provisions-in</link>
					      <description><![CDATA[
The UK Competition and Markets Authority (CMA) has published its provisional decision that the remaining provisions of the SME Banking (Behavioural) Undertakings 2002 (the &apos;Limitation on Bundling Provisions&apos;) are no longer appropriate and should be released. The Limitation on Bundling Provisions prevent the banks that gave the undertakings from requiring, as a condition of granting a business loan or approving the opening of a business deposit account, that a small or medium-sized enterprise (SME) customer should open or maintain a business current account with the bank. The proposed release is due to changes in the competitive landscape in the SME banking markets and changes in customer behaviour, and the decision follows the CMA&apos;s review of the undertakings earlier this year. The CMA is now consulting on this provisional decision before it makes its final decision. The deadline for comments is 5pm on 3 September.]]></description>
					      
						      <pubDate>Wed, 13 Aug 2025 08:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-CMA-proposes-releasing-remaining-provisions-in</guid>
				    </item>
			
					 <item>
					      <title>SRB operational guidance on separability and transferability for transfer tools</title>
					      <link>https://finreg.aoshearman.com/SRB-operational-guidance-on-separability-and-tran</link>
					      <description><![CDATA[
The EU Single Resolution Board (SRB) has launched a consultation on its operational guidance for banks on separability and transferability. The SRB has updated its 2021 operational guidance on separability and seeks to align it with the SRB&apos;s operational guidance on resolvability self-assessment, with the SRB&apos;s focus now being on operationalisation, resolution testing, and crisis readiness. It is accompanied by an operational framework for transfer playbooks and an annex on testing. It is intended to clarify the procedures for banks and resolution authorities to operationalise the use of transfer tools, supporting enforcement of Articles 38-42 of Directive 2014/59 (BRRD) and applies to all banks under the SRB&apos;s remit with transfer tools in their resolution plans. The SRB states that this update &apos;does not introduce new deliverables, but instead it seeks to enhance the effectiveness of existing ones. The SRB invites feedback on the updates and their impact on banks&apos; current deliverables by 22 October. The guidance is intended to be applicable from the resolution planning cycle 2026.]]></description>
					      
						      <pubDate>Wed, 13 Aug 2025 08:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/SRB-operational-guidance-on-separability-and-tran</guid>
				    </item>
			
					 <item>
					      <title>EBA reports on the use of SupTech tools in AML/CFT supervision</title>
					      <link>https://finreg.aoshearman.com/EBA-reports-on-the-use-of-SupTech-tools-in-AMLCFT</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a report on the use of SupTech tools in anti-money laundering and countering the financing of terrorism (AML/CFT) supervision, as well as a press release. In November 2024, the EBA surveyed competent authorities on their use of SupTech tools and in January 2025, a workshop was held on AML/CFT SupTech. The EBA&apos;s report provides its findings from both programs, considers the current use of SupTech tools at EU level and how the tools are implemented. The EBA concludes that SupTech tools can improve the effectiveness of AML/CFT supervision and competent authorities have identified benefits such as enhanced collaboration, improved data quality and analytics, and the ability to scale supervision under the new EU AML/CFT framework, particularly with the establishment of the Authority for Anti-Money Laundering and Countering the Financing of Terrorism, known as AMLA. Poor data quality and governance, limited resources, legal uncertainty, operational risks, and friction related to institutional transformation are recognised as potentially impeding progress. Various good practices have emerged, including promoting a digital-first culture, adopting structured change management strategies, enhancing data governance and interoperability and leveraging synthetic data to safeguard privacy.]]></description>
					      
						      <pubDate>Tue, 12 Aug 2025 11:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-reports-on-the-use-of-SupTech-tools-in-AMLCFT</guid>
				    </item>
			
					 <item>
					      <title>HMT confirms policy changes to UK&apos;s appointed representative regime</title>
					      <link>https://finreg.aoshearman.com/HMT-confirms-policy-changes-to-UK39s-appointed-re</link>
					      <description><![CDATA[
HM Treasury (HMT) has published a policy statement on the appointed representatives regime, setting out how it proposes to adjust the appointed representative (AR) legislative framework to provide further needed protection for consumers of AR firms. First, a new gateway for authorised firms will be implemented which will require an authorised firm that intends to use ARs to obtain permission from the Financial Conduct Authority (FCA) before doing so. The FCA&apos;s role will be to assess whether an authorised firm has the appropriate resources and expertise to properly oversee ARs. HMT states that it is already working with the FCA on a detailed proposal for designing and implementing the permission gateway. The intention is that the new gateway will not require existing principal firms to apply for the new permission and firms seeking a new authorisation will be able to apply for the permission during the authorisation process. The FCA will have powers to limit, vary, or revoke a permission to act as principal.

Secondly, HMT intends to mitigate consumer harm by closing a gap in the complaints redress system.

Read more.]]></description>
					      
						      <pubDate>Mon, 11 Aug 2025 08:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-confirms-policy-changes-to-UK39s-appointed-re</guid>
				    </item>
			
					 <item>
					      <title>EC draft delegated regulation on providing market data, what constitutes a liquid market for equity instruments, and PTRR disclosures under MiFIR</title>
					      <link>https://finreg.aoshearman.com/EC-draft-delegated-regulation-on-providing-market</link>
					      <description><![CDATA[
The European Commission (EC) has published a draft delegated regulation amending Delegated Regulation 2017/567 as regards the obligation to provide market data on a reasonable commercial basis, the determination of what constitutes a liquid market for equity instruments, and the definition of and disclosure for post-trade risk reduction (PTRR) services under the markets in financial instruments regulation (MiFIR).

The proposed amendments follow and seek to reflect the MiFIR reform aimed at enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the trading obligations, and prohibiting receiving payment for order flow and parallel amendments to MiFID II.

Read more.]]></description>
					      
						      <pubDate>Fri, 08 Aug 2025 11:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-draft-delegated-regulation-on-providing-market</guid>
				    </item>
			
					 <item>
					      <title>UK regulators propose additional UK EMIR reporting Q&amp;A</title>
					      <link>https://finreg.aoshearman.com/UK-regulators-propose-additional-UK-EMIR-reportin</link>
					      <description><![CDATA[
The Bank of England (BoE) and Financial Conduct Authority (FCA) have together published a consultation paper on proposed additional Q&amp;A under the UK&apos;s European Market Infrastructure Regulation. The proposed Q&amp;A relate to the reporting of FX swaps and reporting with technical ISIN. Responses to the consultation may be submitted to either the BoE or the FCA until 12 September.]]></description>
					      
						      <pubDate>Fri, 08 Aug 2025 10:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-regulators-propose-additional-UK-EMIR-reportin</guid>
				    </item>
			
					 <item>
					      <title>UK regulators confirm changes to reporting requirements under UK EMIR</title>
					      <link>https://finreg.aoshearman.com/UK-regulators-confirm-changes-to-reporting-requir</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a policy statement confirming its amendments to the trade repository reporting requirements under the UK&apos;s European Market Infrastructure Regulation (EMIR). In June last year, the BoE had consulted on proposed revisions to the Technical Standards (EMIR Reporting and Data Quality and Miscellaneous Amendments) Instrument 2023. In the policy statement, the BoE confirms that the changes will take effect largely as proposed, except for minor changes to validation rules. On the same day, the Financial Conduct Authority (FCA) published the Technical Standards (EMIR Reporting and Data Quality and Miscellaneous Amendments) Instrument 2025. Both the FCA and BoE changes take effect on 26 January 2026.]]></description>
					      
						      <pubDate>Fri, 08 Aug 2025 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-regulators-confirm-changes-to-reporting-requir</guid>
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					 <item>
					      <title>Technical standards supplementing the Capital Requirements Directive regarding the functioning of colleges of supervisors</title>
					      <link>https://finreg.aoshearman.com/Technical-standards-supplementing-the-Capital-Req</link>
					      <description><![CDATA[
Commission Delegated Regulation 2025/791 and Commission Implementing Regulation 2025/790, with regard to the functioning of colleges of supervisors referred to in Articles 116 and 51(3) of Directive 2013/36 (CRD IV) have been published in the Official Journal of the EU. Commission Delegated Regulation 2025/791 contains regulatory technical standards specifying the general conditions for the functioning of supervisory colleges, and repeals Commission Delegated Regulation 2016/98. Commission Implementing Regulation 2025/790 sets out implementing technical standards regarding the operational functioning of colleges of supervisors, and repeals Implementing Regulation 2016/99. Both the Delegated Regulation and the Implementing Regulation enter into force on 28 August.]]></description>
					      
						      <pubDate>Fri, 08 Aug 2025 09:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Technical-standards-supplementing-the-Capital-Req</guid>
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					 <item>
					      <title>UK Future Entity for open banking to be established by end of 2025</title>
					      <link>https://finreg.aoshearman.com/UK-Future-Entity-for-open-banking-to-be-establish</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a feedback statement on the design of the Future Entity for UK open banking (FS25/4). The feedback statement responds to the feedback received to the consultation, which was issued by the Joint Regulatory Oversight Committee (JROC). However, in line with the National Payments Vision, JROC has been wound down and the FCA is progressing the further development of open banking. In the feedback statement, the FCA states that subject to legislation the Future Entity will be the primary standard setting body for open banking Application Programming Interfaces (APIs) in the UK. It will set common standards for a minimum level of service and interoperability across open banking services, monitor API performance and compliance with standards (although it will not have enforcement powers), provide directory and certification services and assist in development standards to enable commercial schemes. It is not envisaged that the Future Entity will own or operate commercial schemes where market innovation incentives exist. The FCA expects that the Future Entity and commercial scheme operators will be regulated as interface bodies under the Data (Use and Access) Act. The FCA intends to progress the design of the Future Entity, which is intended to be established by the end of the year.]]></description>
					      
						      <pubDate>Fri, 08 Aug 2025 08:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Future-Entity-for-open-banking-to-be-establish</guid>
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					 <item>
					      <title>Amending draft EU ITS on benchmarking of internal models</title>
					      <link>https://finreg.aoshearman.com/Amending-draft-EU-ITS-on-benchmarking-of-internal</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its final draft implementing technical standards (ITS), amending the Implementing Regulation on the benchmarking of credit and market risk for the 2026 exercise. The EBA flags that the most significant change is in the area of market risk, where it is proposing to restrict the data collection to the information on the alternative standardised approach (ASA) from those banks that were granted the internal model approval. In light of the additional delay to the application of the Fundamental Review of the Trading Book (FRTB), the templates based on the alternative internal model approach (AIMA) have not been implemented.

On credit risk, the EBA report that only minor changes are being made to align the definitions used with the ITS on supervisory reporting following the implementation of Basel III. In particular, the EBA has introduced a mapping between the asset classes used in the benchmarking exercise and the breakdown of credit risk IRB templates adopted in the revised ITS on supervisory reporting.

The draft ITS will be submitted to the European Commission for endorsement and will apply 20 days after publication in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Fri, 08 Aug 2025 08:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Amending-draft-EU-ITS-on-benchmarking-of-internal</guid>
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					      <title>EBA confirm approach to postponement of revised market risk framework</title>
					      <link>https://finreg.aoshearman.com/EBA-confirm-approach-to-postponement-of-revised-m</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a statement confirming that following the European Commission&apos;s Delegated Act postponing the application of the market risk framework (FRTB) by one more year, to 1 January 2027, the EBA&apos;s no action letter published on 12 August 2024 would remain fully valid and in place. 

Read more.]]></description>
					      
						      <pubDate>Fri, 08 Aug 2025 08:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-confirm-approach-to-postponement-of-revised-m</guid>
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					 <item>
					      <title>EBA publishes new Q&amp;A in relation to DORA</title>
					      <link>https://finreg.aoshearman.com/EBA-publishes-new-QampA-in-relation-to-DORA</link>
					      <description><![CDATA[
The European Banking Authority has published single rulebook Q&amp;A relating to the Digital Operational Resilience Act (DORA). The answers to the questions were given by the joint European Supervisory Authorities. The Q&amp;A cover:

	The identification of ICT service providers (2024_7089).
	Guidance on completing the refPeriod field of the parameters.csv file for the DORA register of information (2025_7387).
	The obligation to maintain a register of information for FEs exempt under article 16, DORA (2025_7388).

]]></description>
					      
						      <pubDate>Fri, 08 Aug 2025 08:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-publishes-new-QampA-in-relation-to-DORA</guid>
				    </item>
			
					 <item>
					      <title>EBA publishes new Q&amp;A in relation to the Securitisation Regulation</title>
					      <link>https://finreg.aoshearman.com/EBA-publishes-new-QampA-in-relation-to-the-Securi</link>
					      <description><![CDATA[
The European Banking Authority has published single rulebook Q&amp;A relating to the Securitisation Regulation. The answers to the questions were given by the European Commission. The Q&amp;A cover:

	The use of conditional sale agreements to season assets by an originator instead of the originator purchasing the assets and then selling the same to a securitisation SPE (2021_5851).
	The meaning of &quot;established in the Union&quot; (2022_6539).
	Qualification of a branch as originator, designation of Competent Authority and compliance with STS requirements (2024_6984).

]]></description>
					      
						      <pubDate>Fri, 08 Aug 2025 08:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-publishes-new-QampA-in-relation-to-the-Securi</guid>
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					      <title>UK House of Lords committee&apos;s concerns in relation to motor finance redress proposals</title>
					      <link>https://finreg.aoshearman.com/UK-House-of-Lords-committee39s-concerns-in-relati</link>
					      <description><![CDATA[
The UK&apos;s House of Lords Financial Services Regulation Committee (the Committee) has published its letter to the UK Financial Conduct Authority (FCA), expressing concern and requests for further information in relation to the FCA&apos;s motor finance redress proposals. The letter is in response to Nikhil Rathi&apos;s letter (also published) to The Rt Hon. the Lord Forsyth of Drumlean PC KT, Chair of the Committee, dated 4 August which followed the UK Supreme Court&apos;s decision in the cases of Hopcraft, Johnson, and Wrench. The Committee requests more information about: i) the legal grounding which underpins the FCA&apos;s proposals to limit the scheme to agreements dating back to 2007 rather than aligning the scope with the six year limitation period for bringing a claim for breach of the Consumer Credit Act; ii) the FCA&apos;s modelling of indicative costs to industry; iii) administrative costs to firms and how the FCA intends to ensure these are proportionate to the amount of redress paid; and iv) the likely impact of the redress scheme on the integrity of the motor finance market in the UK. The Committee notes the importance of the motor finance market to consumers and requests the FCA to appear before it in September to respond to the concerns raised.]]></description>
					      
						      <pubDate>Fri, 08 Aug 2025 08:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-House-of-Lords-committee39s-concerns-in-relati</guid>
				    </item>
			
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					      <title>UK FCA publishes changes to the safeguarding regime for payments and e-money firms</title>
					      <link>https://finreg.aoshearman.com/FCA-publishes-changes-to-the-safeguarding-regime-</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a policy statement (PS25/12) setting out changes to the safeguarding regime for payments and e-money firms. The FCA consulted on the proposals in CP24/20 in September 2024. The changes to the rules are in the Payment and Electronic Money (Safeguarding) Instrument 2025 (FCA 2025/38) which will come into force on 7 May 2026, allowing for an implementation period of nine months (an extension to the originally proposed six months). In addition, the FCA also published the proposed related amendments to its payment services and e-money approach document.

Read more.]]></description>
					      
						      <pubDate>Thu, 07 Aug 2025 08:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-publishes-changes-to-the-safeguarding-regime-</guid>
				    </item>
			
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					      <title>EBA consults on revised guidelines on internal governance under CRD VI</title>
					      <link>https://finreg.aoshearman.com/EBA-consults-on-revised-guidelines-on-internal-go</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has launched a consultation on proposed revisions to its guidelines on internal governance under the Capital Requirements Directive (CRD). The revisions form part of the EBA&apos;s broader roadmap for implementing the EU Banking Package and reflect changes introduced by CRD VI and other relevant legislation including the Digital Operational Resilience Act (DORA). The proposed amendments seek to: (i) align the guidelines with the new requirements under Article 88(3) of CRD VI, to ensure that each member of the management body, senior manager and key function holder have a documented statement of role and duties, and that a mapping of duties of the members of the management body, senior managers and key function holders has been drawn up; (ii) incorporate findings from supervisory practices and the EBA&apos;s benchmarking report on diversity and gender-neutral remuneration policies; and (iii) provide specific guidance to ensure that third-country branches establish and maintain robust governance frameworks. The deadline for responses is 5 October, with a virtual public hearing scheduled for 5 September.]]></description>
					      
						      <pubDate>Thu, 07 Aug 2025 08:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-consults-on-revised-guidelines-on-internal-go</guid>
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					      <title>UK FOS publishes Q1 2025/26 complaints data showing decline in case levels</title>
					      <link>https://finreg.aoshearman.com/UK-FOS-publishes-Q1-202526-complaints-data-showin</link>
					      <description><![CDATA[
The UK Financial Ombudsman Service (FOS) has published its Q1 2025/26 complaints data alongside a press release, revealing a notable decline in case volumes to 68,000, down from 74,600 in the same period last year. Complaints about motor finance commission dropped significantly from 36,000 in the last three months of 2024/25 to 21,500 processed in the first three months of this year, while irresponsible lending cases halved to 10,000 compared to the same period last year. Fraud and scam complaints also fell, with 6,800 cases reported, including 3,400 in relation to authorised push payment fraud. The introduction of charges for professional representatives submitting over ten complaints annually, which entered into force on 1 April, has led to a reduction in such cases, from 36,600 to 30,800. The FOS is working with HM Treasury and the UK Financial Conduct Authority to modernise the UK&apos;s redress system, aiming to improve efficiency, encourage early resolution and ensure complaints are well-evidenced before investigation. These reforms, which include changes to complaint processing and industry guidance on mass redress triggers, are subject to consultation until 8 October.]]></description>
					      
						      <pubDate>Thu, 07 Aug 2025 08:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FOS-publishes-Q1-202526-complaints-data-showin</guid>
				    </item>
			
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					      <title>UK FCA publishes new webpage consolidating its work on wholesale bank supervision</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-publishes-new-webpage-consolidating-its-wo</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new &quot;Wholesale banks supervision&quot; webpage which consolidates insights from the FCA&apos;s multi-firm and other supervisory work involving wholesale banks. The webpage covers a range of topics and the outcome of FCA multi-firm reviews, which we summarise here.

Read more.]]></description>
					      
						      <pubDate>Thu, 07 Aug 2025 08:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-publishes-new-webpage-consolidating-its-wo</guid>
				    </item>
			
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					      <title>SRB finalises operational guidance for banks on resolvability self-assessment</title>
					      <link>https://finreg.aoshearman.com/SRB-finalises-operational-guidance-for-banks-on-r</link>
					      <description><![CDATA[
The Single Resolution Board (SRB) published its Operational Guidance for Banks on Resolvability Self-Assessment, accompanied by a press release. This marks a shift towards a more structured and standardised approach for banks to resolvability self-assessments and rigorous testing. The guidance, part of the SRM Vision 2028 strategy, introduces a set of criteria to assess the extent to which banks meet the resolvability capabilities outlined in the Expectations for Banks (EfB). It includes a self-assessment template structured around the seven resolvability dimensions set out in the EfB, covering all elements of crisis readiness. It outlines the capabilities that banks should have in place to effectively execute resolution measures during a crisis. The methodology will also reflect how well banks&apos; resolvability capabilities work in practice through their regular testing. The guidance was consulted on in December 2024, with key feedback summarised in a feedback statement. In response to consultation feedback, the framework has been simplified to reduce administrative burden. Key changes include cutting resolvability capabilities by 20%, changing the reporting frequency to every two years and the introduction of a less granular reporting structure, notably for testing activities. Banks are required to submit their first self-assessment report under the new format by 31 January 2026, reflecting their resolvability self-assessment as of 31 December. In light of the ongoing development of new policies and guidance, the self-assessment report may be subject to targeted amendments in the future. The SRB confirms that operational guidance on the testing framework, which complements the self-assessment approach, will be published later this year.]]></description>
					      
						      <pubDate>Thu, 07 Aug 2025 08:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/SRB-finalises-operational-guidance-for-banks-on-r</guid>
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					      <title>EBA publishes final draft RTS on equivalent mechanism for unfinished property under CRR3</title>
					      <link>https://finreg.aoshearman.com/EBA-publishes-final-draft-RTS-on-equivalent-mecha</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its final draft regulatory technical standards (RTS) clarifying what constitutes an &quot;equivalent legal mechanism&quot; for unfinished property exposures under the Capital Requirements Regulation (CRR), as amended by the CRR3. These RTS form part of the initial phase of the EBA&apos;s roadmap for implementing the EU Banking Package. Article 124 of the CRR sets out the requirements for assigning risk weights to exposures secured by mortgages on immovable property, including conditions under which exposures to properties under construction may qualify for preferential treatment.

Read more.]]></description>
					      
						      <pubDate>Wed, 06 Aug 2025 16:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-publishes-final-draft-RTS-on-equivalent-mecha</guid>
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					      <title>UK FCA findings on climate reporting under the TCFD regime</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-findings-on-climate-reporting-under-the-TC</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published the findings from its multi-firm review of climate reporting by asset managers, life insurers and FCA-regulated pension providers under the Taskforce on Climate-related Financial Disclosures (TCFD) regime. The review found that the rules have strengthened firms&apos; consideration of climate risks and improved transparency, but challenges remain around data availability and consistent, well-developed methodologies. Firms reported that while the disclosures are useful for institutional investors, they are often too complex for retail investors, particularly at the product level, where reports were also harder to find. Most firms were generally able to report on backward-looking data, such as carbon emissions, but struggled with providing quantitative data to support forward-looking disclosures like scenario analysis, limiting comparability between reports. Asset managers, in particular, viewed the rules as overly granular given their broader, overlapping sustainability disclosure obligations and called for simplification of the requirements. Firms also sought clarity on the future of the TCFD rules in light of the global shift towards ISSB standards, urging the FCA to ensure international alignment and a practical, industry-informed approach.

Read more.]]></description>
					      
						      <pubDate>Wed, 06 Aug 2025 13:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-findings-on-climate-reporting-under-the-TC</guid>
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					      <title>EBA issues no-action letter on the application of the ESG Pillar 3 disclosure requirements</title>
					      <link>https://finreg.aoshearman.com/EBA-issues-no-action-letter-on-the-application-of</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has issued an Opinion in the form of a no-action letter dated 5 August, addressing the application of ESG Pillar 3 disclosure requirements under the EBA disclosure implementing technical standards (ITS). The letter includes recommendations to national competent authorities aimed at easing the implementation timeline for revised ESG Pillar 3 disclosure requirements under the Capital Requirements Regulation (CRR). The objective is to alleviate operational burdens on institutions pending the adoption and publication of amendments to Commission Implementing Regulation (EU) 2024/3172 in the Official Journal of the European Union.

Read more.]]></description>
					      
						      <pubDate>Wed, 06 Aug 2025 10:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-issues-no-action-letter-on-the-application-of</guid>
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					      <title>UK FCA issues updated Enforcement Information Guide</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-issues-updated-Enforcement-Information-Gui</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published an updated Enforcement Information Guide, which reflects changes in the FCA Handbook to its revised Enforcement Guide (ENFG) and the Decision Procedure and Penalties manual. The updated guide provides a high-level overview of the FCA&apos;s enforcement powers under the Financial Services and Markets Act 2000 and the process for a typical enforcement case, to help firms and individuals understand how enforcement operates in practice. Key aspects covered include early resolution options, the FCA&apos;s discount scheme for settlement, the decision-making roles of the Settlement Decision Makers and the Regulatory Decisions Committee, and the potential use of mediation. The guide also explains how cases may be referred to the Upper Tribunal and outlines the FCA&apos;s publicity approach, including when the FCA may publicly share that it is (or is not) investigating a matter. The FCA confirms that the guide does not cover information about its criminal or other processes.]]></description>
					      
						      <pubDate>Wed, 06 Aug 2025 08:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-issues-updated-Enforcement-Information-Gui</guid>
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					      <title>EC Recommendation on a voluntary sustainability reporting standard for SMEs published in OJ</title>
					      <link>https://finreg.aoshearman.com/EC-Recommendation-on-a-voluntary-sustainability-r</link>
					      <description><![CDATA[
Commission Recommendation (EU) 2025/1710 of 30 July 2025 on a voluntary sustainability reporting standard for small and medium-sized undertakings (SMEs) has been published in the Official Journal of the European Union. The Recommendation serves as an interim measure ahead of a formal delegated act, which will establish a future voluntary standard as part of the Omnibus I simplification package. Among other things, the Omnibus I package amends the EU Corporate Sustainability Reporting Directive (CSRD) to make sustainability reporting more accessible and efficient.]]></description>
					      
						      <pubDate>Tue, 05 Aug 2025 13:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-Recommendation-on-a-voluntary-sustainability-r</guid>
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					      <title>EBA consults on streamlining RTS for resolution plans and the functioning of resolution colleges</title>
					      <link>https://finreg.aoshearman.com/EBA-consults-on-streamlining-RTS-for-resolution-p</link>
					      <description><![CDATA[
The European Banking Authority has launched a consultation on proposed revisions to its regulatory technical standards (RTS) on resolution plans and resolution colleges, under Delegated Regulation (EU) 2016/1075, adopted in accordance with the EU Bank Recovery and Resolution Directive. For resolution plans, the proposed changes seek to tackle the issue of increasingly long and detailed plans which have limited optionality by: (i) simplifying and streamlining resolution plans; (ii) making plans more operational to improve their usability, including by separating choice and execution of resolution strategy from assessment of an institution&apos;s resolvability; and (iii) introducing greater optionality to improve the flexibility of resolution planning. On resolution colleges, the proposed changes aim to simplify processes, improve cooperation and information exchange among authorities and improve coordination in the implementation of a resolution scheme. The deadline for responses on the consultation is 5 November, with a public hearing scheduled for 16 September. Registration for the public hearing is due by 10 September.]]></description>
					      
						      <pubDate>Tue, 05 Aug 2025 11:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-consults-on-streamlining-RTS-for-resolution-p</guid>
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					      <title>EBA publishes final report on draft RTS on the prudential treatment of cryptoasset exposures</title>
					      <link>https://finreg.aoshearman.com/EBA-publishes-final-report-on-draft-RTS-on-the-pr</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its final report containing final draft regulatory technical standards (RTS) on the prudential treatment of cryptoasset exposures under the Capital Requirements Regulation (CRR), as amended by the CRR3. The RTS specify the technical elements necessary for institutions to calculate and aggregate cryptoasset exposures in relation to the prudential treatment of such exposures. The draft RTS, initially consulted on in January, remain largely unchanged. However, in response to consultation feedback, the EBA: (i) removes the requirement for prudent valuation of fair value cryptoasset exposures; and (ii) introduces a provision clarifying how institutions should aggregate long and short positions when determining the exposure limit. Together with the transitional provisions in CRR3, the RTS provide institutions with an interim method to capitalise cryptoasset exposures until a permanent prudential framework is in place, enabling institutions to participate in the rapidly evolving crypto markets.]]></description>
					      
						      <pubDate>Tue, 05 Aug 2025 10:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-publishes-final-report-on-draft-RTS-on-the-pr</guid>
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					      <title>UK FCA urges CMCs to review financial promotions regarding motor finance claims</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-urges-CMCs-to-review-financial-promotions-</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a letter dated 31 July, addressed to claims management companies (CMCs) involved with motor finance claims, urging them to review their financial promotions to ensure compliance with the FCA Handbook and standards set out under the Consumer Duty. The FCA has seen an increase in activity with CMC firms. From 1 January 2024 to 30 June 2025, the FCA&apos;s engagement with 14 authorised CMCs specialising in motor finance claims has resulted in 225 financial promotions being amended/withdrawn. The letter sets out the FCA&apos;s concerns regarding financial promotions across a range of media platforms, including websites, social media, banner advertisements and paid Google ads, that may breach the requirements set out in the Claims Management: Conduct of Business sourcebook (CMCOB) and the Consumer Duty.

Read more.]]></description>
					      
						      <pubDate>Mon, 04 Aug 2025 14:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-urges-CMCs-to-review-financial-promotions-</guid>
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					      <title>ESAs update SFDR Q&amp;As</title>
					      <link>https://finreg.aoshearman.com/ESAs-update-SFDR-QampAs</link>
					      <description><![CDATA[
The European Supervisory Authorities—the European Banking Authority, European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority—have published an updated version of their consolidated Q&amp;A document (JC 2023 18) on the Sustainable Finance Disclosure Regulation (SFDR) and on Commission Delegated Regulation (EU) 2022/1288 supplementing the SFDR. The latest update includes four new Q&amp;As addressing: (i) the definition of the term &quot;water usage&quot;; (ii) how to calculate useful internal floor area for owned real estate assets; (iii) best practice about disclosure of percentages for environmentally and socially sustainable investments; and (iv) whether financial products should calculate top investments or shares of investments in periodic disclosures in a specific way over the reference period.]]></description>
					      
						      <pubDate>Mon, 04 Aug 2025 14:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESAs-update-SFDR-QampAs</guid>
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					      <title>HMT extends consultation deadline on applying FSMA 2000 model of regulation to UK CRR</title>
					      <link>https://finreg.aoshearman.com/HMT-extends-consultation-deadline-on-applying-FSM</link>
					      <description><![CDATA[
HM Treasury (HMT) has announced an extension to the consultation deadlines set out in its policy update on applying the Financial Services and Markets Act 2000 (FSMA) model of regulation to the Capital Requirements Regulation (CRR). HMT had published a policy update inviting responses on the Overseas Recognition Regimes and Key CRR Definitions, as well as on the associated draft legislation, on 15 July. Responses were originally requested by 5 September. In response to industry feedback that additional time would be helpful for respondents, HMT has extended the deadline for responses on: (i) the Basel 3.1 transitional Statutory Instrument (The Capital Requirements Regulation (Amendment) Regulations 2025) to 12 September; and (ii) the proposed Overseas Recognition Regimes and Key UK CRR Definitions (as outlined in Chapters 3 and 4 of the policy update), together with the associated draft legislation (The Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2025) to 30 September.]]></description>
					      
						      <pubDate>Mon, 04 Aug 2025 10:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-extends-consultation-deadline-on-applying-FSM</guid>
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					      <title>EBA publishes final RTS for operational risk loss under CRR3</title>
					      <link>https://finreg.aoshearman.com/EBA-publishes-final-RTS-for-operational-risk-loss</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a final report containing three final draft regulatory technical standards (RTS) aimed at standardising the collection and recording of operational risk losses under the Capital Requirements Regulation (CRR) as amended by the CRR3. The RTS also clarify exemptions for the calculation of the annual operational risk loss and on the adjustments to loss data sets that banks must perform in case of merged or acquired entities or activities. The draft RTS were previously consulted on in June 2024.

Read more.]]></description>
					      
						      <pubDate>Mon, 04 Aug 2025 10:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-publishes-final-RTS-for-operational-risk-loss</guid>
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					      <title>UK FCA to consult on motor finance consumer redress scheme</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-to-consult-on-motor-finance-consumer-redre</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has issued a statement alongside a press release confirming its intention to consult on a motor finance redress scheme for consumers affected by unfair commission arrangements. This follows the UK Supreme Court&apos;s ruling on 1 August. The FCA states that its aim is to create a redress scheme which is fair and easy for consumers to participate in, so there is no need to use a claims management company or law firm. In its statement, the FCA confirms that the consultation, expected in early October, will consider the following topics as set out below.

Read more.]]></description>
					      
						      <pubDate>Sun, 03 Aug 2025 15:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-to-consult-on-motor-finance-consumer-redre</guid>
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					      <title>UK FCA announces retail access to crypto ETNs</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-announces-retail-access-to-crypto-ETNs</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has announced that effective from 8 October, retail consumers will be permitted to access crypto exchange traded notes (cETNs), marking a significant shift from the current ban. This move is the latest step in the FCA&apos;s evolving approach to establishing a regulatory framework for crypto, in line with its crypto roadmap. To ensure investor protection, cETNs must be traded exclusively on an FCA-approved, UK-based Recognised Investment Exchange (RIE). Firms offering these products will be subject to financial promotion rules to avoid offering consumers inappropriate incentives to invest and to ensure consumers are provided with the right information. While the consumer duty will apply to firms offering these products to retail investors, the FCA clarifies that there will not be coverage from the Financial Services Compensation Scheme. Consumers should therefore ensure they understand the risks before deciding to invest. The existing ban on cryptoasset derivatives for retail clients remains in force.]]></description>
					      
						      <pubDate>Fri, 01 Aug 2025 15:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-announces-retail-access-to-crypto-ETNs</guid>
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					      <title>UK Supreme Court hands down significant judgement on motor finance commission complaints</title>
					      <link>https://finreg.aoshearman.com/UK-Supreme-Court-hands-down-significant-judgement</link>
					      <description><![CDATA[
The UK Supreme Court has handed down its judgment on the conjoined appeals involving two lenders who challenged the decision of the Court of Appeal that a car finance broker could not lawfully receive a lender&apos;s commission without first obtaining the customer&apos;s fully informed consent to the deal. In its judgment, the Supreme Court largely overturns this decision, deciding that lenders who financed the car loans were not liable to their customers for bribery for failing to obtain their informed consent to commission payments made by the lenders to the dealers arranging the finance. However, in relation to one customer liability did arise on the basis there was an unfair relationship between the customer and lender for the purposes of the Consumer Credit Act 1974. For further detail on the judgment, you may like to read our article &quot;Commission not impossible: no bribery or breach of fiduciary duty in failure to disclose car finance commission&quot;. On the same day, the UK Financial Conduct Authority (FCA) issued a statement in response to the Supreme Court&apos;s judgment. The FCA acknowledged the significance of the ruling and confirmed it would provide further clarity regarding a potential redress scheme, which it then published on 3 August.]]></description>
					      
						      <pubDate>Fri, 01 Aug 2025 14:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Supreme-Court-hands-down-significant-judgement</guid>
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					      <title>Delegated Regulation on RTS on extraordinary circumstances under CRR published in OJ</title>
					      <link>https://finreg.aoshearman.com/Delegated-Regulation-on-RTS-on-extraordinary-circ</link>
					      <description><![CDATA[
Commission Delegated Regulation (EU) 2025/789 supplementing the Capital Requirements Regulation (No 575/3013) (CRR) has been published in the Official Journal of the European Union (OJ). The Delegated Regulation contains regulatory technical standards (RTS) specifying the conditions and indicators that the European Banking Authority (EBA) is to use to determine whether extraordinary circumstances have occurred for the purposes of Articles 325az(5) and 325bf(6) of the CRR. Articles 325bf(6) and 325az(5) of the CRR, as amended by the CRR3 (EU) 2024/1623), enable competent authorities to permit institutions not to comply with certain requirements of the regulatory framework for the use of internal models where the EBA considers that there are extraordinary circumstances. The RTS specify that such circumstances could be recognised where a significant cross-border financial market stress has been observed, or a major regime shift has taken place, that is likely to render the outcome of the back-testing and profit and loss attribution requirements non-representative of the adequacy of the internal model for the calculation of own funds requirements. The RTS also contain a non-exhaustive list of indicators that the EBA is to use to assess whether extraordinary circumstances have occurred. The Delegated Regulation enters into force on 21 August, the twentieth day following its publication in the OJ.]]></description>
					      
						      <pubDate>Fri, 01 Aug 2025 10:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Delegated-Regulation-on-RTS-on-extraordinary-circ</guid>
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					      <title>UK PRA extends adjustments to Basel 3.1 market risk framework consultation</title>
					      <link>https://finreg.aoshearman.com/UK-PRA-extends-adjustments-to-Basel-31-market-ris</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has announced, as part of its Regulatory Digest for July, an extension to the consultation period for CP17/25 which sets out proposed adjustments to the market risk framework under Basel 3.1. The consultation was originally published on 15 July. In response to industry feedback that respondents may benefit from extra time to develop their responses to the consultation, while considering the proposed implementation timelines for the full Basel 3.1 package, the deadline for responses has now been extended from 5 September to 12 September.]]></description>
					      
						      <pubDate>Fri, 01 Aug 2025 10:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PRA-extends-adjustments-to-Basel-31-market-ris</guid>
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					      <title>UK FCA Handbook 132</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-Handbook-132</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Handbook Notice 132, outlining legislative and technical updates to the FCA Handbook made by the statutory instruments set out below.


	Non-Financial Misconduct Instrument 2025, enters into force on 1 September 2026 and amends the Code of Conduct sourcebook (COCON) and extends FCA rules on non-financial misconduct to non-banks.
	Periodic Fees (2025/2026) and Other Fees Instrument 2025, entered into force on 1 July and amends the Glossary and Fees manual (FEES) to update the regulatory fees and levies for the 2025/26 period.


Read more.]]></description>
					      
						      <pubDate>Fri, 01 Aug 2025 08:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-Handbook-132</guid>
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					      <title>EBA consults on draft ITS for supervisory reporting for third-country branches under CRD VI</title>
					      <link>https://finreg.aoshearman.com/EBA-consults-on-draft-ITS-for-supervisory-reporti</link>
					      <description><![CDATA[
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 VI). The proposals aim to bring consistency to reporting formats, definitions and frequencies across the EU, while also strengthening oversight of third-country branches. To achieve this, the EBA is introducing structured data collection with new templates that capture information on both the branches and their head undertakings. This is intended to address the inconsistencies in national approaches currently in place and ensure supervisors have a clearer view of the financial health, risk profile and group dependencies of these entities.

Read more.]]></description>
					      
						      <pubDate>Thu, 31 Jul 2025 13:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-consults-on-draft-ITS-for-supervisory-reporti</guid>
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					      <title>UK FCA findings on digital design of loan processes in customers&apos; online journeys</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-findings-on-digital-design-of-loan-process</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published the findings from its review on digital design in customers&apos; online journeys when accessing consumer credit, with related press release, identifying good practices and areas for improvement. Although the findings relate to consumer credit providers, other firms with a digital presence may find the examples of good and poor practice useful. The FCA found that some firms&apos; digital design supported good consumer outcomes, such as using simplified language and offering explainer videos. Other firms had less well-designed digital platforms. A particular issue was a lack of &quot;positive friction&quot;, meaning consumers were driven towards making quick decisions that did not align with their best interests.

Read more.]]></description>
					      
						      <pubDate>Thu, 31 Jul 2025 11:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-findings-on-digital-design-of-loan-process</guid>
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					      <title>UK SRA and FCA issue warning to law firms and claims management companies over poor practices in motor finance commission claims</title>
					      <link>https://finreg.aoshearman.com/UK-SRA-and-FCA-issue-warning-to-law-firms-and-cla</link>
					      <description><![CDATA[
The UK Solicitors Regulation Authority and the UK Financial Conduct Authority (FCA) have issued a joint warning addressed to law firms and claims management companies (CMCs) over poor practices in motor finance commission claims. The warning comes ahead of the pending Supreme Court judgement, expected on 1 August, which, if upheld could expose firms to significant liability for failing to disclose commissions. The FCA has confirmed it will likely consult on a free motor finance redress scheme for affected consumers. The joint warning sets out expectations for law firms and CMCs, including that they inform clients of the existence, or a potential introduction, of a free redress scheme before entering into agreements with consumers, even if the scheme has not yet been confirmed. A decision on a potential FCA-led redress scheme is expected within six weeks of the Supreme Court&apos;s judgment.]]></description>
					      
						      <pubDate>Thu, 31 Jul 2025 11:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-SRA-and-FCA-issue-warning-to-law-firms-and-cla</guid>
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					      <title>UK PRA publishes discussion paper on proposed reforms to IRB approach for residential mortgages</title>
					      <link>https://finreg.aoshearman.com/UK-PRA-publishes-discussion-paper-on-proposed-ref</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published discussion paper DP1/25 inviting views on potential reforms to the internal ratings based (IRB) approach to credit risk for residential mortgage exposures. The PRA recognises that medium-sized firms face challenges in developing compliant models for loss given default (LGD) and probability of default (PD), which may restrict access to the IRB framework and limit competition. To address this, the PRA is considering a new foundation IRB (FIRB) approach under which firms would model PD while applying fixed supervisory values for LGD and exposure at default (EAD). This would provide a proportionate alternative to the standardised approach (SA) and advanced IRB (AIRB) for firms with limited data or modelling capabilities. In parallel, the PRA is also exploring policy options to ease implementation of PD modelling requirements. These include revising or removing the 30% cyclicality calibration cap, simplifying long-run average default rate estimation and exploring through-the-cycle (TtC) models for medium-sized firms. The PRA is not committing to any policy changes at this stage but seeks views by 31 October. Any changes would take effect after the implementation of the near-final Basel 3.1 rules.]]></description>
					      
						      <pubDate>Thu, 31 Jul 2025 07:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PRA-publishes-discussion-paper-on-proposed-ref</guid>
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					      <title>EC adopts recommendation on a voluntary sustainability reporting standard for SMEs</title>
					      <link>https://finreg.aoshearman.com/EC-adopts-recommendation-on-a-voluntary-sustainab</link>
					      <description><![CDATA[
The European Commission (EC) has adopted a recommendation on a voluntary sustainability reporting standard for small and medium-sized enterprises (SMEs). The recommendation serves as an interim measure ahead of a formal delegated act, which will establish a future voluntary standard as part of the Omnibus I simplification package. Among other things, the Omnibus I package amends the EU Corporate Sustainability Reporting Directive (CSRD) to make sustainability reporting more accessible and efficient.

The EC&apos;s standard is intended to make it easier for SMEs not covered by CSRD to respond to requests for sustainability information from large companies and financial institutions that are subject to CSRD. SMEs may also choose to voluntarily report sustainability information in line with the standard to enhance their access to sustainable finance and improve their internal sustainability performance monitoring. The EC encourages large companies and financial institutions to base their sustainability information requests to SMEs on this voluntary standard as far as possible. The upcoming delegated act, which may differ in content from the recommendation, will also introduce a &quot;value-chain cap&quot; to protect SMEs from disproportionate data demands from their value chain partners. Its adoption will depend on the timing and outcome of negotiations between the co-legislators on the Omnibus I proposal.]]></description>
					      
						      <pubDate>Wed, 30 Jul 2025 11:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-adopts-recommendation-on-a-voluntary-sustainab</guid>
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					      <title>UK PRA extends Phase 1 Pillar 2A review consultation and defers implementation of certain risk areas</title>
					      <link>https://finreg.aoshearman.com/UK-PRA-extends-Phase-1-Pillar-2A-review-consultat</link>
					      <description><![CDATA[
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 to industry feedback that respondents may benefit from extra time, particularly due to other concurrent regulatory consultations that close in early September, the deadline for responses has been extended from 5 September to 30 September. Additionally, the proposed implementation date for changes relating to pension obligation risk and market and counterparty credit risk (Chapters 4 and 5) have been deferred from 2 March 2026 to 1 July 2026. The implementation timeline for credit risk and operational risk proposals (Chapters 2 and 3) remains unchanged, aligned with the Basel 3.1 implementation date of 1 January 2027.]]></description>
					      
						      <pubDate>Wed, 30 Jul 2025 11:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PRA-extends-Phase-1-Pillar-2A-review-consultat</guid>
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					      <title>UK PRA consults on restatement of CRR definitions in Rulebook</title>
					      <link>https://finreg.aoshearman.com/UK-PRA-consults-on-restatement-of-CRR-definitions</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published consultation paper CP19/25, proposing the transfer of definitions from Articles 4, 4A, 4B and 5 of the UK Capital Requirements Regulation (CRR) into the PRA Rulebook Glossary. This follows HM Treasury&apos;s (HMT) announcement to revoke remaining CRR provisions, aligning with the UK&apos;s FSMA model of regulation. The PRA intends to adopt a &quot;lift and shift&quot; approach, restating most definitions without substantive change. However, targeted amendments to improve clarity and reduce regulatory burden are also proposed. Key proposals include updates to definitions such as &apos;SME&apos;, &apos;large institution&apos; and &apos;credit risk&apos; terms, among others, introducing new definitions for terms currently implicitly defined in the CRR, as well as consequential amendments across the Rulebook and supervisory statements. The proposed changes are set out in the PRA Rulebook: Definitions and Interpretation (CRR) Instrument [2026] and the draft amendments to Supervisory Statement SS13/13 on Market Risk. The proposal in this consultation also considers the draft Credit Institutions and Investment Firms (Miscellaneous Definitions) (Amendment) Regulations 2025, published by HMT on 15 July and the PRA expects to consider any relevant subsequent legislative proposals and statutory instruments when finalising its approach. The deadline for comments on the consultation is 30 October, with proposed implementation aligned with the Basel 3.1 package, taking effect on 1 January 2027.]]></description>
					      
						      <pubDate>Wed, 30 Jul 2025 07:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PRA-consults-on-restatement-of-CRR-definitions</guid>
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					      <title>UK FCA publishes Wider Implications Framework report 2024/25</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-publishes-Wider-Implications-Framework-rep</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its third annual report of the Wider Implications Framework (WIF) for the 2024/25 period, covering 1 April 2024 to 31 March. The report summarises coordinated efforts and actions taken by the FCA, Financial Ombudsman Service (FOS), Financial Services Compensation Scheme, the Money and Pensions Service and the Pensions Regulator to address cross-cutting and systemic issues in financial services. The report highlights joint work conducted on motor finance commission complaints, embedding the consumer duty and implementation of the mandatory reimbursement requirements for authorised push payment fraud. The report also offers insight into how collaboration has been enhanced by updating the WIF&apos;s Terms of Reference and the FCA and FOS signing a refreshed Memorandum of Understanding. Alongside the report, the July 2025 Wider Implications Framework Issues Log was also published which provides a detailed overview of the key issues currently under consideration by the FCA and the other regulatory bodies, demonstrating how these matters are being addressed collaboratively.]]></description>
					      
						      <pubDate>Tue, 29 Jul 2025 14:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-publishes-Wider-Implications-Framework-rep</guid>
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					      <title>BoE consults on extending RT2 and CHAPS settlement hours - Phase 1</title>
					      <link>https://finreg.aoshearman.com/BoE-consults-on-extending-RT2-and-CHAPS-settlemen</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a consultation paper outlining Phase 1 of its extension to settlement hours for the UK&apos;s renewed Real-Time Gross Settlement system (RT2) and CHAPS. RT2 went live in April. The BoE has concluded that the existing 6am to 6pm window for settlement no longer meets industry needs, which operate on a 24x7 basis. The BoE is proposing to extend CHAPS opening hours in phases, with the goal of near 24x7 settlement for RT2 and CHAPS by the end of the decade.

The BoE&apos;s Phase 1 consultation proposes opening CHAPS for settlement from 1:30am on existing business days for urgent and non-urgent settlement of any payment available for settlement, with implementation targeted for the second half of 2027. The consultation also seeks early views on extending the CHAPS contingency window from its current hours of 6pm-8pm to 6pm-10pm, and on introducing RT2 settlement on certain bank holiday weekends. The deadline for responses on the consultation is 21 October.

The BoE plans to publish a policy statement on the 1:30am CHAPS extension in early 2026, as well as a Phase 2 consultation paper seeking views on the evening contingency extension and bank holiday settlement. A policy statement on the latter is also expected next year.]]></description>
					      
						      <pubDate>Tue, 29 Jul 2025 13:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-consults-on-extending-RT2-and-CHAPS-settlemen</guid>
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					      <title>Commission Decision extending mandate of Payment Systems Market Expert Group published in OJ</title>
					      <link>https://finreg.aoshearman.com/Commission-Decision-extending-mandate-of-Payment-</link>
					      <description><![CDATA[
Commission Decision amending Decision 2011/C 253/04 of 29 August 2011 has been published in the Official Journal of the European Union. The amendment, adopted on 25 July, extends the mandate of the Payment Systems Market Expert Group (PSMEG) from 31 December 2025 to 31 December 2030. The PSMEG is comprised of a broad range of payment service providers and users, advising the European Commission on policy development and implementation in the payments sector. The extension reflects the continued need for expert input amid rapid innovation, technological progress and evolving market developments.]]></description>
					      
						      <pubDate>Tue, 29 Jul 2025 12:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Commission-Decision-extending-mandate-of-Payment-</guid>
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					      <title>UK FPC finalises O-SII buffer framework review</title>
					      <link>https://finreg.aoshearman.com/UK-FPC-finalises-O-SII-buffer-framework-review</link>
					      <description><![CDATA[
The Bank of England (BoE) has published the Financial Policy Committee&apos;s (FPC) final response to the 2024 review of the Other Systemically Important Institutions (O-SII) buffer framework. This follows the March consultation, which proposed increasing the O-SII buffer thresholds to reflect the 20% cumulative growth in nominal GDP between 2019 and 2023 and extending the O-SII buffer review cycle from two to three years. In response to consultation feedback, the FPC has made only one adjustment to the indexation period—starting with the O-SII buffer rates set in 2025, a longer indexation period, from 2019 to 2024, will be used to determine future rates. This means the O-SII buffer thresholds will increase by 27%, rather than the 20% proposed in the consultation. To ensure firms benefit without delay, the revised framework takes immediate effect. Looking ahead, the December review of O-SII buffer rates (applicable from 1 January 2027) will use thresholds indexed to nominal GDP data up to end-2024.

The framework has been largely implemented as consulted on, with the UK Prudential Regulation Authority (PRA) reissuing firms&apos; 2024 O-SII buffer rates, using end-2023 balance sheet data and thresholds indexed by 20%, which apply from 1 January 2026.]]></description>
					      
						      <pubDate>Tue, 29 Jul 2025 10:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FPC-finalises-O-SII-buffer-framework-review</guid>
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					      <title>UK FCA appoints new interim chair of FOS</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-appoints-new-interim-chair-of-FOS</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has announced the appointment of Liam Coleman as interim Chair of the Financial Ombudsman Service (FOS), effective from 10 October. Mr Coleman will chair in this position until a permanent appointment is made, following an initial recruitment campaign that proved unsuccessful. He will step down as a non-executive director of the FCA to assume his new position. His appointment comes as the FCA continue work to modernise the redress system and support prevent delays to compensation.]]></description>
					      
						      <pubDate>Mon, 28 Jul 2025 14:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-appoints-new-interim-chair-of-FOS</guid>
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					      <title>UK FCA findings on multi-firm review of data quality control frameworks in benchmarks sector</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-findings-on-multi-firm-review-of-data-qual</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new webpage summarising the findings of its multi-firm review into how benchmark administrators (BMA) manage data-related risks. While the FCA found some firms to demonstrate some good arrangements, overall practices varied and often fell short of consistently supporting a strong control environment. The review follows the FCA&apos;s portfolio letter in which the FCA discussed its concerns on data quality controls, corporate governance and oversight, benchmark controls, disclosures and operational resilience. Key findings from the review are set out below.

Read more.]]></description>
					      
						      <pubDate>Mon, 28 Jul 2025 11:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-findings-on-multi-firm-review-of-data-qual</guid>
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					      <title>EBA issues opinion on money laundering and terrorist financing risks across the EU</title>
					      <link>https://finreg.aoshearman.com/EBA-issues-opinion-on-money-laundering-and-terror</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its fifth opinion on money laundering and terrorist financing (ML/TF) risks. In the report, the EBA highlights the growing vulnerabilities in the EU financial sector arising from the growth of technologies, new financial products such as crypto-assets, and the increasing interconnection of financial products and services across sectors. The EBA states that while tools such as RegTech and AI offer potential for enhanced compliance, their improper implementation (often due to lack of expertise and oversight) has led to serious compliance failures. Competent authorities have reported high or rising ML/TF risks in Fintech firms and crypto-asset service providers linked to weak AML/CFT controls and governance. Additionally, the use of AI by criminals to automate laundering and forge documents is outpacing institutional defences. The EBA notes that supervisory engagement has improved the capability of some sectors to fight financial crime. The EBA emphasises the importance for consistent application of the new EU AML/CFT legal framework.]]></description>
					      
						      <pubDate>Mon, 28 Jul 2025 11:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-issues-opinion-on-money-laundering-and-terror</guid>
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					      <title>ECB publishes revised guide to internal models</title>
					      <link>https://finreg.aoshearman.com/ECB-publishes-revised-guide-to-internal-models</link>
					      <description><![CDATA[
The European Central Bank (ECB) has published a revised version of its guide to internal models, reflecting updates under the Capital Requirements Regulation (CRR3) and the revised Basel framework. The update enhances transparency around the ECB&apos;s interpretation of key regulatory requirements. The main updates include: (i) a newly introduced section outlining supervisory expectations for the use of machine learning in internal models, which aims to ensure that models using these techniques are adequately explainable and that their performance justifies their complexity; (ii) updates to the &apos;credit risk&apos; chapter refining expectations on roll-out and permanent partial use, internal validation and audit (in line with the EBA&apos;s Internal Ratings-Based handbook), default definitions and risk parameter estimation and clarifying senior management responsibilities; (iii) splitting the topic of &apos;market risk&apos; into two chapters to reflect supervisory expectations under CRR2 and CRR3 frameworks, acknowledging delays in implementing the new Basel standards—initially to 2026, with a further proposed delay to 2027 pending EU scrutiny; and (iv) expanded guidance under the chapter on &apos;counterparty credit risk&apos; on modelling exposures, trade risks, and maturity adjustments in accordance with CRR3.]]></description>
					      
						      <pubDate>Mon, 28 Jul 2025 10:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECB-publishes-revised-guide-to-internal-models</guid>
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					      <title>UK FCA Primary Market Bulletin No.57</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-Primary-Market-Bulletin-No57</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Primary Market Bulletin 57 (PMB 57), setting out updates to its technical notes to reflect the implementation of the new UK Listing Regime (UKLR). Specifically, the FCA finalises five technical notes following its April consultation in PMB 55 and reconsults on TN 710 (&apos;Sponsor Services: Principles for Sponsors&apos;), previously consulted on in PMB 48 and PMB 53, seeking to clarify the scope of &apos;preparatory work&apos; and sponsor obligations under UKLR 4.

Read more.]]></description>
					      
						      <pubDate>Fri, 25 Jul 2025 13:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-Primary-Market-Bulletin-No57</guid>
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					      <title>ECB finalises revisions to guide on options and discretions under EU banking law</title>
					      <link>https://finreg.aoshearman.com/ECB-finalises-revisions-to-guide-on-options-and-d</link>
					      <description><![CDATA[
The European Central Bank (ECB) has published an updated guide outlining its supervisory stance on the exercise of options and discretions provided for under the Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD), in the context of prudential supervision of credit institutions. The guide seeks to provide coherence and transparency on the supervisory policies that will be applied in supervisory processes within the Single Supervisory Mechanism, particularly in supporting joint supervisory teams in their oversight of significant credit institutions. The update takes into account the latest revisions to the EU&apos;s CRD and CRR. The ECB has also published a feedback statement. A version of the guide with draft revision marks has also been released to clearly outline the changes made by the ECB in response to the consultation that ended in January.

Read more.]]></description>
					      
						      <pubDate>Fri, 25 Jul 2025 10:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECB-finalises-revisions-to-guide-on-options-and-d</guid>
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					      <title>Suite of technical standards supplementing the EU Green Bonds Regulation and guidelines published in the OJ</title>
					      <link>https://finreg.aoshearman.com/Suite-of-technical-standards-supplementing-the-EU</link>
					      <description><![CDATA[
Three Commission Delegated Regulations supplementing the EU Green Bonds Regulation (Regulation (EU) 2023/2631) have been published in the Official Journal of the European Union (OJ), namely:

	Commission Delegated Regulation (EU) - 2025/753 establishing the content, methodologies and presentation of the information to be voluntarily disclosed by issuers of bonds marketed as environmentally sustainable or of sustainability-linked bonds in the templates for periodic post-issuance disclosures.
	Commission Delegated Regulation (EU) - 2025/754 specifying rules of procedure for the exercise of the power to impose fines or periodic penalty payments by the European Securities and Markets Authority on external reviewers.
	Commission Delegated Regulation (EU) - 2025/755 specifying the type of fees to be charged by ESMA to external reviewers of European Green Bonds, the matters in respect of which fees are due, the amount of the fees, and the manner in which those fees are to be paid.


Read more.]]></description>
					      
						      <pubDate>Fri, 25 Jul 2025 10:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Suite-of-technical-standards-supplementing-the-EU</guid>
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					      <title>UK OFSI updates financial sanctions guidance with new licensing ground</title>
					      <link>https://finreg.aoshearman.com/UK-OFSI-updates-financial-sanctions-guidance-with</link>
					      <description><![CDATA[
The UK Office of Financial Sanctions Implementation (OFSI) has updated its general guidance on financial sanctions, introducing a new licensing ground under Section 6.6, permitting the return of funds from designated Money Service Businesses (MSBs) to non-designated persons, subject to strict conditions. To qualify, the MSB must be registered in the UK under the Money Laundering Regulations 2017, the recipient must not be a designated person and no payments will be made to a designated person (whether directly or indirectly), the original payment must have been made prior to the MSB&apos;s designation without breaching asset freeze restrictions and the repayment must not undermine efforts to prevent or detect serious crime. OFSI will consult law enforcement authorities to assess crime risk before granting a licence, and only MSBs defined and registered under the 2017 Regulations are eligible. OFSI emphasises that as licensing grounds and exceptions can vary between regimes, it remains essential to consult the relevant, up-to-date legislation.]]></description>
					      
						      <pubDate>Thu, 24 Jul 2025 15:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-OFSI-updates-financial-sanctions-guidance-with</guid>
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					      <title>ESMA confirms switch toward single volume cap in October</title>
					      <link>https://finreg.aoshearman.com/ESMA-confirms-switch-toward-single-volume-cap-in-</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a press release to confirm that, effective from October, the EU will transition from the current double volume cap (DVC) mechanism to a single volume cap mechanism (VCM) as part of the Markets in Financial Instruments Regulation (MiFIR) Review. Under the new regime, trading under the reference price waiver will be capped at 7% of the total EU trading volume over the preceding 12 months for each equity and equity-like instrument. If this threshold is exceeded, trading venues must suspend the waiver for the affected instrument for three months, based on data published by ESMA under the new VCM webpage. To streamline compliance, VCM calculations will rely on transaction data collected by national competent authorities, and the DVC reporting system will be decommissioned in January 2026. ESMA has submitted amendments to the relevant regulatory technical standard, known as RTS 3, for adoption to reflect these changes, although the VCM transition will proceed regardless of the RTS 3 adoption timeline. ESMA advises interested parties to prepare for the new requirements, with the first publication of the VCM calculation results expected on 9 October.]]></description>
					      
						      <pubDate>Thu, 24 Jul 2025 13:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-confirms-switch-toward-single-volume-cap-in-</guid>
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					      <title>UK government announces trade deal with India</title>
					      <link>https://finreg.aoshearman.com/UK-government-announces-trade-deal-with-India</link>
					      <description><![CDATA[
The UK government has announced the signing of a Free Trade Agreement (FTA) with India, agreed in May this year. According to the government&apos;s press release, for financial and professional services the deal provides locked-in market access and legal certainty and ensures UK firms are treated on par with domestic suppliers. Separately, the UK government has also renewed the Comprehensive and Strategic Partnership with India, enhancing cooperation on defence, education, climate and technology. Both countries also agreed to strengthen collaboration in tackling serious fraud, organised crime and illegal migration. This includes agreeing to finalise a new criminal records sharing agreement to support proceedings, maintain accurate watchlists and enforce travel bans.]]></description>
					      
						      <pubDate>Thu, 24 Jul 2025 10:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-government-announces-trade-deal-with-India</guid>
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					      <title>ECON adopts opinion on Omnibus I sustainability package</title>
					      <link>https://finreg.aoshearman.com/ECON-adopts-opinion-on-Omnibus-I-sustainability-p</link>
					      <description><![CDATA[
The European Parliament&apos;s Committee on Economic and Monetary Affairs (ECON) has adopted its opinion on the Omnibus I package that proposes targeted amendments to key directives on corporate sustainability reporting and due diligence. The opinion recommends significantly narrowing the scope of reporting obligations by raising the applicability thresholds from 1000 to over 5000 employees and a net worldwide turnover exceeding EUR 450 million. ECON also proposes aligning reporting standards with international frameworks such as those of the International Sustainability Standards Board. It also calls for the deletion of certain due diligence obligations, including the requirement to implement climate transition plans and suggests capping financial penalties at 5% of net profits. The Council of EU has already adopted its negotiating mandate. Trilogue negotiations between the Council of the EU and European Parliament will begin once the latter has adopted its own formal negotiating position.]]></description>
					      
						      <pubDate>Thu, 24 Jul 2025 10:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECON-adopts-opinion-on-Omnibus-I-sustainability-p</guid>
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					      <title>EBA publishes report on direct provision of banking services from third countries under CRD VI</title>
					      <link>https://finreg.aoshearman.com/EBA-publishes-report-on-direct-provision-of-banki</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its report under Article 21c(6) of the Capital Requirements Directive VI on whether to amend the provisions governing the direct provision of core banking services from third countries to EU credit institutions and EU financial sector entities (FSEs). In collaboration with the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority, the EBA conducted a quantitative and qualitative assessment to determine whether third-country undertakings should be allowed to provide core banking services directly to EU FSEs in addition to EU credit institutions without establishing a branch in the EU.

Read more.]]></description>
					      
						      <pubDate>Wed, 23 Jul 2025 14:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-publishes-report-on-direct-provision-of-banki</guid>
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					      <title>FCA Market Watch 82: UK MiFID transaction reporting</title>
					      <link>https://finreg.aoshearman.com/FCA-Market-Watch-82-UK-MiFID-transaction-reportin</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Market Watch 82, outlining supervisory findings on transaction reporting under the UK&apos;s Markets in Financial Instruments regime. The FCA focuses on three key areas: (i) remedial timelines, where the FCA observed persistent inefficiencies in firms&apos; operational frameworks, including delays in remediation caused by weak governance, fragmented internal processes and insufficient resourcing; (ii) back reporting, with case studies illustrating common causes of delayed back reporting, such as poor data governance and adverse impacts on business-as-usual operations; and (iii) breach notifications, where the FCA provides a table, summarising its supervisory observations of issue descriptions, root cause analysis and governance disclosures while also setting out best practices. The FCA confirms it will continue to monitor the quality of breach notifications closely.]]></description>
					      
						      <pubDate>Wed, 23 Jul 2025 13:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-Market-Watch-82-UK-MiFID-transaction-reportin</guid>
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					      <title>FMSB consults on statement of good practice on unauthorised trading frameworks</title>
					      <link>https://finreg.aoshearman.com/FMSB-consults-on-statement-of-good-practice-on-u</link>
					      <description><![CDATA[
The Financial Markets Standards Board (FMSB) has published a transparency draft of its Statement of Good Practice (SoGP) on Unauthorised Trading Frameworks for consultation. This draft, which builds on FMSB&apos;s prior work on Front Office Supervision, sets out a series of principles-based measures designed to strengthen oversight and control mechanisms aimed at mitigating the persistent risks of unauthorised trading in wholesale financial markets. FMSB notes that, despite the existence of significant risk management frameworks, unauthorised trading continues to pose risks that can result in material financial, reputational and regulatory harm. The SoGP has been designed to promote consistent expectations across jurisdictions and has been developed with input from buy-side and sell-side firms, as well as support from the global regulatory community. The deadline for comments is 15 September.]]></description>
					      
						      <pubDate>Wed, 23 Jul 2025 10:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FMSB-consults-on-statement-of-good-practice-on-u</guid>
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					      <title>FCA publishes final rules on simplifying mortgage lending rules under the MRR</title>
					      <link>https://finreg.aoshearman.com/FCA-publishes-final-rules-on-simplifying-mortgage</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published final policy statement PS25/11, accompanied by a press release, finalising the first set of reforms under the Mortgage Rule Review (MRR). These changes aim to simplify mortgage lending rules and increase flexibility for consumers, in line with the FCA&apos;s five-year strategy to support sustainable home ownership and improve consumer outcomes. Following the May consultation, the FCA confirms it will proceed with a majority of the proposed changes as consulted on, with minor amendments in response to feedback. The FCA confirms that it is retiring two pieces of non-Handbook guidance (FG13/7 and FG24/2) and implementing rule changes that streamline the mortgage advice process.

Read more.]]></description>
					      
						      <pubDate>Tue, 22 Jul 2025 11:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-publishes-final-rules-on-simplifying-mortgage</guid>
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					      <title>Wolfsberg Group issues statement on the RBA for financial crime risk management</title>
					      <link>https://finreg.aoshearman.com/Wolfsberg-Group-issues-statement-on-the-RBA-for-f</link>
					      <description><![CDATA[
The Wolfsberg Group (the Group) has released a statement reaffirming its commitment to the risk-based approach (RBA) for financial crime risk management. Further to its 2006 RBA guidance, and in line with the Financial Action Task Force, the Group emphasises that an effective RBA requires financial institutions to identify, assess and understand their exposure to financial crime risks, and to take proportionate, prioritised and outcome-focused action. It outlines three core elements that financial institutions should demonstrate when designing their risk-based programme, including proportionality in programme design, prioritisation of higher-risk areas and a focus on effectiveness over rigid rule-based compliance. The Group confirms it will be updating its 2006 RBA guidance and 2015 FAQs on risk assessments. It encourages stakeholders to consider this statement alongside the broader resources listed therein, to support efforts in addressing financial crime and enhancing collaboration.]]></description>
					      
						      <pubDate>Tue, 22 Jul 2025 11:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Wolfsberg-Group-issues-statement-on-the-RBA-for-f</guid>
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					      <title>EC consults on the treatment of equity exposures under legislative programmes</title>
					      <link>https://finreg.aoshearman.com/EC-consults-on-the-treatment-of-equity-exposures-</link>
					      <description><![CDATA[
The European Commission has published a targeted consultation, accompanied by a press release, on a draft communication regarding the prudential treatment of equity investments by banks under legislative programmes in Article 133(5) of the Capital Requirements Regulation (CRR). These programmes, established under EU and national laws, aim to channel both public and private financing into strategic sectors of the economy. The draft communication proposes more favourable capital treatment for banks investing in equities through qualifying public programmes, typically involving public subsidies or guarantees and subject to oversight by public authorities. This means banks would be required to hold less capital against such investments compared to other equity exposures.

Read more.]]></description>
					      
						      <pubDate>Tue, 22 Jul 2025 10:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-consults-on-the-treatment-of-equity-exposures-</guid>
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					      <title>HMT consults on reforms to OFSI civil enforcement processes</title>
					      <link>https://finreg.aoshearman.com/HMT-consults-on-reforms-to-OFSI-civil-enforcement</link>
					      <description><![CDATA[
HM Treasury (HMT) has published a consultation paper on proposed reforms to the Office of Financial Sanctions Implementation&apos;s (OFSI) civil enforcement processes. The aim is to improve the efficiency, transparency and effectiveness of OFSI&apos;s enforcement activities. The reforms would apply solely to OFSI&apos;s civil enforcement powers concerning financial sanctions breaches, including Russia-related designated person asset reporting and the UK Maritime Services Ban and Oil Price Cap exception, excluding criminal enforcement or non-financial sanctions.

Read more.]]></description>
					      
						      <pubDate>Tue, 22 Jul 2025 10:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-consults-on-reforms-to-OFSI-civil-enforcement</guid>
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					      <title>UK PRA consults and makes low-impact amendments to PRA rules and policy material</title>
					      <link>https://finreg.aoshearman.com/UK-PRA-consults-and-makes-low-impact-amendments-t</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published consultation paper LIAC01/25 proposing a series of low-impact amendments to its Rulebook and policy materials. The deadline for comments on the consultation is 2 September. Separately, under LIAF01/25, the PRA has implemented minor corrections to the Solvency II rules and updated Supervisory Statement SS16/16 (on the minimum requirement for own funds and eligible liabilities related to buffers and threshold conditions) to reflect current practices and remove outdated references. These changes, which did not require consultation, will take effect on 24 July.

Read more.]]></description>
					      
						      <pubDate>Tue, 22 Jul 2025 10:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PRA-consults-and-makes-low-impact-amendments-t</guid>
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					      <title>UK lays legislation to implement Berne Financial Services Agreement</title>
					      <link>https://finreg.aoshearman.com/UK-lays-legislation-to-implement-Berne-Financial-</link>
					      <description><![CDATA[
The draft Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025 have been laid before Parliament and published with a draft explanatory memorandum. The Regulations seek to implement the UK&apos;s commitments under the Berne Financial Services Agreement (BFSA), signed with Switzerland in December 2023. The BFSA is an outcomes-based mutual recognition agreement covering a range of wholesale financial services, such as asset management, banking, investment services, insurance and financial market infrastructure, as well as investment services to high-net-worth and sophisticated individuals.

Read more.]]></description>
					      
						      <pubDate>Mon, 21 Jul 2025 14:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-lays-legislation-to-implement-Berne-Financial-</guid>
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					      <title>UK equivalence regulations for Swiss CCPs and margin for OTC derivatives not centrally cleared</title>
					      <link>https://finreg.aoshearman.com/UK-equivalence-regulations-for-Swiss-CCPs-and-mar</link>
					      <description><![CDATA[
The OTC Derivatives Risk Mitigation and Central Counterparties (Equivalence) (Switzerland) Regulations 2025 have been laid before Parliament and published with an explanatory memorandum. The Regulations, made on 16 July, grant equivalence to Switzerland&apos;s regulatory regimes for over-the-counter (OTC) derivatives and central counterparties (CCPs). The equivalence decision enables UK firms to rely on Swiss risk mitigation standards for OTC derivative contracts, subject to certain conditions being met, and allow Swiss CCPs to provide clearing services in the UK, subject to the CCP being recognised by the Bank of England (BoE). This removes duplicative regulatory requirements and supports cross-border financial market access as expressed under the Berne Financial Services Agreement (BFSA). The equivalence determinations were made following assessments by HM Treasury, with input from the UK Financial Conduct Authority, UK Prudential Regulation Authority and BoE, and are part of the UK&apos;s broader move to replace EU-inherited equivalence regimes with tailored Overseas Recognition Regimes. The Regulations enter into force on 1 January 2026.  The draft Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025, which have also been laid before Parliament, will implement other aspects of the BFSA. You may like to watch our webinar of 3 July in which our lawyers discuss the BFSA.]]></description>
					      
						      <pubDate>Mon, 21 Jul 2025 14:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-equivalence-regulations-for-Swiss-CCPs-and-mar</guid>
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					      <title>BoE and FCA issue joint statement on the effectiveness of MoU for supervising FMIs</title>
					      <link>https://finreg.aoshearman.com/BoE-and-FCA-issue-joint-statement-on-the-effectiv</link>
					      <description><![CDATA[
The Bank of England (BoE) and the UK Financial Conduct Authority (FCA) have issued a joint statement reaffirming the effectiveness of their Memorandum of Understanding (MoU) on the supervision of Financial Market Infrastructure (FMI). Following an annual review, which included feedback from central counterparties, recognised investment exchanges and recognised central securities depositories, the authorities concluded that the MoU (updated in 2024 to reflect the Financial Services Markets Act 2023) continues to facilitate efficient and coordinated supervision without material duplication. This is demonstrated through the ongoing collaboration across workstreams like the Digital Securities Sandbox and T+1 settlement. The BoE and FCA confirm they will remain committed to addressing firm-identified areas for improvement and enhancing FMI supervisory effectiveness through continued coordination.]]></description>
					      
						      <pubDate>Mon, 21 Jul 2025 11:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-and-FCA-issue-joint-statement-on-the-effectiv</guid>
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					      <title>HM Treasury&apos;s OFSI warns of crypto sanctions risks in new threat assessment report</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury39s-OFSI-warns-of-crypto-sanctions-ris</link>
					      <description><![CDATA[
The UK Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, has published a sector-specific threat assessment report highlighting significant compliance risks facing UK cryptoasset firms in relation to financial sanctions. Covering the period from January 2022 to May of this year, the report concludes it is &quot;almost certain&quot; that UK cryptoasset firms have underreported suspected sanctions breaches since being designated as &quot;relevant firms&quot; under the UK sanctions regulations, in August 2022. OFSI identifies inadvertent non-compliance due to direct and indirect exposure to designated persons (DPs) and sanctioned entities such as the Russian exchange Garantex, cyber threats from DPRK-linked hackers exploiting cryptoassets to evade sanctions and transfers to Iranian cryptoasset firms with suspected links to DPs. The report emphasises the importance of timely and accurate reporting, enhanced due diligence and the use of blockchain analytics to detect and mitigate sanctions risks. OFSI urges firms to adopt a risk-based approach, conduct retrospective reviews and report any suspected breaches to OFSI, the UK Financial Conduct Authority and the National Crime Agency.]]></description>
					      
						      <pubDate>Mon, 21 Jul 2025 10:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury39s-OFSI-warns-of-crypto-sanctions-ris</guid>
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					      <title>UK progresses implementation of new Data Act</title>
					      <link>https://finreg.aoshearman.com/UK-progresses-implementation-of-new-Data-Act</link>
					      <description><![CDATA[
The Data (Use and Access) Act 2025 (Commencement No. 1) Regulations 2025 (SI 2025/904) have been made and published. The Regulations bring certain key provisions of the Data (Use and Access) Act 2025 (DUAA) into force from 20 August. The DUAA is a UK law that updates existing data protection regulations, aiming to promote innovation and economic growth while maintaining strong data protection standards. It introduces changes to how personal and non-personal data is managed. Last week, the Financial Conduct Authority and the Information Commissioner&apos;s Office discussed the importance to the UK&apos;s open finance vision of secure, consent-driven data sharing, supported by the UK&apos;s Smart Data framework and the newly enacted Data Use and Access Act.

Read more.]]></description>
					      
						      <pubDate>Mon, 21 Jul 2025 10:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-progresses-implementation-of-new-Data-Act</guid>
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					      <title>UK NCA and FCA agree priorities to combat economic crime</title>
					      <link>https://finreg.aoshearman.com/UK-NCA-and-FCA-agree-priorities-to-combat-economi</link>
					      <description><![CDATA[
The National Crime Agency (NCA) and the UK Financial Conduct Authority (FCA) have jointly published a set of nine system priorities to combat economic crime in the UK, in line with the UK&apos;s second Economic Crime Plan and the National Risk Assessment. Backed by the Home Office, HM Treasury, the National Economic Crime Centre and UK Finance, the priorities seek to enhance public-private collaboration, enabling regulated firms to allocate resources more effectively while maintaining compliance. Key focus areas include money laundering through UK corporate structures linked to certain jurisdictions; fraud originating from international offenders; exploitation of money mules; and criminal cash consolidation via UK banking channels.

Additional priorities target terrorist financing; sanctions evasion by professional enablers; abuse of power by overseas Politically Exposed Persons; and the resilience of the cryptoasset ecosystem against criminal abuse. The only predicate offences explicitly listed in these priorities are those which fall under the definition of economic crimes—namely fraud, sanctions evasion and terrorist financing. However, the priorities concerning money laundering methods are intended to apply to all potential predicate offences, including but not limited to organised immigration crime, drug and firearms offences and human trafficking. A newly established System Prioritisation Governance Group will oversee governance of the priorities, with further guidance expected to be published in due course to support firms in aligning with these objectives.]]></description>
					      
						      <pubDate>Mon, 21 Jul 2025 10:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-NCA-and-FCA-agree-priorities-to-combat-economi</guid>
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					      <title>UK CBA Panel issues statement on FCA&apos;s consultation paper on regulating BNPL products</title>
					      <link>https://finreg.aoshearman.com/UK-CBA-Panel-issues-statement-on-FCA39s-consultat</link>
					      <description><![CDATA[
The Cost Benefit Analysis (CBA) Panel has issued a statement in response to the UK Financial Conduct Authority&apos;s (FCA) consultation paper on proposed rules to regulate Deferred Payment Credit (DPC) products, commonly known as Buy Now Pay Later (BNPL), following the UK government&apos;s decision to bring DPC within the FCA&apos;s remit. The CBA Panel welcomes the FCA&apos;s rationale and use of data but raises concerns about the clarity and robustness of the accompanying CBA. It makes a series of high-level recommendations, which include clearer articulation of the relationship between the FCA&apos;s CBA and HM Treasury&apos;s impact assessment as referred to in the consultation, more detailed analysis of alternative policy options and a reassessment of the cost and benefit estimates to ensure a balanced view. The CBA Panel also calls for a simplified and improved presentation, recommending that an executive summary be included to lay out the questions which the CBA sets out to answer, its main lines of analysis and its conclusions.]]></description>
					      
						      <pubDate>Fri, 18 Jul 2025 16:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-CBA-Panel-issues-statement-on-FCA39s-consultat</guid>
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					      <title>UK FCA consults on BNPL rules for 15 July 2026</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-consults-on-BNPL-rules-for-15-July-2026</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/23, alongside a press release and new webpage, setting out its proposed rules for regulating Deferred Payment Credit (DPC), commonly known as Buy Now Pay Later (BNPL). In the paper, the FCA uses &quot;DPC&quot; to refer specifically to the interest-free, short-term credit products. The deadline for comments on the FCA&apos;s consultation is 26 September, with a final policy statement expected in early 2026. The rules will apply from 15 July 2026.

The Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) Order 2025 brings interest-free BNPL agreements within the regulatory perimeter. This means that from 15 July 2026, third-party lenders offering DPC must be FCA-authorised or hold temporary permission under the temporary permissions regime (TPR). The TPR allows firms to continue operating while the FCA assesses their applications. Firms without authorisation or temporary permission must cease regulated DPC activity but may continue servicing DPC agreements entered into before that date. Merchants offering DPC directly will remain outside the regulatory perimeter and will not require authorisation.

Read more.]]></description>
					      
						      <pubDate>Fri, 18 Jul 2025 16:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-consults-on-BNPL-rules-for-15-July-2026</guid>
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					      <title>BoE outlines proposed approach to FMI rule permissions</title>
					      <link>https://finreg.aoshearman.com/BoE-outlines-proposed-approach-to-FMI-rule-permis</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a consultation paper on a draft statement of policy (SoP) outlining its proposed approach to permissions, waivers and supervisory processes for central counterparties (CCPs), systemic overseas CCPs, UK and third country central securities depositories (collectively referred to as FMI) and critical third parties designated by HM Treasury. The consultation paper sets out how FMI may apply for exemptions or modifications to BoE rules, including the criteria and transparency measures that will guide such decisions. Where there are subject-specific rules and the BoE has issued a related SoP, it proposes to apply the criteria set out in the rules and SoP when assessing permission applications. For rules without a dedicated SoP, BoE intends to assess applications against the statutory criteria for general modification and waiver powers.

The deadline for comments is 18 November. The draft SoP should be considered alongside those which are subject specific, published as part of the consultation on the new regulatory framework for CCPs.]]></description>
					      
						      <pubDate>Fri, 18 Jul 2025 14:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-outlines-proposed-approach-to-FMI-rule-permis</guid>
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					      <title>ESMA publishes Q&amp;A under UCITS Directive</title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-QampA-under-UCITS-Directive</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published an updated Q&amp;A under the Undertakings for Collective Investment in Transferable Securities Directive. The update considers whether the manager of a feeder fund within the meaning of Article 58 of the UCITS Directive can charge a performance fee.]]></description>
					      
						      <pubDate>Fri, 18 Jul 2025 13:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-QampA-under-UCITS-Directive</guid>
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					      <title>EC consults on draft Delegated Regulation on fees payable to ESMA following BMR review</title>
					      <link>https://finreg.aoshearman.com/EC-consults-on-draft-Delegated-Regulation-on-fees</link>
					      <description><![CDATA[
The European Commission has published a proposed draft Delegated Regulation on supervisory fees under the revised EU Benchmarks Regulation. From 1 January 2026, EU benchmark administrators endorsing third-country (non-EU) benchmarks will fall under the direct supervision of the European Securities and Markets Authority (ESMA). This draft delegated regulation sets out the application and annual fees that such administrators will be required to pay to ESMA. Comments on the proposed draft Delegated Regulation may be submitted until 15 August.]]></description>
					      
						      <pubDate>Fri, 18 Jul 2025 13:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-consults-on-draft-Delegated-Regulation-on-fees</guid>
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					      <title>UK&apos;s BoE Financial Market Infrastructure Committee responds to HMT recommendations</title>
					      <link>https://finreg.aoshearman.com/UK39s-BoE-Financial-Market-Infrastructure-Committ</link>
					      <description><![CDATA[The Bank of England (BoE) has published a letter dated 15 July, responding to the Chancellor of the Exchequer&apos;s letter that set out the government&apos;s recommendations to the BoE&apos;s Financial Market Infrastructure Committee (FMIC). The BoE reaffirms its support for the UK government&apos;s objectives of sustainable economic growth and innovation and outlines how its regulatory approach to Financial Market Infrastructures (FMIs) contributes to these goals. The BoE confirms it will take the Chancellor&apos;s five policy recommendations into account &quot;to the extent relevant and practicable&quot; and sets out a comprehensive set of actions in the Annex to the letter, demonstrating how the policymaking for central counterparties (CCPs) and central securities depositories supports the recommendations.

Specifically by: (i) strengthening financial stability through finalising new fundamental rules for FMI and enhanced CCP capital and operational resilience standards; (ii) facilitating innovation by supporting initiatives like the transition to T+1 settlement, tokenised collateral and the Digital Securities Sandbox; (iii) ensuring proportionate regulation by publishing its supervisory approach to onboarding new FMIs and embedding cost-benefit analysis; (iv) reducing administrative burdens by working on simplified processes and greater transparency on rule permissions; and (v) maintaining the UK&apos;s global leadership by aligning with international standards and fostering cross-border supervisory cooperation.]]></description>
					      
						      <pubDate>Fri, 18 Jul 2025 13:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK39s-BoE-Financial-Market-Infrastructure-Committ</guid>
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					      <title>BoE consults on future regulatory framework for CCPs</title>
					      <link>https://finreg.aoshearman.com/BoE-consults-on-future-regulatory-framework-for-C</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a consultation paper titled &quot;Ensuring the resilience of CCPs&quot; as part of a broader package of reforms aimed at strengthening the UK&apos;s regulatory framework for central counterparties (CCPs). The proposals follow the rule-making powers granted under the Financial Services and Markets Act 2023 and seek to restate the majority of CCP-facing provisions currently in the UK European Market Infrastructure Regulation (EMIR) in the BoE&apos;s rulebook.

The BoE intends to move four UK EMIR technical standards to its rulebook—Commission Delegated Regulation (EU) No 152/2013, Commission Delegated Regulation (EU) No 153/2013, Commission Implementing Regulation (EU) No 1249/2012 and Commission Implementing Regulation (EU) No 484/2014. For the most part, the BoE intends to restate the UK EMIR provisions. However, there are some areas where substantive policy changes are proposed which will impact CCPs and their clearing members and the clients of clearing members.

Read more.]]></description>
					      
						      <pubDate>Fri, 18 Jul 2025 12:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-consults-on-future-regulatory-framework-for-C</guid>
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					      <title>ESMA publishes Q&amp;As under MiCAR</title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-QampAs-under-MiCAR</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published two Q&amp;As under the Markets in Crypto-assets Regulation (MiCAR), providing further guidance on the application of MiCAR to crypto-asset service providers (CASPs). ESMA_QA_2607 addresses whether MiCAR permits the staking of clients&apos; crypto-assets by CASPs for their own account, and ESMA_QA_2608 considers whether MiCAR allows CASPs to use clients&apos; crypto-assets for pre-funding client orders.]]></description>
					      
						      <pubDate>Fri, 18 Jul 2025 11:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-QampAs-under-MiCAR</guid>
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					      <title>BoE publishes fundamental rules for FMIs</title>
					      <link>https://finreg.aoshearman.com/BoE-publishes-fundamental-rules-for-FMIs</link>
					      <description><![CDATA[
Following its November 2024 consultation, the Bank of England (BoE) has published final fundamental rules for financial market infrastructure firms (FMIs), a supervisory statement setting out how the BoE expects FMI to comply with the rules and a final policy statement providing its responses to the feedback to the November proposals. FMIs include central counterparties (CCPs), central securities depositories (CSDs) and recognised payment system operators. The final rules take effect on 18 July 2026. In response to consultation feedback, the BoE makes refinements to the policy which include.


	Clarification that FMIs are not expected to take actions to mitigate systemic risk if doing so would compromise their own resilience.
	Increased emphasis on the importance of transparency between FMIs with their participants to enhance effective risk management.
	Clarification on the application of the fundamental rules to activities conducted at the group level.


Read more.]]></description>
					      
						      <pubDate>Fri, 18 Jul 2025 10:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-publishes-fundamental-rules-for-FMIs</guid>
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					      <title>HMT publishes latest NRA of money laundering and terrorist financing risks</title>
					      <link>https://finreg.aoshearman.com/HMT-publishes-latest-NRA-of-money-laundering-and-</link>
					      <description><![CDATA[
HM Treasury has published its latest 2025 National Risk Assessment (NRA) of Money Laundering and Terrorist Financing, offering a comprehensive review of the UK&apos;s exposure to financial crime. Building on the 2015, 2017, and 2020 assessments, the 2025 NRA evaluates: (i) the UK&apos;s AML/CFT framework and the government&apos;s response to the 2020 NRA; (ii) overarching money laundering (ML) risks; (iii) overarching terrorist financing (TF) risks; (iv) sector-specific ML/TF risks under the Money Laundering Regulations (MLRs); and (v) emerging cross-cutting risks outside MLR-regulated sectors.

Read more.]]></description>
					      
						      <pubDate>Thu, 17 Jul 2025 17:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-publishes-latest-NRA-of-money-laundering-and-</guid>
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					      <title>PSR publishes regulatory fees figures for 2025/26</title>
					      <link>https://finreg.aoshearman.com/PSR-publishes-regulatory-fees-figures-for-202526</link>
					      <description><![CDATA[
The UK Payment Systems Regulator (PSR), in conjunction with the UK Financial Conduct Authority (FCA), has published its regulatory fees figures for 2025/26. The annual funding requirement is set at GBP27 million, with fees allocated based on transaction volume (80%) and value (20%) across regulated payment systems for the 2024 calendar year. The PSR confirms that the ongoing consolidation into the FCA will be managed within existing budgets, with no immediate fee increases planned. The minimum fee threshold remains at GBP 100, and special project fees may apply to for-profit payment system operators. Fee payers are required to submit transaction data by 1 March, with invoices issued from July and final payments due within 30 days of receipt. The PSR confirms its fee methodology remains consistent with prior policy statements PS18/12 and PS23/2.]]></description>
					      
						      <pubDate>Thu, 17 Jul 2025 17:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PSR-publishes-regulatory-fees-figures-for-202526</guid>
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					      <title>UK FCA Primary Market Bulletin 56 published</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-Primary-Market-Bulletin-56-published</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its latest edition of its newsletter for primary market participants, Primary Markets Bulletin 56. The bulletin covers three key areas: (i) the FCA&apos;s recent success in optimising data and technology to strengthen its ability to identify failures to report positions and market abuse; (ii) the upcoming expiry of certain transitional provisions under the UK Listing Rules on 29 July; and (iii) the FCA&apos;s desire to improve primary markets datasets so that they can be used more efficiently by markets participants. In terms of the transitional provisions expiring on 29 July, the FCA notes that these include transitional provisions for eligibility requirements for inflight applicants, and certain transitional provisions for shell companies under UKLR 13, UKLR 4 and UKLR 24.]]></description>
					      
						      <pubDate>Thu, 17 Jul 2025 16:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-Primary-Market-Bulletin-56-published</guid>
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					      <title>ESMA feedback statement on the private securitisation reporting regime</title>
					      <link>https://finreg.aoshearman.com/ESMA-feedback-statement-on-the-private-securitisa</link>
					      <description><![CDATA[
ESMA has published its feedback statement on the outcome of its consultation on the private securitisation reporting regime. ESMA had previously consulted on introducing changes to the disclosure regime including in relation to a new, simpler, prescribed template. The feedback statement confirms that while respondents generally supported the idea of simplifying the disclosure framework, there was little appetite for proposed amendments to the relevant technical standard at this stage. In terms of next steps, ESMA does not intend to proceed with any further action until there is more clarity in respect of level 1 changes being made to the Securitisation Regulation (Regulation (EU) 2017/2402), which will come into force under the wider European securitisation reforms.]]></description>
					      
						      <pubDate>Thu, 17 Jul 2025 15:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-feedback-statement-on-the-private-securitisa</guid>
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					      <title>HMT consultation response on improving the effectiveness of the money laundering regulations</title>
					      <link>https://finreg.aoshearman.com/HMT-consultation-response-on-improving-the-effect</link>
					      <description><![CDATA[
HM Treasury (HMT) has published its consultation response in relation to its 2024 consultation on proposals to improve the effectiveness of the UK Money Laundering Regulations (MLRs). The consultation concentrated on four areas: (i) customer due diligence; (ii) system coordination around economic crime; (iii) clarifying scope; and (iv) registration requirements for the Trust Registration Service. The response confirms that a number of updates will be made to the MLRs and associated guidance. On customer due diligence, in particular, the following key changes were confirmed as set out below.

Read more.]]></description>
					      
						      <pubDate>Thu, 17 Jul 2025 14:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-consultation-response-on-improving-the-effect</guid>
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					      <title>PRA policy statement confirming amendments to the large exposures framework</title>
					      <link>https://finreg.aoshearman.com/PRA-policy-statement-confirming-amendments-to-the</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published a policy statement confirming amendments to the large exposures framework in respect of exposures arising from mortgage lending, exposures to the UK FSCS, requirements for G-SIIs and O-SIIs to highly indebted French non-financial corporations. These formed part of the 2024 consultation on the large exposures framework, which also included other topics not covered by this policy statement. The policy statement also confirms amendments in respect of groups of connected clients, as consulted on in 2023.

The PRA had proposed removing the provision allowing firms to reduce exposures by using immovable property on the grounds that immovable property is illiquid and therefore not a reliable mitigant in a stress scenario. The policy statement confirms that this change will proceed. However, in respect of small domestic deposit takers (SDDTs), the PRA has acknowledged feedback that such a change may require revisiting the PRA&apos;s strong and simple framework proposal that the PRA would engage with SDDTs for which the sum of their large exposures is above 300% of their tier 1 capital (as part of the C-SREP process).

Read more.]]></description>
					      
						      <pubDate>Thu, 17 Jul 2025 11:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PRA-policy-statement-confirming-amendments-to-the</guid>
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					      <title>PRA policy statement on restatement of CRR and Solvency II requirements in the PRA rulebook</title>
					      <link>https://finreg.aoshearman.com/PRA-policy-statement-on-restatement-of-CRR-and-So</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published a policy statement outlining the PRA&apos;s final policy on the definition of capital (as consulted on in 2024), and on proposals in relation to securitisations and mapping external credit rating agency ratings to credit quality steps (ECAI mapping) (also consulted on last year). The policy statement confirms that the changes in relation to the definition of capital (which included restating the majority of relevant requirements in Part Two of the UK Capital Requirements Regulation) are not substantive, and that additional guidance is included in the new Statement of Policy and in SS7/13 (new version effective from 1 January 2026). On ECAI mapping, the policy statement confirms that the PRA has taken on board feedback in respect of the mapping tables, guidance needed and interaction with the Basel 3.1 standards, and confirms that the mapping tables amendments will come into force on 1 January 2026 (ahead of the PRA&apos;s implementation of the Basel 3.1 standards). PRA will publish further consequential amendments on the mapping rules changes in due course. Regarding securitisation supervisory expectations, the PRA confirms that it is making certain changes to SS9/13 to add new expectations that are not dependent on Basel 3.1 implementation, and that a subsequent policy statement will cover those that are dependent on Basel 3.1 implementation. As proposed, the updates to SS9/13 will come into force on 1 January 2026.]]></description>
					      
						      <pubDate>Thu, 17 Jul 2025 11:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PRA-policy-statement-on-restatement-of-CRR-and-So</guid>
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					      <title>FCA and ICO joint insights on the future of open finance</title>
					      <link>https://finreg.aoshearman.com/FCA-and-ICO-joint-insights-on-the-future-of-open-</link>
					      <description><![CDATA[
​The UK Financial Conduct Authority (FCA) and the Information Commissioner&apos;s Office (ICO) have published a joint article through the Digital Regulation Cooperation Forum (DRCF), outlining their collaborative efforts and next steps to shape the future of open finance and smart data. Open finance seeks to extend open banking principles to a wide range of financial products, empowering consumers with greater control over their data while promoting innovation and competition. The article emphasises the importance of secure, consent-driven data sharing, supported by the UK&apos;s Smart Data framework and the newly enacted Data Use and Access Act, to be integral to the vision for open finance. The ICO will play a key role in ensuring that data protection and consumer rights remain central to the development of open finance. 

Read more.]]></description>
					      
						      <pubDate>Thu, 17 Jul 2025 09:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-and-ICO-joint-insights-on-the-future-of-open-</guid>
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					      <title>Mansion House: HMT updates policy on applying FSMA 2000 model of regulation to UK CRR</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-HMT-updates-policy-on-applying-FSMA</link>
					      <description><![CDATA[
HM Treasury (HMT) has published an update to its policy note on applying the Financial Services and Markets Act 2000 model of regulation to the UK Capital Requirements Regulation (UK CRR). An earlier version of the policy note was originally published in 2024. The updated approach includes proposals and commentary on three key topics - Basel 3.1, overseas recognition regimes and key UK CRR definitions.

On overseas recognition regimes, HMT has confirmed it will take a standardised approach, with each piece of legislation setting out the scope, effect, policy outcomes and &quot;matters to consider&quot; when considering whether other jurisdiction&apos;s regimes should be designated as recognised. It is seeking specific feedback on the proposed overseas prudential requirements regimes, which would replace the current equivalence regimes in the UK CRR. HMT&apos;s intention, in the main, is to carry forward the existing equivalence decisions into the new regime; however, it confirms that the effect of current equivalence decisions would not be preserved for exchanges and there may be additional flexibility where appropriate, as regards certain exposures or activities.

Read more.]]></description>
					      
						      <pubDate>Thu, 17 Jul 2025 09:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-HMT-updates-policy-on-applying-FSMA</guid>
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					 <item>
					      <title>ECB publishes final guide on outsourcing cloud services</title>
					      <link>https://finreg.aoshearman.com/ECB-publishes-final-guide-on-outsourcing-cloud-se</link>
					      <description><![CDATA[
The European Central Bank (ECB) has published its final guide on outsourcing cloud services, following from a July 2024 consultation. Feedback on the consultation is set out in an accompanying feedback statement. The guide clarifies supervisory expectations for banks under the ECB&apos;s remit in relation to the Digital Operational Resilience Act (DORA). While not legally binding, the guide outlines good practices for effective cloud outsourcing risk management, particularly given growing reliance on a limited number of third-party providers. Key areas covered include governance and risk management strategy, pre-outsourcing analysis, contractual arrangements, exit strategies and termination rights, and ongoing monitoring and oversight. The guide emphasises a risk-based and proportionate approach to outsourcing cloud services, tailored to the diverse structures, activities and risk profiles of ECB-supervised banks. The final version distinguishes more clearly between DORA requirements and ECB-recommended practices.]]></description>
					      
						      <pubDate>Wed, 16 Jul 2025 16:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECB-publishes-final-guide-on-outsourcing-cloud-se</guid>
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					      <title>Mansion House: HMT and BoE announce plans for new UK retail payments model under NPV</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-HMT-and-BoE-announce-plans-for-new-</link>
					      <description><![CDATA[
HM Treasury has published an update on the National Payments Vision (NPV), announcing plans to implement a new collaborative model for delivering the UK&apos;s next-generation retail payments infrastructure. The Payments Vision Delivery Committee (the Committee), established to strengthen regulatory coordination and lead key activities, has agreed the new model which will redefine roles across the payments ecosystem, establishing clear responsibilities for public authorities and industry to accelerate the renewal of the UK&apos;s retail payments infrastructure and capitalise on emerging technologies. The model also supports short-term activity to improve resilience and functionality of the existing Fasters Payments System, which Pay.UK has been progressing in the industry. Pay.UK will continue its role as operator of existing systems, while contributing its expertise to the evolving framework. The Bank of England (BoE) will establish and chair the Retail Payments Infrastructure Board, which will oversee delivery of the infrastructure alongside the Committee, Pay.UK and a newly formed Delivery Company. The Committee will publish its full strategy for retail payments infrastructure in autumn of this year, with a Payments Forward Plan expected by the end of the year. The BoE published its own statement and the UK Payment Systems Regulator also issued a separate update on its webpage.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 17:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-HMT-and-BoE-announce-plans-for-new-</guid>
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					      <title>ESAs publish joint guide on oversight of critical third-party providers under DORA</title>
					      <link>https://finreg.aoshearman.com/ESAs-publish-joint-guide-on-oversight-of-critical</link>
					      <description><![CDATA[
The European Supervisory Authorities (European Banking Authority, European Insurance Occupational Pensions Authority, and European Securities and Markets Authority) have published a joint guide detailing their oversight activities under the Digital Operational Resilience Act (DORA). The guide outlines the processes employed by the Joint Examination Teams to supervise critical ICT third-party service providers (CTPPs). Offering a high-level overview of the CTPP Oversight framework, the guide covers (i) governance structures; (ii) oversight processes; (iii) the founding principles; (iv) available supervisory tools; and (iv) the adoption process. While the guide is not legally binding and does not supersede existing EU legal requirements, the ESAs encourage financial entities and third-party providers to use it in preparation for DORA&amp;prime; oversight implementation. The guide may be subject to future revisions, when necessary.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 16:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESAs-publish-joint-guide-on-oversight-of-critical</guid>
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					      <title>Mansion House: HMT consultation on cross-cutting reforms in the UK regulatory environment</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-HMT-consultation-on-cross-cutting-r</link>
					      <description><![CDATA[
HM Treasury (HMT) has published its consultation paper on cross-cutting reforms in the UK regulatory environment in relation to key performance indicators, principles and strategies to be applied by the UK Financial Conduct Authority (FCA) and the UK Prudential Regulatory Authority (PRA). For application determinations, HMT proposes shortening the statutory timeframes for new firm authorisations and variations of permission from: (i) 6 months to 4 months for complete applications; (ii) from 12 months to 10 months for incomplete applications; and (iii) for SMCR approved persons applications from 3 months to 2 months. The consultation also covers the UK government&apos;s intention to consult on a proposal for streamlined authorisation conditions for innovative start-ups (also referred to as giving provisional licences or &quot;L-plates&quot;) and to legislate to require the FCA and PRA to set out long-term strategies in line with an amended &quot;have regard&quot; framework in relation to regulatory principles and the relevant remit letter. The deadline for responses is 9 September.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 16:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-HMT-consultation-on-cross-cutting-r</guid>
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					      <title>UK FSMA 2000 (Markets in Financial Instruments) (Amendment) Regulations 2025 laid</title>
					      <link>https://finreg.aoshearman.com/UK-FSMA-2000-Markets-in-Financial-Instruments-Ame</link>
					      <description><![CDATA[
The UK FSMA 2000 (Markets in Financial Instruments) Amendment Regulations 2025 have been laid. The regulations extend the UK Financial Conduct Authority&apos;s (FCA) powers of direction to a new category of derivative, referred to as &quot;applicable OTC commodity derivatives&quot;. This encompasses commodity derivatives traded over-the-counter that would otherwise fall outside scope of the FCA&apos;s powers because they were outside the definition of financial instrument, as specified in part 1 of schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. The new term &quot;applicable OTC commodity derivative&quot; will replace the existing term &quot;over the counter contract&quot; in regulation 27 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, which is being removed pursuant to paragraph 47 of schedule 2 to the Financial Services and Markets Act 2023. Accordingly, the amendment will come into force immediately after the 2023 Act changes are in force to ensure the changes are aligned.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 16:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FSMA-2000-Markets-in-Financial-Instruments-Ame</guid>
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					      <title>Mansion House: UK Green Taxonomy work will not proceed</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-UK-Green-Taxonomy-work-will-not-pro</link>
					      <description><![CDATA[
HM Treasury (HMT) has published its response confirming the outcome of its consultation on the potential development of a green taxonomy in the UK. The consultation had sought views on whether such a taxonomy would be an appropriate tool for the UK to facilitate an increase in sustainable investment and mitigate the risk of greenwashing. In the response, HMT confirmed that the decision has been taken not to develop a green taxonomy in the UK, as such a taxonomy would not support the government&apos;s vision for the UK sector. Key themes evident in the feedback, which contributed to the conclusion that a taxonomy would not be the most effective tool for realising the UK&apos;s green finance ambitions, included: (i) the existence of a number of standards, frameworks and taxonomies that were already available; (ii) the difficulties with fragmentation and reconciling different approaches across jurisdictions; (iii) the complications of adding further data points into existing processes and procedures; and (iv) the limited evidence that a taxonomy would itself meet the objective of channelling capital towards net zero transition. While the work to develop a green taxonomy for the UK will not be proceeding, the response confirms the UK government&apos;s commitment to its other work on clean energy and growth, including the Financial Services Growth and Competitiveness Strategy — in respect of which sustainable finance is identified as a priority growth focus area.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 15:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-UK-Green-Taxonomy-work-will-not-pro</guid>
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					      <title>UK Mansion House 2025: UK government supports digitisation of UK shareholding framework</title>
					      <link>https://finreg.aoshearman.com/UK-Mansion-House-2025-UK-government-supports-digi</link>
					      <description><![CDATA[
The Digitisation Taskforce has published its final report, recommending a three-step plan to modernise the UK shareholding framework by eliminating paper share certificates and transitioning to a fully digitised and intermediated system. The UK government published its response the same day, confirming it has accepted all recommendations as part of its broader Wholesale Financial Markets Digital Strategy. The first phase, to be completed by the end of 2027, will legislate to end the issuance of paper shares and require companies to replace paper share registers with digitised versions, with the precise date to be set by a newly established technical group. The second phase will focus on legislative and operational reforms to enhance shareholder rights within the intermediated system. The UK government also intends to amend legislation to allow shares in UK companies to be held on overseas branch registers in uncertificated form by Q2 2027, supporting UK firms listed in Hong Kong. The final phase will see all shares transitioned into the intermediated system, subject to government-set criteria, including protections for vulnerable and older investors. The technical group, led by an industry chair, will oversee implementation and develop a detailed roadmap, including terms of reference and a timeline for reporting back to government.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 15:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Mansion-House-2025-UK-government-supports-digi</guid>
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					      <title>FCA publishes final rules on POATR framework and UK Listing Rules</title>
					      <link>https://finreg.aoshearman.com/FCA-publishes-final-rules-on-POATR-framework-and-</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published final policy statement (PS25/9) to implement the new Public Offers and Admissions to Trading Regulations 2024 (POATRs), which will replace the UK Prospectus Regulation. The rules were previously consulted on in July 2024 and January of this year. The new POATR framework, which seeks to lower capital-raising costs and enhance the UK&apos;s regulatory competitiveness, includes the PRM sourcebook for admissions to trading on regulated markets and updates to the Market Conduct sourcebook for primary multilateral trading facilities (MTFs). It also makes changes to the UK Listing Rules and other related rulebooks.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 15:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-publishes-final-rules-on-POATR-framework-and-</guid>
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					      <title>FCA publishes final rules for firms operating public offer platforms</title>
					      <link>https://finreg.aoshearman.com/FCA-publishes-final-rules-for-firms-operating-pub</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published final policy statement PS25/10, setting out the final rules for the new public offer platforms (POP) regime. This follows consultations in July 2024 and January of this year. The POP regime is part of the broader Public Offers and Admissions to Trading Regulations 2024 (POATRs), which will replace the UK Prospectus Regulation. It introduces a new regulated activity, enabling firms to raise over GBP5 million from a wide range of investors outside public markets, without needing to publish a full prospectus.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 15:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-publishes-final-rules-for-firms-operating-pub</guid>
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					      <title>Mansion House: HMT policy paper on wholesale financial markets digital strategy</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-HMT-policy-paper-on-wholesale-finan</link>
					      <description><![CDATA[
HM Treasury has published a policy paper on the wholesale financial markets digital strategy. The purpose of the strategy is to ensure the UK benefits from opportunities to improve its wholesale financial markets, by using new technologies effectively. This policy spans trading venues, clearing houses, settlement systems, payment systems and other elements of the UK&apos;s financial ecosystem that support the operation of financial markets. The policy is structured as focusing on three areas: (i) market optimisation - which includes removing paper-based and manual processes, and using data effectively; (ii) market transformation - which centres on proactive innovation for new models across the range of market activities and includes taking forwards the issuance of the UK&apos;s digital gilt instrument (DIGIT) using distributed ledger technology (please see above for HM Treasury&apos;s policy paper for further detail); and (iii) market leadership - where the UK government has committed to working with the sector to develop a cross-cutting approach which will seek to reduce potential fragmentation and regulatory barriers, and to appointing an industry expert &quot;Digital Markets Champion&quot;.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 15:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-HMT-policy-paper-on-wholesale-finan</guid>
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					      <title>Mansion House: HMT policy paper with update on the digital gilt instrument (DIGIT) pilot</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-HMT-policy-paper-with-update-on-the</link>
					      <description><![CDATA[
HM Treasury (HMT) has published a policy paper on its update on the digital gilt instrument (DIGIT) pilot. The paper follows the Preliminary Market Engagement Notice (PMEN), which closed in April and which was the first stage of the procurement process. The pilot, part of the UK&apos;s broader strategy to explore distributed ledger technology (DLT) in sovereign debt issuance, seeks to: (i) enable the UK government to explore applications of DLT across the UK sovereign debt issuance lifecycle; and (ii) support the growth of UK-based DLT infrastructure and its adoption in financial markets. To meet these aims, the PMEN outlined an initial set of designs, including that DIGIT will be digitally native, short-dated, issued on a platform within the Digital Securities Sandbox (DSS) and separate from the government&apos;s debt issuance programme. 

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 14:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-HMT-policy-paper-with-update-on-the</guid>
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					      <title>Mansion House: HMT publications on new regulated activity of providing targeted support</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-HMT-publications-on-new-regulated-a</link>
					      <description><![CDATA[
HM Treasury (HMT) has published a draft statutory instrument (SI) and policy note on providing targeted support. The draft SI amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 by specifying a new regulated activity of targeted support, which is not investment advice, but which constitutes the provision of a recommendation to an individual on the basis of a group with whom the individual shares similar characteristics and/or similar circumstances. The publications follow the UK Financial Conduct Authority&apos;s (FCA) June consultation paper on proposals for targeted support and are part of the joint undertaking between HMT and the FCA on the Advice Guidance Boundary Review—which in turn forms part of the broader UK Financial Services Growth and Competitiveness Strategy aim of unlocking retail investment. The policy note confirms HMT&apos;s intention to legislate this year. The deadline for comments is 29 August.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 13:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-HMT-publications-on-new-regulated-a</guid>
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					      <title>Mansion House: UK government publishes draft Overseas Recognition Regimes Regulations and Guidance</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-UK-government-publishes-draft-Overs</link>
					      <description><![CDATA[
Alongside its Financial Services Growth and Competitiveness Strategy, the UK government has laid before Parliament, a draft of the Financial Services (Overseas Recognition Regime Designations) Regulations 2025 (the ORR Regulations) alongside an explanatory memorandum, and published Overseas Recognition Regimes Guidance (the ORR Guidance). The ORR is the UK&apos;s regime for providing &quot;recognition&quot; of a regulatory regime in an overseas jurisdiction, allowing cross-border financial services into the UK. It is similar to the EU&apos;s equivalence and the U.S.&apos;s comparability regimes.

The ORR Regulations, which are intended to take effect on 28 November, bring together in a comprehensive regime the existing ORRs under the Short Selling Regulations 2025 and the Insurance and Reinsurance Undertakings (Prudential Requirements) Regulations 2023 and the equivalence decisions that were inherited when the UK left the EU.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 13:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-UK-government-publishes-draft-Overs</guid>
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					      <title>Mansion House: FOS to reduce interest rate applied before a decision to base rate plus 1%</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-FOS-to-reduce-interest-rate-applied</link>
					      <description><![CDATA[
The UK Financial Ombudsman Service (FOS) has published a final policy statement and accompanying press release, confirming that the FOS is changing the interest rate applied to compensation awards to a time-weighted average of the Bank of England base rate plus one percentage point, applied on a simple basis. This change is being made as a result of feedback to the joint FOS and UK Financial Conduct Authority call for input published in June, which conveyed the view that the 8% interest rate does not reflect prevailing market conditions. This change will not impact complainants able to demonstrate actual loss (where the loss is considered in the primary compensation award) nor late payments (i.e. payment made after the deadline date set by the FOS for paying compensation, where the 8% interest rate is being retained in respect of the post-determination period). The FOS is aiming to implement the changes as of 1 January 2026 but will confirm the date in due course. The FOS also confirms that it has taken on board industry feedback on the potential complexity of having dual rates and will be developing and implementing calculators for both the existing and new rates, plus guidance, which will be developed in advance of the implementation date.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 13:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-FOS-to-reduce-interest-rate-applied</guid>
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					      <title>Mansion House: Special Resolution Regime Code of Practice updated</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-Special-Resolution-Regime-Code-of-P</link>
					      <description><![CDATA[
HM Treasury has published an updated version of the Banking Act 2009 Special Resolution Regime Code of Practice. The code sets out resolution tools and powers available under the Banking Act 2009 for authorities to use in certain circumstances. This latest version has been updated to reflect three developments: (i) the removal of FCA solo-regulated firms from the UK resolution regime; (ii) the introduction of the UK&apos;s expanded resolution regime for central counterparties (CCPs), meaning the Code no longer applied to CCPs; and (iii) the Bank Resolution (Recapitalisation) Act 2025, where the code has a new chapter on the recapitalisation payment mechanism.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 13:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-Special-Resolution-Regime-Code-of-P</guid>
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					      <title>Mansion House: UK SMCR proposals for reform announced</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-UK-SMCR-proposals-for-reform-announ</link>
					      <description><![CDATA[
The HM Treasury (HMT), the UK Financial Conduct Authority (FCA) and the UK Prudential Regulation Authority (PRA) have published consultations on various proposals to reform the UK Senior Managers and Certification Regime (SMCR). The proposals fall into two phases. Phase 1 comprises amendments to the FCA and PRA rules which the regulators can implement without legislative changes, meaning firms can benefit from these changes more quickly. Phase 2 will cover reforms requiring primary legislation to be amended, with a view to giving the regulators more flexibility to develop a proportionate regime.

For phase 1, the regulators have collaborated to produce consistent proposals in relation to areas for improvement arising from the feedback received in response to the regulators&apos; 2023 joint discussion paper. Key proposed rule changes include amendments to the 12-week rule so that it is more practicable, streamlining and reducing duplication in the course of the application process, and increasing the thresholds for categorisation as an enhanced SMCR firm.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 12:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-UK-SMCR-proposals-for-reform-announ</guid>
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					      <title>Bank Resolution (Recapitalisation) Act implemented</title>
					      <link>https://finreg.aoshearman.com/Bank-Resolution-Recapitalisation-Act-implemented</link>
					      <description><![CDATA[
The Bank Resolution (Recapitalisation) Act 2025 (Commencement) Regulations 2025 have been made, which brings into force certain provisions of the Bank Resolution (Recapitalisation) Act 2025 from 16 July, in parallel with the Prudential Regulation Authority (PRA) confirming concomitant changes to its rules also taking effect on 16 July, in its policy statement. The Act makes provision for recapitalisation costs in relation to the special resolution regime under the Banking Act 2009, and in particular, on how the regime is applied to smaller banks which do not hold a minimum requirement for own funds and eligible liabilities (MREL). It expands the statutory functions of the Financial Services Compensation Scheme (FSCS) so that it is required to provide funds to the Bank of England on request, which can be used to meet certain costs from the use of the resolution regime to manage the failure of a bank, building society or other PRA-authorised investment firm.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 12:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-Resolution-Recapitalisation-Act-implemented</guid>
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					      <title>Mansion House: PRA consults on adjustments to its Basel 3.1 market risk framework</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-PRA-consults-on-adjustments-to-its-</link>
					      <description><![CDATA[
HM Treasury (HMT) and the UK Prudential Regulation Authority (PRA) have published updates with proposed changes to the expected implementation of Basel 3.1. The changes relate to delaying the implementation of the new internal model approach under the Fundamental Review of the Trading Book (FRTB-IMA) by a year, and to the advanced standardised approach (ASA) - specifically, the treatment of collective investment undertakings (CIUs) and the application of the residual risk add-on (RRAO) component.

The PRA consultation on adjustments to the Basel 3.1 market risk framework makes four proposals, accompanied by draft updates to rules and guidance set out in various appendices.


	Proposal 1, which proposes to delay FRTB-IMA implementation to 1 January 2028. All other aspects of Basel 3.1 would proceed on 1 January 2027, as would the implementation of the Strong and Simple capital regime. This proposal recognises the challenges and operational complexity faced by firms with varying business models across multiple jurisdictions. In the interim period, firms with existing IMA permissions would retain those permissions, and positions not in scope of those permissions would move to the ASA. Otherwise, positions not in scope of existing IMA permissions would move to the new standardised approaches (whether ASA or simplified standardised approach, in accordance with the near-final market risk rules and related supervisory statement previously published).


Read more.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 11:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-PRA-consults-on-adjustments-to-its-</guid>
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					      <title>Mansion House: Mortgage-related developments</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-Mortgage-related-developments</link>
					      <description><![CDATA[
HM Treasury has announced the launch of a permanent mortgage guarantee scheme, aimed at supporting first-time buyers and home movers across the UK. The scheme enables access to 91-95% loan-to-value mortgages, allowing buyers to purchase a home with deposits as low as 5%. Effective from July, the scheme provides participating lenders with a government-backed guarantee, insuring them against a portion of potential losses on those qualifying mortgages. The scheme rules, published on the same day, set out the eligibility criteria, lender obligations and terms under which the government guarantee applies. The announcement accords with other significant mortgage market developments as referred to in the Chancellor&apos;s Mansion House speech, including the Financial Policy Committee&apos;s announcement regarding the loan-to-income limit on mortgage lending which the UK regulators are implementing.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 11:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-Mortgage-related-developments</guid>
				    </item>
			
					 <item>
					      <title>Mansion House: HMT consultation on FOS and joint FCA and FOS consultation on modernising the financial redress system</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-HMT-consultation-on-FOS-and-joint-F</link>
					      <description><![CDATA[
HM Treasury (HMT) has published a consultation paper setting out proposed reforms to the UK Financial Ombudsman Service (FOS), in tandem with the joint UK Financial Conduct Authority and FOS consultation paper (CP25/22) on modernising the financial redress system (with accompanying press release). The consultations were also announced by the Chancellor of the Exchequer in her speech delivered at Mansion House on 15 July, where she referred to the delivery of the most significant reform to the FOS since its inception.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 11:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-HMT-consultation-on-FOS-and-joint-F</guid>
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					 <item>
					      <title>HMT publishes recommendations for Financial Market Infrastructure Committee</title>
					      <link>https://finreg.aoshearman.com/HMT-publishes-recommendations-for-Financial-Marke</link>
					      <description><![CDATA[
HM Treasury has published a letter, dated 1 July, from the Chancellor of the Exchequer to the governor of the Bank of England (BoE) setting out the government&apos;s recommendations to the BoE&apos;s Financial Market Infrastructure Committee (FMIC). Noting the BoE&apos;s primary objective of protecting and enhancing UK financial stability, and as regulator of central counterparties (CCPs) and central securities depositories (CSDs), its secondary objective of facilitating innovation, the Chancellor states that the BoE should engage constructively with incumbent and new entrant financial market infrastructures (FMIs) to encourage responsible innovation, provided it aligns with regulatory objectives, and actively facilitate innovation across the BoE&apos;s policymaking. The BoE should also ensure that the regulatory burden on firms is rationalised to enable FMIs to offer new products and services without lowering regulatory standards, including as the regulatory framework for FMIs is updated (for example, the latest proposed updates to the CCP regulatory regime ). In addition, the UK must continue to engage effectively in international forums. The FMIC must respond to the recommendations within a year, setting out the actions taken or reasons for not taking certain steps.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 11:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-publishes-recommendations-for-Financial-Marke</guid>
				    </item>
			
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					      <title>Mansion House: FCA statement on market reforms and what&apos;s to come</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-FCA-statement-on-market-reforms-and</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a statement on its work to date reforming the UK capital markets, and what lies ahead in terms of consultations and developments expected later this year and in 2026. The statement notes the recent work carried out by the FCA in respect of the financial markets, and refers to those market reforms highlighted in the UK Chancellor of the Exchequer&apos;s speech delivered at Mansion House on 15 July, including the landmark reforms to the advice guidance boundary on the new regulated activity of targeted support, proposals to modernise the redress system and consultations on reforming the Senior Managers and Certification Regime.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 11:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-FCA-statement-on-market-reforms-and</guid>
				    </item>
			
					 <item>
					      <title>Mansion House: Financial Services Growth and Competitiveness Strategy</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-Financial-Services-Growth-and-Comp</link>
					      <description><![CDATA[
The UK government has published its Financial Services Growth and Competitiveness Strategy, a ten-year plan to drive growth and competitiveness in the UK financial services sector. The strategy follows a call for evidence issued in November 2024 and has been published in tandem with the Leeds Reforms and the UK Chancellor of the Exchequer&apos;s speech, delivered at Mansion House on 15 July. The strategy covers five areas of focus: (i) delivering a competitive regulatory environment; (ii) harnessing the UK&apos;s global leadership of financial services; (iii) embracing innovation and leveraging the UK&apos;s fintech leadership; (iv) building a retail investment culture and delivering prosperity through UK capital markets; and (v) setting the UK&amp;prime;s financial services sector up with the skills and talent it needs. The strategy encompasses a wide range of proposals and initiatives announced on 15 July, with key take-aways for the financial sector covered in our webinar delivered on 16 July.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 11:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-Financial-Services-Growth-and-Comp</guid>
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					 <item>
					      <title>Mansion House: Leeds Reforms</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-Leeds-Reforms</link>
					      <description><![CDATA[
HM Treasury has published a press release confirming a significant package of measures aimed at making the UK the prime destination for financial services by 2035, referred to as the &quot;Leeds Reforms&quot;. The Leeds Reforms cover a broad range of financial services sub-sectors, and include proposals and initiatives to unlock retail investment, remove frictions to investment activity in the UK, free capital for investment in the UK, and promote innovation. The Reforms formed the foundation of the Chancellor of the Exchequer&apos;s speech delivered at Mansion House on 15 July, in conjunction with the UK&apos;s Financial Services Growth and Competitiveness strategy.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 11:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-Leeds-Reforms</guid>
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					      <title>Mansion House: UK Chancellor of the Exchequer announces reform of the ring-fencing regime</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-UK-chancellor-of-the-exchequer-anno</link>
					      <description><![CDATA[
The UK Chancellor of the Exchequer has delivered a speech at Mansion House, London which heralded a large number of UK regulatory reforms with significant impact on the financial services sector. These were announced alongside the publication of the UK&apos;s Financial Services Growth and Competitiveness Strategy and the Leeds Reforms. In her speech, the Chancellor has confirmed the government&apos;s commitment to &quot;meaningful reform&quot; of the UK&apos;s ringfencing regime, further reiterated in the Financial Services Growth and Competitiveness Strategy document which stated that HM Treasury&apos;s (HMT) report of its review of the ringfencing regime is expected in early 2026. HMT&apos;s overview of the call for evidence outcome in relation to the Financial Services Growth and Competitiveness Strategy, also confirms the government&apos;s intention to reform the ringfencing regime with a view to supporting growth.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 11:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-UK-chancellor-of-the-exchequer-anno</guid>
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					      <title>HMT sets out approach to updating the UK&apos;s regulatory framework for CCPs</title>
					      <link>https://finreg.aoshearman.com/HMT-sets-out-approach-to-updating-the-UK39s-regul</link>
					      <description><![CDATA[
HM Treasury has published a policy paper and two related statutory instruments (SI) on its approach to updating the UK&apos;s regulatory framework for central counterparties (CCPs). The Financial Services and Markets Act 2023 gave the Bank of England (BoE) powers to make rules for CCPs, envisaging that the CCP requirements in the UK&apos;s European Market Infrastructure Regulation (UK EMIR) would be replaced and restated partly in new UK legislation or in the BoE&apos;s new CCP rules.

The draft Central Counterparties (Amendment) Regulations 2025 restate certain provisions in the UK European Market Infrastructure Regulation on the authorisation and supervision of CCPs, requirements applicable to CCPs and provisions regarding overseas CCPs, including &quot;location regulations&quot;. These changes will be made by amending the Financial Services and Markets Act 2000 and the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges, Clearing Houses and Central Securities Depositories) Regulations 2001 as well as the draft Financial Services (Overseas Recognition Regime Designations) Regulations 2025.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 10:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-sets-out-approach-to-updating-the-UK39s-regul</guid>
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					      <title>Mansion House: Bank of England measures to maintain a fit for purpose resolution regime</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-Bank-of-England-measures-to-maintai</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a suite of publications in its capacity as the UK&apos;s resolution authority, covering significant updates in relation to its approach to setting the minimum requirement for own funds and eligible liabilities (MREL) and preferred resolution strategies, and its approach to assessing resolvability under the resolvability assessment framework (RAF).

On MREL and resolution strategies, the BoE has made a substantive update to the MREL framework, publishing a policy statement confirming the changes and an updated Statement of Policy which will be effective from 1 January 2026. As a high-level summary, key areas of change are set out below.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Jul 2025 09:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-Bank-of-England-measures-to-maintai</guid>
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					      <title>FSB chair letter on global outlook and priorities</title>
					      <link>https://finreg.aoshearman.com/FSB-chair-letter-on-global-outlook-and-priorities</link>
					      <description><![CDATA[
The Financial Stability Board (FSB) has published a letter from Andrew Bailey, Governor of the Bank of England, who was appointed chair of the FSB from 1 July. In the letter, the chair confirms his commitment to the FSB&apos;s work in the interest of financial stability and comments that global cooperation is key for ensuring resilience in the global financial system. He also confirms delivery of the FSB&apos;s report on non-bank financial intermediation (NBFI) leverage, the FSB workplan on non-bank data, and the updated FSB climate roadmap, as requested by the G20 presidency. In addition, the chair lists three priorities for his term: (i) enhancing surveillance capabilities to ensure surveillance keeps pace with developments in the markets and new technologies, including communicating with stakeholders outside the FSB membership; (ii) focusing on the key areas of NBFI policy implementation, private finance-related vulnerabilities, and the role of stablecoins for payment and settlement; and (iii) strengthening the FSB&apos;s effectiveness to prevent regulatory arbitrage and market fragmentation, including by considering areas capable of meaningful improvement as identified by the G20 implementation monitoring review process. The FSB chair is appointed for a term of three years, renewable once.]]></description>
					      
						      <pubDate>Mon, 14 Jul 2025 16:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FSB-chair-letter-on-global-outlook-and-priorities</guid>
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					      <title>FSB update on progress under 2021 roadmap on climate-related risks</title>
					      <link>https://finreg.aoshearman.com/FSB-update-on-progress-under-2021-roadmap-on-clim</link>
					      <description><![CDATA[
The Financial Stability Board (FSB) has published its 2025 progress report on the implementation of its 2021 Climate Roadmap. The report provides a factual overview of progress made across four key areas: disclosures, data, vulnerability analysis, and regulatory and supervisory practices. Its publication does not imply that all G20 members endorse every aspect of the initiatives described. In addition to reviewing past progress, the report outlines the FSB&apos;s medium-term strategy for addressing potential climate-related financial risks, continuing its focus on the same four areas listed below.

Read more.]]></description>
					      
						      <pubDate>Mon, 14 Jul 2025 15:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FSB-update-on-progress-under-2021-roadmap-on-clim</guid>
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					      <title>Mansion House: FSMA 2023 (Commencement No. 10 and Saving Provisions) Regulations 2025 made</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-FSMA-2023-Commencement-No-10-and-Sa</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2023 (Commencement No. 10 and Saving Provisions) Regulations 2025 have been made. The Regulations serve to implement legislative changes required in relation to the Mansion House reforms announced in relation to the UK overseas recognition regime (UK ORR), the UK Capital Requirements Regulation (UK CRR), and sustainable finance. The regulations will revoke on 28 November legislative provisions relevant to the framework for determining equivalence as on-shored post-Brexit, in alignment with the date on which the Financial Services (Overseas Recognition Regime Designations) Regulations 2025 are expected to come into force - a key step in establishing the UK&apos;s regime for providing &quot;recognition&quot; of a regulatory regime in an overseas jurisdiction. On UK CRR, the regulations revoke parts of the UK CRR, in respect of which significant prudential and resolution-related reforms were announced this week, with the relevant provisions coming into force on 1 January 2026. As well as the specific revocations in relation to the UK ORR, the UK CRR and sustainable finance, the regulations include savings provisions to preserve certain directions, decisions, applications and permissions under the current regimes, to ensure they continue to have effect once the revocation provisions have come into force.]]></description>
					      
						      <pubDate>Mon, 14 Jul 2025 15:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-FSMA-2023-Commencement-No-10-and-Sa</guid>
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					      <title>BNPL UK statutory instrument partially in force</title>
					      <link>https://finreg.aoshearman.com/BNPL-UK-statutory-instrument-partially-in-force</link>
					      <description><![CDATA[
The UK statutory instrument (The Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) Order 2025) implementing the necessary legislative changes for progressing buy-now, pay-later (BNPL) regulation was made, accompanied by an explanatory memorandum. The draft secondary legislation was originally laid in May alongside HM Treasury&apos;s (HMT) response to its 2024 consultation. The instrument brings interest-free BNPL agreements within the regulatory perimeter by amending the scope of agreements which are capable of being &quot;exempt agreements&quot; under article 60F of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. In addition, it provides a carve-out from the regulated activity of credit broking for merchants offering BNPL agreements except in the case of domestic premises suppliers.

The instrument came into force on 15 July for certain limited purposes, including to enable the UK Financial Conduct Authority and the UK Financial Ombudsman to make rules and give guidance in relation to the changes. For other purposes, the instrument comes into force on 15 July 2026 which is in line with the expected timetable for BNPL regulation. You may also like to read our client bulletin, Buy-Now, Pay Later - The Journey Continues (and the end is nearly in sight) for further detail on HMT&apos;s response to the 2024 consultation on BNPL products.]]></description>
					      
						      <pubDate>Mon, 14 Jul 2025 14:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BNPL-UK-statutory-instrument-partially-in-force</guid>
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					      <title>Regulation (EU) 2025/1355 on oversight of systemically important payment systems published in OJ</title>
					      <link>https://finreg.aoshearman.com/Regulation-EU-20251355-on-oversight-of-systemical</link>
					      <description><![CDATA[
Regulation (EU) 2025/1355 of the European Central Bank (ECB) adopted on 2 July has been published in the Official Journal of the European Union. This Regulation recasts and replaces Regulation (EU) No 795/2014, updating the oversight framework for systemically important payment systems (SIPS) in the euro area. It strengthens the ECB&apos;s supervisory role by aligning it with international standards, particularly the CPMI-IOSCO Principles for Financial Market Infrastructures. The Regulation applies to both large-value and retail payment systems, operated by either central banks or private entities. However, Eurosystem-operated SIPS are exempt from certain requirements (such as those relating to governance, wind-down planning, capital and liquidity buffers, collateral, and investment risks) where equivalent internal ECB rules already apply.

Read more.]]></description>
					      
						      <pubDate>Mon, 14 Jul 2025 10:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Regulation-EU-20251355-on-oversight-of-systemical</guid>
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					      <title>FCA publishes report on open finance sprint</title>
					      <link>https://finreg.aoshearman.com/FCA-publishes-report-on-open-finance-sprint</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published the 2025 outcomes report of the open finance sprint, held in March. The Sprint brought together stakeholders to develop practical data-sharing use cases across four key areas: financial wellbeing, financial growth, financial resilience, and digital identity and verification. The report captures participants outputs and does not represent the FCA&apos;s official position. Key themes for a trusted and effective open finance ecosystem included:

Read more.]]></description>
					      
						      <pubDate>Fri, 11 Jul 2025 17:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-publishes-report-on-open-finance-sprint</guid>
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					      <title>ESMA revises cloud outsourcing guidelines to align with DORA</title>
					      <link>https://finreg.aoshearman.com/ESMA-revises-cloud-outsourcing-guidelines-to-alig</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its final report, updating the 2021 guidelines on outsourcing to cloud service providers in line with the Digital Operational Resilience Act (DORA). The 2021 guidelines were designed to assist firms in identifying, managing and monitoring risks associated with cloud outsourcing. However, since the implementation of DORA in January, which covers the same scope including ICT third-party risks, these guidelines are no longer needed for most financial entities. However, DORA does not apply to certain depositories under the Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for Collective Investment in Transferable Securities Directive (UCITSD). Therefore, ESMA revises the scope of the 2021 guidelines to apply only to these specific depositaries that fall outside DORA&apos;s coverage. According to ESMA, the content of the guidelines has not substantively changed. The updated guidelines will now be translated into all official EU languages and published on ESMA&apos;s website. National competent authorities must notify ESMA within two months of publication whether they comply or intend to comply with guidelines.]]></description>
					      
						      <pubDate>Fri, 11 Jul 2025 17:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-revises-cloud-outsourcing-guidelines-to-alig</guid>
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					      <title>EC adopts Delegated Regulation to postpone ESRS disclosure requirements for wave one companies</title>
					      <link>https://finreg.aoshearman.com/EC-adopts-Delegated-Regulation-to-postpone-ESRS-d</link>
					      <description><![CDATA[
The European Commission has adopted a Delegated Regulation amending Delegated Regulation (EU) 2023/2772, introducing targeted amendments, referred as a &quot;quick fix&quot;, to postpone the application of certain disclosure requirements under the European Sustainability Reporting Standards. These changes aim to reduce the reporting burden and enhance legal certainty for companies already subject to sustainability reporting for financial year 2024 (&quot;wave one&quot; companies). The amendments allow these companies to continue omitting certain disclosures, such as anticipated financial effects of sustainability-related risks, among others, for financial years 2025 and 2026. Additionally, larger wave one companies (with over 750 employees) will now benefit from the same phase-in provisions previously reserved for smaller entities. These changes are set out in an annex to the Delegated Regulation, which replaces Appendix C of ESRS 1 and provides a revised list of phased-in disclosure requirements. The amendments address the gap left by the &quot;stop-the-clock&quot; Directive, which deferred reporting obligations for wave two and three companies but excluded wave one. A broader ESRS review is underway, targeting simplification and alignment, with completion expected by financial year 2027.]]></description>
					      
						      <pubDate>Fri, 11 Jul 2025 16:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-adopts-Delegated-Regulation-to-postpone-ESRS-d</guid>
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					      <title>ESMA publishes final guidelines under MiCAR for CASP staff providing crypto-asset information</title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-final-guidelines-under-MiCAR-for-C</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its final guidelines under the Markets in Crypto-Assets Regulation (MiCAR) specifying the criteria for assessing the knowledge and competence of staff at crypto-asset service providers (CASPs). Aimed at enhancing investor protection and trust in the crypto-asset sector, the guidelines: (i) outline the minimum professional qualifications and experience required for staff providing information or advice on crypto-assets; (ii) set out the organisational requirements for assessment, maintenance and updating of knowledge and competence; and (iii) address specific risks associated with the crypto-asset market, such as high volatility and cybersecurity, by setting out the assessment criteria for staff knowledge and skills. The guidelines will be translated into all EU languages and will apply six months after publication. Competent authorities must notify ESMA within two months of publication whether they comply or intend to comply with guidelines.]]></description>
					      
						      <pubDate>Fri, 11 Jul 2025 15:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-final-guidelines-under-MiCAR-for-C</guid>
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					      <title>ESMA statement advises CASPs on mitigating investor risks over unregulated products</title>
					      <link>https://finreg.aoshearman.com/ESMA-statement-advises-CASPs-on-mitigating-invest</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has issued a public statement addressed to crypto-asset service providers (CASPs) that offer both regulated and unregulated services under the Markets in Crypto-Assets Regulation (MiCAR). ESMA calls on CASPs to avoid creating investor confusion about the regulatory protections that apply to unregulated products and services. To address this risk, ESMA reminds CASPs of their obligation to act fairly, professionally and in the best interests of their clients, to avoid any conduct that can mislead or confuse them. In the statement, ESMA also cautions against CASPs using their regulated status as a marketing tool to promote unregulated services, as this can further contribute to investor misunderstanding. To mitigate these risks, ESMA encourages CASPs to adopt all necessary measures and provides a practical table of &quot;dos and don&apos;ts&quot;. This includes measures such as maintaining clear and effective communication with clients at every stage of the sales process, ensuring marketing materials are fair, clear and not misleading and disclosing the absence of MiCAR protections for unregulated services, among others.]]></description>
					      
						      <pubDate>Fri, 11 Jul 2025 15:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-statement-advises-CASPs-on-mitigating-invest</guid>
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					      <title>EBA consults on draft RTS and guidelines for third country branches under CRD IV</title>
					      <link>https://finreg.aoshearman.com/EBA-consults-on-draft-RTS-and-guidelines-for-thir</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published three consultation papers under Directive 2013/36 (CRD IV), as amended by Directive 2024/169 (CRD VI), relating to the regulatory requirements for third country branches (TCBs). In particular relating to cooperation and colleges of supervisors for TCBs, the booking arrangements that TCBs are to apply, and instruments available for TCBs for unrestricted and immediate use to cover risks or losses.

Read more.]]></description>
					      
						      <pubDate>Thu, 10 Jul 2025 15:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-consults-on-draft-RTS-and-guidelines-for-thir</guid>
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					      <title>Amendment to exemption thresholds under UK POCA published</title>
					      <link>https://finreg.aoshearman.com/Amendment-to-exemption-thresholds-under-UK-POCA-p</link>
					      <description><![CDATA[
The Proceeds of Crime (Money Laundering) (Threshold Amount) (Amendment) Order 2025 has been made and published with an accompanying explanatory memorandum. The legislation increases the financial threshold under sections 339A(2) and 339A(6A) of the Proceeds of Crime Act 2002 (POCA) from GBP1,000 to GBP3,000. These thresholds apply to two key exemptions for regulated businesses, such as banks, electronic money institutions and payment institutions, among others set out in schedule 9 of POCA, enabling them to (i) operate a customer account; or (ii) return funds when terminating a customer relationship, without committing a money laundering offence, even where criminal property is suspected (i.e., property believed to represent the proceeds of crime), provided the amount involved is below the threshold. The change aims to reduce the volume of low-value Defence Against Money Laundering (DAML) Suspicious Activity Reports (SAR), which in 2024 accounted for 23,000 submissions but only 0.1% of assets denied. A DAML SAR can be submitted for transactions above the threshold, which means a criminal offence will not be committed by the regulated entity, although the transaction is frozen pending the outcome of the review of the transaction or the lapse of three months. A review of the exit and pay away exemption introduced via the Economic Crime and Corporate Transparency Act 2023 is scheduled for 2026.]]></description>
					      
						      <pubDate>Thu, 10 Jul 2025 11:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Amendment-to-exemption-thresholds-under-UK-POCA-p</guid>
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					      <title>BCBS report on interconnections between banks and NBFIs</title>
					      <link>https://finreg.aoshearman.com/BCBS-report-on-interconnections-between-banks-and</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision (BCBS) has released a horizon-scanning report examining the interconnections between banks and non-bank financial intermediaries (NBFIs). The report discusses trends shaping bank-NBFI linkages, identifies key activities linking banks and NBFIs, covering leverage, clearing, market-making and underwriting services, and discusses the potential systemic risks arising from these interconnections. Drawing on case studies and stylised scenarios, the report demonstrates how failure in NBFIs could affect the banking system and broader financial stability. The report also identifies data gaps and limitations, emphasising the importance for granular, timely and high-frequency data to effectively monitor these interconnections. The BCBS intends to continue its assessment of these interconnections, with particular attention to synthetic risk transfers, to better understand their associated benefits and potential risks.]]></description>
					      
						      <pubDate>Thu, 10 Jul 2025 10:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BCBS-report-on-interconnections-between-banks-and</guid>
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					      <title>ESMA peer review report issuing CASP oversight recommendations under MiCAR</title>
					      <link>https://finreg.aoshearman.com/ESMA-peer-review-report-issuing-CASP-oversight-re</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a peer review report assessing the authorisation and supervision of a crypto-asset service providers (CASPs) under the Markets in Crypto-Assets Regulation (MiCAR). While the peer review was conducted in Malta and sets out specific recommendations addressed to the Malta Financial Services Authority (MFSA), ESMA also makes broader recommendations which apply to all national competent authorities (NCAs).

Read more.]]></description>
					      
						      <pubDate>Thu, 10 Jul 2025 10:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-peer-review-report-issuing-CASP-oversight-re</guid>
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					      <title>FCA plans to modernise client categorisation rules</title>
					      <link>https://finreg.aoshearman.com/FCA-plans-to-modernise-client-categorisation-rul</link>
					      <description><![CDATA[
The UK Financial Conduct Authority has announced plans to review its client categorisation rules to unlock more investment opportunities for wealthy investors and support capital markets. The review will focus on maintaining proportionality and supporting economic growth by modernising the client classification regime, providing greater clarity and confidence for firms and forming part of a broader strategy to enhance the competitiveness of the UK&apos;s financial services sector. The FCA will consult on the elective professional client categorisation later this year.]]></description>
					      
						      <pubDate>Thu, 10 Jul 2025 09:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-plans-to-modernise-client-categorisation-rul</guid>
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					      <title>FCA reports on progress under SCGO</title>
					      <link>https://finreg.aoshearman.com/FCA-reports-on-progress-under-SCGO</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its 2024/25 report on the secondary competitiveness and growth objective (SCGO), outlining the progress made since July 2024 and setting out its forward-looking priorities for the remainder of the reporting period. The SCGO, introduced under the Financial Services and Markets Act 2023, requires the FCA to publish annual reports for the first two years following the objective&apos;s introduction. This is the second such report and is accompanied by two annexes. Annex 1 provides a six-month progress update on the FCA&apos;s response to the Prime Minister&apos;s letter of December 2024, which called on UK regulators to identify actions that could unlock economic growth. In its response, the FCA outlined around 50 initiatives aimed at supporting innovation, streamlining regulation to reduce regulatory burden and boosting market access. The annex tracks progress against those commitments, several of which align with pledges made in the UK Government&apos;s March policy paper. Annex 2 presents the FCA&apos;s performance against a suite of published metrics designed to assess how its rules and guidance have contributed to advancing the SCGO. The FCA also published its response to the HM Treasury&apos;s (HMT) 2024 remit letter, reaffirming its commitment to embedding the SCGO into its five-year strategy. The letter outlines the FCA&apos;s efforts in strengthening the UK&apos;s capital markets, supporting innovation and technology and ensuring that regulatory reform is aligned with sustainable growth and consumer protection.]]></description>
					      
						      <pubDate>Thu, 10 Jul 2025 09:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-reports-on-progress-under-SCGO</guid>
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					      <title>EBA consults on amending RTS on own funds and eligible liabilities under CRR</title>
					      <link>https://finreg.aoshearman.com/EBA-consults-on-amending-RTS-on-own-funds-and-eli</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a consultation paper proposing amendments to Commission Delegated Regulation (EU) No 241/2014 on the timing for the application for prior permission to reduce own funds and eligible liabilities instruments under Articles 77, 78 and 78a of the Capital Requirements Regulation (CRR). The assessment timeline to process the applications to reduce own funds and eligible liabilities instruments had been extended the from three to four months, to accommodate more complex evaluations by competent and resolution authorities. However, following a monitoring period and in light of feedback from institutions, the EBA now considers that authorities have gained sufficient experience to process applications more efficiently. As such, the EBA proposes reverting to a three-month timeframe. References to the simplified requirement for liquidation entities, with an MREL set at the loss absorption amount, are also deleted from the RTS. This is to reflect amendments made by Directive 2024/1174 to the Bank Recovery and Resolution Directive, which exclude liquidation entities from the requirement to obtain the prior permission of the resolution authority to affect the call, redemption, repayment or repurchase of liabilities that would meet the eligibility requirements for the MREL. The deadline for comments on the consultation is 9 October following which the EBA will submit the final draft RTS to the European Commission for adoption.]]></description>
					      
						      <pubDate>Wed, 09 Jul 2025 15:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-consults-on-amending-RTS-on-own-funds-and-eli</guid>
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					      <title>Bank of England&apos;s FPC publishes July financial stability report</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England39s-FPC-publishes-July-financial-s</link>
					      <description><![CDATA[
The Bank of England&apos;s Financial Policy Committee (FPC) has published its July financial stability report alongside the record of its 27 June meeting. After assessing the risks to the UK financial system, the FPC reports that global financial markets remain vulnerable, with elevated risks stemming from geopolitical tensions, trade fragmentation and sovereign debt pressures.

Read more.]]></description>
					      
						      <pubDate>Wed, 09 Jul 2025 11:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England39s-FPC-publishes-July-financial-s</guid>
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					      <title>PRA thematic findings from the 2024 Cyber Stress Test</title>
					      <link>https://finreg.aoshearman.com/PRA-thematic-findings-from-the-2024-Cyber-Stress-</link>
					      <description><![CDATA[
The Bank of England and the Prudential Regulation Authority (PRA) have released a letter to PRA-regulated firms and relevant financial market infrastructure (FMIs) outlining the thematic findings from the 2024 Cyber Stress Test (CST24). PRA-regulated firms and relevant FMIs are encouraged to consider these findings in the implementation of their operational resilience policies.

The CST24 involved providers and users of wholesale services modelling the operational, financial and confidence impacts of suspected, confirmed and longer cyber-attack scenarios affecting transaction settlement.

Read more.]]></description>
					      
						      <pubDate>Wed, 09 Jul 2025 11:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PRA-thematic-findings-from-the-2024-Cyber-Stress-</guid>
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					      <title>PRA to review Loan to Income flow limit rule and offers interim modification by consent</title>
					      <link>https://finreg.aoshearman.com/PRA-to-review-Loan-to-Income-flow-limit-rule-and-</link>
					      <description><![CDATA[
The Prudential Regulation Authority (PRA) has announced it will be reviewing the Loan to Income (LTI) flow limit requirements, following the Financial Policy Committee&apos;s (FPC) recommendation, as stated in its July financial stability report. In line with this, the PRA is offering an interim modification by consent, allowing lenders to temporarily disapply the current rule that limits new residential mortgage loans with an LTI ratio of 4.5 or above to 15% of total new lending. Firms opting into the modification must: (i) within one month, submit detailed information on their business plan (including the percentage share of high LTI mortgages expected to be approved in each of the four quarters), risk appetite and risk management frameworks which include details of any planned increase in high LTI lending; and (ii) on a monthly basis, notify the PRA on the volume and share of high LTI mortgage approvals and completions within the previous month, with the first submission covering the preceding three months. Once granted, the modification will remain effective until 30 June 2026, or earlier if the rule is amended or withdrawn as a result of the PRA&apos;s review.

Read more.]]></description>
					      
						      <pubDate>Wed, 09 Jul 2025 11:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PRA-to-review-Loan-to-Income-flow-limit-rule-and-</guid>
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					      <title>FSB final report on leverage in NBFI and data challenges work plan</title>
					      <link>https://finreg.aoshearman.com/FSB-final-report-on-leverage-in-NBFI-and-data-cha</link>
					      <description><![CDATA[
The Financial Stability Board (FSB) has published its final report on leverage in non-bank financial intermediation (NBFI) which highlights the significant role of NBFI leverage in recent financial stress episodes and provides policy recommendations to mitigate associated financial stability risks. The recommendations build on existing implemented policy measures by authorities and the work of standard-setting bodies (SSBs) and relate specifically to identification and monitoring, NBFI leverage in core financial markets, counterparty and credit risk management, addressing incongruencies in regulatory treatment and cross border cooperation.

Read more.]]></description>
					      
						      <pubDate>Wed, 09 Jul 2025 11:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FSB-final-report-on-leverage-in-NBFI-and-data-cha</guid>
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					      <title>EBA consults on revision to POG guidelines for ESG retail banking products</title>
					      <link>https://finreg.aoshearman.com/EBA-consults-on-revision-to-POG-guidelines-for-ES</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a consultation paper on proposed revisions to its product oversight and governance (POG) guidelines for retail banking products. The EBA considers the update necessary in light of its June 2024 greenwashing report, which identified growing risks across the financial sector and to align with recent legislative amendments to the Capital Requirements Directive (CRD) and Capital Requirements Regulation (CRR) concerning Environmental Social Governance (ESG) risk management.

The revised guidelines aim to strengthen safeguards against greenwashing and ensure that financial institutions maintain high standards of conduct when offering products with ESG features. The EBA proposes a proportionate and targeted approach, adjusting a limited set of existing requirements related to the product&apos;s subject matter, manufacturers internal controls, the target market, distribution channels and information flows for the manufacturer&apos;s arrangements. A small number of consequential updates are also proposed. The deadline for comments on the consultation is 9 October, with the final guidelines expected to be published in Q1 2026 and effective from 1 December 2026. A virtual public hearing is scheduled for 11 September.]]></description>
					      
						      <pubDate>Wed, 09 Jul 2025 11:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-consults-on-revision-to-POG-guidelines-for-ES</guid>
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					 <item>
					      <title>ESMA publishes new guidelines under MiCAR to prevent and detect market abuse</title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-new-guidelines-under-MiCAR-to-prev</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published official translations of its guidelines on supervisory practices to prevent and detect market abuse under the Markets in Crypto-Assets Regulation (MiCAR). The guidelines, initially released in April through a final report, outline general principles to promote high-quality and effective supervision of market abuse in crypto-assets, alongside more targeted practices to support national competent authorities (NCAs) in detecting and preventing such abuse. The guidelines will now apply from 9 October, being three months after their publication in all official EU languages. NCA&apos;s shall confirm by 9 September whether they comply or intend to comply with the guidelines. If an NCA does not comply or does not plan to comply, it must notify ESMA, providing the reasons for its position. ESMA will subsequently publish this information on its website.]]></description>
					      
						      <pubDate>Wed, 09 Jul 2025 09:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-new-guidelines-under-MiCAR-to-prev</guid>
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					      <title>UK regulators publish joint final policy on Loan to Income flow limit in mortgage lending</title>
					      <link>https://finreg.aoshearman.com/UK-regulators-publish-joint-final-policy-on-Loan-</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) and the UK Financial Conduct Authority (FCA) have published joint final policy statement 11/25, finalising amendments to the PRA Rulebook and FCA Guidance (FG25/4) on the de minimis threshold for the Loan to Income (LTI) flow limit in mortgage lending. The LTI flow limit seeks to ensure that mortgage lenders limit the number of new residential mortgage loans made with an LTI ratio at, or greater than, 4.5 to no more than 15% of their total number of new mortgage loans per annum. This final policy statement follows the April consultation proposing to raise the threshold so that the LTI flow limit only applies to lenders issuing residential mortgages in aggregate exceeding GBP150 million per four rolling quarters (an increase from the current threshold of GBP100 million). The policy statement explains that the updated recommendation addresses the impact of inadvertent regulatory tightening due to growth in the UK economy since the threshold was first implemented. The aim is to reduce regulatory burdens on smaller lenders, allowing them to extend more residential mortgages before being subject to the LTI flow limit. The final amendments to the PRA Rulebook and FCA guidance remain consistent with the consultation proposals. The new rules and updated guidance are implemented through the PRA Rulebook: CRR Firms, Non-CRR Firms: Housing (Amendment) Instrument 2025 and will take effect on 11 July.]]></description>
					      
						      <pubDate>Tue, 08 Jul 2025 15:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-regulators-publish-joint-final-policy-on-Loan-</guid>
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					      <title>EBA consults on draft guidelines for third-party risk management for non-ICT related services</title>
					      <link>https://finreg.aoshearman.com/EBA-consults-on-draft-guidelines-for-third-party-</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a consultation paper on its draft guidelines for managing third-party risk with regards to non-ICT related services. The guidelines will revise and update its prior 2019 outsourcing guidelines in line with the Digital Operational Resilience Act (DORA). The guidelines reaffirm that financial entities&apos; management bodies remain fully accountable for all activities, including those outsourced to third-party service providers (TPSPs), particularly when critical or important functions are involved. The guidelines specify steps to be taken for the lifecycle of third-party arrangements, covering risk assessment, due diligence and termination processes, and stress the need for adequate resources to manage associated risks. To promote consistency with DORA, the draft guidelines allow financial institutions to maintain a single unified register for both ICT and non-ICT services, reducing administrative burden by limiting the level of information to be documented. A transitional period of two years is provided for financial entities under the scope of the updated guidelines, to review and amend existing third-party arrangements and update their non-ICT registers accordingly. The deadline for comments on the consultation is 8 October and a virtual public hearing is scheduled for 5 September.]]></description>
					      
						      <pubDate>Tue, 08 Jul 2025 11:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-consults-on-draft-guidelines-for-third-party-</guid>
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					      <title>EC adopts delegated regulation requiring a review of countries that may pose a threat to the EU financial system</title>
					      <link>https://finreg.aoshearman.com/EC-adopts-delegated-regulation-requiring-a-review</link>
					      <description><![CDATA[
The European Commission (EC) has adopted a Delegated Regulation amending a Delegated Regulation it adopted on 10 June, to introduce a review clause requiring the EC to independently assess countries that may pose a threat to the EU financial system, even if they are not publicly identified by the Financial Action Task Force (FATF). The Delegated Regulation adopted on 10 June amended the list of high-risk third countries laid down in Commission Delegated Regulation 2016/1675. The EC states that countries that are not publicly identified as being subject to calls for action or increased monitoring by the FATF might still pose a threat to the integrity of the EU financial system. Where membership of such countries to the FATF is suspended because of gross violations of core principles upon which that standard-setter is built, the threat to the EU financial system is likely to increase. The proposed review clause would require the EC to complete an autonomous assessment of whether such countries are high-risk third countries as referred to in Article 9 of Directive 2015/849 by 31 December.]]></description>
					      
						      <pubDate>Tue, 08 Jul 2025 09:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-adopts-delegated-regulation-requiring-a-review</guid>
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					      <title>FCA final report on credit information market study</title>
					      <link>https://finreg.aoshearman.com/FCA-final-report-on-credit-information-market-stu</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its feedback to the interim working group&apos;s final report on credit information market governance, which was developed in response to the FCA&apos;s Credit Information Market Study (CIMS). The CIMS final report proposed a new industry governance model named the Credit Reporting Governance Body (CRGB). An industry working group (IWG) was tasked with designing recommendations for the CRGB&apos;s structure and remit, to include strengthening self-governance in the credit information market, improving consistency and quality in data sharing and ensuring broader representation and transparency in decision-making. The FCA supports the IWG&apos;s recommendations and suggests areas for further consideration during implementation.

Read more.]]></description>
					      
						      <pubDate>Tue, 08 Jul 2025 08:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-final-report-on-credit-information-market-stu</guid>
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					      <title>EBA consults on draft guidelines on ancillary service undertakings under the CRR</title>
					      <link>https://finreg.aoshearman.com/EBA-consults-on-draft-guidelines-on-ancillary-ser</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a consultation paper on its draft guidelines on ancillary services undertakings (ASUs) specifying the criteria for the identification of activities referred to in Article 4(1)(18) of the Capital Requirements Regulation (CRR), as amended by CRR III (Regulation 2024/1623). The draft guidelines set the criteria for the identification of: (a) activities that should be considered a &quot;direct extension of banking&quot;; and (b) activities that should be considered &quot;ancillary to banking&quot;. They also outline the process to identify activities that the EBA may consider similar to those referred to in the CRR, to ensure that the guidelines remain responsive to emerging sources of risks.

The proper identification of ASUs plays a key role in determining the scope of prudential consolidation for banking groups, thereby enabling institutions to comply with the obligations laid down in the CRR on a consolidated basis. The EBA expects the guidelines to be read in conjunction with Regulation (EU) 2022/676 (regulatory technical standards on methods of prudential consolidation). The deadline for comments on the consultation is 7 October and a virtual public hearing is scheduled for 2 September. The date of application remains to be specified.]]></description>
					      
						      <pubDate>Mon, 07 Jul 2025 16:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-consults-on-draft-guidelines-on-ancillary-ser</guid>
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					      <title>FCA finalised guidance on the treatment of PEPs</title>
					      <link>https://finreg.aoshearman.com/FCA-finalised-guidance-on-the-treatment-of-PEPs</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published finalised guidance on the treatment of Politically Exposed Persons (PEPs) under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The guidance is intended to help firms apply a proportionate and risk-based approach to managing money laundering risks associated with PEPs, their relatives and close associates.

Read more.]]></description>
					      
						      <pubDate>Mon, 07 Jul 2025 09:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-finalised-guidance-on-the-treatment-of-PEPs</guid>
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					      <title>FCA launches new and improved Handbook website</title>
					      <link>https://finreg.aoshearman.com/FCA-launches-new-and-improved-Handbook-website</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has announced the launch of its new and improved FCA Handbook website. The website, currently in a beta version, retains all existing features but seeks to offer improved navigation, facilitates better understanding of rule connections and make it easier to compare different versions of FCA Handbook text to determine what has been added or deleted over time. While in beta phase, the FCA will continue to test and refine the website, with both the current and new websites accessible during the testing phase. The full rollout is expected later this year, ensuring continuous updates to rules and guidance throughout the transition. The FCA has also published a how-to guide and FAQs.]]></description>
					      
						      <pubDate>Fri, 04 Jul 2025 10:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-launches-new-and-improved-Handbook-website</guid>
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					      <title>EC adopts delegated regulation to simplify EU taxonomy reporting and screening criteria</title>
					      <link>https://finreg.aoshearman.com/EC-adopts-delegated-regulation-to-simplify-EU-tax</link>
					      <description><![CDATA[
The European Commission has adopted a Delegated Regulation amending Delegated Regulation (EU) 2021/2178 to simplify reporting requirements for environmentally sustainable activities under the EU Taxonomy Regulation. It also amends Delegated Regulations 2021/2139 and 2023/2486 to simplify certain technical screening criteria for determining whether economic activities cause no significant harm to environmental objectives.

Read more.]]></description>
					      
						      <pubDate>Fri, 04 Jul 2025 09:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-adopts-delegated-regulation-to-simplify-EU-tax</guid>
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					      <title>FCA consults on future of SI regime for bonds and derivatives</title>
					      <link>https://finreg.aoshearman.com/FCA-consults-on-future-of-SI-regime-for-bonds-and</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/20 on the systematic internaliser (SI) regime for bonds and derivatives. The consultation builds on the November 2024 final policy statement which introduced new bond and derivative transparency rules for trading venues and discussed the future of the SI regime. Given the removal of the pre-trade transparency from SI&apos;s obligations in bonds and derivatives, the FCA is now consulting on the SI regime and continued alignment between the transparency and SI regimes, along with additional proposals aimed at enhancing the functioning of UK markets.

Read more.]]></description>
					      
						      <pubDate>Fri, 04 Jul 2025 09:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-consults-on-future-of-SI-regime-for-bonds-and</guid>
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					      <title>UK PRA publishes policy statement on amendments to UK capital buffers framework</title>
					      <link>https://finreg.aoshearman.com/UK-PRA-publishes-policy-statement-on-amendments-t</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published its final policy statement in relation to amendments being made to the UK framework on capital buffers. Together with the Capital Buffers and Macro-prudential Measures Regulations 2025 (Capital Buffer Regulations), published in June, the amendments result in some regulatory material on the UK capital buffers framework being removed from the statute book and replaced by PRA policy material. In addition, the PRA has sought to streamline some of its policy materials on capital buffers, to enhance usability and clarity.

Read more.]]></description>
					      
						      <pubDate>Thu, 03 Jul 2025 14:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PRA-publishes-policy-statement-on-amendments-t</guid>
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					      <title>ESMA announces first CTP for bonds in the EU</title>
					      <link>https://finreg.aoshearman.com/ESMA-announces-first-CTP-for-bonds-in-the-EU</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has announced the selection of Ediphy (fairCT), a fintech company, as the first consolidated tape provider for bonds in the EU. The decision marks a significant step towards establishing consolidated tapes in the EU, contributing to the development of the Savings and Investment Union and enhancing capital markets in Europe. Ediphy (fairCT), was selected following a thorough assessment process against the criteria listed in the EU Markets in Financial Instruments Regulation. The firm met all eligibility requirements and achieved the highest overall score on the award criteria. ESMA now invites Ediphy (fairCT) to apply for formal authorisation without delay, after which it will operate the CTP for bonds for five years under ESMA&apos;s direct supervision.]]></description>
					      
						      <pubDate>Thu, 03 Jul 2025 11:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-announces-first-CTP-for-bonds-in-the-EU</guid>
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					      <title>HMT publishes revised policy approach to ancillary activities exemption</title>
					      <link>https://finreg.aoshearman.com/HMT-publishes-revised-policy-approach-to-ancillar</link>
					      <description><![CDATA[
HM Treasury (HMT) has published a policy note and draft statutory instrument on the ancillary activities exemption, which is an exemption (originally introduced in the revised EU Markets in Financial Services Directive) from investment firm authorisation requirements for firms that trade commodity derivatives or emission allowances as an ancillary activity to their main business. The exemption is intended for non-financial firms such as energy and other commodity trading firms which are active in both physical trading and financial instrument trading. Currently, firms must determine their eligibility for the exemption and ancillary activities test (AAT), which is burdensome and expensive for firms.

Read more.]]></description>
					      
						      <pubDate>Thu, 03 Jul 2025 10:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-publishes-revised-policy-approach-to-ancillar</guid>
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					      <title>UK FCA proposes new approach to ancillary activities test</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-proposes-new-approach-to-ancillary-activit</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has launched a consultation on its proposed revised approach to the ancillary activities test (AAT). The AAT is the test that firms must conduct to determine whether they can use an exemption (originally introduced under the revised EU Markets in Financial Instruments Directive) from investment firm authorisation requirements for their commodity derivatives or emission allowances trading business which is as an ancillary activity to their main business. The FCA&apos;s consultation is published on the same day as HM Treasury announced its revised policy approach to the exemption and the AAT. This approach will give the FCA powers to make rules in relation to the AAT and to set a new annual threshold for activity below which a person can also use the ancillary activities exemption (AAE).

Read more.]]></description>
					      
						      <pubDate>Thu, 03 Jul 2025 10:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-proposes-new-approach-to-ancillary-activit</guid>
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					      <title>Draft Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 published</title>
					      <link>https://finreg.aoshearman.com/Draft-Markets-in-Financial-Instruments-Miscellan</link>
					      <description><![CDATA[
The draft Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 has been laid before the UK Parliament under the Financial Services and Markets Act 2023 (FSMA 2023), together with a draft explanatory memorandum. The draft Regulations form part of the continued process to repeal and replace assimilated EU financial services law following Brexit. Specifically, these Regulations will restate key definitions from Commission Delegated Regulation (EU) 2017/565 (MiFID Org Regulation) into UK law, ahead of its revocation through a pending separate commencement instrument (as announced in the 2024 Mansion House speech). The MiFID Org Regulation sets out detailed organisational and conduct requirements for investment firms, including provisions on client categorisation, best execution, conflicts of interest, outsourcing and internal audit functions. These firm-facing obligations will be replaced by rules developed by the UK Financial Conduct Authority and the UK Prudential Regulation Authority, in line with the FSMA 2023 framework which delegates responsibility for detailed regulatory standards to the regulators. The draft Regulations also seek to modify definitions already within the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 to clarify terminology.]]></description>
					      
						      <pubDate>Thu, 03 Jul 2025 10:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-Markets-in-Financial-Instruments-Miscellan</guid>
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					      <title>EU T+1 Industry Committee publishes roadmap and opens consultation for capital markets</title>
					      <link>https://finreg.aoshearman.com/EU-T1-Industry-Committee-publishes-roadmap-and-op</link>
					      <description><![CDATA[
The EU T+1 Industry Committee (the Industry Committee) held a summit, presenting its high-level roadmap for transitioning to a shorter T+1 securities settlement cycle, targeted for implementation by 11 October 2027. While there is no formal public consultation on the roadmap or report, there is a feedback phase to gather additional input from stakeholders that may support the Industry Committee&apos;s future work. The deadline for comments is 31 August. After the consultation period, firms are encouraged to begin preparing their transition strategies and allocating resources for system upgrades and testing throughout the remainder of the year.]]></description>
					      
						      <pubDate>Thu, 03 Jul 2025 10:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-T1-Industry-Committee-publishes-roadmap-and-op</guid>
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					      <title>ECB and AMLA sign MoU to strengthen EU AML supervision</title>
					      <link>https://finreg.aoshearman.com/ECB-and-AMLA-sign-MoU-to-strengthen-EU-AML-superv</link>
					      <description><![CDATA[
The European Central Bank (ECB) has published a Memorandum of Understanding (MoU) (dated 27 June) that the ECB has entered into with the European Union&apos;s Anti-Money Laundering Authority (AMLA) to enhance cooperation between prudential and anti-money laundering supervision. The MoU establishes practical arrangements for cooperation and information exchange, aiming to enhance supervisory effectiveness, maximise efficiency and avoid duplication of efforts. Under the MoU, the AMLA will directly supervise certain high-risk financial institutions (referred to as &quot;selected obliged entities&quot;) that are particularly exposed to cross-border money laundering. These include payment institutions, crypto-asset service providers and, in some cases, banks that also fall under the ECB&apos;s prudential supervision. Article 92(3) of the AMLA Regulation requires the AMLA and the ECB to conclude a MoU setting out the practical modalities for cooperation and for exchanging information in the performance of their respective tasks by 27 June.]]></description>
					      
						      <pubDate>Thu, 03 Jul 2025 10:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECB-and-AMLA-sign-MoU-to-strengthen-EU-AML-superv</guid>
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					      <title>ESAs and AMLA sign MoU to strengthen EU AML supervision</title>
					      <link>https://finreg.aoshearman.com/ESAs-and-AMLA-sign-MoU-to-strengthen-EU-AML-super</link>
					      <description><![CDATA[
The European Supervisory Authorities (the European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities Markets Authority—the ESAs) have announced the signing of a multilateral Memorandum of Understanding (MoU) (dated 27 June) with the European Union&apos;s Anti-Money Laundering Authority (AMLA). The agreement establishes a framework for effective cooperation and information exchange among the four institutions. The MoU outlines practical arrangements for collaboration, aiming to enhance supervisory convergence across the EU&apos;s financial sector. It also seeks to facilitate the sharing of relevant information, promote cross-sectoral learning and support capacity building in areas of mutual interest. The agreement is a key component of the AMLA&apos;s broader cooperation framework with the financial sector, as required under Article 91 of the AMLA Regulation, which mandates the conclusion of a multilateral MoU with the ESAs by 27 June.]]></description>
					      
						      <pubDate>Thu, 03 Jul 2025 10:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESAs-and-AMLA-sign-MoU-to-strengthen-EU-AML-super</guid>
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					      <title>UK FCA finalises rules on NFM and launches consultation on new Handbook guidance</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-finalises-rules-on-NFM-and-launches-consul</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a consultation paper CP25/18 (CP) on tackling non-financial misconduct (NFM) in financial services, building on its 2023 consultation on diversity and inclusion in the financial sector. The CP is accompanied by a press release and updated webpage. The CP includes a final policy statement in Chapter 2, confirming the extension of existing NFM rules for banks to non-bank financial services firms. These final rules, which come into effect on 1 September 2026, amend the Code of Conduct and the Fit and Proper Test for Employees and Senior Personnel sourcebooks. The changes aim to align expectations across the sector regarding serious misconduct such as bullying, harassment and violence, and clarify when such behaviour constitutes a breach of FCA rules. In addition to finalising these rules, the FCA is consulting on proposed new FCA Handbook guidance to support consistent application of the NFM framework across firms. The deadline for comments is 10 September.]]></description>
					      
						      <pubDate>Wed, 02 Jul 2025 16:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-finalises-rules-on-NFM-and-launches-consul</guid>
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					      <title>UK FOS publishes annual report and accounts for 2024/25</title>
					      <link>https://finreg.aoshearman.com/UK-FOS-publishes-annual-report-and-accounts-for-2</link>
					      <description><![CDATA[
The Financial Ombudsman Service (FOS) has published its annual report and accounts for 2024/25, accompanied by a press release. The report highlights a 54% year-on-year increase in complaints, with 305,726 new cases received, the highest volume since the PPI issue in 2018/19. The significant increase is driven primarily by complaints concerning motor finance commission (73,328 cases) and unaffordable lending (71,685 cases), alongside notable increases in fraud and scams. Around half of all complaints were submitted by professional representatives, a sharp increase from 25% the previous year. On average, across all financial products, the FOS upheld 34% of the complaints it resolved, compared to 37% in 2023/24. In response to operational pressures, the FOS confirms it is expanding its workforce, modernising its structure and investing in digital transformation.]]></description>
					      
						      <pubDate>Wed, 02 Jul 2025 16:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FOS-publishes-annual-report-and-accounts-for-2</guid>
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					      <title>UK APPG publishes report assessing the APP fraud mandatory reimbursement requirement</title>
					      <link>https://finreg.aoshearman.com/UK-APPG-publishes-report-assessing-the-APP-fraud-</link>
					      <description><![CDATA[
The UK All-Party Parliamentary Group (APPG) on Fair Banking has published its latest report, &quot;No Half Measures - A Blueprint to Beat APP Fraud&quot;, alongside a press release. The report assesses the UK&apos;s response to authorised push payment (APP) fraud and the early impact of the mandatory reimbursement requirement (MRR) introduced by the UK Payment Systems Regulator (PSR) in October 2024. The APPG recognises the MRR as a step forward in consumer protection but emphasises that it is not a complete solution to fraud. Key gaps remain, particularly in areas such as cryptocurrency platforms and international transfers, which remain outside the scope of the current reimbursement framework. The APPG calls for a balanced, system-wide approach, urging collaboration to effectively combat APP fraud rather than placing disproportionate expectations on financial institutions alone. In Q4 2025, there will be an independent one-year review assessing the impact of the MRR, as well as the PSR&apos;s wider policy approach to APP fraud.

Read more.]]></description>
					      
						      <pubDate>Wed, 02 Jul 2025 14:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-APPG-publishes-report-assessing-the-APP-fraud-</guid>
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					      <title>EU RTS on subcontracting ICT services supporting critical or important functions under DORA published in OJ</title>
					      <link>https://finreg.aoshearman.com/EU-RTS-on-subcontracting-ICT-services-supporting-</link>
					      <description><![CDATA[
Commission Delegated Regulation (EU) 2025/532 has been published in the Official Journal of the European Union. The Delegated Regulation supplements the Digital Operational Resilience Act (DORA) with regard to regulatory technical standards (RTS) specifying the elements that a financial entity has to determine and assess when subcontracting information and communication technology (ICT) services supporting critical or important functions.

Read more.]]></description>
					      
						      <pubDate>Wed, 02 Jul 2025 13:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-RTS-on-subcontracting-ICT-services-supporting-</guid>
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					      <title>ESMA announces intention to publish guidance on algorithmic pre-trade controls under MiFID II</title>
					      <link>https://finreg.aoshearman.com/ESMA-announces-intention-to-publish-guidance-on-a</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a press release sharing its view that the pre-trade controls that investment firms have implemented warrant further convergence. The EU Markets in Financial Instruments Directive (MiFID II) requires investment firms engaging in algorithmic trading to have effective systems and risk controls to ensure that its trading systems are resilient, have sufficient capacity, are subject to appropriate trading thresholds and limits, and prevent incorrect orders being sent. Those systems must also ensure that the trading systems cannot be used for market abuse or insider trading or other purposes contrary to the EU Market Abuse Regulation. Commission Delegated Regulation (EU) 2017/589 further specifies the pre-trade controls that an investment firm must have in place to meet these MiFID II requirements.

Read more.]]></description>
					      
						      <pubDate>Wed, 02 Jul 2025 13:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-announces-intention-to-publish-guidance-on-a</guid>
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					      <title>SRB publishes updated guidance on solvent wind-down of trading books</title>
					      <link>https://finreg.aoshearman.com/SRB-publishes-updated-guidance-on-solvent-wind-do</link>
					      <description><![CDATA[
The Single Resolution Board (SRB) has published updated operational guidance, accompanied by a press release, on the solvent wind-down (SWD) of trading books. The guidance is intended to outline the scope and key expectations for SWD planning and potential execution. Its objectives are to provide a framework to: (i) ensure that banks are adequately prepared and possess the necessary capabilities to plan for a SWD in resolution; and (ii) enable the timely and effective execution of the SWD plan within a reasonable timeframe. This version of the guidance updates and replaces the SRB&apos;s original SWD guidance, published in December 2021, which was aimed at facilitating the phase-in of SWD-related expectations. It incorporates feedback from banks and other stakeholders, and addresses the shortcomings identified by the SRB from its review of banks&apos; deliverables. The SRB has also simplified the guidance by removing complexity and enhancing proportionality.]]></description>
					      
						      <pubDate>Wed, 02 Jul 2025 12:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/SRB-publishes-updated-guidance-on-solvent-wind-do</guid>
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					      <title>EBA consults on draft guidelines on application of definition of default and applying credit conversion factors under CRR</title>
					      <link>https://finreg.aoshearman.com/EBA-consults-on-draft-guidelines-on-application-o</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published two consultation papers under the Capital Requirements Regulation (CRR), as amended by the revised Capital Requirements Regulation (CRR III).

The first consultation paper proposes amendments to the guidelines on the application of the definition of default under Article 178 of the CRR.

Key proposals include:

	Maintaining the 1% threshold for the net present value loss in debt restructuring, emphasising the framework&apos;s flexibility and alignment with accounting principles.
	Considering a shortened probation period for certain forborne exposures from one year to three months—however this is not incorporated in the draft amended guidelines.


Read more.]]></description>
					      
						      <pubDate>Wed, 02 Jul 2025 10:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-consults-on-draft-guidelines-on-application-o</guid>
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					      <title>UK FCA publishes final rules on fees and levies for 2025/26</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-publishes-final-rules-on-fees-and-levies-f</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has issued final policy statement PS25/8, accompanied by an updated webpage, confirming the regulatory fees and levies for the financial year 2025/26. This follows the FCA&apos;s April consultation and sets out the final rates for each fee-block, including those funding the FCA, the Financial Ombudsman Service and other government levies. The fees allow the FCA to recover the costs of delivering its priorities and strategy as outlined in its 2025/26 work programme. The annual funding requirement required for the FCA is GBP783.5 million, which includes the baseline cost of ongoing regulatory activities and exceptional projects. In response to the consultation feedback, the FCA makes minor corrections and clarifications to the final rules, including updates to tariff data definitions and provisions to recover costs associated with skilled person appointments under the Money Laundering Regulations. The final rules are implemented through the Periodic Fees (2025/2026) and Other Fees Instrument 2025. Firms are encouraged to use the FCA&apos;s online fees calculator to determine their individual fees based on the published rates. The FCA confirms it will invoice fee payers from July onwards for their 2025/26 periodic fees and levies.]]></description>
					      
						      <pubDate>Tue, 01 Jul 2025 16:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-publishes-final-rules-on-fees-and-levies-f</guid>
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					      <title>ESMA publishes thematic note on clear, fair and not misleading sustainability-related claims</title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-thematic-note-on-clear-fair-and-no</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has issued a thematic note to assist firms when making sustainability claims to ensure that they are clear, fair and not misleading. The aim of the thematic note is to provide market participants with information and build on observed market practices. The note focuses on environmental, social and governance (ESG) credentials and outlines four guiding principles on making sustainability claims: (i) accurate—sustainability claims should fairly and accurately represent the entity&apos;s sustainability profile without exaggeration and avoiding falsehoods, omissions and cherry-picking; (ii) accessible—sustainability claims should be based on information that is easy to access and understand, with the appropriate level of detail and clarity, avoiding oversimplification; (iii) substantiated—sustainability claims should be backed by clear, credible reasoning, facts and processes, with transparent methodologies and limitations; and (iv) up to date—sustainability claims should be up to date with any material changes disclosed promptly, including a clear indication of the analysis&apos; date and perimeter.]]></description>
					      
						      <pubDate>Tue, 01 Jul 2025 13:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-thematic-note-on-clear-fair-and-no</guid>
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					      <title>UK House of Lords committee launches call for evidence on growth of private markets</title>
					      <link>https://finreg.aoshearman.com/UK-House-of-Lords-committee-launches-call-for-evi</link>
					      <description><![CDATA[
The House of Lords Financial Services Regulation Committee (the Committee) has launched a call for evidence as part of its inquiry into the growth of private markets in the UK following the regulatory reforms introduced after 2008. The inquiry seeks to examine: (i) whether post-2008 regulatory capital and liquidity reforms have affected banks&apos; capacity or willingness to lend, thereby shifting risk from the regulated banking sector to less transparent private markets; and (ii) the extent of the Bank of England&apos;s visibility into the size of these private markets, their links to the banking system and the potential for any spillover risks. The Committee poses ten specific questions and the deadline for responses is 18 September.]]></description>
					      
						      <pubDate>Tue, 01 Jul 2025 13:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-House-of-Lords-committee-launches-call-for-evi</guid>
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					      <title>EBA final guidelines on ADC exposures to residential property under CRR</title>
					      <link>https://finreg.aoshearman.com/EBA-final-guidelines-on-ADC-exposures-to-resident</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has issued its final guidelines, accompanied by a press release, on the treatment of acquisition, development and construction (ADC) exposures to residential property under Article 126a of the Capital Requirements Regulation (CRR). These guidelines mark the first phase of the EBA&apos;s roadmap for implementing credit risk provisions under the EU Banking Package. They clarify the conditions under which institutions may apply a reduced risk weight of 100%, instead of the default 150%, to ADC exposures that meet specific credit risk-mitigating criteria. These conditions include: (i) at least 50% of total contracts must be either pre-sale contracts with a cash deposit of at least 10% of the sale price, pre-lease contracts with a cash deposit equal to or exceeding three times the monthly lease rate, or a combination of sale and lease contracts; and (ii) obligor-contributed equity of at least 25% of the property&apos;s value upon completion. This threshold was revised down from 35% following the May 2024 consultation. The guidelines also introduce flexibility for public housing projects by reducing the equity requirement to 20% and broadening the scope of eligible equity to include committed subsidies.]]></description>
					      
						      <pubDate>Tue, 01 Jul 2025 11:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-final-guidelines-on-ADC-exposures-to-resident</guid>
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					      <title>EC adopts Delegated Regulation on RTS for identification of main risk driver of a position under CRR</title>
					      <link>https://finreg.aoshearman.com/EC-adopts-Delegated-Regulation-on-RTS-for-identif</link>
					      <description><![CDATA[
The European Commission (EC) has adopted a Delegated Regulation supplementing the Capital Requirements Regulation (CRR) with regard to regulatory technical standards (RTS) specifying methods for identifying the main risk driver of a position and determining whether a transaction represents a long or short position. The proposed general method to identify the main risk driver hinges on sensitivities defined under the market risk standardised approach (FRTB-SA) or on add-ons defined under the standardised approach for counterparty credit risk (SA-CCR). For the determination of the direction of the positions, the methodology is aligned with the one set out in the technical standards developed in accordance with Article 279a(3), point (b), of the CRR. For relatively simple instruments, such as fixed-rate bonds, floating-rate notes, stocks, forwards, futures, simple swaps and plain vanilla options, a simplified method has also been specified. The Delegated Regulation will enter into force on the twentieth day following its publication in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Tue, 01 Jul 2025 11:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-adopts-Delegated-Regulation-on-RTS-for-identif</guid>
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					      <title>EBA publishes technical advice to EC on fees to validate pro forma models under EMIR</title>
					      <link>https://finreg.aoshearman.com/EBA-publishes-technical-advice-to-EC-on-fees-to-v</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published technical advice to the European Commission, alongside a press release, on a possible Delegated Act concerning fees for the validation of pro forma models under the European Market Infrastructure Regulation (EMIR). EMIR, as amended by EMIR 3, requires that counterparties apply for authorisation to their competent authorities before using, or adopting a change to, a model for initial margin calculation used as a risk-mitigation technique for over-the-counter (OTC) derivative contracts not cleared by a central counterparty (CCP). The EBA is charged with establishing a central validation function for the elements and general aspects of pro forma models, and any changes to those. It must also charge an annual fee, per pro forma model, to counterparties using the pro forma models it validates.

Read more.]]></description>
					      
						      <pubDate>Mon, 30 Jun 2025 16:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-publishes-technical-advice-to-EC-on-fees-to-v</guid>
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					      <title>HMT and UK FCA announce new &quot;targeted support&quot; proposals for pensions and retail investments</title>
					      <link>https://finreg.aoshearman.com/HMT-and-UK-FCA-announce-new-quottargeted-supportq</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a consultation paper CP25/17 (CP) accompanied by a press release and updated webpage, proposing a new regulatory framework for &quot;targeted support&quot; in pensions and retail investments. The CP forms part of the Advice Guidance Boundary Review and the FCA&apos;s five-year strategy to support growth and help consumers navigate their financial lives. The deadline for comments is 29 August and a policy statement is expected by the end of the year, subject to the volume of feedback received.

The CP proposes the introduction of a new regulated activity of targeted support, which would allow firms to provide ready-made suggestions on investment products or courses of action to groups of consumers with common characteristics, making it clear that such support does not constitute fully personalised financial advice. The UK Government has announced that it will consult on amending the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 accordingly to introduce the new regulated activity. A draft statutory instrument is expected to be published alongside the Mansion House speech on 15 July. The targeted support framework would not impact the existing regulatory framework for activities that can currently be delivered as guidance without FCA authorisation.

Read more.]]></description>
					      
						      <pubDate>Mon, 30 Jun 2025 15:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-and-UK-FCA-announce-new-quottargeted-supportq</guid>
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					      <title>ESMA publishes final report on 2023-2024 CSA on integration of sustainability risks and disclosures</title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-final-report-on-2023ndash2024-CSA-</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its final report on the 2023-2024 common supervisory action (CSA) carried out with national competent authorities (NCAs)on the integration of sustainability risks and disclosures in the investment management sector. The CSA assessed how NCAs supervise compliance with the Alternative Investment Fund Managers Directive (AIFMD), the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive and the Sustainable Finance Disclosure Regulation (SFDR). ESMA concludes that while there is a satisfactory level of compliance, significant vulnerabilities remain, including: (i) inconsistent integration of sustainability risks into investment processes; (ii) deficiencies in entity-level and product-level SFDR disclosures; and (iii) ongoing greenwashing risks. The report highlights the need for enhanced supervisory convergence, urging NCAs to maintain proactive engagement with market participants and to follow up on cases where vulnerabilities were identified. NCAs are also encouraged to apply the European Supervisory Authorities&apos; (ESAs) common understanding of greenwashing as a reference point in their ongoing supervision.

Read more.]]></description>
					      
						      <pubDate>Mon, 30 Jun 2025 14:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-final-report-on-2023ndash2024-CSA-</guid>
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					      <title>Council of the EU publishes comparison tables on Payment Services Package</title>
					      <link>https://finreg.aoshearman.com/Council-of-the-EU-publishes-comparison-tables-on-</link>
					      <description><![CDATA[
The Council of the EU has published initial four-column tables for the two key legislative proposals under the Payment Services Package: (i) the proposed Payment Services Directive (PSD3); and (ii) the Payment Services Regulation (PSR). The tables present, side-by-side, the positions of the European Commission, the European Parliament and Council of the EU, along with a fourth column left blank for Member State comments.]]></description>
					      
						      <pubDate>Mon, 30 Jun 2025 14:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Council-of-the-EU-publishes-comparison-tables-on-</guid>
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					      <title>UK PRA publishes annual fees for 2025/26</title>
					      <link>https://finreg.aoshearman.com/UK-PRA-publishes-annual-fees-for-202526</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has issued final policy statement PS10/25, setting out the annual fees for the 2025/26 financial year, following the consultation in April (CP8/25). The final policy introduces only minor amendments to the draft proposals set out in the consultation. Overall, the total levies and fees have increased by 3% year-on-year. Within this, the Bank of England (BoE) levy has risen by 4%, the PRA levy has decreased by 1% and other levies and fees have increased by 4%. The PRA&apos;s Total Funding Requirement for 2025/26 is set at GBP350.2 million, representing a 0.8% decrease compared to the previous year. The Annual Funding Requirement for 2025/26 stands at GBP336.4m, representing a GBP5.1m increase from the 2024/25 figure of GBP331.3m. It is also GBP7.7m higher than the amount proposed in the consultation. This is primarily due to a larger allocation of the BoE&apos;s investment portfolio and central support costs to the PRA, partially offset by a reduction in the pensions provision. The policy also confirms the introduction of a Future Banking Data Fee, supporting the PRA&apos;s role in the BoE&apos;s programme to modernise regulatory data collection. The updated PRA Rulebook, incorporating the PRA Rulebook: PRA Fees Amendment Instrument 2025, entered into force on 2 July.]]></description>
					      
						      <pubDate>Mon, 30 Jun 2025 09:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PRA-publishes-annual-fees-for-202526</guid>
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					      <title>Corrigendum to EMIR 3 clarifies AML/CFT references</title>
					      <link>https://finreg.aoshearman.com/Corrigendum-to-EMIR-3-clarifies-AMLCFT-references</link>
					      <description><![CDATA[
A Corrigendum to Regulation (EU) 2024/2987, referred to as the revised European Market Infrastructure Regulation (EMIR 3), has been published in the Official Journal of the European Union. This Regulation amends Regulations (EU) No 648/2012 (EMIR), No 575/2013 (Capital Requirements Regulation) and (EU) 2017/1131 (Money Market Fund Regulation) to introduce measures aimed at mitigating excessive exposures to third-country central counterparties. The Corrigendum corrects a legal reference concerning the identification of high-risk third countries for anti-money laundering and counter-terrorist financing purposes. Specifically, it replaces an incorrect reference to Regulation (EU) 2024/1624 with the correct citation to Directive (EU) 2015/849, known as the Anti-Money Laundering Directive.]]></description>
					      
						      <pubDate>Fri, 27 Jun 2025 16:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Corrigendum-to-EMIR-3-clarifies-AMLCFT-references</guid>
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					      <title>FCA publishes final rules on data decommissioning</title>
					      <link>https://finreg.aoshearman.com/FCA-publishes-final-rules-on-data-decommissioning</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published final policy statement PS25/7, alongside an updated webpage, on data decommissioning. Following the FCA&apos;s consultation in April, it has proceeded with:


	Removing the requirement for data collection relating to: (i) FSA039—Client money and assets, (ii) Section F of the Retail Mediation Activities Return (RMAR) and (iii) Form G—The Retail Investment Adviser Complaints Notifications Form.
	Simplifying the FCA Handbook to remove guidance about data collections that have already been decommissioned.
	Entirely removing forms that are already included in the Annexes to SUP 16.

These changes support the FCA&apos;s five-year strategy to become a smarter, more data-driven regulator. The changes are implemented through the Data Decommissioning Instrument 2025, effective from 27 June. The FCA states it will continue to review and streamline data collections to maintain effective supervision while reducing regulatory burdens.]]></description>
					      
						      <pubDate>Fri, 27 Jun 2025 16:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-publishes-final-rules-on-data-decommissioning</guid>
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					      <title>EBA publishes spring 2025 risk assessment report</title>
					      <link>https://finreg.aoshearman.com/EBA-publishes-spring-2025-risk-assessment-report</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its spring 2025 risk assessment report alongside a press release, outlining key developments and emerging risks within the European Union/European Economic Area (EU/EEA). The report highlights, among other things:


	Strong capital and liquidity positions across EU/EEA banks, with profitability remaining at historically high levels, although increased uncertainty and financial market volatility could challenge the sustainability of this.
	Rising credit risks, particularly in sectors vulnerable to geopolitical tensions, tariffs and supply chain disruptions.
	Elevated operational risks, driven by increasing cyber threats and a surge in fraudulent activities.
	Shifts in funding strategies, with banks relying more on deposits and secured debt to support asset growth.
	Exposure to climate-related risks, both transitional and physical, with significant variation across institutions and jurisdictions.

The report is also accompanied by a spring risk assessment questionnaire.]]></description>
					      
						      <pubDate>Fri, 27 Jun 2025 12:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-publishes-spring-2025-risk-assessment-report</guid>
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					 <item>
					      <title>ESAs launch joint consultation on draft guidelines for ESG stress testing</title>
					      <link>https://finreg.aoshearman.com/ESAs-launch-joint-consultation-on-draft-guideline</link>
					      <description><![CDATA[
The European Supervisory Authorities (the European Banking Authority, European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) have launched a joint consultation on their joint draft guidelines for integrating environmental, social and governance (ESG) risks into financial stress tests for banks and insurers. These guidelines, mandated by the Capital Requirements Directive (CRD) and the Solvency II Directive, aim to harmonise how competent authorities across the EU consistently incorporate ESG risks into their supervisory frameworks. They establish a common framework for designing ESG-related stress testing methodologies and standards, ensuring consistency across the financial sector. They allow authorities to either integrate ESG risks into existing stress testing frameworks or conduct complementary assessments under adverse ESG scenarios, depending on the applicable sectoral legislation. Key elements of the draft guidelines include: (i) detailed guidance on the design and features of ESG stress tests; and (ii) organisational and governance requirements, including sufficient human resources with ESG expertise, data collection and management systems and appropriate timelines for scenario analysis. The guidelines are also designed to be forward-looking, allowing for future methodological advancements and improvements in ESG data availability. The deadline for responses is 19 September, with a public hearing scheduled for 26 August. The guidelines are expected to be finalised by the end of the year and published by 10 January 2026.]]></description>
					      
						      <pubDate>Fri, 27 Jun 2025 11:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESAs-launch-joint-consultation-on-draft-guideline</guid>
				    </item>
			
					 <item>
					      <title>UK FCA Handbook Notice 131</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-Handbook-Notice-131</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Handbook Notice 131, outlining updates to the FCA Handbook resulting from the following statutory instruments.


	Enforcement Guide (Amendment) Instrument 2025. Revokes the previous Enforcement Guide and introduces a new Enforcement Guide (ENFG). Accompanied by the Enforcement Guide (Consequential Amendments) Instrument 2025, which amends various sections of the FCA Handbook, including the Glossary and introduces a new chapter named SUP 6B. Both instruments entered into force on 3 June.
	Private Intermittent Securities and Capital Exchange System (PISCES) Instrument 2025 and Private Intermittent Securities and Capital Exchange System (PISCES) (Consequential Amendments) Instrument 2025. Establishes the regulatory framework for the PISCES sandbox, a new private market for the intermittent trading of private company shares and introduces the PISCES (PS) sourcebook. Both instruments entered into force on 10 June.


Read more.]]></description>
					      
						      <pubDate>Fri, 27 Jun 2025 11:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-Handbook-Notice-131</guid>
				    </item>
			
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					      <title>EC adopts Delegated Regulation under MiCAR on liquidity management for ARTs and EMTs</title>
					      <link>https://finreg.aoshearman.com/EC-adopts-Delegated-Regulation-under-MiCAR-on-liq</link>
					      <description><![CDATA[
The European Commission has adopted a Delegated Regulation supplementing Regulation (EU) 2023/1114 (Markets in Crypto Assets Regulation) (MiCAR), regarding regulatory technical standards (RTS) specifying the minimum contents of the liquidity management policy and procedures for issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs). The RTS aim to ensure that issuers maintain robust liquidity frameworks capable of withstanding both normal and stressed market conditions.

Read more.]]></description>
					      
						      <pubDate>Fri, 27 Jun 2025 10:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-adopts-Delegated-Regulation-under-MiCAR-on-liq</guid>
				    </item>
			
					 <item>
					      <title>ESMA publishes technical advice on scope of CSDR settlement discipline regime</title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-technical-advice-on-scope-of-CSDR-</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a final report and press release, providing technical advice to the European Commission (EC) on narrowing the scope of the Central Securities Depositories Regulation (CSDR) cash penalties under the CSDR settlement discipline regime. CSDR Refit, which came into force in January 2024, referred to the need for the settlement discipline rules to be more operational and better tailored to diverse market operations and transactions. To this end, ESMA&apos;s report provides technical advice to the European Commission on the underlying causes of settlement fails which are considered not to be attributable to participants in the transaction, as well as circumstances which are not considered as trading, and which should therefore not be subject to settlement discipline measures.

Read more.]]></description>
					      
						      <pubDate>Thu, 26 Jun 2025 17:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-technical-advice-on-scope-of-CSDR-</guid>
				    </item>
			
					 <item>
					      <title>FATF publishes targeted update and guidance on virtual assets and VASPs</title>
					      <link>https://finreg.aoshearman.com/FATF-publishes-targeted-update-and-guidance-on-vi</link>
					      <description><![CDATA[
The Financial Action Task Force (FATF) has published its sixth targeted update on the implementation of its standards for virtual assets (VAs) and virtual asset service providers (VASPs), alongside an updated webpage. The report assesses global progress in applying anti-money laundering and counter-terrorist financing (AML/CFT) measures to VAs and VASPs, noting improvements in regulation and enforcement. However, challenges remain and the report sets out key recommendations on: (i) risk assessment and policy approach to VASPs; (ii) licensing/registering and supervising VASPs; (iii) implementation of the Travel Rule; (iv) addressing emerging and increasing risks related to stablecoins and decentralised finance arrangements; and (v) recommendations for the private sector.

In parallel, FATF has also released Best Practices on Travel Rule Supervision, providing more detailed guidance to assist jurisdictions in effectively supervising compliance with the Travel Rule for VASPs. The guidance offers practical examples and supervisory approaches to address common implementation challenges.]]></description>
					      
						      <pubDate>Thu, 26 Jun 2025 17:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FATF-publishes-targeted-update-and-guidance-on-vi</guid>
				    </item>
			
					 <item>
					      <title>FCA to launch new and improved Handbook website</title>
					      <link>https://finreg.aoshearman.com/FCA-to-launch-new-and-improved-Handbook-website</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has announced its plan to launch a new and improved FCA Handbook website as part of its five-year strategy to enhance regulatory efficiency. The updated website will retain all existing features but will offer improved navigation, facilitate understanding of rule connections and make it easier to compare different versions of Handbook text. A beta version will be available soon, with both the current and new websites accessible during the testing phase. The full rollout is expected later this year, ensuring continuous updates to rules and guidance throughout the transition.]]></description>
					      
						      <pubDate>Thu, 26 Jun 2025 16:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-to-launch-new-and-improved-Handbook-website</guid>
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					 <item>
					      <title>PRA publishes 2024/2025 secondary competitiveness and growth report</title>
					      <link>https://finreg.aoshearman.com/PRA-publishes-20242025-secondary-competitiveness-</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published its 2024/25 competitiveness and growth report, setting out how it has advanced its secondary competitiveness and growth objective (SCGO). The SCGO was introduced under the Financial Services and Markets Act 2023 (FSMA 2023) and requires the PRA to advance the international competitiveness and growth of the UK economy, particularly in financial services. The regulators are required to publish two annual reports, in 2024 and 2025, on SCGO implementation. The PRA also comments on its secondary competition objective (SCO), which requires the PRA to facilitate effective competition in the markets for services provided by PRA-authorised firms. Earlier this month, the House of Lords Financial Services Regulation Committee published a report on the regulators&apos; progress in supporting growth and competitiveness, finding a prevailing culture of risk aversion by the regulators which undermines the objective.

Read more.]]></description>
					      
						      <pubDate>Thu, 26 Jun 2025 16:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PRA-publishes-20242025-secondary-competitiveness-</guid>
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					      <title>FCA findings on risk and wind-down planning in payment and e-money firms</title>
					      <link>https://finreg.aoshearman.com/FCA-findings-on-risk-and-wind-down-planning-in-pa</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published the findings of its multi-firm review into risk management and wind-down planning across e-money and payment firms. While the FCA had observed examples of good practice in the structure of firms&apos; wind-down plans (WDPs) and risk management frameworks, it concluded that no firm fully met its expectations and in particular were not adhering to the FCA&apos;s finalised guidance. Key areas identified as needing improvement are set out below.

Read more.]]></description>
					      
						      <pubDate>Thu, 26 Jun 2025 12:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-findings-on-risk-and-wind-down-planning-in-pa</guid>
				    </item>
			
					 <item>
					      <title>PSR consults on the revocation of SD4</title>
					      <link>https://finreg.aoshearman.com/PSR-consults-on-the-revocation-of-SD4</link>
					      <description><![CDATA[
The UK Payment Systems Regulator (PSR) has published consultation paper CP25/2 alongside a new webpage, proposing the revocation of Specific Direction 4 (SD4) and its amendment, SD4a. SD4, introduced following the PSR&apos;s 2016 infrastructure market review, requires the operator of the LINK payment system to procure its central infrastructure every ten years via a competitive process.

The PSR now considers this requirement may no longer be an effective means of addressing competition concerns, due to evolving market conditions (in particular, decreased cash withdrawals and reduced scheme revenues). Instead, the PSR proposes that active regulatory oversight of LINK and its infrastructure provider, Vocalink, would be a more effective way to mitigate risks associated with a monopoly position. The consultation seeks views on the proposed revocation, particularly the risks the removal may create on competition, innovation and end-user outcomes, and how enhanced supervision of LINK and Vocalink could help address them. The deadline for responses is by 5:00pm on 17 July.]]></description>
					      
						      <pubDate>Thu, 26 Jun 2025 11:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PSR-consults-on-the-revocation-of-SD4</guid>
				    </item>
			
					 <item>
					      <title>BoE and PRA publish annual reports</title>
					      <link>https://finreg.aoshearman.com/BoE-and-PRA-publish-annual-reports</link>
					      <description><![CDATA[
The Bank of England (BoE) and Prudential Regulation Authority (PRA) have published a series of annual reports, which are set out below.


	BoE Annual Report and Accounts. The BoE has set out its strategic investment priorities for 2025-2028, which include: monetary policy transformation, in the context of the Bernanke Review recommendations; modernising the BoE&apos;s central banking operations and streamlining data collections; supporting greater innovation in retail and wholesale payments in the UK and internationally; supporting growth in the economy; reviewing the BoE&apos;s activities for efficiency and effectiveness; and completing transformation agendas.


Read more.]]></description>
					      
						      <pubDate>Thu, 26 Jun 2025 11:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-and-PRA-publish-annual-reports</guid>
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					      <title>ESMA publishes technical advice on eligible assets for UCITS</title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-technical-advice-on-eligible-asset</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its final technical advice to the European Commission (EC) on the review of the UCITS Eligible Assets Directive (EAD) accompanied by a press release. The EAD clarifies the types of assets in which UCITS funds may invest. ESMA&apos;s advice assesses how the EAD has been implemented across jurisdictions and sets out a range of proposals to overcome divergent practices by national regulators and markets. Central to ESMA&apos;s recommendations is the adoption of a look-through approach to assess asset eligibility for at least 90% of a UCITS portfolio. ESMA also proposes allowing up to 10% indirect exposures to alternative assets, subject to strict regulatory safeguards. The EC is expected to consider ESMA&apos;s advice in its review of the UCITS EAD framework.]]></description>
					      
						      <pubDate>Thu, 26 Jun 2025 10:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-technical-advice-on-eligible-asset</guid>
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					      <title>ESMA report proposes amendments to DLT pilot regime for permanent adoption</title>
					      <link>https://finreg.aoshearman.com/ESMA-report-proposes-amendments-to-DLT-pilot-regi</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a report, accompanied by a press release, on the functioning and review of the Distributed Ledger Technology (DLT) pilot regime. The DLT pilot regime allows certain DLT market infrastructures to operate with exemptions from some EU financial services legislation. The regime has so far received limited uptake, with only three authorised infrastructures and minimal live trading activity. The report identifies operational and legal challenges, such as interoperability issues and restricted access to central bank money and refers to industry feedback, that the thresholds for financial instruments that may be admitted to trading or recorded on DLT market infrastructures may be too restrictive.

Read more.]]></description>
					      
						      <pubDate>Wed, 25 Jun 2025 17:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-report-proposes-amendments-to-DLT-pilot-regi</guid>
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					      <title>FCA publishes discussion paper on the future of the UK mortgage market</title>
					      <link>https://finreg.aoshearman.com/FCA-publishes-discussion-paper-on-the-future-of-t</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published discussion paper DP25/2 (DP) accompanied by an updated webpage and press release, on the future of the UK mortgage market, as part of its ongoing mortgage rule review. The DP forms part of the FCA&apos;s five-year strategy to rebalance risk, support growth and help consumers navigate their financial lives. It outlines potential reforms to improve access to sustainable home ownership, support responsible lending and encourage market innovation.

Read more.]]></description>
					      
						      <pubDate>Wed, 25 Jun 2025 17:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-publishes-discussion-paper-on-the-future-of-t</guid>
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					      <title>EU legislative bodies reach political agreement on CMDI framework</title>
					      <link>https://finreg.aoshearman.com/EU-legislative-bodies-reach-political-agreement-o</link>
					      <description><![CDATA[
The Council of the EU and the European Parliament have announced they have reached a political agreement on the legislative package to reform the crisis management and deposit insurance framework for banks in the EU. The package includes targeted amendments to the Bank Recovery and Resolution Directive, the Single Resolution Mechanism Regulation and the Deposit Guarantee Schemes Directive. The reform aims to strengthen the EU&apos;s ability to manage bank failures, including small and medium-sized banks, by facilitating access to industry-funded safety nets, such as national resolution funds and the Single Resolution Fund. These tools are intended to supplement a failing bank&apos;s own loss-absorbing capacity, thereby reducing reliance on taxpayer-funded bailouts, referred to as the &quot;bridge the gap&quot; mechanism.

Read more.]]></description>
					      
						      <pubDate>Wed, 25 Jun 2025 16:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-legislative-bodies-reach-political-agreement-o</guid>
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					      <title>UK Government consults on measures to support UK sustainable finance</title>
					      <link>https://finreg.aoshearman.com/UK-Government-consults-on-measures-to-support-UK-</link>
					      <description><![CDATA[
The UK Government&apos;s Department for Energy Security &amp; Net Zero has published a series of three consultations on proposals to help UK-regulated financial institutions and large companies to develop climate transition plans. The first consultation seeks views on proposals to implement climate-related transition plan requirements, including mandating that entities develop and disclose transition plans or explain why they have not disclosed a plan and making it a legal requirement to take steps in line with a transition plan. The consultation also considers the scope of companies that should be captured (with a focus on ensuring the requirements are proportionate and concentrate on economically significant entities).

Read more.]]></description>
					      
						      <pubDate>Wed, 25 Jun 2025 15:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-consults-on-measures-to-support-UK-</guid>
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					      <title>Regulation amending CRR in relation to SFT stable funding factors published in OJ</title>
					      <link>https://finreg.aoshearman.com/Regulation-amending-CRR-in-relation-to-SFT-stable</link>
					      <description><![CDATA[
Regulation (EU) 2025/1215 of the European Parliament and of the Council of EU of 17 June amending the Capital Requirements Regulation (CRR) in relation to the stable funding factors for securities financing transactions (SFTs) and unsecured transactions with a residual maturity of less than six months, was published in the Official Journal of the European Union. The factors are used to apply the net stable funding requirements under the CRR and, by virtue of article 510(8) of CRR, were due to be increased unless otherwise specified in a legislative act adopted on the basis of a European Commission proposal. However, the current position is instead being maintained to ensure the ongoing efficient functioning of SFTs and collateral markets and to avoid an undue increase in funding costs for credit institutions. The Regulation enters into force on 26 June and applies from 29 June. Under the revised framework, the European Banking Authority will assess and report on the impact of these changes every five years.]]></description>
					      
						      <pubDate>Wed, 25 Jun 2025 12:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Regulation-amending-CRR-in-relation-to-SFT-stable</guid>
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					      <title>ESMA consults on draft RTS for margin transparency requirements and clearing costs</title>
					      <link>https://finreg.aoshearman.com/ESMA-consults-on-draft-RTS-for-margin-transparenc</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published two consultation papers (CP) proposing draft regulatory technical standards (RTS) mandated under the review of European Market Infrastructure Regulation (EMIR 3).


	Draft RTS on EMIR 3 margin transparency requirements (under article 38 EMIR), regarding the information to be provided by central counterparties (CCPs) on their margin simulation tools and by clearing service providers (CSPs) on their margin simulation requirements; and by both on their margin models. The aim is to improve transparency for clearing participants and enable them to better predict margin calls.
	Draft RTS on clearing fees and associated costs (under article 7c(4) EMIR), specifying further details of the information to be disclosed by CSPs regarding clearing fees and associated costs, with the aim of increasing costs transparency.


The deadline for responses is 8 September. ESMA will submit the final draft technical standards to the European Commission by 25 December.]]></description>
					      
						      <pubDate>Tue, 24 Jun 2025 17:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-consults-on-draft-RTS-for-margin-transparenc</guid>
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					      <title>PRA consults on proposed reforms to credit union investment rules</title>
					      <link>https://finreg.aoshearman.com/PRA-consults-on-proposed-reforms-to-credit-union-</link>
					      <description><![CDATA[
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 would result in changes to the credit unions part of the PRA Rulebook and to supervisory statement (SS) 2/23.

The key proposals are:

	To amend the PRA Rulebook to clarify that credit unions are permitted to invest in CUSOs.
	To introduce a new chapter in SS2/23 to outline the PRA&apos;s expectations for credit unions investing in or using CUSOs to manage associated prudential risks.
	To make consequential amendments to chapter 17 of SS2/23 following the PRA&apos;s proposed deletion of SS20/15 (on supervising building societies treasury and lending activities).

The deadline for responses is 24 October.]]></description>
					      
						      <pubDate>Tue, 24 Jun 2025 13:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PRA-consults-on-proposed-reforms-to-credit-union-</guid>
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					      <title>UK regulators publish updated MoU on payment systems</title>
					      <link>https://finreg.aoshearman.com/UK-regulators-publish-updated-MoU-on-payment-syst</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA), Bank of England, Payment Systems Regulator (PSR) and Prudential Regulation Authority have issued a joint statement announcing their revised memorandum of understanding (MoU) on the supervision of payment systems in the UK.

The update follows a review conducted by the authorities in December 2024 which identified opportunities to enhance cooperation among the authorities in overseeing payment systems. The revised MoU aims to clarify the respective roles and coordination mechanisms of the authorities and introduces principles for regulatory cooperation including through regular engagements to share insights on the sector, delivering joint policy initiatives and coordinating supervisory work. The revised MoU reflects the PSR&apos;s current responsibilities, notwithstanding the UK government&apos;s announcement that the PSR&apos;s functions will largely be rolled into the FCA in the future, with no immediate changes being made by the UK Government to the PSR&apos;s remit or ongoing work programme.]]></description>
					      
						      <pubDate>Tue, 24 Jun 2025 12:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-regulators-publish-updated-MoU-on-payment-syst</guid>
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					      <title>UK Government publishes 10-year industrial strategy plan</title>
					      <link>https://finreg.aoshearman.com/UK-Government-publishes-10-year-industrial-strate</link>
					      <description><![CDATA[
The UK Government has published a policy paper outlining its industrial strategy. The strategy centres around eight priority sectors (the IS-8), including financial services. The UK government&apos;s ambition is to establish the UK as the world&apos;s most innovative full-service financial centre by 2035. A dedicated sector plan is expected to be published alongside the mansion house speech on 15 July.

Key measures to achieve this objective include:

	Ensuring financial services enables growth across the real economy, with retail banks and wholesale markets providing credit and liquidity.
	Mobilising pensions capital into the UK.


Read more.]]></description>
					      
						      <pubDate>Mon, 23 Jun 2025 15:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-publishes-10-year-industrial-strate</guid>
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					      <title>BoE renews statement of commitment</title>
					      <link>https://finreg.aoshearman.com/BoE-renews-statement-of-commitment</link>
					      <description><![CDATA[
The Bank of England (BoE) has announced it has renewed its statement of commitment to the FX Global Code, based on the revised code dated December 2024. The FX Global Code outlines principles of good practice in the foreign exchange market. By reaffirming its commitment, the BoE attests that its internal processes align with the code&apos;s principles. The BoE encourages all FX market participants, including its counterparties, to adhere to the updated code to maintain high standards in the market.]]></description>
					      
						      <pubDate>Mon, 23 Jun 2025 15:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-renews-statement-of-commitment</guid>
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					      <title>ESMA progresses streamlined reporting efforts with call for evidence, discussion paper and final reports</title>
					      <link>https://finreg.aoshearman.com/ESMA-progresses-streamlined-reporting-efforts-wit</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has launched a call for evidence (CfE) as part of its Data Strategy to gather feedback on how to simplify and streamline supervisory reporting. The aim is to reduce the operational burden and costs associated with financial transaction reporting, particularly under MiFIR, EMIR and SFTR, while maintaining transparency and regulatory oversight. ESMA is exploring two potential approaches in the CfE: (i) eliminating overlaps within existing reporting requirements without changing current reporting channels and data collection infrastructure; or (ii) creating a unified reporting template for all instruments currently in-scope of EMIR, SFTR and MiFIR reporting (and potentially other reporting requirements) and adopt the &quot;report once&quot; principle.

The deadline for responses to the CfE is 19 September, with a final report expected to be published in early 2026. ESMA also published final reports summarising feedback from its consultations on RTS 22 on transaction data reporting and RTS 24 on order book data and RTS 23 on supply of reference data. No changes will be proposed to the current reporting frameworks while the supervisory reporting consultation is ongoing. The broader MiFIR Review will continue as planned.

In parallel, ESMA has also published a separate discussion paper and accompanying press release, seeking feedback on how to improve efficiency, consistency and effectiveness of supervisory reporting within the asset management sector, in particular with respect to AIFMD and UCITS Directive requirements. The deadline for comments on the discussion paper is 21 September, with the final report expected to be published in April 2026.]]></description>
					      
						      <pubDate>Mon, 23 Jun 2025 10:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-progresses-streamlined-reporting-efforts-wit</guid>
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					      <title>Council of EU adopts negotiating position on omnibus sustainability package</title>
					      <link>https://finreg.aoshearman.com/Council-of-EU-adopts-negotiating-position-on-omni</link>
					      <description><![CDATA[
The Council of the EU has announced it has adopted its negotiating mandate on the Omnibus I package which proposes targeted amendments to, amongst other things, the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CS3D). The EU has already published Directive (EU) 2025/794 which implemented the &quot;stop-the-clock&quot; proposal, postponing the application date of aspects of CSRD and CS3D.

Read more.]]></description>
					      
						      <pubDate>Mon, 23 Jun 2025 10:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Council-of-EU-adopts-negotiating-position-on-omni</guid>
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					      <title>FATF publishes updated guidance on financial inclusion and AML/CFT measures</title>
					      <link>https://finreg.aoshearman.com/FATF-publishes-updated-guidance-on-financial-incl</link>
					      <description><![CDATA[
The Financial Action Task Force (FATF) has published updated guidance accompanied by a press release, on financial inclusion and anti-money laundering and counter terrorist financing measures (AML/CFT). The update follows the enhancement of Recommendation 1 of the FATF Standards earlier this year, to emphasise the need for a risk-based approach to AML/CFT controls in a manner that promotes global financial inclusion, without undermining the effectiveness of the measures for the purpose of combatting crime. The guidance now includes practical case studies and sets out ways that national regulators and firms can leverage a risk-based approach to foster financial inclusion while safeguarding financial integrity. Examples of best practice in applying the risk-based approach are included in an Annex to the report.]]></description>
					      
						      <pubDate>Sun, 22 Jun 2025 17:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FATF-publishes-updated-guidance-on-financial-incl</guid>
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					      <title>FATF report identifies vulnerabilities in counter proliferation financing</title>
					      <link>https://finreg.aoshearman.com/FATF-report-identifies-vulnerabilities-in-counter</link>
					      <description><![CDATA[
The Financial Action Task Force (FATF) has published a report and accompanying press release, highlighting significant vulnerabilities in the global financial system&apos;s ability to combat proliferation financing (PF) and sanctions evasion. The report finds that only 16% of assessed jurisdictions are effectively implementing targeted financial sanctions. It discusses, amongst other things, trends and methods of sanctions evasion, challenges and good practices in mitigating PF risk and identifies four recommendations for further FATF work on counter proliferation financing.

Read more.]]></description>
					      
						      <pubDate>Fri, 20 Jun 2025 17:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FATF-report-identifies-vulnerabilities-in-counter</guid>
				    </item>
			
					 <item>
					      <title>ESMA publishes statement on ESRS supervision in the omnibus environment</title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-statement-on-ESRS-supervision-in-t</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has issued a public statement on its intended approach to supervision of the European Sustainability Reporting Standards (ESRS), confirming its commitment to transparent sustainability reporting while acknowledging the need for proportionality. During the first few years of ESRS application, the Guidelines for Enforcement of Sustainability Information will need to be applied proportionately and realistically. National regulators can also help by conducting informal dialogues with issuers on areas for improvement in their reporting and by bearing in mind that uncertain regulatory context in which issuers are operating. ESMA confirms national regulators will also continue to promote a harmonised supervisory approach under its coordination.]]></description>
					      
						      <pubDate>Fri, 20 Jun 2025 15:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-statement-on-ESRS-supervision-in-t</guid>
				    </item>
			
					 <item>
					      <title>EBA review of RTS under PAD</title>
					      <link>https://finreg.aoshearman.com/EBA-review-of-RTS-under-PAD</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a report and accompanying press release, on its review of the regulatory technical standards (RTS) under the Payment Accounts Directive concerning standardised terminology for payment account services. The EBA concludes that the current terminology remains fit for purpose. It acknowledges the growing relevance of instant credit transfers and notes that their inclusion in the RTS may become appropriate in the future, although no immediate changes are deemed necessary. Instead, the EBA proposes revisiting the findings in four years or when significant market or legislative developments occur to ensure the terminology remains relevant and effective.]]></description>
					      
						      <pubDate>Fri, 20 Jun 2025 12:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-review-of-RTS-under-PAD</guid>
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					 <item>
					      <title>ESMA launches first selection procedure for consolidated tapes for shares and ETFs</title>
					      <link>https://finreg.aoshearman.com/ESMA-launches-first-selection-procedure-for-conso</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has launched the first selection procedure for a consolidated tape provider (CTP) for shares and exchange-traded funds. The selection process will be guided by the regulatory technical standards adopted by the European Commission on 12 June, which will be used as the basis for the assessment of some criteria. The contract notice and procurement documents can be accessed via ESMA&apos;s EU Funding &amp; Tenders Portal, with the deadline for participation requests being 25 July. ESMA will review the submitted requests against the exclusion and selection criteria and will invite the successful candidates to submit a formal application. ESMA aims to finalise the selection by the end of this year, with the successful applicant operating the CTP for five years under its supervision.]]></description>
					      
						      <pubDate>Fri, 20 Jun 2025 11:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-launches-first-selection-procedure-for-conso</guid>
				    </item>
			
					 <item>
					      <title>FSB report identifies vulnerabilities in non-bank CRE investors</title>
					      <link>https://finreg.aoshearman.com/FSB-report-identifies-vulnerabilities-in-non-bank</link>
					      <description><![CDATA[
The Financial Stability Board (FSB) has published a report, alongside a press release and updated webpage, examining vulnerabilities in non-bank commercial real estate (CRE) investors. The report identifies entities such as real estate investment trusts (REITs) and property funds as being particularly exposed to the risks of higher interest rates and highlights three key vulnerabilities in these types of investors.

Read more.]]></description>
					      
						      <pubDate>Thu, 19 Jun 2025 14:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FSB-report-identifies-vulnerabilities-in-non-bank</guid>
				    </item>
			
					 <item>
					      <title>The Economic Crime and Corporate Transparency Act 2023 (Commencement No.5) Regulations</title>
					      <link>https://finreg.aoshearman.com/The-Economic-Crime-and-Corporate-Transparency-Ac</link>
					      <description><![CDATA[
The Economic Crime and Corporate Transparency Act 2023 (Commencement No. 5) Regulations have been made under the Economic Crime and Corporate Transparency Act 2023 (ECCTA). These regulations, made on 10 June, bring into force the following provisions: (i) section 194 which requires the Lord Chancellor to make Civil Procedure Rules enabling courts to dismiss strategic litigation against public participation (SLAPP) claims before trial in certain circumstances and to make certain costs orders; and (ii) section 195, which defines what constitutes a SLAPP claim. The regulations, along with relevant amendments to the Civil Procedure Rules 1998, entered into force on 18 June.]]></description>
					      
						      <pubDate>Thu, 19 Jun 2025 13:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/The-Economic-Crime-and-Corporate-Transparency-Ac</guid>
				    </item>
			
					 <item>
					      <title>Final draft RTS on EU active account requirement published</title>
					      <link>https://finreg.aoshearman.com/Final-draft-RTS-on-EU-active-account-requirement-</link>
					      <description><![CDATA[
Following its consultation, the European Securities and Markets Authority (ESMA) has published a final report, including final draft regulatory technical standards (RTS), on the conditions of the Active Account Requirement under the amended European Market Infrastructure Regulation (EMIR 3). The active account requirement requires EU counterparties active in certain derivatives to hold an operational and representative active account at an EU-authorised CCP. The final draft RTS sets out the operational conditions of the account, details of the representativeness obligation and the reporting requirements for in-scope entities as amended by ESMA following its consideration of feedback to the proposed RTS. ESMA&apos;s final report discusses the feedback received and explains its decision for either maintaining the original proposal or making changes. ESMA will now submit the final draft RTS to the European Commission for approval. The Active Account Requirement applies from 25 June. Until such time as the Active Account RTS enter into force, in-scope entities should discuss compliance with their national competent authority.]]></description>
					      
						      <pubDate>Thu, 19 Jun 2025 11:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-draft-RTS-on-EU-active-account-requirement-</guid>
				    </item>
			
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					      <title>EU Delegated Regulation on threat-led penetration testing published in OJ</title>
					      <link>https://finreg.aoshearman.com/EU-Delegated-Regulation-on-threat-led-penetration</link>
					      <description><![CDATA[
Commission Delegated Regulation (EU) 2025/1190 of 13 February has been published in the Official Journal of the European Union. The Delegated Regulation supplements the Digital Operational Resilience Act (DORA) with regard to regulatory technical standards (RTS) related to threat-led penetration testing (TLPT). The RTS specify the criteria for identifying financial entities required to carry out TLPT, and establish detailed requirements regarding the scope of testing, the methodologies to be used and the handling and reporting of results. Further, the RTS also sets out the requirements and standards governing the use of internal testers, ensuring their independence and competence, and outlines the framework for supervisory and other forms of cooperation necessary for implementation of TLPT and the mutual recognition testing. The Delegated Regulation will enter into force on the twentieth day following its publication in the Official Journal of the European Union, which is 8 July.]]></description>
					      
						      <pubDate>Wed, 18 Jun 2025 14:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Delegated-Regulation-on-threat-led-penetration</guid>
				    </item>
			
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					      <title>EC adopts amendments to transparency requirements under MiFIR Review</title>
					      <link>https://finreg.aoshearman.com/EC-adopts-amendments-to-transparency-requirements</link>
					      <description><![CDATA[
The European Commission has adopted a Commission Delegated Regulation to amend regulatory technical standards (RTS) on transparency requirements. The MiFIR Review revised the Markets in Financial Instruments Regulation amending the pre- and post-transparency requirements for trading venues as regards equities and non-equities. The amendments took effect on 28 March 2024. The adopted Delegated Regulation has amended two RTS supplementing the MiFIR transparency requirements.

Firstly, the adopted Delegated Regulation amends Delegated Regulation (EU) 2017/583 on transparency requirements for bonds, structured finance products (SFPs) and emission allowances by aligning the scope of the pre-transparency obligation with the MiFIR provisions, updating the transparency requirements for pre-trade transparency and recalibrating the post-trade requirements.

Secondly, the adopted Delegated Regulation amends Delegated Regulation (EU) 2017/587 on transparency requirements for equities, including shares, depositary receipts, exchange-traded funds and certificates. Among other things, the amendments set out the details of pre-trade data to be made public, set pre-trade transparency requirements for systematic internalisers and prescribe the transactions that will be exempt from the share trading obligation due to characteristics that show that the transaction is not contributing to the price discovery process.]]></description>
					      
						      <pubDate>Wed, 18 Jun 2025 14:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-adopts-amendments-to-transparency-requirements</guid>
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					      <title>EU provisional agreement on proposal for shortening the settlement cycle to T+1 for CSDR</title>
					      <link>https://finreg.aoshearman.com/EU-provisional-agreement-on-proposal-for-shorteni</link>
					      <description><![CDATA[
The Council of the European Union and European Parliament have reached a provisional agreement to amend the Central Securities Depositories Regulation (CSDR) to introduce a shorter settlement cycle for transferable securities transactions within the EU. The European Commission welcomed the agreement in a press release. The CSDR amendment will reduce the settlement period from two business days after trading takes place (T+2) to one business day (T+1), with the aim of promoting settlement efficiency, improving the liquidity of capital markets and eliminating costs linked to the misalignment of settlement cycles between the EU and other jurisdictions. The co-legislators agreed, however, to exempt certain securities financing transactions (SFTs) from the T+1 settlement cycle requirement. To prevent potential circumvention of the T+1 requirement, the exemption will only apply where SFTs are formally documented as single transactions comprising two linked operations. The provisional agreement requires approval by both co-legislators before going through the formal adoption procedure. Following adoption, the proposed regulation will enter into force on the twentieth day following its publication in the Official Journal of the European Union and will apply from 11 October 2027.]]></description>
					      
						      <pubDate>Wed, 18 Jun 2025 14:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-provisional-agreement-on-proposal-for-shorteni</guid>
				    </item>
			
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					      <title>FATF updates standards on payment transparency</title>
					      <link>https://finreg.aoshearman.com/FATF-updates-standards-on-payment-transparency</link>
					      <description><![CDATA[
The Financial Action Task Force (FATF) has published revised standards and an accompanying explanatory note, updating its comprehensive framework on recommendations to strengthen global efforts in anti-money laundering, counter-terrorist financing and counter-proliferation financing, as announced during the joint FATF-MONEYVAL Plenary meeting. The FATF update includes amendments to Recommendation 16, which governs the transparency of wire transfers through the payment chain and is commonly referred to as the &quot;Travel Rule. The revised recommendation is aimed to modernise FATF standards in response to the evolving payments landscape, which now includes a broader range of products and services, technologies and business models.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Jun 2025 14:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FATF-updates-standards-on-payment-transparency</guid>
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					      <title>EBA consults on draft RTS on proposed acquisitions of credit institutions</title>
					      <link>https://finreg.aoshearman.com/EBA-consults-on-draft-RTS-on-proposed-acquisition</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a consultation paper and accompanying press release, on draft regulatory technical standards (RTS) under the Capital Requirements Directive (CRD as amended by CRD IV). The draft RTS specify the minimum information that must be provided to competent authorities when notifying about proposed acquisitions of qualifying holdings in credit institutions. The aim is to standardise the notification process across the EU, ensuring a consistent application against the five assessment criteria set out under CRD.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Jun 2025 09:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-consults-on-draft-RTS-on-proposed-acquisition</guid>
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					      <title>EC proposes Securitisation package in bid to revive EU market</title>
					      <link>https://finreg.aoshearman.com/EC-proposes-Securitisation-package-in-bid-to-revi</link>
					      <description><![CDATA[
The European Commission (EC) has published a Securitisation package which aims to strengthen and simplify the EU securitisation framework. It is the first legislative initiative proposed under the Savings and Investments Union Strategy. The package consists of a proposal to amend the EU Securitisation Regulation (Regulation (EU) 2017/2402), a proposal to amend the Capital Requirements Regulation (CRR) as regards exposures to securitisations and a consultation on measures to amend the Liquidity Coverage Ratio (LCR) Delegated Regulation (Commission Delegated Regulation (EU) 2015/61). The proposal to amend the Securitisation Regulation seeks to simplify the existing due diligence rules with the aim of reduce duplicative and time-consuming requirements for investors. Verification of information will no longer be required regarding EU-based selling parties and low-risk investments guaranteed by multilateral development banks will be exempt from due diligence.

Read more.]]></description>
					      
						      <pubDate>Tue, 17 Jun 2025 11:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-proposes-Securitisation-package-in-bid-to-revi</guid>
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					      <title>FCA response to House of Lords committee report on enforcement investigations published</title>
					      <link>https://finreg.aoshearman.com/FCA-response-to-House-of-Lords-committee-report-o</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA)&apos;s response to the report issued by the House of Lords Financial Services Regulation Committee (the Committee) on the FCA&apos;s proposals to publicise enforcement investigations has been published. The response addresses the Committee&apos;s concerns regarding the FCA&apos;s proposed changes to its enforcement approach and public disclosure of investigations. The FCA has since published its final policy statement confirming that it would not proceed with introducing a new &apos;public interest&apos; framework.

Read more.]]></description>
					      
						      <pubDate>Tue, 17 Jun 2025 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-response-to-House-of-Lords-committee-report-o</guid>
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					      <title>HMT updates BNPL policy for domestic premises suppliers</title>
					      <link>https://finreg.aoshearman.com/HMT-updates-BNPL-policy-for-domestic-premises-sup</link>
					      <description><![CDATA[
HM Treasury has published a policy paper setting out an update to its final position to its 2024 consultation on regulating Buy-Now, Pay-Later (BNPL) products which led to the laying of the draft secondary legislation, The Financial Services and Markets Act 2000 (Regulated Activities etc) (Amendment) Order 2025. Under the draft regulation, domestic premises suppliers (DPS merchants), which are businesses who sell, offer to sell or agree to sell goods or offer to supply or contract to supply services in people&apos;s homes, are required to seek credit broking permissions to offer BNPL products as a payment option. However, in response to industry feedback, the UK Government has concluded that this requirement may have a disproportionate impact for small businesses and will potentially reduce consumer choice. Consequently, an amending negative statutory instrument to coincide with the BNPL regulation, will be laid to remove this requirement, while maintaining key consumer protections. These include: (i) BNPL lenders will be required to conduct affordability and creditworthiness checks before consumers can use the product; (ii) consumers will be able to raise complaints through the Financial Ombudsman Service and access protections under section 75 of the Consumer Credit Act; and (iii) BNPL lenders authorised by the UK Financial Conduct Authority (FCA) will be expected to comply with Consumer Duty rules, including regular monitoring and review of consumer outcomes. BNPL firms will also be expected to exercise greater oversight of the merchants using their services—including DPS merchants. The UK government and the FCA will continue to monitor the BNPL market and will take any action, if required, to prevent consumer harm.]]></description>
					      
						      <pubDate>Mon, 16 Jun 2025 14:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-updates-BNPL-policy-for-domestic-premises-sup</guid>
				    </item>
			
					 <item>
					      <title>ESMA 2024 annual report</title>
					      <link>https://finreg.aoshearman.com/ESMA-2024-annual-report</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its 2024 Annual Report, alongside a press release, outlining the activities undertaken and results achieved in EU capital markets over the past year. Key accomplishments include setting the necessary steps, governance and timeline for the EU&apos;s transition to a T+1 settlement cycle, the selection of consolidated tape providers to enhance market transparency and the implementation of new regulations under the Markets in Crypto-Assets Regulation. ESMA also contributed to the development of the European Single Access Point, advanced the optimisation of financial market data usage and issued new guidelines aimed at addressing and mitigating greenwashing risks. Its supervisory effectiveness was further strengthened through the execution of EU-wide stress tests and the deployment of enhanced enforcement tools.]]></description>
					      
						      <pubDate>Mon, 16 Jun 2025 11:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-2024-annual-report</guid>
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					      <title>TNFD announces new phase of work - nature related data solutions</title>
					      <link>https://finreg.aoshearman.com/TNFD-announces-new-phase-of-work-ndash-nature-rel</link>
					      <description><![CDATA[
The Taskforce on Nature-related Financial Disclosures (TNFD) has announced a new phase of work to improve market access to decision-useful nature data with plans to release a set of recommendations at COP30 this year. This new phase of work will involve pilot testing and market consultations to develop technical design specifications for a proposed Nature Data Public Facility (NDPF). The pilot programme will: (i) test nature-data principles; (ii) test data quality of nature-related data set; (iii) identify nature-data gaps in need of long-term funding; and (iv) test the NDPF with downstream users to define their data needs and inform design specifications. TNFD will also launch a grand challenge to encourage the development of new technology solutions to enable small and medium-sized enterprises to rapidly assess their nature-related issues globally. The pilot testing will run until October and involve a wide range of global implementation partners as well as a diverse group of over 40 upstream nature data providers and more than 20 downstream nature data users and market intermediaries across markets and sectors.]]></description>
					      
						      <pubDate>Mon, 16 Jun 2025 11:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/TNFD-announces-new-phase-of-work-ndash-nature-rel</guid>
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					      <title>EBA publishes technical standards on operational risk capital requirements and supervisory reporting</title>
					      <link>https://finreg.aoshearman.com/EBA-publishes-technical-standards-on-operational-</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published final reports on draft regulatory technical standards (RTS) and draft implementing technical standards (ITS) relating to the revised operational risk framework under the Capital Requirements Regulation (CRR) as amended by the CRR3. The draft RTS and ITS will be submitted to the European Commission (EC) for adoption.

Read more.]]></description>
					      
						      <pubDate>Mon, 16 Jun 2025 10:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-publishes-technical-standards-on-operational-</guid>
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					      <title>HMT issues wholesale cash oversight orders</title>
					      <link>https://finreg.aoshearman.com/HMT-issues-wholesale-cash-oversight-orders</link>
					      <description><![CDATA[
HM Treasury (HMT) has published a series of wholesale cash oversights orders (dated 12 June) issued for the purpose of the Bank of England&apos;s (BoE) wholesale cash oversight regime. The orders confirm the recognition of several firms under Part 5A of the Banking Act 2009 for their roles in the wholesale cash distribution system. Under the Banking Act 2009, the BoE is accountable for overseeing risks to the effectiveness, resilience and sustainability of wholesale cash distribution across the UK, or any part thereof. The firms recognised include Vaultex UK Limited, G4S Cash Centres (UK) Limited, Post Office Limited, National Westminster Bank Public Limited Company, The Royal Bank of Scotland Public Limited Company, Lloyds Bank PLC, Bank of Scotland PLC, Barclays Bank UK PLC, Barclays Bank PLC, HSBC UK Bank PLC, HSBC Bank PLC and Santander UK PLC.]]></description>
					      
						      <pubDate>Mon, 16 Jun 2025 09:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-issues-wholesale-cash-oversight-orders</guid>
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					      <title>The Payment Services and Payment Accounts (Contract Termination) (Amendment) Regulations 2025</title>
					      <link>https://finreg.aoshearman.com/The-Payment-Services-and-Payment-Accounts-Contrac</link>
					      <description><![CDATA[
The Payment Services and Payment Accounts (Contract Termination) (Amendment) Regulations 2025 (SI 2025/688) have been published, alongside an explanatory memorandum. The regulations amend regulation 51 of the Payment Services Regulations 2017 (PSRs) to strengthen consumer protections when banks and payment service providers (PSPs) terminate payment service contracts. Under the new rules, PSPs must now provide customers at least 90 days&apos; notice—an increase from the two months currently required—before closing a customer&apos;s account or ending a payment service contract. They must also give a clear, specific written explanation for the termination, enabling customers to understand the decision and, if necessary, challenge it through the Financial Ombudsman Service.

The aim is to prevent arbitrary account closures, enhance transparency and support small businesses by giving them more time to secure alternative banking arrangements, reinforcing the government&apos;s commitment to economic growth and security under the Plan for Change.

The regulations also amend regulations 25 and 26 of the Payment Accounts Regulations 2015 to bring the notice period and the requirement to provide reasons for terminating basic bank account contracts in line with the updated PSRs. Banks will also need to provide reasons for refusing an application for a basic bank account.

The legislation enters into force on 28 April 2026 and will apply to contract terminations and bank account closures for contracts agreed from and including 28th April 2026.]]></description>
					      
						      <pubDate>Fri, 13 Jun 2025 15:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/The-Payment-Services-and-Payment-Accounts-Contrac</guid>
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					      <title>Outcome of joint FATF-MONEYVAL plenary</title>
					      <link>https://finreg.aoshearman.com/Outcome-of-joint-FATF-MONEYVAL-plenary</link>
					      <description><![CDATA[
The joint FATF-MONEYVAL Plenary meeting, hosted by the Council of the European Union and chaired by FATF President Elisa de Anda Madrazo and MONEYVAL Chair Nicola Muccioli, concluded with significant progress in global efforts towards anti-money laundering (AML), counter-terrorist financing (CFT) and counter-proliferation financing (CPF) efforts.

Key takeaways include:

	The approval of changes to the FATF Standards to enhance cross-border payment security, supporting the G20 initiative to make payments faster, cheaper, more transparent and accessible.
	The adoption of Latvia&apos;s mutual evaluation report which assessed the effectiveness of the country&apos;s AML, CFT and CPF measures; the report will be published later this year.


Read more.]]></description>
					      
						      <pubDate>Fri, 13 Jun 2025 11:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Outcome-of-joint-FATF-MONEYVAL-plenary</guid>
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					      <title>BCBS voluntary framework for disclosure of climate-related financial risks</title>
					      <link>https://finreg.aoshearman.com/BCBS-voluntary-framework-for-disclosure-of-climat</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision (BCBS) has released a framework for the voluntary disclosure of climate-related financial risks, alongside an updated webpage and press release. This framework, which builds on the November 2023 consultative document and forms part of the BCBS&apos;s broader efforts to strengthen the resilience of the banking system to climate-related risk, is designed to operate within the Pillar 3 disclosure framework. It aims to enhance financial stability by providing banks with structured guidance for disclosing both qualitative and quantitative climate-related financial risks. While the BCBS agreed for the framework to be voluntary in nature, jurisdictions may choose to implement it domestically. The framework is structured around a series of qualitative tables and quantitative templates.

Read more.]]></description>
					      
						      <pubDate>Fri, 13 Jun 2025 10:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BCBS-voluntary-framework-for-disclosure-of-climat</guid>
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					      <title>Council of European Union agrees negotiating mandate for proposed Payment Services Package</title>
					      <link>https://finreg.aoshearman.com/Council-of-European-Union-agrees-negotiating-mand</link>
					      <description><![CDATA[
The Council of the European Union has announced it has adopted its negotiating mandate for the proposed Payment Services Directive (PSD3) and Payment Services Regulation (PSR), collectively known as &apos;the Payment Services Package&apos;. The legislative package aims to modernise the EU&apos;s regulatory framework for payment services, building on the foundations of PSD2 to enhance consumer protection, strengthen fraud prevention and improve the functioning of open banking. It also seeks to address the pending challenges in the context of the impact and application of PSD2 in the internal market and adapt it to align with new market developments. Once formally agreed by both the Council of European Union and the European Parliament, the proposals will establish the PSR, which will be directly applicable in the EU and will repeal PSD2, replacing it with PSD3. We discuss the Payment Services Package in our bulletin, &quot;Combatting payment account fraud - latest regulatory developments from the European Union.&quot;]]></description>
					      
						      <pubDate>Fri, 13 Jun 2025 09:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Council-of-European-Union-agrees-negotiating-mand</guid>
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					      <title>House of Lords committee publishes report on barriers to growth and competitiveness</title>
					      <link>https://finreg.aoshearman.com/House-of-Lords-committee-publishes-report-on-barr</link>
					      <description><![CDATA[
The House of Lords Financial Services Regulation Committee (the Committee) has published a report, alongside a press release, evaluating the progress made by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) in supporting growth in the financial services sector and the wider UK economy. The Financial Services and Markets Act 2023 introduced a secondary objective for the regulators focused on international competitiveness and growth. While the Committee acknowledges that this objective has encouraged regulators to consider the broader impact of their actions, it also finds a prevailing culture of risk aversion by the regulators which undermines the objective. It states this contributes to persistent barriers that limit firms&apos; ability to grow, innovate and compete.]]></description>
					      
						      <pubDate>Fri, 13 Jun 2025 07:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/House-of-Lords-committee-publishes-report-on-barr</guid>
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					      <title>EC adopts Delegated Regulation to delay the application of Basel 3 market risk prudential requirements by an additional year</title>
					      <link>https://finreg.aoshearman.com/EC-adopts-Delegated-Regulation-to-delay-the-appli</link>
					      <description><![CDATA[
The European Commission (EC) has adopted a Delegated Regulation amending Regulation 575/2013 (CRR) regarding the date of the application of market risk prudential requirements. The new market risk requirements were introduced by CRR amendments made by Regulation (EU) 2024/1623, which marked the completion of the second phase of the implementation of the Fundamental Review of the Trading Book (FRTB), part of the Basel 3 international standards. The application date has already been postponed a year to 1 January 2026. However, a further postponement—which would delay application until 1 January 2027—is being proposed to reflect concerns around delays in Basel 3 implementation by other jurisdictions and the potential impact on EU banks. The Delegated Regulation will be scrutinised by the European Parliament and Council for three months (and this period may be extended by a further three months).]]></description>
					      
						      <pubDate>Thu, 12 Jun 2025 15:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-adopts-Delegated-Regulation-to-delay-the-appli</guid>
				    </item>
			
					 <item>
					      <title>ESMA publishes principles for supervisory oversight of third-party risk</title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-principles-for-supervisory-oversig</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a comprehensive set of principles, accompanied by a press release, aimed at strengthening the supervision of third-party risks across the EU financial sector. The principles are intended to guide national competent authorities (NCAs) in identifying, assessing and overseeing third-party risks for EU entities in the securities markets, in accordance with the relevant legal framework and the principle of proportionality. Aligned with international standards (IOSCO, FSB and BCBS), the principles apply to all third-party arrangements, whether the third party is intra-group or external, located within the EU or in a third country, and irrespective of the technology used. The fourteen principles are grouped into four thematic areas to support NCAs in exercising effective oversight and ensuring that entities appropriately manage third-party risks.

Read more.]]></description>
					      
						      <pubDate>Thu, 12 Jun 2025 15:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-principles-for-supervisory-oversig</guid>
				    </item>
			
					 <item>
					      <title>EC adopts technical standards for the development of consolidated tapes</title>
					      <link>https://finreg.aoshearman.com/EC-adopts-technical-standards-for-the-development</link>
					      <description><![CDATA[
The European Commission (EC) has adopted a suite of technical standards for the development of consolidated tapes. The creation of consolidated tapes and the removal of obstacles to the development of consolidated tapes, were a key action point following the findings of the European MiFID/MIFIR review. The changes relate to technical standards for data reporting service providers, i.e. approved publication arrangements (APAs), approved reporting mechanisms (ARMs) and consolidated tape providers (CTPs). The technical standards adopted consist of implementing technical standards and three sets of regulatory technical standards, supplementing Regulation (EU) No 600/2014 (MIFIR).

Read more.]]></description>
					      
						      <pubDate>Thu, 12 Jun 2025 15:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-adopts-technical-standards-for-the-development</guid>
				    </item>
			
					 <item>
					      <title>ESMA final reports on the Prospectus Regulation and civil prospectus liability</title>
					      <link>https://finreg.aoshearman.com/ESMA-final-reports-on-the-Prospectus-Regulation-a</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published two final reports providing technical advice to the European Commission (EC). The final report on prospectus regulation forms part of ESMA&apos;s technical advice under the EU Listing Act, which seeks to make EU capital markets more accessible, especially for small and medium-sized enterprises (SMEs).

The report covers:

	Draft technical advice on the standardised format and sequence of the prospectus, the base prospectus and the final terms.


Read more.]]></description>
					      
						      <pubDate>Thu, 12 Jun 2025 08:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-final-reports-on-the-Prospectus-Regulation-a</guid>
				    </item>
			
					 <item>
					      <title>Council of EU adopts proposal to amend CRR in relation to SFT stable funding factors</title>
					      <link>https://finreg.aoshearman.com/strongCouncil-of-EU-adopts-strongstrongproposal-t</link>
					      <description><![CDATA[
The Council of the European Union has announced it has adopted a proposal to amend the Capital Requirements Regulation (CRR) in relation to the stable funding factors for securities financing transactions (SFTs) and unsecured transactions with a residual maturity of less than six months. The factors are used to apply the net stable funding requirements under the CRR, and, by virtue of article 510(8) of CRR, were due to be increased unless otherwise specified in a legislative act adopted on the basis of a European Commission proposal. The original intention of article 510(8) was to increase the factors in line with the international standards agreed by the Basel Committee on Banking Supervision, but allowing for credit institutions to adapt in time, and calibrate appropriately, for the increase, which would have occurred by 28 June. However, the current position is instead being maintained to ensure the ongoing efficient functioning of SFTs and collateral markets and avoid an undue increase in funding costs for credit institutions. The decision to maintain the current position also intends to bolster the EU&apos;s competitive position given the decisions made by other jurisdictions (including the UK and the U.S.) to deviate from the Basel III international standards. The adopted amendments mark the final step in the legislative process and will be published in the Official Journal of the European Union, taking effect from 29 June. Under the revised framework, the European Banking Authority will assess and report on the impact of these changes every five years.]]></description>
					      
						      <pubDate>Thu, 12 Jun 2025 07:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/strongCouncil-of-EU-adopts-strongstrongproposal-t</guid>
				    </item>
			
					 <item>
					      <title>BoE publishes feedback statement on transitioning to a repo-led operating framework</title>
					      <link>https://finreg.aoshearman.com/BoE-publishes-feedback-statement-on-transitioning</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a feedback statement in response to its December 2024 discussion paper on transitioning to a repo-led operating framework. The discussion paper proposed changes to the Sterling Monetary Framework (SMF), aiming to shift towards a repo-led, demand-driven system for supplying central bank reserves, including proposals to adjust the design of the indexed long-term repo (ILTR) facility.

While there was broad support for the overall design of the framework, concerns were raised in the following areas:

	Predictability of ILTR pricing and allocation. The BoE has maintained that the ILTR&apos;s current high-level design, as a variable price, variable size auction, strikes an effective balance between flexibility and responsiveness to changing market conditions and predictability for SMF participants.


Read more.]]></description>
					      
						      <pubDate>Wed, 11 Jun 2025 15:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-publishes-feedback-statement-on-transitioning</guid>
				    </item>
			
					 <item>
					      <title>FCA findings on retirement income advice</title>
					      <link>https://finreg.aoshearman.com/FCA-findings-on-retirement-income-advice</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published an article with findings from a thematic review assessing firms who provide retirement income advice (RIA). The review assessed how effectively firms are providing RIA and the quality of outcomes for consumers entering decumulation, the phase when individuals begin drawing income from their pension savings.

The FCA has identified three key areas as crucial for achieving good client outcomes:

	Information collection and record keeping by firms. Firms are expected to gather comprehensive and relevant client information to assess suitability before making recommendations and maintain clear, up-to-date records. While most firms showed a good understanding of clients&apos; objectives and circumstances, several failed to adequately document or collect key information in client files.


Read more.]]></description>
					      
						      <pubDate>Wed, 11 Jun 2025 15:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-findings-on-retirement-income-advice</guid>
				    </item>
			
					 <item>
					      <title>FCA launches IAAT</title>
					      <link>https://finreg.aoshearman.com/FCA-launches-IAAT</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has launched the investment advice assessment tool (IAAT) to help personal investment firms assess the suitability of their investment advice and disclosures to consumers (excluding advice on retirement income or defined benefit transfer advice). The IAAT offers a structured methodology for reviewing past advice provided since 3 January 2018, including in response to business complaints or as part of a past business review. The tool is intended not only for the use of investment firms but also professional indemnity insurance providers, compliance or legal consultants and trustees of defined contribution pension schemes. Use of the IAAT is subject to the FCA&apos;s licensing agreement, which must be reviewed before access or use. To support firms, the FCA has also published an instruction guide explaining how to use the IAAT and interpret the results of file reviews conducted by the FCA.]]></description>
					      
						      <pubDate>Wed, 11 Jun 2025 15:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-launches-IAAT</guid>
				    </item>
			
					 <item>
					      <title>EC adopts amendments to Delegated Regulation No 876/2013 to align with EMIR 3 reforms</title>
					      <link>https://finreg.aoshearman.com/EC-adopts-amendments-to-Delegated-Regulation-No-8</link>
					      <description><![CDATA[
The European Commission has adopted a Delegated Regulation amending Delegated Regulation (EU) No 876/2013, which supplements EMIR (Regulation (EU) No 648/2012) in relation to the functioning and management of colleges for central counterparties (CCPs). The amendments are limited in scope and aim to align the existing regulatory framework with recent changes made by Regulation (EU) 2024/2987—part of the broader EMIR 3 reform package. The amendments have specifically modified: (i) article 2, to reflect the changes introduced in article 18(1) of EMIR, specifying the deadline for establishing a college and clarifying the role of the co-chairs in the context of the establishment of such college; (ii) articles 3 and 4, to align with article 18 of EMIR, clarifying the roles of the co-chairs and the governance structure of colleges to ensure their effective and consistent functioning for all CCPs across the Union; and (iii) article 5, to specify the additional information that a CCP&apos;s competent authority must provide to college members, and to require the use of the central database established under article 17c of EMIR for information exchange. This Regulation will enter into force on the twentieth day following its publication in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Wed, 11 Jun 2025 14:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-adopts-amendments-to-Delegated-Regulation-No-8</guid>
				    </item>
			
					 <item>
					      <title>Industry associations urge ESMA to issue a no-action letter on EMIR 3 AAR implementation</title>
					      <link>https://finreg.aoshearman.com/Industry-associations-urge-ESMA-to-issue-a-no-act</link>
					      <description><![CDATA[
Four industry associations—EFAMA, EACP, ISDA, and FIA—have published a letter addressed to the European Securities and Markets Authority (ESMA) and the European Commission (EC), raising concerns about the implementation of the active account requirement (AAR) under EMIR 3, set to take effect on 24 June. The associations emphasised the importance for the final level 2 regulatory technical standards (RTS) on the conditions of the AAR to be published in the Official Journal of the European Union before the AAR becomes applicable. Without the RTS, EU financial market participants would not be able to understand the requirements that need to be complied with on day 1.

Read more.]]></description>
					      
						      <pubDate>Wed, 11 Jun 2025 11:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Industry-associations-urge-ESMA-to-issue-a-no-act</guid>
				    </item>
			
					 <item>
					      <title>ECB Decision (EU) 2025/1148 on access by Non-Bank Payment Service Providers to TARGET published in OJ</title>
					      <link>https://finreg.aoshearman.com/ECB-Decision-EU-20251148-on-access-by-Non-Bank-Pa</link>
					      <description><![CDATA[
The Decision (EU) 2025/1148 of the European Central Bank (ECB) adopted on 2 June, has been published in the Official Journal of the European Union. This decision amends Decision (EU) 2025/222 concerning access by non-bank payment service providers (NB-PSPs), namely payment institutions and electronic money institutions, to central bank operated payment systems, including TARGET. Due to delays by some member states in transposing the relevant EU directives into national legislation, the ECB has decided to defer the date from which NB-PSPs can request access to TARGET from 16 June to 6 October. Additionally, the transition period for NB-PSPs to migrate to from their current status (e.g., as addressable BIC holders or reachable parties) to full TARGET participants has been extended from 31 December to 31 March 2026. To ensure a smooth transition, the decision enters into force immediately following its publication in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Tue, 10 Jun 2025 15:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECB-Decision-EU-20251148-on-access-by-Non-Bank-Pa</guid>
				    </item>
			
					 <item>
					      <title>EBA opinion on PSD2 and MiCAR</title>
					      <link>https://finreg.aoshearman.com/EBA-opinion-on-PSD2-and-MiCAR</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has issued an opinion (referred to as the No Action letter) in response to a request from the European Commission (EC) in December 2024, on the interplay between Payment Services Directive (PSD2/3) and Markets in Crypto-Assets Regulation (MiCAR) in relation to electronic money tokens (EMTs). It seeks to clarify how national competent authorities (NCAs) should approach the authorisation and supervision of crypto-asset service providers (CASPs) that engage in EMT-related activities during the transitional period before PSD3 and the Payment Services Regulation (PSR) come into effect. The EBA advises the EC, European Council and European Parliament to avoid long-term dual authorisation requirements and advises NCAs to require PSD2 authorisation only after a transition period ending on 2 March 2026, and only for a defined subset of CASPs—specifically those providing services such as the custody and administration of EMTs or facilitating EMT transfers on behalf of clients. NCAs are encouraged to adopt streamlined authorisation procedures that leverage information already submitted during the MiCAR process. Post-transition, NCAs must ensure entities who are not licensed as a payment service provider (PSP) or have not entered partnership with a PSP, are prevented from providing EMT related services that qualify as a payment service.

Read more.]]></description>
					      
						      <pubDate>Tue, 10 Jun 2025 15:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-opinion-on-PSD2-and-MiCAR</guid>
				    </item>
			
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					      <title>EC call for evidence on savings and investment accounts recommendation</title>
					      <link>https://finreg.aoshearman.com/EC-call-for-evidence-on-savings-and-investment-ac</link>
					      <description><![CDATA[
The European Commission (EC) has issued a call for evidence to gather input on its initiative to develop a European blueprint for savings and investment accounts as part of its recommendation for the savings and investments union (SIU). The initiative aims to encourage retail investors to participate more actively in EU capital markets, aiming to boost long-term returns on their savings while simultaneously enhancing market liquidity and increasing the flow of capital to European businesses. The SIU Communication has emphasised the importance of savings and investment accounts to be based on best practices, with effective models described as being user-friendly, digitally accessible, providing access to a wide range of investment products, offering favourable tax treatment and/or simplified tax compliance, and allowing low or no-cost provider switching. The EC is specifically seeking feedback on these characteristics, as well as their benefits and limitations, to assess their effectiveness in making savings and investment accounts an easy and convenient entry point to capital markets for retail investors pursuing investment opportunities for their savings. The deadline for comments is 8 July, with the recommendation expected to be published in Q3 2025.]]></description>
					      
						      <pubDate>Tue, 10 Jun 2025 15:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-call-for-evidence-on-savings-and-investment-ac</guid>
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					      <title>Further suite of technical standards supplementing MiCAR published in the OJ</title>
					      <link>https://finreg.aoshearman.com/Further-suite-of-technical-standards-supplementi</link>
					      <description><![CDATA[
Three Commission Delegated Regulations supplementing Regulation (EU) 2023/1114 (the EU Markets in Crypto Assets Regulation) (MiCAR) have been published in the Official Journal of the European Union, namely:

	Commission Delegated Regulation - 2025/1141 supplementing MiCAR with regards to regulatory technical standards specifying the requirements for policies and procedures on conflicts of interest for issuers of asset-referenced tokens.
	Commission Delegated Regulation - 2025/1140 supplementing MiCAR with regards to regulatory technical standards specifying records to be kept of all crypto-asset services, activities, orders and transactions undertaken.


Read more.]]></description>
					      
						      <pubDate>Tue, 10 Jun 2025 14:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Further-suite-of-technical-standards-supplementi</guid>
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					      <title>The UK Private Intermittent Securities and Capital Exchange System (Exemption from Stamp Duties) Regulations 2025</title>
					      <link>https://finreg.aoshearman.com/The-UK-Private-Intermittent-Securities-and-Capita</link>
					      <description><![CDATA[
The Private Intermittent Securities and Capital Exchange System (Exemption from Stamp Duties) Regulations 2025 (SI 2025/666) have been published, alongside an explanatory memorandum. The regulations exempt the transfer of a share traded on a Private Intermittent Securities and Capital Exchange System (PISCES), under the PISCES sandbox arrangements, from all stamp duties. PISCES is an innovative type of market allowing private company shares to be traded intermittently, established under the financial market infrastructure sandbox legal framework prescribed by the Financial Markets and Services Act 2023 (FSMA 2023). The UK chancellor originally announced in the Autumn Budget 2024 that this exemption would be made. The intention of the exemption is to boost the attractiveness of PISCES for the duration of the sandbox, which is set at five years but may be extended by HM Treasury. The regulations will come into force on 3 July.]]></description>
					      
						      <pubDate>Tue, 10 Jun 2025 14:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/The-UK-Private-Intermittent-Securities-and-Capita</guid>
				    </item>
			
					 <item>
					      <title>FCA publishes final rules on UK PISCES sandbox arrangements</title>
					      <link>https://finreg.aoshearman.com/FCA-publishes-final-rules-on-UK-PISCES-sandbox-ar</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published final policy statement PS25/6, accompanied by a press release, setting out the final rules for the Private Intermittent Securities and Capital Exchange System (PISCES) sandbox arrangements, following its December 2024 consultation and April interim statement. PISCES is a new platform designed for intermittent trading of private company shares. The FCA aims for the rules to provide a consistent and coherent framework sandbox alongside the PISCES sandbox regulations. The FCA has confirmed it is not making material changes to the proposals but has incorporated various technical amendments consistent with its interim statement to the final rules.

Read more.]]></description>
					      
						      <pubDate>Tue, 10 Jun 2025 14:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-publishes-final-rules-on-UK-PISCES-sandbox-ar</guid>
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					      <title>EC adopts Delegated Regulation updating AML/CFT high-risk third country List</title>
					      <link>https://finreg.aoshearman.com/EC-adopts-Delegated-Regulation-updating-AMLCFT-hi</link>
					      <description><![CDATA[
The European Commission (EC) has adopted a Delegated Regulation amending Delegated Regulation (EU) 2016/1675 to update the list of high-risk third countries with strategic deficiencies in their anti-money laundering and countering the financing of terrorism (AML/CFT) regimes, pursuant to article 9 of the Anti-Money Laundering and Terrorist Financing Directive VI. The amendment has added Algeria, Angola, C&amp;ocirc;te d&apos;Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela to the list. These jurisdictions have made high-level political commitments to address these deficiencies and have developed action plans in cooperation with the Financial Action Task Force (FATF). The EC urges the timely and effective completion of these respective action plans. Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, Uganda and the United Arab Emirates have been removed from the list, having demonstrated significant improvements in their AML/CFT frameworks following the implementation of their respective FATF-agreed action plans. The Regulation will enter into force on the twentieth day following that of its publication in the Official Journal of the European Union, which is on 30 June.]]></description>
					      
						      <pubDate>Tue, 10 Jun 2025 13:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-adopts-Delegated-Regulation-updating-AMLCFT-hi</guid>
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					      <title>UK permanently exempts UK and EEA pension schemes from the derivatives clearing obligation</title>
					      <link>https://finreg.aoshearman.com/UK-permanently-exempts-UK-and-EEA-pension-schemes</link>
					      <description><![CDATA[
The Pension Fund Clearing Obligation Exemption (Amendment) Regulations 2025 (SI 2025/670) have been published, alongside an explanatory memorandum. The regulations amend the UK version of Regulation 2012/648 (UK EMIR) and remove the current expiry date of the exemption for UK and EEA pension schemes from the UK EMIR clearing obligation. This follows the publication of the draft version of the regulations in March and mirrors the EU&apos;s introduction of a permanent exemption for non-EU pension schemes-further details can be found in our article EMIR 3 - Impact on cleared OTC derivatives markets. The intention of the change, as explained in the explanatory memorandum, is to ensure pension funds remain able to invest in productive assets, as removing the exemption would require them to increase cash holdings and potentially increase pressure on the liquidity management of pension funds, particularly in stressed market conditions. The regulations came into force on 11 June.]]></description>
					      
						      <pubDate>Tue, 10 Jun 2025 11:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-permanently-exempts-UK-and-EEA-pension-schemes</guid>
				    </item>
			
					 <item>
					      <title>The Financial Services and Markets Act 2023 (Capital Buffers and Macro-Prudential Measures) (Consequential Amendments) Regulations 2025</title>
					      <link>https://finreg.aoshearman.com/The-Financial-Services-and-Markets-Act-2023-Capit</link>
					      <description><![CDATA[
The draft UK Financial Services and Markets Act 2023 (Capital Buffers and Macro-prudential Measures) (Consequential Amendments) Regulations 2025 were laid before the UK parliament and have been published, alongside an explanatory memorandum. This draft instrument has made consequential amendments to legislation following the revocation of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014 (S.I. 2014/894), which have been replaced by the new Capital Buffers and Macro-prudential Measures Regulations 2025 (S.I. 2025/653), coming into force on 31 July. The amendments are intended to ensure consistency across the legislative framework and to support the continued effective operation of the capital buffer regime. Specifically, the amendments made by this instrument includes replacing citations to the 2014 Capital Buffers Regulations with references to the new Capital Buffers and Macro-prudential Measures Regulations. It also removes references to provisions in the 2014 Regulations that are not being carried forward, such as those relating to the Global Systemically Important Institutions buffer, which are no longer applicable under the revised framework.]]></description>
					      
						      <pubDate>Mon, 09 Jun 2025 15:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/The-Financial-Services-and-Markets-Act-2023-Capit</guid>
				    </item>
			
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					      <title>FCA announces launch of Supercharged Sandbox</title>
					      <link>https://finreg.aoshearman.com/FCA-announces-launch-of-Supercharged-Sandbox</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has announced the launch of its Supercharged Sandbox, developed in collaboration with NVIDIA, as part of its AI Lab and in line with the FCA&apos;s strategy to foster economic growth. This upgraded sandbox builds on the FCA&apos;s existing digital sandbox structure, offering firms access to NVIDIA&apos;s accelerated computing and AI enterprise software. This sandbox complements the FCA&apos;s AI Live Testing service, which alternately assists those that are further along in development and ready for implementation. By enhancing technical resources, data access and regulatory support, the sandbox aims to foster responsible AI innovation without introducing new regulations, relying instead on existing frameworks. Applications for the Supercharged Sandbox have opened and will close on 11 August. The programme will run for three months, from 30 September to 9 January 2026. Full details, including eligibility criteria and application guidance, are included in the official participation pack.]]></description>
					      
						      <pubDate>Mon, 09 Jun 2025 15:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-announces-launch-of-Supercharged-Sandbox</guid>
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					 <item>
					      <title>FCA Quarterly Consultation No 48</title>
					      <link>https://finreg.aoshearman.com/FCA-Quarterly-Consultation-No-48</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published quarterly consultation paper No 48, accompanied by a press release, inviting feedback on proposed amendments to its Handbook. Key proposals include:


	Amending guidance in SUP 6.4 to reflect legislative changes introduced in section 415AA of the Financial Services and Markets Act 2000 (FSMA); the deadline for comments is 14 July.
	Streamlining data reporting by decommissioning certain requirements, including changes to REP009 (consumer buy-to-let mortgage aggregated data) reporting frequency and removing nil return requirements for REP008 (notification of disciplinary actions relating to conduct rules staff other than SMF managers); the deadline for comments is 30 June.


Read more.]]></description>
					      
						      <pubDate>Fri, 06 Jun 2025 16:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-Quarterly-Consultation-No-48</guid>
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					      <title>ECB consults on extension to T2 operating hours</title>
					      <link>https://finreg.aoshearman.com/ECB-consults-on-extension-to-T2-operating-hours</link>
					      <description><![CDATA[
The European Central Bank (ECB) has published a consultation paper (CP) exploring the extension of operating hours for its real-time gross settlement (RTGS) system, T2. This involves both its daily operational hours and its operational days, while also considering the potential interaction with the operating hours of TARGET2-Securities (T2S), even though T2S is generally outside the scope of the consultation. T2&apos;s operating hours were extended previously in 2023, but the ECB is consulting on a further extension given the growing liquidity management challenges for banks due to increasing use of instant payments and the potential introduction of a digital euro.

Read more.]]></description>
					      
						      <pubDate>Fri, 06 Jun 2025 15:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECB-consults-on-extension-to-T2-operating-hours</guid>
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					      <title>FCA operation against unauthorised finfluencers</title>
					      <link>https://finreg.aoshearman.com/FCA-operation-against-unauthorised-finfluencers</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a press release on its leading international crackdown on illegal financial influencers (finfluencers) in collaboration with regulators from Australia, Canada, Hong Kong, Italy and the UAE. This operation, which commenced on 2 June and was led by the FCA, resulted in three arrests, criminal proceedings against three individuals, the issuance of fifty warning alerts and seven cease and desist letters in the UK. The warning alerts will result in over 650 takedown requests for unauthorised financial promotions on social media platforms and websites. The FCA warns finfluencers that they must act responsibly and only promote financial products if authorised, otherwise they will face serious consequences for non-compliance.]]></description>
					      
						      <pubDate>Fri, 06 Jun 2025 14:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-operation-against-unauthorised-finfluencers</guid>
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					      <title>BoE and FCA issue joint consultation on amendments to UK EMIR reporting standards</title>
					      <link>https://finreg.aoshearman.com/BoE-and-PRA-issue-joint-consultation-on-amendment</link>
					      <description><![CDATA[
The Bank of England and the UK Financial Conduct Authority have published a joint consultation paper proposing amendments to the UK EMIR trade repository reporting requirements, using their powers under article 9 of UK EMIR and section 138P of the Financial Services and Markets Act 2000 (FSMA). The proposed changes follow the full implementation of the UK EMIR Refit in March and aim to make the reporting regime run more smoothly.

Read more.]]></description>
					      
						      <pubDate>Fri, 06 Jun 2025 13:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-and-PRA-issue-joint-consultation-on-amendment</guid>
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					 <item>
					      <title>The Capital Buffers and Macro-prudential Measures Regulations 2025</title>
					      <link>https://finreg.aoshearman.com/The-Capital-Buffers-and-Macro-prudential-Measures</link>
					      <description><![CDATA[
The Capital Buffers and Macro-prudential Measures Regulations 2025 (SI 2025/653) have been laid before the UK parliament and published, together with an explanatory memorandum. The regulations restate relevant provisions of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014, which are set to be revoked by the Financial Services and Markets Act 2023 with effect from 31st July. This forms part of the UK&apos;s process of replacing a large body of detailed and technical financial services regulation which remains in legislation as assimilated law, following the UK&apos;s withdrawal from the European Union.

Read more.]]></description>
					      
						      <pubDate>Thu, 05 Jun 2025 14:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/The-Capital-Buffers-and-Macro-prudential-Measures</guid>
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					 <item>
					      <title>Law Commission consults on reforming private international law for digital assets</title>
					      <link>https://finreg.aoshearman.com/Law-Commission-consults-on-reforming-Private-Inte</link>
					      <description><![CDATA[
The UK Law Commission has published a consultation on reforms to private international law necessitated by emerging technologies such as decentralised ledger technology (DLT). The Law Commissions state that their project has a particular focus on crypto-tokens, electronic bills of lading and electronic bills of exchange because these assets are prevalent in market practice while also posing novel theoretical challenges to the methods by which issues of private international law have traditionally been resolved. The consultation focuses primarily on wholly decentralised applications of DLT. Among other things, the Law Commission proposes:
 

	To create a new free-standing information order to help claimants who have lost crypto-tokens through fraud or hacking, obtain information about the perpetrators or the whereabouts of their tokens without having to go through the existing gateways.

Read more.]]></description>
					      
						      <pubDate>Thu, 05 Jun 2025 12:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Law-Commission-consults-on-reforming-Private-Inte</guid>
				    </item>
			
					 <item>
					      <title>FCA statement on key considerations for any motor finance redress scheme</title>
					      <link>https://finreg.aoshearman.com/FCA-statement-on-key-considerations-for-any-motor</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a statement outlining key considerations for a potential consumer redress scheme, as part of its review into motor finance commission arrangements, following the pending Supreme Court judgement, expected in July. If upheld, the ruling could expose firms to significant liability for failing to disclose commissions.

Read more.]]></description>
					      
						      <pubDate>Thu, 05 Jun 2025 09:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-statement-on-key-considerations-for-any-motor</guid>
				    </item>
			
					 <item>
					      <title>European Commission adopts RTS specifying the information in an application for authorisation to offer ARTs to the public or to seek their admission to trading</title>
					      <link>https://finreg.aoshearman.com/European-Commission-adopts-RTS-specifying-the-inf</link>
					      <description><![CDATA[
The European Commission has adopted a Delegated Regulation supplementing Regulation 2023/1114 (MiCAR) with regard to regulatory technical standards (RTS) specifying the information in an application for authorisation to offer asset-referenced tokens (ARTs) to the public or to seek their admission to trading. The RTS detail the list of information specified in Article 18(2) of MiCAR, to be provided in an application by legal persons or other undertakings (other than credit institutions) seeking to obtain authorisation. In particular they prescribe information requirements on: (i) the identification of the applicant issuer; (ii) the programme of operations, including the main features of the intended issuance; (iii) the internal governance arrangements and structural organisation, including information on third-party providers of critical and important functions, and internal control framework; (iv) the liquidity management, reserve of assets and redemptions rights, including a description of the stabilisation mechanism for the asset-referenced token for which the authorisation is sought; (v) suitability of the members of the management body; and (vi) the sufficiently good repute of members of the management body, shareholders or members with direct or indirect qualifying holdings. The delegated regulation is now subject to scrutiny by the Council and the European Parliament.  If neither objects within three months, it will be published in the Official Journal of the European Union, entering into force twenty days after.]]></description>
					      
						      <pubDate>Thu, 05 Jun 2025 09:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-adopts-RTS-specifying-the-inf</guid>
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					 <item>
					      <title>FOS consults on interest rates for compensation awards</title>
					      <link>https://finreg.aoshearman.com/FOS-consults-on-interest-rates-for-compensation-a</link>
					      <description><![CDATA[
The Financial Ombudsman Service (FOS) has published a consultation paper seeking views on the interest rates applied to compensation awards. This follows concerns raised in response to a 2024 joint call for input with the UK Financial Conduct Authority, that the current rate of 8% discretionary interest on top of compensation awards is excessively high.

The consultation paper invites feedback on whether the current 8% interest rate should be: (i) maintained at its current level of 8%; (ii) reduced, with respondents to suggest alternative rates and the rationale behind them; (iii) replaced with a tracker rate linked to the Bank of England (BoE) base rate plus 1%, where the base rate is calculated as an average rate over the period that the money was due until the date redress payment is made (FOS&apos;s recommended option); or (iv) replaced with a tracker rate linked to the BoE base rate plus 1%, but where the base rate is calculated as the rate at the point of determination of the complaint. FOS also sets out options for implementation, with its preferred approach to apply the new rate to complaints referred from the date the change takes effect.

In addition, FOS is seeking views on the types of exceptional circumstances where it may be appropriate for an ombudsman to ask a firm not to apply interest e.g., by choosing not to award interest for a certain period to reflect a firm&apos;s unreasonable conduct that caused delays during the investigation. In such cases, the ombudsman will be required to clearly explain the reasons for departing from the standard rate. The consultation focuses on pre-and-post determination interests, it does not address any other awards an ombudsman may recommend when making a decision. The deadline for comments on the consultation paper is 2 July. FOS aims to publish a policy statement in September, with the intention of implementing any changes as soon as possible thereafter.]]></description>
					      
						      <pubDate>Wed, 04 Jun 2025 12:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FOS-consults-on-interest-rates-for-compensation-a</guid>
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					 <item>
					      <title>FCA policy statement on finalised ENFG for the publication of enforcement measures</title>
					      <link>https://finreg.aoshearman.com/FCA-policy-statement-on-finalised-ENFG-for-the-pu</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published policy statement PS25/5 accompanied by a press release, outlining final revisions to its Enforcement Guide (now abbreviated as ENFG). The revisions follow a two-part consultation process published in February and November 2024.

Read more.]]></description>
					      
						      <pubDate>Tue, 03 Jun 2025 10:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-policy-statement-on-finalised-ENFG-for-the-pu</guid>
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					 <item>
					      <title>FCA and ICO collaborate to support responsible AI Innovation</title>
					      <link>https://finreg.aoshearman.com/FCA-and-ICO-collaborate-to-support-responsible-AI</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) and the Information Commissioner&apos;s Office (ICO) have published a discussion of how they are collaborating to support responsible innovation, providing regulatory clarity to give firms the confidence to ensure compliance with data protection and financial regulation.

A survey revealed that 33% of firms view data protection and 20% view FCA regulations as a constraint on AI adoption. A roundtable was held on 9 May to explore and understand these challenges. The FCA and ICO report that what came through was very little about specific regulations standing in the way of innovation. Rather, firms understand the broad rules, but many - especially smaller ones - want clearer examples of &apos;what good looks like&apos; in practice and more opportunities for engagement to build confidence in trying new technologies.

Actions proposed in response include: (i) development of a statutory code of practice for the development or deployment of AI and automated decision making. They will also help firms to develop, test, and evaluate AI as part of the FCA&apos;s AI Lab; (ii) a roundtable with smaller firms later this year to better understand the challenges they face in adopting AI; (iii) working together with other regulators in the Digital Regulation Cooperation Forum (DRCF) to explain expectations around who holds responsibility when AI tools are developed by third parties; and (iv) increasing visibility of existing tools and services. The new DRCF workplan commits regulators to coordinate their approach with exploring how their respective regulatory frameworks apply to AI, including agentic AI, and to identify and address any areas of conflict.]]></description>
					      
						      <pubDate>Mon, 02 Jun 2025 12:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-and-ICO-collaborate-to-support-responsible-AI</guid>
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					 <item>
					      <title>EBA speech on efficiency and effectiveness of EU Financial Regulation</title>
					      <link>https://finreg.aoshearman.com/EBA-speech-on-efficiency-and-effectiveness-of-EU-</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a keynote speech delivered by its Chairperson, Jos&amp;eacute; Manuel Campa, at a high-level meeting for European supervisors in Ljubljana, Slovenia, on the importance of an efficient and effective financial services regulatory framework to support sustainable growth while enhancing EU competitiveness. While acknowledging the effectiveness of the current framework, particularly in ensuring financial stability, Mr Campa recognises concerns around its complexity and proportionality, understanding the need for greater simplification efforts.

Read more.]]></description>
					      
						      <pubDate>Mon, 02 Jun 2025 11:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-speech-on-efficiency-and-effectiveness-of-EU-</guid>
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					      <title>FCA supports move towards faster settlement cycle for fund trades</title>
					      <link>https://finreg.aoshearman.com/FCA-supports-move-towards-faster-settlement-cycle</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a press release welcoming a joint statement from asset management trade associations supporting the transition to faster settlement of trades in funds. Effective from 11 October 2027, the settlement period for transactions in listed stocks and bonds in the UK, Switzerland and the EU will change to T+1, meaning trades will settle within one business day. The FCA acknowledges that the operational practicalities of fund settlement will not allow all authorised fund managers to offer T+1 settlement for units in funds. For UK authorised funds and recognised schemes, the FCA supports the recommendation of moving towards a T+2 settlement cycle to align with the consumer duty and better support retail investors in meeting their financial goals. The FCA states that funds currently operating on T+4 cycle should carefully consider how an extended gap between market settlement and fund unit settlement would impact investors. The FCA advises fund managers to begin planning early for the transition and notes that, going forward, any settlement period longer than two business days will require strong justification.]]></description>
					      
						      <pubDate>Fri, 30 May 2025 11:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-supports-move-towards-faster-settlement-cycle</guid>
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					      <title>FCA updates to requirements, limitations and directions</title>
					      <link>https://finreg.aoshearman.com/FCA-updates-to-requirements-limitations-and-direc</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has announced updates to the requirements, directions and limitations applied to firms. This follows a review which identified that certain data was out of date, superseded by new content or contained minor errors. As part of the FCA&apos;s strategy to become a smarter and more efficient regulator, it will be taking action to ensure firm-related data is consistent, up-to-date, and necessary, enabling consumers to have access to clearer information and that firms receive improved service. Where changes have been identified as needed, the FCA&apos;s next steps will include: (i) automatically implementing immaterial updates that do not alter what a firm can or cannot do; and (ii) contacting firms directly where substantive changes are required, such as the removal of a requirement, direction or limitation. These changes will be taking place over the next few months. No action is required from firms unless the FCA contacts them directly.]]></description>
					      
						      <pubDate>Thu, 29 May 2025 11:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-updates-to-requirements-limitations-and-direc</guid>
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					      <title>ESMA calls on platform providers to combat unauthorised financial promotions</title>
					      <link>https://finreg.aoshearman.com/ESMA-calls-on-platform-providers-to-combat-unauth</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has issued written letters to several major social media and platform companies—including X, Meta, TikTok, Alphabet, Telegram, Snap, Amazon, Apple, Google and Reddit—urging them to take proactive steps against the promotion of unauthorised financial services on their platforms. ESMA suggests that this could be achieved by these companies checking ESMA&apos;s register of MiFID investment firms. This initiative seeks to combat the rising number of online scams targeting retail investors, which mislead consumers into engaging with unlicensed firms, resulting in financial losses and lack of trust in the wider financial sector and with digital platforms. ESMA&apos;s action is aligned with the recent initiative by the International Organization of Securities Commissions on combatting online harm, highlighting the global nature of the issue of financial misconduct in the digital environment. ESMA has also requested for meetings with these platform providers to develop a coordinated approach to retail investor protection from financial harm.]]></description>
					      
						      <pubDate>Wed, 28 May 2025 16:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-calls-on-platform-providers-to-combat-unauth</guid>
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					      <title>FCA consults on stablecoin issuance and custody of cryptoassets</title>
					      <link>https://finreg.aoshearman.com/FCA-consults-on-stablecoin-issuance-and-custody-o</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/14 (CP) on stablecoin issuance and cryptoasset custody, accompanied by an updated webpage. This follows the FCA&apos;s discussion paper published in November 2023, which outlines the proposed approach to regulating stablecoins. This new CP is part of the FCA&apos;s roadmap for crypto regulation and is intended to be read alongside CP25/15, which sets out the proposed prudential regime for cryptoasset firms (and which we discuss here). In CP25/14, the FCA has proposed rules and guidance for the issuance of qualifying stablecoins and the safeguarding of qualifying cryptoassets, including stablecoins. These activities are expected to become regulated activities under the HM Treasury&apos;s draft legislation, the Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025 subject to its finalisation.

Read more.]]></description>
					      
						      <pubDate>Wed, 28 May 2025 11:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-consults-on-stablecoin-issuance-and-custody-o</guid>
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					 <item>
					      <title>FCA consults on proposed prudential regime for cryptoasset firms</title>
					      <link>https://finreg.aoshearman.com/FCA-consults-on-proposed-prudential-regime-for-cr</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published consultation paper CP25/15 on its proposed prudential regime for cryptoasset firms, also accompanied by an updated webpage. This is intended to be read together with CP25/14 on stablecoin issuance and cryptoasset custody, which we discuss here. In this consultation paper, the FCA has proposed prudential rules and guidance for cryptoasset firms, including those issuing qualifying stablecoins and safeguarding qualifying cryptoassets, including stablecoins. The proposals introduce a new prudential regime to be integrated through two new sourcebooks: (i) COREPRU which will initially apply to firms carrying on regulated cryptoasset activities; and (ii) CRYPTOPRU, which will contain other sector-specific requirements for firms doing regulated cryptoasset activities, with these firms referred to as CRYPTOPRU firms.

Read more.]]></description>
					      
						      <pubDate>Wed, 28 May 2025 11:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-consults-on-proposed-prudential-regime-for-cr</guid>
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					      <title>New FCA webpages on PISCES</title>
					      <link>https://finreg.aoshearman.com/New-FCA-webpages-on-PISCES</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published two new webpages on the Private Intermittent Securities and Capital Exchange Systems (PISCES) sandbox, a new type of trading platform designed to enable intermittent trading of private company shares. This update follows the FCA&apos;s December 2024 consultation on the PISCES framework. The first webpage provides background on the regulatory framework—including who can operate and participate in a PISCES platform—and sets out the FCA&apos;s next steps, including plans to publish the final rules in June and run the sandbox to test the framework until June 2030. The second webpage offers guidance for firms seeking to apply to operate a PISCES platform within the sandbox, detailing the application process, eligibility criteria and regulatory expectations for firms. The FCA has opened a pre-application support process to assist prospective applicants ahead of the formal application process from June.]]></description>
					      
						      <pubDate>Tue, 27 May 2025 12:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-FCA-webpages-on-PISCES</guid>
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					      <title>EGOV Study on EU banking sector and competitiveness</title>
					      <link>https://finreg.aoshearman.com/EGOV-Study-on-EU-banking-sector-and-competitivene</link>
					      <description><![CDATA[
The Economic Governance and EMU Scrutiny Unit has published a study on enhancing EU competitiveness in the banking sector, provided at the request of the European Parliament&apos;s Committee on Economic and Monetary Affairs. The study emphasises the importance of a resilient and efficient banking sector for EU competitiveness. Building on its analysis, the study has recommended that, to achieve this, the EU should first prioritise the defragmentation of the banking market, and second, simplify and streamline the prudential framework for banks without compromising resilience.

Read more.]]></description>
					      
						      <pubDate>Mon, 26 May 2025 12:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EGOV-Study-on-EU-banking-sector-and-competitivene</guid>
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					      <title>Corrigendum to EMIR 3 clarified counterparty risk rules for MMFs</title>
					      <link>https://finreg.aoshearman.com/Corrigendum-to-EMIR-3-clarified-counterparty-risk</link>
					      <description><![CDATA[
A corrigendum to Regulation (EU) 2024/2987, known as EMIR 3, was published in the Official Journal of the European Union. One of the changes EMIR 3 made was to amend the Money Market Funds Regulation (MMF Regulation) by adjusting the rules addressing counterparty risk in financial derivative transactions to take account of whether a transaction is cleared by an EU authorised or recognised CCP. The corrigendum makes a change to those adjusted rules by clarifying that in Article 17 of the MMF Regulation, it is the cash provided, rather than the cash received, by a Money Market Fund (MMF) as part of each reverse repurchase agreement that must not exceed 15% of the assets of the MMF.]]></description>
					      
						      <pubDate>Mon, 26 May 2025 11:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Corrigendum-to-EMIR-3-clarified-counterparty-risk</guid>
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					      <title>IOSCO final report and guidance for liquidity risk management for CIS</title>
					      <link>https://finreg.aoshearman.com/IOSCO-final-report-and-guidance-for-liquidity-ris</link>
					      <description><![CDATA[
The International Organization of Securities Commissions (IOSCO) has published its final report containing revised recommendations for liquidity risk management for collective investment schemes (CIS), accompanied by implementation guidance and a press release. The updated recommendations, which revise IOSCO&apos;s 2018 report, are aimed to enhance the resilience of open-ended funds in both normal and stressed market conditions by strengthening liquidity management practices across the product lifecycle. The report has included revised recommendations across six key areas: the CIS design process; liquidity management tools and measures; day-to-day liquidity management practices; stress testing; governance and disclosures to investors and authorities. Key revisions to the recommendations include clarifications on the definitions of common components of open-ended funds structure, the introduction of new liquidity management measures such as &quot;soft closures&quot; and &quot;deferral of redemptions&quot; and enhanced governance and disclosure requirements, among other things. IOSCO states that the implementation guidance should be read alongside the revised recommendations as it provides more detailed guidance and practices for effective implementation. IOSCO expects securities regulators to actively promote the implementation of these recommendations and will review progress by the end of 2026.]]></description>
					      
						      <pubDate>Mon, 26 May 2025 11:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/IOSCO-final-report-and-guidance-for-liquidity-ris</guid>
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					      <title>EBA issues opinion on Norway&apos;s measure of risk weight floor increase</title>
					      <link>https://finreg.aoshearman.com/EBA-issues-opinion-on-Norway39s-measure-of-risk-w</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has issued an opinion (dated 12 May) in response to a notification from the Norwegian Ministry of Finance, regarding its intention to recalibrate the risk weight floor for Norwegian retail residential real estate exposures under Article 458 of Regulation (EU) No 575/2013 of the Capital Requirements Regulation. The opinion was published alongside a press release. The measure, initially introduced on 31 December 2020 and extended until 30 June, will result in the risk weight floor increase from 20% to 25% starting from 1 July and remaining in force until 31 December 2026. It applies to all institutions established in Norway that use the Internal Ratings Based approach to calculate capital requirements for relevant exposures, seeking to address systemic risks arising from high household debt and rising real estate prices. The EBA does support the measure but invites the Ministry of Finance to closely monitor and review it to ensure proportionality and avoid overlaps with other regulatory requirements and measures already in place.]]></description>
					      
						      <pubDate>Fri, 23 May 2025 11:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-issues-opinion-on-Norway39s-measure-of-risk-w</guid>
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					      <title>FCA Handbook Notice 130</title>
					      <link>https://finreg.aoshearman.com/FCA-Handbook-Notice-130</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Handbook Notice 130, which outlines updates to the FCA Handbook, including changes for fund managers stemming from the recommendations of the Investment Research Review and feedback to consultation paper CP24/21. These changes allow fund managers to use a joint payment option to pay for investment research and execution services, subject to a set of guardrails, aligning with rules already applicable to MiFID investment firms.

Read more.]]></description>
					      
						      <pubDate>Fri, 23 May 2025 11:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-Handbook-Notice-130</guid>
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					      <title>FCA publishes consultation on streamlining complaints data reporting</title>
					      <link>https://finreg.aoshearman.com/FCA-publishes-consultation-on-streamlining-compla</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a consultation paper (CP25/13), with a press release and updated webpage, proposing the improvement of complaints reporting process as part of its five-year strategy to become a smarter regulator. The FCA&apos;s aim is to make data collection processes more simple, effective and consistent, as well as improving the quality of data that is collected and reducing regulatory burden.

Read more.]]></description>
					      
						      <pubDate>Thu, 22 May 2025 15:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-publishes-consultation-on-streamlining-compla</guid>
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					      <title>EBA onboarding plan for new Pillar 3 data hub</title>
					      <link>https://finreg.aoshearman.com/EBA-onboarding-plan-for-new-Pillar-3-data-hub</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published an onboarding plan, together with a press release, for large and other institutions to access and submit information to the new Pillar 3 Data Hub (P3DH)—a centralised platform for public disclosures under the revised Capital Requirements Regulation (CRR3). The onboarding plan includes procedural steps for institutions to follow when submitting Pillar 3 information and outlines a phased-in timeline for the process. The initiative will enable users to explore and visualise disclosures across institutions and over time, making it easier for institutions to benchmark themselves against peers and enhancing market discipline. The P3DH information will be available to the public from December. The EBA has also published a list of FAQs.]]></description>
					      
						      <pubDate>Thu, 22 May 2025 14:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-onboarding-plan-for-new-Pillar-3-data-hub</guid>
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					      <title>PRA Phase 1 of Pillar 2A review</title>
					      <link>https://finreg.aoshearman.com/PRA-Phase-1-of-Pillar-2A-review</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published a consultation paper (CP12/25) setting out Phase 1 of its Pillar 2A review. This first phase review seeks to address the consequential impact of the near-final PRA rules that would implement the Basel 3.1 standards, as well as proposals to improve information, guidance and transparency for firms and options to reduce the reporting burden in the interests of proportionality.

Read more.]]></description>
					      
						      <pubDate>Thu, 22 May 2025 14:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PRA-Phase-1-of-Pillar-2A-review</guid>
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					      <title>EBA consults on draft ITS on Pillar 3 disclosure frameworks</title>
					      <link>https://finreg.aoshearman.com/EBA-consults-on-draft-ITS-on-Pillar-3-disclosure-</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a consultation paper (CP) proposing amendments to Commission Implementing Regulation (EU) 2024/3172 on the EBA Pillar 3 disclosure framework, aligning it with the requirements of revised Capital Requirements Regulation (CRR3) on ESG-related risks, equity exposures and aggregate exposure to shadow banking entities. The CP also seeks to finalise the implementation of prudential disclosure requirements included in the EU banking package published in 2024. Through the amendments, the EBA aims to improve the transparency and consistency of disclosures while also simplifying the reporting process for institutions. The EBA also intends to provide an updated mapping tool to help institutions align Pillar 3 disclosures with supervisory reporting requirements. The deadline for comments to the consultation paper is 22 August. The final ITS are expected to be submitted to the European Commission by Q4 2025.]]></description>
					      
						      <pubDate>Thu, 22 May 2025 14:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-consults-on-draft-ITS-on-Pillar-3-disclosure-</guid>
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					      <title>Delegated regulation on identifying reference data for OTC derivatives published in OJ</title>
					      <link>https://finreg.aoshearman.com/Delegated-regulation-on-identifying-reference-dat</link>
					      <description><![CDATA[
Commission Delegated Regulation (EU) 2025/1003 has been published in the Official Journal of the European Union (OJ), supplementing the EU Markets in Financial Instruments Regulation (MiFIR) as regards over-the-counter derivatives (OTC) identifying reference data for the purposes of MiFIR transparency requirements. The delegated regulation sets out the identifying reference data for OTC interest rate swaps and OTC credit default swaps, to meet transparency requirements under article 8a(2), 10 and 21 of MiFIR. The data will enable market participants and authorities to identify and distinguish these derivatives by asset class, instrument type, notional currency, among other relevant characteristics. The regulation will enter into force on 11 June 2025 and will apply from 1 September 2026.]]></description>
					      
						      <pubDate>Thu, 22 May 2025 10:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Delegated-regulation-on-identifying-reference-dat</guid>
				    </item>
			
					 <item>
					      <title>Basel Committee on Banking Supervision discusses key initiatives</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-discusses</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision (BCBS) had met to discuss a range of initiatives, following the GHOS meeting which took place earlier this month. The discussions focused on:


	Recent market developments and the financial stability outlook for the global banking system.
	Progress on efforts to strengthen supervisory effectiveness following the 2023 banking turmoil. An update on the outcome of this work will be published by the end of the year.
	Comments received to the BCBS consultation on third-part risk management in the banking sector. The BCBS has aimed to finalise principles for third-party risk management by the end of 2025.
	The use of technological innovation to make Pillar 3 disclosures more accessible in machine-readable formats. The BCBS plans to consult on this proposal by the end of the year.
	Prioritising the analysis of financial risks from extreme weather events. The BCBS is also mandated to publish the voluntary climate-related financial risk disclosure framework, which will be released in June.

]]></description>
					      
						      <pubDate>Wed, 21 May 2025 15:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-discusses</guid>
				    </item>
			
					 <item>
					      <title>EC call for advice to EBA for second benchmarking of national loan enforcements frameworks</title>
					      <link>https://finreg.aoshearman.com/EC-call-for-advice-to-EBA-for-second-benchmarking</link>
					      <description><![CDATA[
The European Commission (EC) has published a call for advice to the European Banking Authority (EBA) together with a letter from John Berrigan, Directorate-General of Financial Stability, Financial Services and Capital Markets Union (DG FISMA). The EC has asked the EBA to conduct a second benchmarking exercise on national loan enforcement frameworks from a bank creditor perspective, following the initial exercise conducted in 2019-2020. The benchmarking will assess the efficiency of enforcement procedures in terms of recovery rates, time to recovery and judicial costs. The EBA is expected to deliver a preliminary analysis by July, with the final report due by 31 October.]]></description>
					      
						      <pubDate>Wed, 21 May 2025 14:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-call-for-advice-to-EBA-for-second-benchmarking</guid>
				    </item>
			
					 <item>
					      <title>PSR consolidated policy statement on APP scams reimbursement requirement</title>
					      <link>https://finreg.aoshearman.com/PSR-consolidated-policy-statement-on-APP-scams-re</link>
					      <description><![CDATA[
The UK Payments Systems Regulator (PSR) has published a consolidated policy statement (PS25/5) concerning the authorised push payment (APP) fraud reimbursement requirement within the Faster Payments system, which came into effect on 7 October 2024. The document brings together previous publications on the reimbursement requirement to serve as a single point reference for stakeholders seeking to understand the policy and how it may impact them. The statement acts as general guidance to aid interpretation of the policy. The policy statement has also included FAQS on aspects of the APP scam reimbursement policy and, except where otherwise indicated, also applies to the requirements for reimbursement of APP fraud committed over the CHAPS payment system.]]></description>
					      
						      <pubDate>Wed, 21 May 2025 13:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PSR-consolidated-policy-statement-on-APP-scams-re</guid>
				    </item>
			
					 <item>
					      <title>ESMA launches call for evidence on retail investor journey under MiFID II</title>
					      <link>https://finreg.aoshearman.com/ESMA-launches-call-for-evidence-on-retail-investo</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has launched a call for evidence (CfE), accompanied by a press release, to gather input on the retail investor journey in capital markets under the revised EU Markets in Financial Instruments Directive (MiFID II). The CfE aims to assess whether regulatory or non-regulatory barriers may discourage retail investor participation in capital markets. The CfE considers:


	Retail market trends, including the growing appeal of speculative products among younger investors and the rising influence of social media on investment decisions.
	Specific regulatory requirements under MiFID II, such as regulatory disclosures and assessment of suitability and appropriateness, which can impact retail investors.
	Additional areas such as the investor experience under the European crowdfunding framework and broader reflections on how to achieve the right balance between investor protection and enabling informed risk-taking.

ESMA has also published a summary of the CfE to facilitate responses by consumers and related organisations. The deadline for comments to the CfE is 21 July. ESMA will use the responses to assess, in Q3 2025, whether specific clarifications or regulatory adjustments are needed.]]></description>
					      
						      <pubDate>Wed, 21 May 2025 13:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-launches-call-for-evidence-on-retail-investo</guid>
				    </item>
			
					 <item>
					      <title>EC Omnibus IV proposal to reduce burdens for small mid-cap companies</title>
					      <link>https://finreg.aoshearman.com/EC-Omnibus-IV-proposal-to-reduce-burdens-for-smal</link>
					      <description><![CDATA[
The European Commission has published its Omnibus IV legislative proposal, together with a press release, for a Directive amending the Markets in Financial Instruments Directive II (MiFID II) and the Critical Entities Resilience Directive to simplify various administrative requirements for small mid-cap enterprises (SMCs), in line with the mitigating measures already available for SMEs. SMEs are currently defined as companies with under 250 employees and an annual turnover of up to EUR50 million or a balance sheet total up to EUR43m, while SMCs are those that have outgrown the SME definition. The proposed amendments will simplify regulatory requirements and reduce administrative burdens for SMCs, in the interests of helping them to scale up.

The legislative proposal represents the fourth Omnibus simplification package, following Omnibus I and II on the simplification of sustainability reporting and due diligence rules, and Omnibus III on the simplification of the Common Agricultural Policy. The Omnibus IV proposals include: (i) the introduction of a new category of SMCs to capture enterprises that are up to three times the size of SMEs; (ii) simplified compliance obligations for SMCs, permitting them to provide product information in digital format; (iii) common specifications for companies to demonstrate compliance with EU rules in the absence of harmonised standards; and (iv) a simplification of record-keeping requirements in the General Data Protection Regulation.]]></description>
					      
						      <pubDate>Wed, 21 May 2025 13:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-Omnibus-IV-proposal-to-reduce-burdens-for-smal</guid>
				    </item>
			
					 <item>
					      <title>IOSCO statement on the role of platform providers and combatting online harm</title>
					      <link>https://finreg.aoshearman.com/IOSCO-statement-on-the-role-of-platform-providers</link>
					      <description><![CDATA[
The International Organization of Securities Commissions (IOSCO) has issued a statement calling for platform providers to take stronger action against rising investment fraud, driven by increased retail investor activity on digital platforms. It encourages platform providers to leverage the IOSCO International Securities and Commodities Alerts Network (I-SCAN)—a database launched in March that identifies unlicensed firms or those engaging in illegal activities—to block, warn against or remove illegal investment offerings from their platforms. In the statement, IOSCO has also highlighted effective measures used in some jurisdictions to combat online harm involving financial misconduct, including due diligence on unauthorised offerings, rigorous enforcement of compliance with terms of service, strong processes for detecting scams and proactive engagement with financial regulators and government authorities, including referrals of fraudulent activity.]]></description>
					      
						      <pubDate>Wed, 21 May 2025 10:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/IOSCO-statement-on-the-role-of-platform-providers</guid>
				    </item>
			
					 <item>
					      <title>IOSCO Sustainable Bonds Report</title>
					      <link>https://finreg.aoshearman.com/IOSCO-Sustainable-Bonds-Report</link>
					      <description><![CDATA[
The International Organization of Securities Commissions (IOSCO) has published its sustainable bonds report with a press release, identifying key characteristics and growth trends for the sustainable bond market, which had surpassed USD 5.7 trillion in cumulative issuances in 2024.The report examines the characteristics of sustainable bonds, which include green, social, sustainability-linked and transition bonds. It also sets out five key considerations to assist regulators with addressing market challenges, including enhancing investor protection, ensuring fair and efficient sustainable bond markets and improving accessibility.

These are:

	To ensure greater clarity in existing or new regulatory frameworks to demonstrate alignment with internationally accepted principles and standards, support consistency, build investor confidence and support market participation.
	To establish guiding principles to help provide clarity and consistency when categorising sustainable bond types.
	To enhance transparency and disclosure requirements when it comes to reporting on issuers&apos; progress toward sustainability-related goals or sustainability performance targets to promote public accountability.
	To promote the use of independent and credible external reviewers to mitigate conflicts of interest.
	To utilise capacity building and educational programs to increase awareness and understanding of sustainable bonds among issuers, investors, intermediaries and regulator.

]]></description>
					      
						      <pubDate>Wed, 21 May 2025 09:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/IOSCO-Sustainable-Bonds-Report</guid>
				    </item>
			
					 <item>
					      <title>PRA policy statement on updates to SS5/21 for international firms and branch reporting</title>
					      <link>https://finreg.aoshearman.com/PRA-policy-statement-on-updates-to-SS521-for-inte</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published a final policy statement (PS6/25) alongside a press release, finalising the updates to Supervisory Statement 5/21 (SS 5/21) and branch reporting requirements for international firms operating in the UK. In response to feedback on its July 2024 consultation, the PRA has made several adjustments to the draft policy.

Read more.]]></description>
					      
						      <pubDate>Tue, 20 May 2025 15:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PRA-policy-statement-on-updates-to-SS521-for-inte</guid>
				    </item>
			
					 <item>
					      <title>ECON adopts proposal on shortening of the settlement cycle to T+1 for CSDR</title>
					      <link>https://finreg.aoshearman.com/ECON-adopts-proposal-on-shortening-of-the-settlem</link>
					      <description><![CDATA[
European Parliament&apos;s Committee on Economic and Monetary Affairs has adopted a proposal to amend the Central Securities Depositories Regulation (CSDR), introducing a shorter settlement cycle for transferable securities transactions within the EU, with related press release. The CSDR amendment will reduce the settlement period under CSDR from two business days after trading takes place (T+2) to one business day (T+1), with the aim of promoting settlement efficiency, improving the liquidity of capital markets and eliminating costs linked to the misalignment of settlement cycles between the EU and other jurisdictions.

The ECON proposal has included a requirement for the European Securities and Markets Authority (ESMA) to publish a report on settlement efficiency during the move to T+1 and on the feasibility of further shortening the settlement cycle to T+0. The final text will be subject to negotiations with the European Council which has already adopted its position. The new regulation will apply from 11 October 2027.]]></description>
					      
						      <pubDate>Tue, 20 May 2025 11:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECON-adopts-proposal-on-shortening-of-the-settlem</guid>
				    </item>
			
					 <item>
					      <title>FSB Deputy Secretary General speech Guardrails for growth: ensuring financial stability through thoughtful regulation</title>
					      <link>https://finreg.aoshearman.com/FSB-Deputy-Secretary-General-speech-Guardrails-fo</link>
					      <description><![CDATA[
Martin Moloney, Deputy Secretary General of the Financial Stability Board (FSB), has delivered a speech at the International Council of Securities Associations&apos; Annual General Meeting on the potential for reforming financial regulation in a way that supports, rather than stifles, economic growth. Mr Moloney placed particular emphasis on pursing sustainable economic growth, supported by stable financial markets, for effective regulatory reform and warned against cycles of deregulation and re-regulation. He urged policymakers to critically assess and streamline existing regulatory regimes, noting that both legislative and rule-making processes often fall short in designing optimal regulatory frameworks.

Mr Moloney outlined three key challenges with effective regulatory redesign:

	Complexity of objectives. Regulatory tools must now serve multiple goals, which can make it difficult to calibrate them proportionately.
	Industry consultation. While essential, industry feedback tends to gravitate toward consensus on the &apos;lowest common denominator&apos;, not necessarily reflecting the changes that industry would most benefit from.
	Global interdependence. Regulatory reform is constrained by the need for international consistency as jurisdictions cannot diverge significantly from global norms when creating national-based legislation without facing cross-border consequences.

]]></description>
					      
						      <pubDate>Tue, 20 May 2025 09:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FSB-Deputy-Secretary-General-speech-Guardrails-fo</guid>
				    </item>
			
					 <item>
					      <title>EBA 2024 annual report on Work Programme Achievements - Part 1</title>
					      <link>https://finreg.aoshearman.com/EBA-2024-annual-report-on-Work-Programme-Achievem</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published part 1 of its 2024 annual report, with a press release, reflecting on key regulatory and supervisory achievements under its work programme over the past year. These include: (i) progress in the implementation of the Basel III reforms; (ii) the further integration of ESG considerations into regulatory frameworks, via the issuance of guidelines and reports on ESG risks, greenwashing and scenario analysis; (iii) the assessment of financial stability amid high interest rates and geopolitical uncertainties, supported by two risk assessment reports; (iv) the enhancement of regulatory data infrastructure through the EUCLID platform; (v) the development of oversight and supervisory capacity for firms subject to the EU Digital Operational Resilience Act (DORA) and the EU Markets in Crypto-Assets Regulation (MiCAR); and (vi) an enhanced focus on innovation and consumers (including access to financial services) while preparing for the transition to the new anti-money laundering and counter-terrorist financing (AML/CFT) framework.]]></description>
					      
						      <pubDate>Tue, 20 May 2025 09:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-2024-annual-report-on-Work-Programme-Achievem</guid>
				    </item>
			
					 <item>
					      <title>UK Government advances BNPL Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Government-advances-BNPL-Regulation</link>
					      <description><![CDATA[
HM Treasury (HMT) has published a response to its 2024 consultation on regulating Buy-Now, Pay-Later (BNPL) products and laid the draft secondary legislation (Financial Services and Markets Act 2000 (Regulated Activities etc) (Amendment) Order 2025), to implement the proposed regime before Parliament. The consultation response is accompanied by an updated webpage and press release. The proposed regulatory framework aims to bring BNPL products under the UK Financial Conduct Authority&apos;s (FCA) oversight, ensuring consumers receive clear information, undergo affordability checks, have access to the Financial Ombudsman Service and benefit from the protections of section 75 of the Consumer Credit Act (CCA)—which imposes liability upon a creditor for breaches by a supplier—should something go wrong with their purchases.

Read more.]]></description>
					      
						      <pubDate>Mon, 19 May 2025 14:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-advances-BNPL-Regulation</guid>
				    </item>
			
					 <item>
					      <title>Benchmarks Regulation published in the Official Journal of EU</title>
					      <link>https://finreg.aoshearman.com/Benchmarks-Regulation-published-in-the-Official-J</link>
					      <description><![CDATA[
Regulation (EU) 2025/914 amending the EU Benchmarks Regulation has been published in the Official Journal of the EU. The amending Regulation amends the scope of the rules for benchmarks, the use of benchmarks provided by a third-country administrator and certain reporting requirements. Further information can be found in our Financial Regulatory Developments update, EU provisional agreement on regulation amending the Benchmarks Regulation. The regulation will enter into force on 8 June and will apply from 1 January 2026.]]></description>
					      
						      <pubDate>Mon, 19 May 2025 11:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Benchmarks-Regulation-published-in-the-Official-J</guid>
				    </item>
			
					 <item>
					      <title>IOSCO publishes final reports on finfluencers, online imitative trading practices and digital engagement practices</title>
					      <link>https://finreg.aoshearman.com/IOSCO-publishes-final-reports-on-finfluencers-onl</link>
					      <description><![CDATA[
The International Organization of Securities Commissions (IOSCO) has published final reports on finfluencers, online imitative trading practices and digital engagement practices, accompanied by a press release. These reports are part of IOSCO&apos;s Roadmap for Retail Investor Online Safety to enhance retail investor protection from fraud, excessive risk taking and misinformation, in the digital age.

Read more.]]></description>
					      
						      <pubDate>Mon, 19 May 2025 11:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/IOSCO-publishes-final-reports-on-finfluencers-onl</guid>
				    </item>
			
					 <item>
					      <title>HMT consults on Consumer Credit Act Reform - Phase 1</title>
					      <link>https://finreg.aoshearman.com/HMT-consults-on-Consumer-Credit-Act-Reform-ndash-</link>
					      <description><![CDATA[
HM Treasury (HMT) has published Phase 1 of its two-part consultation on reforming the Consumer Credit Act 1974 (CCA), accompanied by an updated webpage. The proposals aim to modernise the CCA to better align with new financial products and technology while promoting a competitive consumer credit market which supports the growth of the UK economy. The new regime will repeal many of the CCA provisions, to be replaced with rules in the UK Financial Conduct Authority (FCA) Handbook as part of a more flexible, outcomes-based approach. Further details can be found in our client bulletin, Goodbye old friend? HM Treasury consultation on Consumer Credit Act 1974 reform.

Read more.]]></description>
					      
						      <pubDate>Mon, 19 May 2025 07:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-consults-on-Consumer-Credit-Act-Reform-ndash-</guid>
				    </item>
			
					 <item>
					      <title>EBA repeals guidelines on specification of high-risk exposures</title>
					      <link>https://finreg.aoshearman.com/EBA-repeals-guidelines-on-specification-of-high-r</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has repealed its guidelines on the specification of types of exposures to be associated with high risk. The decision follows the application of the revised Capital Requirements Regulation (CRR 3) which no longer includes the high-risk exposure class and now only refers to subordinated debt exposures. As a result, the guidelines are no longer applicable.]]></description>
					      
						      <pubDate>Fri, 16 May 2025 15:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-repeals-guidelines-on-specification-of-high-r</guid>
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					 <item>
					      <title>PSR update on impact of APP fraud reimbursement scheme</title>
					      <link>https://finreg.aoshearman.com/PSR-update-on-impact-of-APP-fraud-reimbursement-s</link>
					      <description><![CDATA[
The UK Payment Systems Regulator (PSR) has published an update on what it has seen since the implementation of its authorised push payment (APP) fraud reimbursement scheme in October 2024. The data covers UK payments made via the Faster Payments system from the start of the reimbursement policy (7 October 2024) to the end of 2024.

Read more.]]></description>
					      
						      <pubDate>Thu, 15 May 2025 16:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PSR-update-on-impact-of-APP-fraud-reimbursement-s</guid>
				    </item>
			
					 <item>
					      <title>Amendment to the TARGET Guideline postponed</title>
					      <link>https://finreg.aoshearman.com/Amendment-to-the-TARGET-Guideline-postponed</link>
					      <description><![CDATA[
The European Central Bank (ECB) has announced that the amendment to the TARGET Guideline, which would allow non-bank payment service providers (non-bank PSPs) to participate in TARGET is postponed. This has resulted from delays in some euro area countries in transposing the required amendments to the Settlement Finality Directive and revised Payment Services Directive (PSD2) into their national legislation. The amendment, outlined in Decision ECB/2025/2, is now expected to enter into force in October.]]></description>
					      
						      <pubDate>Thu, 15 May 2025 16:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Amendment-to-the-TARGET-Guideline-postponed</guid>
				    </item>
			
					 <item>
					      <title>Corrigendum to Commission Delegated Regulation on RTS on risk management tools under DORA published in OJ</title>
					      <link>https://finreg.aoshearman.com/Corrigendum-to-Commission-Delegated-Regulation-on</link>
					      <description><![CDATA[
A corrigendum to Commission Delegated Regulation (EU) 2024/1774, which supplements the Regulation on digital operational resilience for the financial sector (DORA), was published in the Official Journal of the European Union (OJ). Commission Delegated Regulation (EU) 2024/1774 contains regulatory technical standards (RTS) specifying ICT risk management tools, methods, processes and policies and the simplified ICT risk management framework. It reflects mandates under Articles 15 and 16(3) of DORA. The corrigendum replaces a reference to Article 15 of Commission Delegated Regulation (EU) 2024/1772 in Article 22 of the Delegated Regulation (ICT-related incident management policy) with a reference to Article 8(2) of that Delegated Regulation.]]></description>
					      
						      <pubDate>Thu, 15 May 2025 15:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Corrigendum-to-Commission-Delegated-Regulation-on</guid>
				    </item>
			
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					      <title>Bank Resolution (Recapitalisation) Act 2025 published</title>
					      <link>https://finreg.aoshearman.com/Bank-Resolution-Recapitalisation-Act-2025-publish</link>
					      <description><![CDATA[
The UK Bank Resolution (Recapitalisation) Act 2025 has received royal assent and was published. The Act makes provision for recapitalisation costs in relation to the special resolution regime under the Banking Act 2009, in particular in so far as the regime is applied to smaller banks which do not hold MREL (a minimum requirement for own funds and eligible liabilities). It: (i) expands the statutory functions of the Financial Services Compensation Scheme (FSCS), requiring it to provide funds to the Bank of England upon request which could be used to meet certain costs arising from the use of the resolution regime to manage the failure of a bank, building society or Prudential Regulation Authority (PRA) authorised investment firm; (ii) allows for the FSCS to use its levy-raising powers to recover any funds provided to the Bank of England after a failure event through imposing levies on the banking sector; (iii) extends the Bank of England&apos;s ability, through explicit provision, to require the issuance of shares in connection with a resolution, to facilitate the Bank&apos;s use of the funds provided by the FSCS to meet a failing bank&apos;s recapitalisation costs; and (iv) makes a number of minor and consequential amendments to legislation to support the measures outlined above and ensure FSCS funds can be used effectively in a resolution. The provisions of the Act are expressed to come into force on such day as HM Treasury may appoint by statutory instrument.]]></description>
					      
						      <pubDate>Thu, 15 May 2025 15:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-Resolution-Recapitalisation-Act-2025-publish</guid>
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					      <title>Property (Digital Assets etc) Bill passes to House of Commons</title>
					      <link>https://finreg.aoshearman.com/Property-Digital-Assets-etc-Bill-passes-to-House-</link>
					      <description><![CDATA[
The UK Property (Digital Assets etc) Bill has completed its third reading in the House of Lords with no further amendments and passed to the House of Commons for consideration. The Bill will give effect to recommendations of the Law Commission to confirm in statute that a thing that is digital or electronic in nature is not prevented from being personal property. The Bill had its first reading in the House of Commons on 12 May and it has now been referred to a Second Reading Committee.]]></description>
					      
						      <pubDate>Thu, 15 May 2025 15:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Property-Digital-Assets-etc-Bill-passes-to-House-</guid>
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					      <title>CMORG AI Taskforce releases comprehensive AI Baseline Guidance</title>
					      <link>https://finreg.aoshearman.com/CMORG-AI-Taskforce-releases-comprehensive-AI-Base</link>
					      <description><![CDATA[
The Cross Market Operational Resilience Group&apos;s (CMORG) AI Taskforce has released its AI Baseline Guidance Review (dated January 2025), accompanied by a press release. The CMORG AI Taskforce conducted a baseline review of existing guidance on the mitigation of generative-AI (Gen-AI) risks and developed materials on good practice in the financial sector.

Read more.]]></description>
					      
						      <pubDate>Thu, 15 May 2025 14:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/CMORG-AI-Taskforce-releases-comprehensive-AI-Base</guid>
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					      <title>Regulations establishing PISCES sandbox published</title>
					      <link>https://finreg.aoshearman.com/Regulations-establishing-PISCES-sandbox-published</link>
					      <description><![CDATA[
The UK Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 were published, alongside an explanatory memorandum. The Regulations largely reflect the draft Regulations published in November 2024. The Regulations establish the Private Intermittent Securities and Capital Exchange System (PISCES) Sandbox, a new innovative market for trading private company shares, using the Financial Market Infrastructure powers in the Financial Services and Markets Act 2023. The Regulations set the framework for potential PISCES operators to apply to the Financial Conduct Authority (FCA), to operate intermittent trading events for participating private companies and investors.

Read more.]]></description>
					      
						      <pubDate>Thu, 15 May 2025 14:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Regulations-establishing-PISCES-sandbox-published</guid>
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					      <title>ECON draft report on impact of AI</title>
					      <link>https://finreg.aoshearman.com/ECON-draft-report-on-impact-of-AI</link>
					      <description><![CDATA[
The European Parliament&apos;s Committee on Economic and Monetary Affairs (ECON) has released a draft report (dated 14 May) and motion for a European Parliament resolution on the impact of artificial intelligence (AI) on the financial sector. The report highlights the broad adoption of AI and its benefits across the EU financial services sector, including in fraud detection, anti-money laundering and personalised financial advice, among other areas. While acknowledging risks with AI-usage related to data quality and cybersecurity, ECON is of the view that these are already addressed through multiple pieces of sectoral legislation at both national and EU level, including the EU AI Act. With concerns of regulatory overlaps and legal uncertainties—which can limit the use of AI and complicate compliance for financial institutions— ECON advocates for responsible use of AI instead of new restrictive legislation. The motion for a resolution calls on the European Commission to: (i) provide clear guidance on how existing financial regulations apply to AI, ensuring consistent definitions and a simplified regulatory framework to avoid duplicative requirements; (ii) refrain from introducing new sector-specific AI regulation that can add complexity and uncertainty to already established sectoral rules, potentially creating barriers in cross-border markets; and (iii) support industry measures to enhance the understanding and responsible use of AI and provide clearer guidance with regard to the EU AI Act&apos;s requirements for financial institutions to comply with AI literacy requirements.]]></description>
					      
						      <pubDate>Thu, 15 May 2025 11:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECON-draft-report-on-impact-of-AI</guid>
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					      <title>ECON draft report on access to finance for SMEs and scale-ups</title>
					      <link>https://finreg.aoshearman.com/ECON-draft-report-on-access-to-finance-for-SMEs-a</link>
					      <description><![CDATA[
The European Parliament&apos;s Committee on Economic and Monetary Affairs (ECON) has published a draft report (dated 13 May) and motion for a European Parliament resolution on improving access to finance for SMEs and scale-ups. The motion for a resolution has regard to various recent European Commission (EC) communications, including on the Savings and Investment Union (SIU) and competitiveness compass, and other key publications and reports such as the Draghi report and Letta report.

Read more.]]></description>
					      
						      <pubDate>Wed, 14 May 2025 16:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECON-draft-report-on-access-to-finance-for-SMEs-a</guid>
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					      <title>EBA updated report on monitoring of LCR and NSFR</title>
					      <link>https://finreg.aoshearman.com/EBA-updated-report-on-monitoring-of-LCR-and-NSFR</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published an updated report, together with a press release, on the monitoring of the liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR) in the European Union. This report provides updated guidance following the March 2023 banking turmoil, which highlighted the need for enhanced supervision of liquidity aspects resulting from changes in interest rates and related trends in deposit behaviour and concentrations.

Read more.]]></description>
					      
						      <pubDate>Wed, 14 May 2025 14:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-updated-report-on-monitoring-of-LCR-and-NSFR</guid>
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					      <title>Ninth Commencement Regulations under Financial Services and Markets Act 2023 published</title>
					      <link>https://finreg.aoshearman.com/Ninth-Commencement-Regulations-under-Financial-Se</link>
					      <description><![CDATA[
The Ninth Commencement Regulations-the Financial Services and Markets Act 2023 (Commencement No. 9) Regulations 2025-under the Financial Services and Markets Act 2023 (FSMA 2023) were made and have been published. The Ninth Commencement Regulations continue the process provided for in FSMA 2023 of revoking laws relating to financial services which were derived from EU law and replacing them, for the most part, with regulators rules. For more information see our briefing on FSMA 2023. In particular, these regulations make the following changes, among others:


	Revoke UK Commission Delegated Regulation (EU) 2017/58, which contains regulatory technical standards (RTS) supplementing the UK Markets in Financial Instruments Regulation (600/2014) (UK MiFIR) relating to transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives.
	Revoke the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014 (SI 2014/894) (Capital Buffers Regulations). In September 2024, HM Treasury published a draft version of a statutory instrument restating the Capital Buffers Regulations.

The revocations came into force on 14 May, except in respect of the Capital Buffers Regulations, which will be revoked on 31 July.]]></description>
					      
						      <pubDate>Tue, 13 May 2025 14:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Ninth-Commencement-Regulations-under-Financial-Se</guid>
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					      <title>GHOS Meeting: Basel III implementation and climate-related financial risks</title>
					      <link>https://finreg.aoshearman.com/GHOS-Meeting-Basel-III-implementation-and-climate</link>
					      <description><![CDATA[
The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision (BIS), met to discuss the implementation of Basel III and its work on climate-related financial risks. The GHOS members unanimously reaffirmed their expectation to implement Basel III in full and consistently and as soon as possible, noting that approximately 70% of member jurisdictions have now implemented, or will shortly implement, the standards. The GHOS tasked the Committee with continuing to monitor and assess the full and consistent implementation of Basel III. GHOS members also discussed the Committee&apos;s proposed Pillar 3 disclosure framework for climate-related financial risks. The Basel Committee will publish a voluntary disclosure framework for jurisdictions to consider. In addition, the GHOS discussed the Committee&apos;s broader work on climate-related financial risks and tasked the Committee with prioritising its work to analyse the impact of extreme weather events on financial risks.]]></description>
					      
						      <pubDate>Mon, 12 May 2025 15:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/GHOS-Meeting-Basel-III-implementation-and-climate</guid>
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					      <title>FCA policy statement on investment research payment optionality for fund managers</title>
					      <link>https://finreg.aoshearman.com/FCA-policy-statement-on-investment-research-payme</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a final policy statement (PS25/4), together with an updated webpage and press release, on final rules extending the new payment optionality for investment research to pooled investment funds. The rules were consulted on previously and will allow fund managers to pay for investment research using a joint payment option for research and execution services, subject to a set of guardrails. The feedback was largely positive, although respondents recommended more flexibility around guardrails. In response, the FCA has amended its proposed guardrails on written policies, research budgets, cost allocation and disclosure.

Read more.]]></description>
					      
						      <pubDate>Fri, 09 May 2025 14:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-policy-statement-on-investment-research-payme</guid>
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					      <title>EC call for evidence on fostering integration, scale and efficient supervision in single market as part of SIU</title>
					      <link>https://finreg.aoshearman.com/EC-call-for-evidence-on-fostering-integration-sca</link>
					      <description><![CDATA[
The European Commission (EC) has launched a call for evidence on fostering integration, scale and efficient supervision in the single market as part of its savings and investments union (SIU) strategy. The SIU is a key initiative to improve the way the EU financial system channels savings to productive investments. It seeks to offer EU citizens broader access to capital markets and better financing options for companies, to foster citizens&apos; wealth, while boosting EU economic growth and competitiveness.

Read more.]]></description>
					      
						      <pubDate>Thu, 08 May 2025 15:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-call-for-evidence-on-fostering-integration-sca</guid>
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					      <title>EC adopts delegated regulation amending RTS for market risk under CRR</title>
					      <link>https://finreg.aoshearman.com/EC-adopts-delegated-regulation-amending-RTS-for-m</link>
					      <description><![CDATA[
The European Commission has adopted Delegated Regulation (EU) 2025/878 amending regulatory technical standards (RTS) on technical details of back-testing and profit and loss attribution requirements, the criteria for assessing the modellability of risk factors, and the treatment of foreign-exchange risk and commodity risk in the non-trading book. The amendments are being made to reflect amendments made to Regulation (EU) No 575/2013 (CRR) which introduced a number of remaining BCBS requirements which are yet to be implemented and some clarifications, including changes to ensure alignment with BCBS international standards. Key amendments include: (i) updated criteria for classifying trading desks and the removal of the aggregation formula for back-testing and profit and loss attribution requirements; (ii) adjusting documentation requirements to support competent authorities on whether institutions can use market data provided by third-party vendors in the assessment of modellability of risk factors; and (iii) clarifying the calculation of own funds requirements for market risk related to non-trading book positions. The regulation shall enter into force on the twentieth day following its publication in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Thu, 08 May 2025 10:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-adopts-delegated-regulation-amending-RTS-for-m</guid>
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					      <title>FCA findings from smaller asset managers and alternatives business model review</title>
					      <link>https://finreg.aoshearman.com/FCA-findings-from-smaller-asset-managers-and-alte</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published findings of its review of smaller asset managers and alternatives business models, together with a press release. The review formed part of the FCA&apos;s alternatives supervisory strategy as outlined previously in 2022 in a portfolio letter. The FCA publication includes examples of good practice, to help new market entrants, smaller firms and growing organisations benchmark sound risk management practices and better understand regulatory expectations to manage risks and enhance consumer protection.

The FCA&apos;s findings focused on three topics where areas for improvement were identified:

	High-risk investments (HRIs). Most firms offering HRIs were able to clearly categorise their products, while some firms did not have sufficient processes in place to ensure HRIs were only sold to clients if they are appropriate. The findings included specific commentary in relation to financial promotions, product, investor and client categorisation and investor assessments and controls.


Read more.]]></description>
					      
						      <pubDate>Thu, 08 May 2025 10:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-findings-from-smaller-asset-managers-and-alte</guid>
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					      <title>PRA consults on withdrawal of SS20/15: Supervising building societies&apos; treasury and lending activities</title>
					      <link>https://finreg.aoshearman.com/PRA-consults-on-withdrawal-of-SS2015-Supervising-</link>
					      <description><![CDATA[
The Prudential Regulatory Authority (PRA) has published a consultation paper (CP/11/25) proposing the deletion of supervisory statement (SS) 20/15, which outlines the supervision of building societies&apos; treasury and lending activities. SS20/15 sets out the PRA&apos;s expectations for building societies to comply with the Building Societies Act 1986, the Financial Services and Markets Act 2000, the PRA Rulebook and SS24/15. The PRA conducted a review and concluded that SS20/15 is inconsistent with its broader policy approach and creates a level playing field issue by imposing prescriptive expectations on building societies that banks do not face. In addition, risk management in the building societies sector has advanced since SS20/15 with the PRA now having various tools to supervise firms. As a result, the PRA is proposing to withdraw SS20/15.

Read more.]]></description>
					      
						      <pubDate>Thu, 08 May 2025 09:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PRA-consults-on-withdrawal-of-SS2015-Supervising-</guid>
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					      <title>CTPs brought into scope of ESMA rules for DRSP fines and fees</title>
					      <link>https://finreg.aoshearman.com/CTPs-brought-into-scope-of-ESMA-rules-for-DRSP-fi</link>
					      <description><![CDATA[
The European Commission has adopted delegated regulations amending the rules for data reporting service providers (DRSP) fines and fees to include consolidated tape providers (CTPs) in scope. Previously, the relevant requirements had only been applied to two types of DRSPs: approved publication arrangements and approved reporting mechanisms. The amendments are in line with the changes brought in as a result of the EU MiFID/MiFIR review changes which focussed on enhancing market data transparency and removing obstacles to the emergency of CTPs in the EU.

Read more.]]></description>
					      
						      <pubDate>Wed, 07 May 2025 15:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/CTPs-brought-into-scope-of-ESMA-rules-for-DRSP-fi</guid>
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					      <title>Council of EU agrees position on move to T+1</title>
					      <link>https://finreg.aoshearman.com/Council-of-EU-agrees-position-on-move-to-T1</link>
					      <description><![CDATA[
The Council of the European Union has approved its position on the European Commission&apos;s (EC) proposal regarding a shorter settlement cycle, shortening the settlement period for transactions in transferable securities from two business days (T+2) to one business day after the trade date (T+1). The Council also amended the original proposal to provide for an exemption for securities financing transactions (SFTs) from the T+1 settlement cycle requirement due to their non-standardised nature and settlement periods. To prevent circumvention of the T+1 requirement, the exemption only applies if SFTs are documented as single transactions with two linked operations. Following this approval, trilogue negotiations with the European Parliament will begin. Once agreed, the new rules will apply from 11 October 2027.]]></description>
					      
						      <pubDate>Wed, 07 May 2025 14:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Council-of-EU-agrees-position-on-move-to-T1</guid>
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					      <title>ESMA final report on technical advice for MAR and MiFID II SME Growth Markets</title>
					      <link>https://finreg.aoshearman.com/ESMA-final-report-on-technical-advice-for-MAR-and</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its final report providing technical advice to the European Commission (EC) on changes made by the Listing Act to the Market Abuse Regulation (MAR) and the Markets in Financial Instruments Directive (MiFID II) in relation to small and medium enterprise (SME) growth markets. The Listing Act seeks to promote better access to public capital markets for EU companies, in particular SMEs, by simplifying requirements and reducing administrative burden. ESMA consulted on the advice in December 2024 and this final report includes feedback received in response to the consultation. Much of the MAR technical advice concerns the rules for disclosing inside information during a protracted process. It also covers the approach for identifying trading venues with a significant cross-border dimension under the new cross market order book mechanism (article 25a MAR). The MiFID technical advice concerns the category of multilateral trading facilities (MTF) labelled SME growth markets and the requirements that such an MTF (or MTF segment) must comply with under article 33 MiFID II. In giving its technical advice, ESMA suggests amendments to Commission Delegated Regulation 2017/565 (known as the MiFID Org Reg) or otherwise confirms its view where no amendments would be needed. The EC will adopt the delegated acts for which the technical advice was requested by July 2026.]]></description>
					      
						      <pubDate>Wed, 07 May 2025 14:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-final-report-on-technical-advice-for-MAR-and</guid>
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					      <title>EBA updates technical standards on resolution planning reporting</title>
					      <link>https://finreg.aoshearman.com/EBA-updates-technical-standards-on-resolution-pla</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its final report on the draft implementing technical standards (ITS) on resolution planning reporting, together with a press release. Firms must provide necessary information to resolution authorities, as mandated by the Bank Recovery and Resolution Directive, to develop resolution plans. The ITS outlines procedures, standard forms and templates for the provision of information required by resolution authorities to draw up these plans. This comprehensive review of the ITS aims to achieve full harmonisation and simplification of EU reporting requirements, reducing compliance costs by avoiding duplication of data requests and eliminating data points that are either redundant or of limited value.

Read more.]]></description>
					      
						      <pubDate>Wed, 07 May 2025 13:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-updates-technical-standards-on-resolution-pla</guid>
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					      <title>FCA policy statement on new regulatory return for consumer credit firms</title>
					      <link>https://finreg.aoshearman.com/FCA-policy-statement-on-new-regulatory-return-for</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has issued a final policy statement (PS25/3) on consumer credit regulatory returns, published together with an updated webpage. The FCA is introducing a new regulatory return for consumer credit firms engaging in one or more of the regulated activities of credit broking, debt adjusting, debt counselling services and providing credit information services. The rules were previously consulted on in September 2024 in CP24/19 (for further background on this, please see our update). The return aims to collect tailored data on firms&apos; operations, consumer engagement and use of permissions to allow the FCA to achieve its strategic objectives and be more efficient and effective in regulating the sector. The feedback to the consultation was largely positive. Most comments focussed on the scope of the data elements and clarifying the FCA&apos;s expectations. In response to the feedback, the FCA has reduced the number of questions in the return by 27% and has made changes to the rules making them clearer and more effective. This includes: (i) removing questions requiring data from lenders; (ii) changing the data required from credit brokers from successful applications to total introductions; and (iii) allowing firms to annualise data for the first reporting period if they do not have all the required data for the whole year. The FCA intends to review and replace returns for firms undertaking other consumer credit activities but will be delaying the implementation of remaining phases. This will reduce the burden on firms and give the FCA time to assess the impact and value of the new return, together with the three new product sales data returns which have already been introduced.]]></description>
					      
						      <pubDate>Wed, 07 May 2025 10:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-policy-statement-on-new-regulatory-return-for</guid>
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					      <title>FCA consultation on simplifying mortgage lending rules</title>
					      <link>https://finreg.aoshearman.com/FCA-consultation-on-simplifying-mortgage-lending-</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a consultation paper (CP25/11) on simplifying its rules on mortgage lending and increasing flexibility, with an updated webpage and press release. This is the first set of proposals made through the Mortgage Rule Review (MRR), and forms part of the FCA&apos;s 5-year strategy. The FCA is proposing to amend its mortgage advice and selling standards, and its affordability rules for mortgage term reductions and remortgaging. The FCA also proposes to retire two pieces of non-handbook guidance (FG13/7 and FG24/2). Broadly, the proposals seek to make mortgage regulation simpler; reducing the different sources firms have to check to understand the regulatory expectations; and will streamline processes, reduce costs and promote competition. For consumers, it is hoped that the changes will make it easier to: (i) engage with mortgage providers; (ii) reduce mortgage terms, lowering the total cost of borrowing and reducing the balance of mortgage debt taken into later life; and (iii) access the cheapest products available when remortgaging. The deadline for comments is 4 June and the FCA aims to publish its policy statement in Q3 2025. In addition, the FCA plans to launch a public discussion on the future of the mortgage market in June, covering: (i) risk appetite and responsible risk taking; (ii) alternative affordability testing and product innovation; (iii) lending into later life; and (iv) consumer information needs.]]></description>
					      
						      <pubDate>Wed, 07 May 2025 07:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-consultation-on-simplifying-mortgage-lending-</guid>
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					      <title>European Parliament plenary adopts amendments to Benchmarks Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Parliament-plenary-adopts-amendments-to-</link>
					      <description><![CDATA[
The European Parliament has confirmed it has adopted the regulation amending the Benchmark Regulation (for background, please see our update). The regulation will apply to benchmarks defined as critical or significant, include certain commodity benchmarks, and EU Paris-aligned benchmarks and EU Climate Transition benchmarks. Other benchmarks which reach the EUR20 billion threshold will be subject to a voluntary supervision regime, which aims to promote the use of common standards for climate-related benchmarks. The regulation will enter into force on the twentieth day following its publication in the Official Journal of the European Union and will apply from 1 January 2026.]]></description>
					      
						      <pubDate>Tue, 06 May 2025 14:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Parliament-plenary-adopts-amendments-to-</guid>
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					      <title>BoE speech on the digitalisation of money and assets: proposed stablecoin regulatory framework</title>
					      <link>https://finreg.aoshearman.com/BoE-speech-on-the-digitalisation-of-money-and-ass</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a speech by Sarah Breeden, Deputy Governor for Financial Stability, at the Point Zero Forum. The subject of the speech was the digitalisation of money and assets, and in particular the BoE&apos;s focus on interoperability. In terms of general commentary, Ms Breeden highlighted the need to collaborate closely with international partners to ensure safe innovation and support for firms with cross-border transactions. She also emphasised the importance of enabling users to switch seamlessly between different forms of money and across asset classes. To drive interoperability, harmonised technical standards and working with the public sector is needed to understand further how to integrate these new, digital forms of assets and money into the wider financial system.

Read more.]]></description>
					      
						      <pubDate>Tue, 06 May 2025 14:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-speech-on-the-digitalisation-of-money-and-ass</guid>
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					      <title>ESMA response to EC&apos;s review of commodity derivatives markets</title>
					      <link>https://finreg.aoshearman.com/ESMA-response-to-EC39s-review-of-commodity-deriva</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a response to the European Commission&apos;s consultation on the functioning of commodity derivative markets and certain aspects of spot energy markets. ESMA provides its input on the issues identified in the consultation, including inefficiencies and overlaps in reporting under MiFIR, EMIR and REMIT. The response covers the following issues from the consultation paper:


	Data harmonisation. ESMA recalls the findings of the EC&apos;s &apos;Fitness Check of EU 2 Supervisory Reporting Requirements&apos; which identified inefficiencies, lack of standardisation and duplications between EMIR, MiFIR and REMIT reporting obligations. ESMA agrees there is a need for streamlining the reporting frameworks.


Read more.]]></description>
					      
						      <pubDate>Tue, 06 May 2025 14:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-response-to-EC39s-review-of-commodity-deriva</guid>
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					      <title>Consolidated Q&amp;A on PRIIPs KID updated</title>
					      <link>https://finreg.aoshearman.com/Consolidated-QampA-on-PRIIPs-KID-updated</link>
					      <description><![CDATA[
The Joint Committee of the European Supervisory Authorities (ESAs) has updated its consolidated Q&amp;A on the EU packaged retail and insurance-based investment products (PRIIPs) key information document. The consolidated document combines responses given by the European Commission in relation to interpretation of Union law with responses given by the ESAs in relation to the application or implementation of the PRIIPs legislation. The Q&amp;A take into account amendments to the legislation made by Commission Delegated Regulation (EU) 2021/2268. The consolidated Q&amp;A also includes three new Q&amp;As as of 5 May, which relate to: (i) MRM class determination; (ii) performance scenarios; and (iii) calculation of the summary cost indicators.]]></description>
					      
						      <pubDate>Mon, 05 May 2025 13:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Consolidated-QampA-on-PRIIPs-KID-updated</guid>
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					      <title>Delegated regulation amending RTS on supervisory delta of call and commodity risk options published in the OJ</title>
					      <link>https://finreg.aoshearman.com/Delegated-regulation-amending-RTS-on-supervisory-</link>
					      <description><![CDATA[
Commission Delegated Regulation (EU) 2025/855 amending regulatory technical standards (RTS) laid down in Delegated Regulation (EU) 2021/931 as regards the specification of the formula for calculating the supervisory delta of call and put options mapped to the commodity risk category, was published in the Official Journal of the European Union (OJ). The RTS specify the formula for calculating the supervisory delta of call and put options mapped to the commodity risk category. This is based on the approach taken in the Basel Framework (CRE52) and for the purposes of Article 279a(3) of the EU Capital Requirements Regulation (CRR) in the standardised approach for counterparty credit risk. CRR III expanded the scope of Article 279a(3) to cover commodity risk, which required amendment to the RTS. The regulation will enter into force on the twentieth day following its publication in the OJ.]]></description>
					      
						      <pubDate>Mon, 05 May 2025 10:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Delegated-regulation-amending-RTS-on-supervisory-</guid>
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					      <title>ESMA consultation on transparency and integrity of ESG rating activities</title>
					      <link>https://finreg.aoshearman.com/ESMA-consultation-on-transparency-and-integrity-o</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a consultation paper on draft regulatory technical standards (RTS) on the transparency and integrity of environmental, social and governance (ESG) rating activities under Regulation (EU) 2024/3005. This was published together with a press release. The Regulation introduces a common regulatory approach to enhance the integrity, transparency, comparability where possible, responsibility, reliability, good governance and independence of ESG rating activities, and seeks to contribute to the transparency and quality of ESG ratings and to the sustainable finance agenda of the EU. ESMA is mandated to deliver draft RTS in relation to authorisation, recognition, separation of activities and disclosures. The draft RTS sets out the aspects that apply to ESG rating providers, including:


	The information that should be provided in the applications for authorisation and recognition.
	The measures and safeguards that should be put in place to mitigate risks of conflicts of interest within ESG rating providers who carry out activities other than the provision of ESG ratings.
	The information that they should disclose to the public, rated items and issuers of rated items, as well as users of ESG ratings.

The deadline for comments is 20 June. ESMA encourages responses from prospective ESG rating providers, financial market participants, ESG ratings users or rated entities. ESMA will consider the feedback received and expects to publish a final report in Q4 2025. ESMA expects to submit the draft RTS to the European Commission by the end of October.]]></description>
					      
						      <pubDate>Fri, 02 May 2025 15:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-consultation-on-transparency-and-integrity-o</guid>
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					      <title>EC call for evidence for the revision of SFDR</title>
					      <link>https://finreg.aoshearman.com/EC-call-for-evidence-for-the-revision-of-SFDR</link>
					      <description><![CDATA[
The European Commission (EC) has published a call for evidence to inform the revision of the Sustainable Finance Disclosure Regulation (SFDR), which is planned for Q4 2025. The focus of the review will be to address burdens (including regulatory reporting burdens) and simplify and streamline requirements. This call for evidence follows a previous assessment of the SFDR, which included both a targeted and a public consultation, and will inform an impact assessment to support the review of the regulation. To date, feedback on the SFDR has identified areas for improvement, including: (i) legal certainty on key concepts; (ii) relevance of certain disclosure requirements; (iii) overlaps and inconsistencies with other sustainable finance requirements; and (iv) issues in relation to data availability. In addition, there is broad support for a revised SFDR that would (i) cater for different types of investors and financial product; (ii) facilitate retail investor understanding; (iii) consider international reach and exposure; and (iv) direct investment towards diverse sustainability-oriented aims while avoiding greenwashing. In terms of broader impact, by improving clarity and consistency and addressing data-availability issues, the review should reduce operational and compliance costs, to achieve the objectives of the legislation, and facilitate sustainable investing. The deadline for comments is 30 May.]]></description>
					      
						      <pubDate>Fri, 02 May 2025 15:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-call-for-evidence-for-the-revision-of-SFDR</guid>
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					      <title>ECON draft amendments to CSDR for move to T+1</title>
					      <link>https://finreg.aoshearman.com/ECON-draft-amendments-to-CSDR-for-move-to-T1</link>
					      <description><![CDATA[
The European Parliament&apos;s Committee on Economic and Monetary Affairs (ECON) has published a report proposing amendments to the European Commission&apos;s proposal to amend Regulation (EU) No 909/2014 (CSDR) as regards shortening the securities settlement cycle in the EU from T+2 to T+1. The ECON amendments seek to address potential liquidity risks and the feasibility of further shortening to the cycle to T+0 which some jurisdictions have already adopted. The ECON proposal includes amendments in relation to an exemption for securities financing transactions as defined in Regulation (EU) 2015/2365 (SFTR) given the non-standardised nature of this specific type of transaction. Please also see above on the approval of the Council&apos;s position regarding the move to T+1 which also includes amendments to provide for an exemption for securities financing transactions.]]></description>
					      
						      <pubDate>Fri, 02 May 2025 15:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECON-draft-amendments-to-CSDR-for-move-to-T1</guid>
				    </item>
			
					 <item>
					      <title>FCA discussion paper on regulating cryptoasset activities</title>
					      <link>https://finreg.aoshearman.com/FCA-discussion-paper-on-regulating-cryptoasset-ac</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a discussion paper (DP25/1) on proposals for regulating cryptoasset activities, with a new webpage and press release. The FCA is seeking to develop a safe, competitive and sustainable crypto sector in the UK that enables innovation and is underpinned by market integrity, in light of the increasing popularity of cryptoassets with UK consumers. The proposals cover the following areas being brought within the FCA&apos;s regulatory remit, in line with the draft statutory instrument (SI) and policy note published previously:


	Cryptoasset trading platform. These are entities that will be authorised to operate a qualifying cryptoasset trading platform. The proposed policy has been informed by the current rules and obligations applied to trading venues in traditional financial markets.


Read more.]]></description>
					      
						      <pubDate>Fri, 02 May 2025 14:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-discussion-paper-on-regulating-cryptoasset-ac</guid>
				    </item>
			
					 <item>
					      <title>FCA Handbook Notice 129</title>
					      <link>https://finreg.aoshearman.com/FCA-Handbook-Notice-129</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published Handbook Notice 129 which sets out changes to the classes of derivatives subject to the derivatives trading obligation (DTO), following policy statement PS25/2 published in April (please see our update). The DTO requires certain financial and non-financial counterparties to trade specific standardised and liquid over-the-counter (OTC) derivatives on regulated trading venues or equivalent third-country venues. The FCA determines the classes of derivatives that are subject to the DTO. The FCA has decided to expand the classes of secured overnight financing rate overnight index swaps (SOFR OIS) to increase the benefits of on-venue trading. It also establishes a new framework to provide exemptions from the DTO for transactions arising from the use of post-trade risk reduction (PTRR) services. The PTRR services now expand beyond portfolio compression and exemptions have been extended so they are also not subject to best execution and trading venue authorisation obligations, in addition to the current DTO exemption. The changes are set out in the following draft instruments:


	Technical Standards (Markets in Financial Instruments Regulation) (Derivatives Trading Obligation and Transparency) (Amendment) Instrument 2025, amending Commission Delegated Regulation (EU) 2017/2417 with regards to regulatory technical standards on the trading obligation for certain derivatives.
	Markets in Financial Instruments Regulation (Post-trade Risk Reduction Services Rules) (Amendment) Instrument 2025, amending the glossary and GEN Sch 4 in the Handbook. It also introduces a new chapter MAR 12 containing the relevant rules.


Both instruments come into force on 30 June.]]></description>
					      
						      <pubDate>Fri, 02 May 2025 14:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-Handbook-Notice-129</guid>
				    </item>
			
					 <item>
					      <title>ECB survey on euro-denominated securities financing and OTC derivatives</title>
					      <link>https://finreg.aoshearman.com/ECB-survey-on-euro-denominated-securities-financi</link>
					      <description><![CDATA[
The European Central Bank (ECB) has published the results of its latest survey on credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives, with a press release. The survey is a qualitative survey conducted every three months among large banks and dealers active in the relevant euro-denominated markets. The results are from the March 2025 survey, which covered changes in credit terms between December 2024 and February 2025. Key findings include: (i) overall credit terms remained largely unchanged during the relevant period; (ii) financing rates/spreads and haircuts in securities financing transactions decreased across most asset classes; and (iii) demand for funding secured against domestic government bonds decreased for the first time since 2021. The survey also highlights there were no net changes to price terms, with only minor net changes to non-price terms, as well as a slight increase found in hedge funds with regards to the use of financial leverage. For the various types of non-centrally cleared OTC derivatives, few changes were recorded for initial margin requirements, credit limits and liquidity. However, respondents pointed out a change with regard to the duration and persistence of valuations disputes, which decreased across all types of derivatives.]]></description>
					      
						      <pubDate>Fri, 02 May 2025 14:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECB-survey-on-euro-denominated-securities-financi</guid>
				    </item>
			
					 <item>
					      <title>BoE official launch of AI consortium</title>
					      <link>https://finreg.aoshearman.com/BoE-official-launch-of-AI-consortium</link>
					      <description><![CDATA[
The Bank of England (BoE) has announced the launch of the AI Consortium. The consortium will provide a space for public-private engagement to gather input from stakeholders on the capabilities, development, deployment and use of AI in UK financial services (for further background, please see our update). The terms of reference set out further information on how the platform will operate. It confirms that meetings will take place quarterly and members may propose forming workshops to conduct in-depth and/or technical examinations of specific subjects of relevance to the consortium. The BoE and UK Financial Conduct Authority (FCA) may publish summaries of discussions but not the workshop outputs. Workshop members can publish findings with prior permission from the BoE and FCA, though such permission does not imply endorsement. The Consortium will be co-chaired by senior officials from the BoE and the FCA, with no decision-making capacity. The BoE and FCA will not consider their own use of AI and will not be obliged to act on Consortium discussions or outputs.]]></description>
					      
						      <pubDate>Fri, 02 May 2025 09:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-official-launch-of-AI-consortium</guid>
				    </item>
			
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					      <title>PSR annual plan and budget</title>
					      <link>https://finreg.aoshearman.com/PSR-annual-plan-and-budget</link>
					      <description><![CDATA[
The UK Payment Systems Regulator (PSR) has published its annual plan and budget for 2025/26. The foreword by Aidene Walsh, Chair of the PSR, references the government&apos;s announcement to incorporate the PSR into the FCA and how, while full transfer of responsibilities requires legislation, the PSR has where sensible already commenced the process of further alignment and consolidation with the FCA as it awaits the outcome of the consultation being run by HM Treasury (HMT) in the coming months. David Geale, Managing Director, reiterates that HMT has made it clear that the PSR retains its full suite of powers pending changes in legislation, and the PSR intends to use them to deliver against its work programme and commitments. This includes completing phase one of the rollout of variable recurring payments, completing an evaluation of its APP reimbursement requirements, implementing the remedies following its card reviews and working with industry to unlock innovation and growth. The PSR will work with the Bank of England to drive infrastructure upgrades, as per the direction set by the government in the National Payments Vision (NPV). You may like to see our article, &quot;Payment Services and Payment Systems&quot; in which we discuss, among other things, the NPV in more detail.]]></description>
					      
						      <pubDate>Thu, 01 May 2025 11:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PSR-annual-plan-and-budget</guid>
				    </item>
			
					 <item>
					      <title>FCA findings on international payment pricing transparency</title>
					      <link>https://finreg.aoshearman.com/FCA-findings-on-international-payment-pricing-tra</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published examples of good and poor practices following its review into international payment pricing transparency. Under the consumer duty, in line with the FCA&apos;s Handbook (PRIN 2A.5.3R), firms are required to communicate information to retail customers in a way which is clear, fair and not misleading. The FCA reviewed the websites of a sample of firms offering UK customers international money remittance and cross-border payments and found that only some firms clearly displayed the amount recipients would receive, along with detailed fees and charges. Many firms did not, making it difficult for customers to compare prices and make informed decisions. Transaction fees, additional intermediary bank fees and variable fees were also not usually clearly displayed. As a result of these findings, the FCA sets out examples of good and bad practices to help firms improve their communication practices with consumers and deliver better outcomes for retail customers. The FCA expects firms to comply with their obligations under the consumer duty by regularly monitoring the effectiveness of their communications, to assist consumers in understanding costs and making informed decisions. The FCA is likely to undertake future work in the area to understand what improvements have been made.]]></description>
					      
						      <pubDate>Thu, 01 May 2025 09:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-findings-on-international-payment-pricing-tra</guid>
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					      <title>FMSB Spotlight Review on Uncleared Margin for OTC Derivatives</title>
					      <link>https://finreg.aoshearman.com/FMSB-Spotlight-Review-on-Uncleared-Margin-for-OTC</link>
					      <description><![CDATA[
The Financial Markets Standards Board (FMSB) has published a spotlight review on ways to improve uncleared margin for over-the-counter (OTC) derivatives, along with a press release. It builds on findings from the Bank of England&apos;s Post-Trade Task Force, which highlighted multiple inefficiencies in its report &apos;Charting the Future of Post-Trade&apos; published in April 2022. This review specifically focused on uncleared margin practices for bilaterally negotiated OTC traded derivatives, where clearing and settlement is also carried out noncentrally between the two parties. The working group generally agreed on the drivers of inefficiencies, but there were differences of opinion on the scale of these problems, and their potential solutions and viability. It conducted a survey to draw out the extent of agreement on a range of problems and their potential solutions to emphasise the specific topics which the industry may have the most success in taking forward in the future.

Read more.]]></description>
					      
						      <pubDate>Thu, 01 May 2025 09:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FMSB-Spotlight-Review-on-Uncleared-Margin-for-OTC</guid>
				    </item>
			
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					      <title>ESMA report on the quality and use of data</title>
					      <link>https://finreg.aoshearman.com/ESMA-report-on-the-quality-and-use-of-data</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its 2024 report, along with a press release, on the quality and use of data, showcasing significant increase in data use by authorities. The report covers datasets from the European Market Infrastructure Regulation (648/2012) (EMIR), the Securities Financing Transactions Regulation ((EU) 2015/2365) (SFTR), the Markets in Financial Instruments Regulation (600/2014) (MiFIR), the Securitisation Regulation (2017/2402/EU), the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD) and the Money Market Funds Regulation ((EU) 2017/1131) (MMF Regulation). This edition also expands the scope to include the European Single Electronic Format (ESEF) data and short-selling data. The report is divided into different sections.

Read more.]]></description>
					      
						      <pubDate>Wed, 30 Apr 2025 14:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-report-on-the-quality-and-use-of-data</guid>
				    </item>
			
					 <item>
					      <title>FMSB Statement of good practice on the governance of sustainability-linked products</title>
					      <link>https://finreg.aoshearman.com/FMSB-Statement-of-good-practice-on-the-governance</link>
					      <description><![CDATA[
The Financial Markets Standards Board (FMSB) has issued a Statement of Good Practice (SoGP) on the governance of sustainability-linked products (SLPs), along with a press release. SLPs are products where the financial and/or structural characteristics can vary depending on whether the user (i.e., borrower or issuer of, or counterparty to, SLPs) achieves specific sustainability or ESG objectives. They can be used for general corporate purposes, which allows many users (e.g., borrowers, issuers or counterparties to SLPs) to access the sustainable finance market in a more flexible way. With the growth of SLP issuances and accompanying concerns around the credibility of such instruments, the SoGP is intended to: (i) codify good practices for the governance of SLPs and (ii) support the adoption of consistent governance approaches across asset classes and jurisdictions. This is aimed to enhance the quality and integrity of SLPs; boost market confidence; help mitigate greenwashing risk; and support the development of a deeper, more robust sustainability-linked product market. The SoGP will apply to service providers (e.g., firms acting as sustainability-linked loan lenders, bookrunners or lead arrangers on a sustainability-linked bond issuance or counterparties to a sustainability-linked derivative) or users of SLPs in wholesale financial markets and to support, and be read in conjunction with, existing asset-class specific guidance (notably ICMA, LMA and ISDA principles).]]></description>
					      
						      <pubDate>Wed, 30 Apr 2025 13:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FMSB-Statement-of-good-practice-on-the-governance</guid>
				    </item>
			
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					      <title>FCA update on supervisory correspondence</title>
					      <link>https://finreg.aoshearman.com/FCA-update-on-supervisory-correspondence</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has updated its webpage on supervisory correspondence in light of its recent announcement that it will no longer be issuing portfolio letters (for details, please see our update). The update provides a place holder for market reports that will be published annually and replace portfolio letters in detailing the risks and opportunities the FCA sees. Additionally, it confirms that most supervisory correspondence pre-dating April 2022 has been marked by the FCA as &apos;historical&apos; and no longer current. The FCA does not expect firms to refer to these historical letters when interpreting the FCA&apos;s current supervisory expectations. But the page includes a link to these historical letters for reference.]]></description>
					      
						      <pubDate>Wed, 30 Apr 2025 13:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-update-on-supervisory-correspondence</guid>
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					      <title>BoE revokes simplified obligations standards 2019/438</title>
					      <link>https://finreg.aoshearman.com/BoE-revokes-simplified-obligations-standards-2019</link>
					      <description><![CDATA[
The Bank of England (BoE) has published the Bank Resolution Standards Instrument: The Technical Standards (Simplified Obligations) Instrument 2025 revoking UK Commission Delegated Regulation (EU) 2019/348, containing technical standards on simplified obligations (SO-UKTS). Following the UK&apos;s withdrawal from the EU, the UK retained the EU Framework for determining the level of information required within recovery and resolution plans. This included the process in the SO-UKTS to determine whether &apos;Simplified Obligations&apos; (SO) can be imposed in respect of such plans. The BoE has found that the assessment prescribed in the SO-UKTS identifies the same firms as the process that results in the setting of a preferred resolution strategy of modified insolvency. Accordingly, the BoE has determined that it can achieve the same outcomes using this more efficient, existing process instead of the duplicative SO-UKTS process. The ability to apply SO and any consequential benefits to firms from SO will not be affected; the Bank only proposes to simplify the process whereby a firm is designated as eligible for SO. The updated webpage confirms that the BoE did not receive any formal responses or queries on its December 2024 consultation and consequently is proceeding with the revocation as consulted on. The instrument came into force on 30 April.]]></description>
					      
						      <pubDate>Wed, 30 Apr 2025 11:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-revokes-simplified-obligations-standards-2019</guid>
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					      <title>EBA consults on amendments to RTS for risk weights on immovable property exposures</title>
					      <link>https://finreg.aoshearman.com/EBA-consults-on-amendments-to-RTS-for-risk-weight</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has issued a consultation paper on draft regulatory technical standards (RTS) amending Delegated Regulation (EU) 2023/206, supplementing Regulation (EU) No 575/2013 (CRR). The EBA is mandated by Article 124(11) of the CRR to draft RTS which specify: (i) the types of factors to be considered by national authorities in assessing the appropriateness of the risk weights for exposures secured by immovable property; and (ii) the conditions to be considered for the assessment of the appropriateness of minimum loss given default values for exposures secured by immovable property. The proposed amendments aim to align the RTS with the revised CRR (CRR3) framework. The deadline for comments on the consultation is 30 May. The final report on the RTS is due by 10 January 2026.]]></description>
					      
						      <pubDate>Wed, 30 Apr 2025 10:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-consults-on-amendments-to-RTS-for-risk-weight</guid>
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					      <title>BCBS updates principles for the management of credit risk</title>
					      <link>https://finreg.aoshearman.com/BCBS-updates-principles-for-the-management-of-cre</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision (BCBS) has published a revised version of its principles for the management of credit risk, which serve as guidelines for banking supervisory authorities to assess banks&apos; credit risk management processes. The updated principles, published alongside a press release, reaffirm the guidelines first established in 2000 while making limited technical amendments to align with the current Basel Framework and recent Committee guidance. The principles focus on four key areas: (i) establishing a suitable credit risk environment; (ii) operating under a sound credit-granting process; (iii) maintaining an appropriate credit administration, measurement and monitoring process; and (iv) ensuring adequate controls over credit risk. The update to the guidelines follows a review mandated by BCBS in July 2023, confirming the ongoing relevance of the credit risk principles, and incorporates feedback from a consultation held earlier this year (for background, please see our update). The update is not intended to change the content of the principles or cover new topics.]]></description>
					      
						      <pubDate>Wed, 30 Apr 2025 10:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BCBS-updates-principles-for-the-management-of-cre</guid>
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					      <title>PRA consults on updated supervisory expectations to manage climate-related risks</title>
					      <link>https://finreg.aoshearman.com/PRA-consults-on-updated-supervisory-expectations-</link>
					      <description><![CDATA[
The Prudential Regulation Authority (PRA) has issued a consultation paper (CP10/25) and draft updates to the supervisory statement 3/19. The consultation aims to enhance supervisory expectations on the management of climate-related risks by banks and insurers due to the growing impact of climate change. This consultation was also announced in a speech given by David Bailey, Executive Director of Prudential Policy at the BoE, at the Climate Financial Risk Forum. The proposals cover: Governance. Enhancing existing governance expectations in SS3/9, clarifying the applications of these policies for climate-related risk and emphasising the board&apos;s responsibility to set and own the overall business risk appetite for climate. The proposals include new expectations to ensure alignment between a firm&apos;s strategy and meeting its own climate targets that have been adopted, and on setting the internal controls environment.

Read more.]]></description>
					      
						      <pubDate>Wed, 30 Apr 2025 09:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PRA-consults-on-updated-supervisory-expectations-</guid>
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					      <title>ECON draft report on safeguarding and promoting financial stability amid economic uncertainties</title>
					      <link>https://finreg.aoshearman.com/ECON-draft-report-on-safeguarding-and-promoting-f</link>
					      <description><![CDATA[
The European Parliament&apos;s Committee on Economic and Monetary Affairs (ECON) has published a draft report on safeguarding and promoting financial stability amid economic uncertainties. The draft report emphasises the importance of financial stability as a cornerstone of the EU&apos;s economic resilience, particularly in the face of geopolitical uncertainty, heightened market volatility and structural changes. It calls for a well-integrated Capital Markets Union (CMU) to enhance investment flows and economic resilience while balancing these benefits with adequate safeguards to mitigate potential risks. There are several macro-financial risks identified, including rising sovereign debt levels, exposure to external shocks and vulnerabilities in the non-bank financial intermediation (NBFI) sector. To address these concerns, it stresses the need for robust crisis preparedness mechanisms, enhanced financial supervision, effective coordination between macro-prudential supervisors, access to granular data and an ability to respond quickly to emerging risks. It also advocates stronger cooperation with international financial bodies to manage cross-border risks and ensure a coordinated response to financial instability.]]></description>
					      
						      <pubDate>Wed, 30 Apr 2025 09:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECON-draft-report-on-safeguarding-and-promoting-f</guid>
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					      <title>ESMA final guidelines on preventing and detecting market abuse under MiCAR</title>
					      <link>https://finreg.aoshearman.com/ESMA-final-guidelines-on-preventing-and-detecting</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its final report on the guidelines on supervisory practices for National Competent Authorities (NCAs) to prevent and detect market abuse under the Market in Crypto Assets Regulation (MiCAR), together with a press release. The guidelines are based on Article 92(3) of MiCAR and outline general principles for supervisory practices, drawing on the experience gained under the Market Abuse Regulation. They require supervisory activity to be risk-based and proportionate, aiming for NCAs to foster a common supervisory culture specific to cryptoassets through open dialogue with the industry and collaboration among other NCAs. The guidelines also consider the specific features of crypto trading, such as its cross-border nature and the intensive use of social media. The guidelines will be translated into all EU languages and published by ESMA, becoming effective three months later. ESMA advises NCAs to begin implementing the principles immediately. Competent authorities must notify ESMA within two months of the guidelines being published in all EU languages, on whether they (i) comply, (ii) do not comply, but intend to comply or (iii) do not comply and do not intend to comply with the guidelines.]]></description>
					      
						      <pubDate>Tue, 29 Apr 2025 15:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-final-guidelines-on-preventing-and-detecting</guid>
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					      <title>ESMA issues guidelines on the enforcement of sustainability information</title>
					      <link>https://finreg.aoshearman.com/ESMA-issues-guidelines-on-the-enforcement-of-sust</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published official translations of the guidelines, on the enforcement of sustainability information under the Transparency Directive (for background, please see our update). The guidelines are based on Article 28d of the Transparency Directive and aim to establish consistent and effective supervisory practices for all competent authorities to ensure that sustainability information provided by issuers, who have securities admitted to trading on a regulated market and who are required to publish sustainability information under the Accounting Directive, comply with the requirements of Article 24(4) of the Transparency Directive. The guidelines cover, among other things: (i) the objective of enforcement, (ii) ensuring an effective enforcement process, (iii) sustainability information prepared under equivalent third country sustainability reporting requirements, (iv) enforcers maintaining adequate independence from all stakeholders, and (v) the choice of enforcement actions. The guidelines shall apply to the enforcement of sustainability information published from 1 January. Competent authorities must notify ESMA within two months whether they (i) comply; (ii) do not comply, but intend to comply, or (iii) do not comply and do not intend to comply with the guidelines, along with their reasons for not complying.]]></description>
					      
						      <pubDate>Tue, 29 Apr 2025 14:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-issues-guidelines-on-the-enforcement-of-sust</guid>
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					      <title>EC adopts RTS on Market Abuse under MiCAR</title>
					      <link>https://finreg.aoshearman.com/EC-adopts-RTS-on-Market-Abuse-under-MiCAR</link>
					      <description><![CDATA[
The European Commission (EC) has adopted a Delegated Regulation supplementing Regulation (EU) 2023/1114 on markets in cryptoassets (MiCAR), with regard to regulatory technical standards (RTS) specifying the arrangements, systems and procedures for persons to prevent, detect and report market abuse, the templates to be used for reporting suspected market abuse and the coordination procedures between competent authorities for the detection and sanctioning of market abuse in cross-border market abuse situations. Article 92(1) of MiCAR mandates that persons professionally arranging or executing transactions (PPAETs) in cryptoassets must have effective arrangements, systems and procedures to prevent and detect market abuse. These persons are required to report any reasonable suspicion of market abuse to the competent authority. This includes suspicions regarding an order or transaction, as well as other aspects of the functioning of the distributed ledger technology, where there may be indications that market abuse has been committed, is being committed or is likely to be committed. The Council of the EU and the European Parliament will now scrutinise the Delegated Regulation. The Delegated Regulation will enter into force on the twentieth day following its publication in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Tue, 29 Apr 2025 14:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-adopts-RTS-on-Market-Abuse-under-MiCAR</guid>
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					      <title>FCA update on extending SDR regime to portfolio managers</title>
					      <link>https://finreg.aoshearman.com/FCA-update-on-extending-SDR-regime-to-portfolio-m</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has updated its webpage summarising feedback to its consultation paper, CP24/8, on extending the sustainability disclosure requirements (SDR) and labelling regime to portfolio managers. This follows a previous update from the FCA, which announced it would no longer publish a policy statement this year. Key feedback to the consultation paper covers proposals on scope, implementation deadlines, labelling portfolios, naming and marketing and disclosures. While there is broad support for the proposals, the feedback highlights the need for more time to address practical challenges and ensure effective implementation of the regime before introducing requirements. As such, the FCA has decided it is not the appropriate time to finalise the rules on extending SDR to portfolio management. The FCA will instead prioritise the multi-firm review into model portfolio services to ensure compliance with the consumer duty and improve good outcomes from model portfolio services. Firms are also reminded to adhere to the anti-greenwashing rule, effective from 31 May 2024.]]></description>
					      
						      <pubDate>Tue, 29 Apr 2025 14:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-update-on-extending-SDR-regime-to-portfolio-m</guid>
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					      <title>FCA proposes to launch AI live testing service</title>
					      <link>https://finreg.aoshearman.com/FCA-proposes-to-launch-AI-live-testing-service</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has released an engagement paper, together with a press release, on proposals to launch AI live testing as part of the AI Lab. AI live testing will be open to all firms who have established proofs of concept and provide and support financial services in the UK, with voluntary participation based on prescribed competitive selection criteria. The aim is to promote the safe and responsible adoption of AI in UK financial services. The live testing service will enable firms to collaborate with the FCA to check that their new AI tools are ready for use, while also providing the FCA with valuable insights into the potential impacts of AI on UK financial markets. The proposed live testing service would run for 12 to 18 months. The engagement paper reports that the FCA proposes to commence AI live testing in summer 2025, with the application process opening in early summer. The accompanying press release suggests a launch in September. The deadline for comments is 10 June.]]></description>
					      
						      <pubDate>Tue, 29 Apr 2025 13:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-proposes-to-launch-AI-live-testing-service</guid>
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					      <title>HM Treasury publishes draft order for cryptoasset regulation</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-publishes-draft-order-for-cryptoasset</link>
					      <description><![CDATA[
The HM Treasury (HMT) has published a draft of The Financial Services and Markets Act 2000 (Regulated Activities and Miscellaneous Provisions) (Cryptoassets) Order 2025, together with an accompanying policy note. The policy note explains that the draft statutory instrument:


	Amends the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (&quot;the RAO&quot;) to (i) define &quot;qualifying cryptoassets&quot; and &quot;qualifying stablecoin&quot;, and classify them as specified investments under the Financial Services and Markets Act 2000 (&quot;FSMA&quot;); and (ii) specify certain activities related to these assets as regulated activities, such that persons carrying on those activities need to be authorised for that activity by the FCA.


Read more.]]></description>
					      
						      <pubDate>Tue, 29 Apr 2025 09:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-publishes-draft-order-for-cryptoasset</guid>
				    </item>
			
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					      <title>IOSCO - CPMI report assessing EU implementation of Principles for Financial Market Infrastructures</title>
					      <link>https://finreg.aoshearman.com/IOSCO-ndash-CPMI-report-assessing-EU-implementati</link>
					      <description><![CDATA[
The International Organization of Securities Commissions (IOSCO) and the Committee on Payments and Market Infrastructures (CPMI) has published a report, alongside a press release, evaluating the EU&apos;s implementation of the Principles for Financial Market Infrastructures (PFMI) for systemically important payment systems (PSs), central securities depositories (CSDs) and securities settlement systems (SSSs), collectively referred to as &quot;financial market infrastructures&quot; (FMIs). The report sets out conclusions using a level 2 peer assessment to determine whether, and to what degree, the contents of the EU&apos;s legal, regulatory and oversight framework are complete and consistent with the PFMI. Due to the distinct regulatory frameworks for PSs in the euro area and Sweden, which differ from the EU-wide regime for CSDs/SSSs, they were assessed individually. The report concludes that the EU&apos;s legal, regulatory and oversight frameworks are complete and consistent with the PFMI in most aspects for PSs, although identified areas for improvement, particularly in risk and governance principles relating to CSDs and SSSs. The assessment reflects the status of implementation as of 30 October 2019, although Annex C to the report discusses the EU&apos;s amendments to the CSR Regulation (CSDR Refit) and concludes that this leads to an even greater consistency of the EU regulatory framework with the PFMI and will help authorities address some of the gaps identified in this assessment.]]></description>
					      
						      <pubDate>Mon, 28 Apr 2025 15:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/IOSCO-ndash-CPMI-report-assessing-EU-implementati</guid>
				    </item>
			
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					      <title>HMT announces new rules for bank account closures and payment service terminations</title>
					      <link>https://finreg.aoshearman.com/HMT-announces-new-rules-for-bank-account-closures</link>
					      <description><![CDATA[
The HM Treasury (HMT) has published a draft statutory instrument introducing new rules requiring banks and payment service providers (PSPs) to give customers at least 90 days&apos; notice before closing their account or terminating a payment service—an increase from the two months currently required. The draft Payment Services and Payment Accounts (Contract Termination) (Amendment) Regulations 2025 is accompanied by an explanatory memorandum, and aims to protect customers from arbitrary account closures and ensures they receive a clear, written explanation, allowing them to challenge decisions through the Financial Ombudsman Service. The new rules will also support small businesses by providing more time to find alternative banking solutions, reinforcing the government&apos;s commitment to economic growth and security under the Plan for Change. Subject to Parliamentary approval, the legislation is expected to come into force in April 2026 and will apply to all PSPs terminating payment service contracts without a definite expiry date, including bank account closures, for contracts agreed from and including 28th April 2026. Certain exceptions will apply, for example, to enable PSPs to comply with their obligations under financial crime law.]]></description>
					      
						      <pubDate>Mon, 28 Apr 2025 09:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-announces-new-rules-for-bank-account-closures</guid>
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					      <title>Key elements of the 2025 CCP Stress Test</title>
					      <link>https://finreg.aoshearman.com/Key-elements-of-the-2025-CCP-Stress-Test</link>
					      <description><![CDATA[
The Bank of England (BoE) has published key elements to its 2025 Stress Test of UK Central Counterparties (CCPs), along with a spreadsheet containing the relevant market stress scenarios. This exercise, the fourth of its kind, aims to assess the financial resilience of UK CCPs by simulating severe market stress scenarios, including the default of two or more of its members. The test will be centred on a bespoke baseline stress scenario, which is an extreme but plausible hypothetical scenario, equivalent to a one-in-3,500 event. It will also include three additional &apos;multiplier&apos; scenarios for sensitivity and reverse stress testing purposes and will further consider the impact on the wider financial system via initial margin and variation margin calls. This year&apos;s exercise will not include a full liquidity stress test but will explore and assess liquidity risks with firms in a more qualitative manner. The BoE will also be exploring a wider range of hypothetical scenarios, including more extreme scenarios and those that break historic correlations, and will use its own independent &apos;desk-based&apos; modelling to undertake the revaluation of clearing member and client positions in these scenarios. CCPs must submit the necessary data for the 2025 Stress Test to the BoE using data templates and instructions provided privately to them. The results, which will be published in Q4 2025, will support and inform the BoE&apos;s supervisory and regulatory activities to address potential areas of risk.]]></description>
					      
						      <pubDate>Fri, 25 Apr 2025 16:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Key-elements-of-the-2025-CCP-Stress-Test</guid>
				    </item>
			
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					      <title>EBA draft RTS for CASPS appointing a central contact point under MLD4</title>
					      <link>https://finreg.aoshearman.com/EBA-draft-RTS-for-CASPS-appointing-a-central-cont</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has issued its final report on draft regulatory technical standards (RTS) amending Commission Delegated Regulation (EU) 2018/1108, on the criteria for the appointment of central contact points for electronic money issuers and payment service providers and with rules on their functions under Article 45(10) of Directive (EU) 2015/849 (MLD4). The draft RTS extend the amended Delegated Regulation to define when cryptoasset service providers (CASPs) must appoint a central contact point. A central point contact can help to ensure compliance with local Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) obligations in cases where a CASP authorised in one EU Member State is providing services to another EU member state. The RTS set out: (i) the conditions under which CASPs should appoint a central contact point; and (ii) the roles and responsibilities of that central contact point. The draft RTS will be submitted to the Commission for endorsement, following which it will be put to the European Parliament and the Council for scrutiny, before being published in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Fri, 25 Apr 2025 15:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-draft-RTS-for-CASPS-appointing-a-central-cont</guid>
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					      <title>EBA releases ESG dashboard with key indicators on climate risk in the EU/EEA banking sector</title>
					      <link>https://finreg.aoshearman.com/EBA-releases-ESG-dashboard-with-key-indicators-on</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has released an ESG dashboard, accompanied by a press release, establishing a comprehensive framework to improve the monitoring of climate-related risks within the EU/EEA banking sector. This tool provides centralised access to climate risk indicators and benchmarks, enhancing the assessment and oversight of both transition and physical climate-related risks based on data disclosed by banks through their Pillar 3 ESG disclosures in line with Commission Implementing Regulation (EU) 2021/637. The dashboard includes indicators related to: (i) climate-related transition risk, (ii) physical risk, (iii) exposures secured by immovable property collateral, and (iv) the alignment of EU and EEA banks with the EU Taxonomy. The EBA plans to regularly update and evolve the indicators over time and reflect ongoing revisions to the Pillar 3 disclosure templates in future updated versions.]]></description>
					      
						      <pubDate>Fri, 25 Apr 2025 10:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-releases-ESG-dashboard-with-key-indicators-on</guid>
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					      <title>EC launches channel for reporting financial market integration barriers in the EU</title>
					      <link>https://finreg.aoshearman.com/EC-launches-channel-for-reporting-financial-marke</link>
					      <description><![CDATA[
The European Commission (EC) has launched a dedicated channel for reporting barriers to financial market integration within the EU Single Market. This initiative, which announced in the Savings and Investments Union (SIU) Communication adopted in March, invites market participants, individuals or businesses to provide information on any existing obstacles that affect the functioning of the single market for savings and investments. This includes issues that affect the seamless flow of cross-border capital, reduce the ease of doing business across the EU or impose excessive red tape and complex regulatory settings. Issues that may be reported include, but are not limited to, market fragmentation, divergent supervisory practices, licensing and freedom of doing business (including discriminatory practices) and overly burdensome or repetitive reporting requirements. Feedback is invited via a designated email and the EC commits to regularly monitor the feedback and use it to tackle existing obstacles to financial market integration and free movement of capital, with the aim of further advancing the SIU. The EC notes that this channel is not a formal complaint submission mechanism and stakeholders should not expect to receive an individual reply or feedback from the EC.]]></description>
					      
						      <pubDate>Thu, 24 Apr 2025 11:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-launches-channel-for-reporting-financial-marke</guid>
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					      <title>FCA announces changes to simplify supervisory communications</title>
					      <link>https://finreg.aoshearman.com/FCA-announces-changes-to-simplify-supervisory-com</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has announced it will no longer be issuing and publishing portfolio letters from 30 April. Instead, these will be replaced with a small number of market reports. The market reports will include communications relevant to different types of firms and insights from the FCA&apos;s supervisory work. This change aligns with the FCA&apos;s Consumer Duty Requirements Review, which aims to streamline supervisory priorities to support the FCA&apos;s commitment to smarter, more effective regulation. Many existing portfolio letters and Dear CEO letters which pre-date the FCA&apos;s strategy 2022-25 will be withdrawn at the end of April and clearly marked as &apos;historical&apos; and no longer current on the FCA website. Historical documents will remain publicly accessible at existing links. The FCA advises that until market reports are published later this year, firms should continue to refer to relevant portfolio petters and Dear CEO letters for guidance. The FCA will still use Dear CEO Letters to notify senior managers about significant issues that require action.]]></description>
					      
						      <pubDate>Thu, 24 Apr 2025 11:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-announces-changes-to-simplify-supervisory-com</guid>
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					      <title>FCA consultation on definition of capital for FCA investment firms</title>
					      <link>https://finreg.aoshearman.com/FCA-consultation-on-definition-of-capital-for-FCA</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a consultation paper (CP25/10), along with a press release and an updated webpage, proposing to remove all references to the UK Capital Requirements Regulation (UK CRR) from the definition of regulatory capital, also known as &apos;own funds&apos;, that applies to FCA investment firms within MIFIDPRU 3. The aim is to reduce regulatory burden and enhance clarity, making the framework more accessible for investment firms and easier for them to apply the requirements. The proposals do not change the rules about how much capital firms must hold but focus on simplifying and consolidating the existing rules about what qualifies as regulatory capital. The changes would reduce the volume of legal text by 70% with clear application for investment firms. The FCA also outlines its plan to establish a more integrated approach to prudential regulation by simplifying the own funds rules and incorporating them into the FCA Handbook. This involves: (i) consolidating requirements into MIFIDPRU 3, (ii) removing provisions that are only relevant for banks, and (iii) making requirements clearer and more accessible. A draft of the instrument that would make the proposed changes to MIFIDPRU and the Glossary, the Definition of Capital for Investment Firms Instrument 2025, is set out in Appendix 1 to CP25/10. The deadline for comments is 12 June, with final rules expected to be published in H2 2025 and the new framework expected to come into force on 1 January 2026.]]></description>
					      
						      <pubDate>Thu, 24 Apr 2025 10:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-consultation-on-definition-of-capital-for-FCA</guid>
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					      <title>FSB Chair Letter to G20 Finance Ministers</title>
					      <link>https://finreg.aoshearman.com/FSB-Chair-Letter-to-G20-Finance-Ministers</link>
					      <description><![CDATA[
The Financial Stability Board (FSB) has published a letter, along with a press release and webpage, from its Chair, Klaas Knot, to G20 finance ministers and central bank governors ahead of their meeting on 23-24 April. The letter addresses the progress made in tackling global challenges to financial stability and outlines priorities for the future to prevent instability, enhance the resilience of the global financial system and support growth. The key areas of progress are:


	Ensuring financial stability through periods of turmoil. The FSB will continue to learn from vulnerabilities caused by previous events such as the banking stress of March 2023 and the COVID-induced market turmoil of March 2020, to ensure effective monitoring of the financial system. The FSB recognises the importance of strengthening the resilience non-bank financial intermediation (NBFI) and aims to deliver policy recommendations in July to the G20, to address financial stability risks arising from leverage in NBFI.


Read more.]]></description>
					      
						      <pubDate>Wed, 23 Apr 2025 14:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FSB-Chair-Letter-to-G20-Finance-Ministers</guid>
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					      <title>FCA webpage for international wholesale firms looking to undertake business in UK</title>
					      <link>https://finreg.aoshearman.com/FCA-webpage-for-international-wholesale-firms-loo</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new webpage for international wholesale firms seeking authorisation to operate in the UK under the Financial Services and Markets Act 2000 (FSMA). The page seeks to signpost firms to relevant resources and issues to consider, including the minimum standards for authorisation and the FCA&apos;s expectations of and approach to international firms.]]></description>
					      
						      <pubDate>Wed, 23 Apr 2025 11:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-webpage-for-international-wholesale-firms-loo</guid>
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					      <title>EC adopts Delegated Regulation on RTS for supervisory colleges</title>
					      <link>https://finreg.aoshearman.com/EC-adopts-Delegated-Regulation-on-RTS-for-supervi</link>
					      <description><![CDATA[
The European Commission (EC) has adopted a Delegated Regulation supplementing the Capital Requirements Directive IV (CRD IV), containing regulatory technical standards (RTS) specifying the general conditions for the functioning of supervisory colleges, and repealing Commission Delegated Regulation (EU) 2016/98. Article 116 of CRD IV sets out provisions requiring consolidating supervisors to establish colleges of supervisors to facilitate certain supervisory tasks and to ensure appropriate coordination and cooperation with relevant third-country supervisory authorities. In addition, the competent authorities supervising an institution with significant branches in other Member States are, pursuant to Article 51(3) of CRD IV required to establish and chair colleges of supervisors where Article 116 is not applicable. Article 51(4) of the CRD IV empowers the Commission to adopt delegated acts specifying the general conditions for the functioning of colleges of supervisors. This Delegated Regulation repeals and replaces Delegated Regulation 2016/98 to account for amendments to CRD IV (e.g., in relation to the authorisation of certain financial holding companies and mixed financial holding companies, the establishment of intermediate EU parent undertakings, and removal of investment firms from the scope of CRD IV). It also includes new articles on the exchange of information with the observers of the supervisory college, specifically with resolution colleges and anti-money laundering (AML) and counter-terrorism financing (CFT) colleges, to enhance cooperation and information exchange with these authorities. The Council of the EU and the European Parliament will now scrutinise the Delegated Regulation. The Delegated Regulation enters into force on the twentieth day following its publication in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Wed, 23 Apr 2025 10:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-adopts-Delegated-Regulation-on-RTS-for-supervi</guid>
				    </item>
			
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					      <title>EC adopts Delegated Regulation on RTS on extraordinary circumstances under CRR</title>
					      <link>https://finreg.aoshearman.com/EC-adopts-Delegated-Regulation-on-RTS-on-extraord</link>
					      <description><![CDATA[
The European Commission (EC) has adopted a Delegated Regulation supplementing the Capital Requirements Regulation (No 575/2013) (CRR), containing regulatory technical standards (RTS) of the conditions and indicators that the European Banking Authority (EBA) is to use when determining extraordinary circumstances under Articles 325az(5) and 325bf(6) of the CRR have occurred. In accordance with Articles 325bf(6) and 325az(5) of the CRR, as amended by CRR 3 (Regulation EU) 2024/1623), competent authorities may permit institutions to derogate from certain requirements of the regulatory framework for the use of internal models, or apply a softer version of those requirements, where, in the opinion of the EBA, a situation of extraordinary circumstances has occurred. In accordance with Article 325az(9) of the CRR, the occurrence of extraordinary circumstances shall be determined by the EBA, which must issue an opinion to that effect. The Delegated Regulation contains RTS which set out a framework for the EBA to follow when identifying a situation of extraordinary circumstances. The RTS specify that such circumstances could be recognised where there is a situation of significant cross-border financial market stress, or a major regime shift associated with a similar level of stress (e.g., a liquidity crisis), that can render the outcome of the back-testing and profit and loss attribution requirements inappropriate. The RTS also contain a non-exhaustive list of indicators that the EBA is to use to assess whether a situation of extraordinary circumstances has occurred. The Council of the EU and the European Parliament will now scrutinise the Delegated Regulation. The Delegated Regulation will enter into force on the twentieth day following its publication in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Wed, 23 Apr 2025 10:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-adopts-Delegated-Regulation-on-RTS-on-extraord</guid>
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					      <title>PRA consults on restating MiFID Organisational Regulation</title>
					      <link>https://finreg.aoshearman.com/PRA-consults-on-restating-MiFID-Organisational-Re</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published its consultation paper (CP9/25) on the Markets in Financial Instruments Directive Organisational Regulation (MiFID Org Reg). The PRA proposes to restate the current firm-facing requirements from the MiFID Org Reg into the PRA Rulebook before HM Treasury (HMT) begins the revocation of the MiFID Org Reg under the Financial Services and Markets Act 2023 (FSMA 2023), to prevent gaps from arising in the PRA&apos;s ability to enforce key components of its systems and controls requirements. The PRA&apos;s proposals aim to maintain existing firm-facing requirements without introducing new obligations. The PRA&apos;s proposals cover the following Articles of the MiFID Org Reg: (i) general organisational requirements, (ii) outsourcing, (iii) record keeping, (iv) compliance and internal audit, (v) risk management, and (vi) technical standards regulation. The PRA proposes the implementation date for the changes resulting from this consultation paper would be H2 2025. The proposed rules and guidance are set out in Appendix 1 and Appendix 2. As the PRA has not made substantive changes to the rules, the consultation period is 8 weeks and so the deadline for responses is 23 June.]]></description>
					      
						      <pubDate>Wed, 23 Apr 2025 10:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PRA-consults-on-restating-MiFID-Organisational-Re</guid>
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					      <title>FCA summary of AI Sprint</title>
					      <link>https://finreg.aoshearman.com/FCA-summary-of-AI-Sprint</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a summary of its AI Sprint, a two-day event that was hosted in January which discussed the opportunities and challenges of AI in financial services. 115 participants took part, discussing how AI may develop in financial services over the next five years, and the FCA&apos;s role enabling firms to embrace the benefits of AI while also managing the risks. Four common themes came from participants&apos; discussions and suggestions:


	Regulatory clarity. Participants emphasised the importance of firms understanding how current regulatory frameworks apply to AI. Teams proposed specific areas where the FCA could clarify or expand on existing requirements to help firms understand regulatory expectations and to support beneficial innovation.


Read more.]]></description>
					      
						      <pubDate>Wed, 23 Apr 2025 10:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-summary-of-AI-Sprint</guid>
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					      <title>PRA policy statement on identification and management of step-in risk</title>
					      <link>https://finreg.aoshearman.com/PRA-policy-statement-on-identification-and-manage</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published a policy statement on the identification and management of step-in risk (PS5/25). The policy statement provides feedback on responses to consultation paper (CP) 23/23 which, among other things, proposed to: (i) introduce new rules where firms are required to develop their own step-in risk policies and procedures based on the relevant Basel Committee on Banking Supervision&apos;s (BCBS) guidelines; and (ii) introduce an accompanying supervisory statement also based on the BCBS guidelines, detailing factors that firms are expected to consider when identifying potential step-in risk and in deciding, where necessary, on potential mitigating action. 

Read more.]]></description>
					      
						      <pubDate>Tue, 22 Apr 2025 14:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PRA-policy-statement-on-identification-and-manage</guid>
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					      <title>BoE publishes two new stress test scenarios for 2025 Bank Capital Stress Test</title>
					      <link>https://finreg.aoshearman.com/BoE-publishes-two-new-stress-test-scenarios-for-2</link>
					      <description><![CDATA[
The Bank of England (BoE) has updated its stress testing webpage, announcing it has published two stress test scenarios for use by banks and building societies that are not participants in its concurrent stress testing exercise. These scenarios have been drawn from the 2025 Bank Capital Stress Test scenario published on 24 March to support concurrent stress testing of the largest UK banks and building societies. The scenarios serve as a template and severity benchmark for firms to support their own internal capital adequacy assessment process (ICAAP) stress testing scenario design processes. The intention behind publishing two different scenarios is to encourage firms to evaluate the type, characteristics and severity of stress their business model may be vulnerable to when designing their own stress testing scenarios. The BoE refers firms to the Supervisory Statement on the ICAAP and the supervisory review and evaluation process (SREP) for guidance on the role of stress testing within the framework for setting banks&apos; and building societies&apos; capital requirements. The BoE explains that firms should use the scenarios as a starting point to build and accurately calibrate their own scenarios under Pillar 2, noting that any single scenario designed for firms with diverse business models and risks has its limitations. Therefore, it expects firms to select scenarios that robustly challenge their business and, ultimately, be responsible for creating their own scenarios to test resilience.]]></description>
					      
						      <pubDate>Thu, 17 Apr 2025 11:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-publishes-two-new-stress-test-scenarios-for-2</guid>
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					      <title>PRA announces withdrawal of the modification by consent for third country covered bonds in LCR</title>
					      <link>https://finreg.aoshearman.com/PRA-announces-withdrawal-of-the-modification-by-c</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has announced it is withdrawing the modification by consent (MbC) for third country covered bonds in the Liquidity Coverage Ratio (LCR) part of the PRA Rulebook, which it had previously offered on 8 April. The decision to pause the process and withdraw the MbC is due to the PRA receiving several technical comments and requests for clarification, which the PRA seeks to consider and address appropriately. Once the process is complete, the PRA will clarify its approach. The MbC was intended to modify Article 11 (1)(d)(ii) of the LCR part of the PRA Rulebook, to allow firms the inclusion of certain third country covered bonds in their Level 2A high-quality liquid assets (HQLA) up to a maximum value, determined at 31 January 2025 (the reporting date). During the pause in the process, firms do not need to amend their approach to recognising third country covered bonds under the Liquidity Coverage Ratio (CRR) and Liquidity (CRR) Parts of the PRA Rulebook.]]></description>
					      
						      <pubDate>Thu, 17 Apr 2025 11:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PRA-announces-withdrawal-of-the-modification-by-c</guid>
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					      <title>FCA Primary Market Bulletin No. 55</title>
					      <link>https://finreg.aoshearman.com/FCA-Primary-Market-Bulletin-No-55</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published issue 55 of its Primary Market Bulletin (PMB 55). In PMB 55, the FCA: (i) provides feedback on its consultation in PMB 53, finalises 44 technical and procedural notes, and deletes 1 technical note and 1 procedural note (FG25/1); (ii) consults (GC25/1) on further proposed changes to guidance in its Knowledge Base for the listing regime. This follows the implementation of the new UK Listing Rules (UKLR), which came into force on 29 July 2024 (PS24/6). 

Read more.]]></description>
					      
						      <pubDate>Thu, 17 Apr 2025 10:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-Primary-Market-Bulletin-No-55</guid>
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					      <title>FCA publishes consultation on streamlining data collection requirements</title>
					      <link>https://finreg.aoshearman.com/FCA-publishes-consultation-on-streamlining-data-c</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a consultation paper (CP) proposing the removal of reporting and notification requirements as part of its strategy to prevent unnecessary collection of data to reduce regulatory burden and costs. The consultation paper is accompanied by a press release and an updated webpage. The FCA seeks feedback on the proposals, which include:


	eliminating the requirement to provide data relating to: (i) FSA039 - Client money Assets; (ii) Section F of the RMAR; and (iii) Form G - The Retail Investment Adviser Complaints Notifications Form;
	simplifying the FCA Handbook to remove guidance about data collections that have already been decommissioned; and
	entirely removing forms that are already included in the Annexes to SUP 16.

As the FCA is using a shortened consultation period of four weeks, the deadline for responses is 14 May. The FCA is currently reviewing other data collections and expects to be able to consult on the removal of further returns later in 2025.]]></description>
					      
						      <pubDate>Wed, 16 Apr 2025 13:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-publishes-consultation-on-streamlining-data-c</guid>
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					      <title>Omnibus I &apos;stop-the-clock&apos; directive published in Official Journal of the EU</title>
					      <link>https://finreg.aoshearman.com/Omnibus-I-39stop-the-clock39-directive-published-</link>
					      <description><![CDATA[
The Directive (EU) 2025/794, amending the EU Corporate Sustainability Reporting Directive (CSRD) and EU Corporate Sustainability Due Diligence Directive (CSDDD), was published in the Official Journal of the EU (OJ), implementing the &quot;stop-the-clock&quot; proposal discussed under the EU Omnibus I package. The Directive entered into force on 17 April. Member states must transpose the Directive by 31 December.

The Directive postpones:

	by two years, the application of CSRD reporting requirements to large companies that have not yet started reporting and SMEs. These entities will now have to report in 2028 and 2029, respectively, for financial years starting on or after 1 January 2027 and 1 January 2028 (as applicable); and
	by one year, the transposition deadline and first phase of application of certain due diligence provisions under CSDDD. EU Member States will now have until 26 July 2027 to transpose CSDDD, and the first companies will not have to apply the first phase of measures until 26 July 2028.

The proposal is part of the &apos;Omnibus I&apos; package adopted by the Commission at the end of February, which aims to simplify EU sustainability-related legislation.]]></description>
					      
						      <pubDate>Wed, 16 Apr 2025 12:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Omnibus-I-39stop-the-clock39-directive-published-</guid>
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					      <title>FCA consults on further proposals to support Consumer Composite Investments regime</title>
					      <link>https://finreg.aoshearman.com/FCA-consults-on-further-proposals-to-support-Cons</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a consultation paper together with a related press release and webpage setting out further proposals on product information for Consumer Composite Investments (CCIs). The consultation paper follows the FCA&apos;s December 2024 consultation paper on a new product information framework for CCIs, which closed on 20 March.

The regime will apply in respect of a CCI which is or may be distributed to a retail investor in the UK and seeks to help consumers understand the products they are buying while giving firms flexibility to innovate. The proposals include: (i) removal of the requirement for firms to calculate and disclose implicit transaction costs as part of their CCI cost disclosures; (ii) alignment for CCI products of the pre- and post-sale cost disclosure requirements under the FCA Handbook Conduct of Business (COBS) rules derived from the MiFID Org Reg, to ensure no duplication or conflict in respect of investments within the scope of the CCI rules; (iii) proposed drafting on transitional provisions granting firms flexibility to move across to the new CCI regime when they are ready; and (iv) proposed consequential amendments to the FCA Handbook.

The CCI regime will replace the onshored Packaged Retail and Insurance-Based Investment Products regime. Responses to the consultation paper should be submitted by 28 May 2025.]]></description>
					      
						      <pubDate>Wed, 16 Apr 2025 10:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-consults-on-further-proposals-to-support-Cons</guid>
				    </item>
			
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					      <title>FCA expansion in the United States and Asia-Pacific</title>
					      <link>https://finreg.aoshearman.com/FCA-expansion-in-the-United-States-and-Asia-Pacif</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has announced its first-ever establishment of a presence in the United States (US) and Asia-Pacific (APAC) region as part of its new strategy to support growth. The FCA representatives will be based in Washington DC in the US and Australia in APAC. The aim of the expanded presence is to support the export of UK financial services internationally and attract more inward investment from third countries into the UK.]]></description>
					      
						      <pubDate>Tue, 15 Apr 2025 14:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-expansion-in-the-United-States-and-Asia-Pacif</guid>
				    </item>
			
					 <item>
					      <title>FSB publishes finalised format for FIRE framework</title>
					      <link>https://finreg.aoshearman.com/FSB-publishes-finalised-format-for-FIRE-framework</link>
					      <description><![CDATA[
The Financial Stability Board (FSB) has published its finalised Format for Incident Reporting Exchange (FIRE), together with a press release and updated webpage. FIRE provides a standardised format for financial institutions to report cyber and other operational incidents to national regulators. It is intended to provide a foundation upon which to build for jurisdictions which do not currently have standardised reporting formats, and to be interoperable with existing systems for those jurisdictions with existing frameworks. National regulators are free to decide the extent to which they wish to adopt FIRE, if they do at all. The framework specifies the information items to be included in reports, identifying items which are essential and optional, as well as a baseline view of the reporting of individual information items against each reporting phase. The FSB will hold a workshop with industry and authorities two years after FIRE is finalised (e.g., in 2027) to take stock of their experiences with FIRE, including implementation challenges.]]></description>
					      
						      <pubDate>Tue, 15 Apr 2025 11:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FSB-publishes-finalised-format-for-FIRE-framework</guid>
				    </item>
			
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					      <title>ESMA publishes final draft RTS and guidelines on Liquidity Management Tools for Funds</title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-final-draft-RTS-and-guidelines-on-</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its final draft regulatory technical standards (RTS) relating to liquidity management tools (LMTs) under the Alternative Investment Fund Managers Directive (AIFM) and the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS). The draft RTS will apply to Alternative Investment Fund Managers managing open-ended Alternative Investment Funds (AIFs) and UCITS. The final draft RTS under the AIFMD are detailed in Annex IV of the report, while those under the UCITS Directive are outlined in Annex V. The draft RTS have been submitted to the European Commission (EC) for adoption, which has three months to decide whether to adopt them.

ESMA has also published its final guidelines for national competent authorities and fund managers on LMTs of UCITS and open-ended AIFs, providing guidance on how managers should select and calibrate LMTs for liquidity risk management and mitigating financial stability risks. The guidelines, set out in Annex III of the report, will now be translated into the official EU languages and published on ESMA&apos;s website. National competent authorities and financial market participants must make every effort to comply with the guidelines. Within two months after the date of publication on ESMA&apos;s website, national competent authorities must notify ESMA whether they comply or do not comply, together with their reasons for not complying (if applicable). Financial market participants are not required to report on compliance. The Guidelines will apply upon the application date of the RTS on the characteristics of the LMT&apos;s. ESMA previously consulted on both the draft guidelines and draft RTS in July—for further background please see our update.]]></description>
					      
						      <pubDate>Tue, 15 Apr 2025 11:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-final-draft-RTS-and-guidelines-on-</guid>
				    </item>
			
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					      <title>EC launches targeted consultation on barriers to EU capital markets integration</title>
					      <link>https://finreg.aoshearman.com/EC-launches-targeted-consultation-on-barriers-to-</link>
					      <description><![CDATA[
The European Commission (EC) has published its targeted consultation on the integration of EU capital markets under its savings and investments union (SIU) strategy, accompanied by a press release and updated webpage. The consultation seeks feedback on issues and possible measures to address: (i) barriers to the integration and modernisation of trading and post-trading infrastructures, the distribution of funds across the EU and efficient cross-border operations of asset management; and (ii) barriers specifically linked to supervision, with respondents invited to indicate any areas in which regulatory simplification would be appropriate in line with the simplification Communication. The questions have been split into six key topics: (i) simplification and burden reduction; (ii) trading; (iii) post trading; (iv) horizontal barriers to trading and post-trading infrastructures; (v) asset management and funds; and (vi) supervision. The consultation is a crucial step in the implementation of the SIU, with insights that are collected helping shape measures to be presented in a comprehensive package in the fourth quarter of 2025. The deadline for responses is 10 June.]]></description>
					      
						      <pubDate>Tue, 15 Apr 2025 11:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-launches-targeted-consultation-on-barriers-to-</guid>
				    </item>
			
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					      <title>EBA publishes report on remuneration and gender pay gap for financial institutions</title>
					      <link>https://finreg.aoshearman.com/EBA-publishes-report-on-remuneration-and-gender-p</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has issued its latest report on remuneration and gender pay gap benchmarking for institutions and investment firms, together with a press release. The report covers information on remuneration trends and practices from 2021 to 2023 and highlights a material gender pay gap found within EU institutions and investment firms. The data collected shows that, on average, female staff in institutions earned 24.48% less in 2023 than their male counterparts. The pay gap was even more pronounced in investment firms, with female staff earning 32.0% and female-identified staff earning 31.74% less than their male colleagues. This was mainly caused by an underrepresentation of women in higher paid positions. The EBA emphasises the need for entities to address these disparities with the data raising concerns about the application of the obligation to ensure equal opportunities and pay equity for staff.]]></description>
					      
						      <pubDate>Tue, 15 Apr 2025 10:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-publishes-report-on-remuneration-and-gender-p</guid>
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					      <title>UK 2025 Regulatory Initiatives Grid published</title>
					      <link>https://finreg.aoshearman.com/UK-2025-Regulatory-Initiatives-Grid-published</link>
					      <description><![CDATA[
The Financial Services Regulatory Initiatives Forum (the Forum) has published the Regulatory Initiatives Forum Grid (the Grid), with the UK Financial Conduct Authority (FCA) also updating its webpage. The previous Grid was due to be published in May 2024 but was postponed due to the General Election, meaning the Forum published only an interim update in October 2024.

The 2025 Grid sets out the regulatory pipeline for the next 24 months and reflects the reprioritisation that has taken place since the new government came into power. Notable initiatives include:

	motor finance commission review: the FCA intends to confirm, within six weeks of the Supreme Court&apos;s decision on past use of discretionary commission arrangements by motor finance firms, whether it will propose a redress scheme;
	liquidity risk management in funds: the FCA will consult on refined proposals regarding liquidity risk management in funds to implement FSB and IOSCO guidelines;
	Consumer Composite Investments (CCI) Regulation: the FCA published a second consultation paper on the new CCI regime on 16 April (see our update) and plans to issue a Policy Statement with final rules in late 2025;


Read more.]]></description>
					      
						      <pubDate>Mon, 14 Apr 2025 11:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-2025-Regulatory-Initiatives-Grid-published</guid>
				    </item>
			
					 <item>
					      <title>FCA findings on multi-firm review of customers in vulnerable circumstances</title>
					      <link>https://finreg.aoshearman.com/FCA-findings-on-multi-firm-review-of-customers-in</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a webpage summarising the findings of its multi-firm review on retail banks&apos; treatment of customers in vulnerable circumstances involving bereavement and power of attorney (PoA). The webpage is accompanied by a press release. The Consumer Duty requires firms to deliver good outcomes for all customers, including those in vulnerable circumstances. The multi-firm review makes a series of findings, including on:


	policies and procedures: the FCA calls for firms to make guidance for staff accessible and policies to be clear that staff should adapt to customers&apos; needs and recognise when matters should be escalated.
	identifying and responding to customer needs: the FCA encourages firms to identify signs of vulnerability and seek information from consumers to address their needs. The FCA also wants firms to establish feedback loops to enable continuous improvement of staff and processes based on previous errors.


Read more.]]></description>
					      
						      <pubDate>Sat, 12 Apr 2025 11:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-findings-on-multi-firm-review-of-customers-in</guid>
				    </item>
			
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					      <title>EPC publishes Guidelines for PSPs joining payment schemes</title>
					      <link>https://finreg.aoshearman.com/EPC-publishes-Guidelines-for-PSPs-joining-payment</link>
					      <description><![CDATA[
The European Payments Council (EPC) has issued Version 7.0 of the Adherence Guide to the EPC Payment Schemes, together with an updated webpage. The updated guide provides guidelines and template application forms for payment service providers (PSPs) seeking to adhere to one or more of the EPC managed payment schemes (namely, the SEPA Credit Transfer Scheme, the SEPA Instant Credit Transfer Scheme, the SEPA Direct Debit Core Scheme, the SEPA Direct Debit Business-to-Business Scheme and the One-Leg Out Instant Credit Transfer Scheme). The Guide sets out: (i) detailed instructions for completing adherence documents; (ii) the eligibility criteria; and (iii) the adherence process to be followed.]]></description>
					      
						      <pubDate>Fri, 11 Apr 2025 11:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EPC-publishes-Guidelines-for-PSPs-joining-payment</guid>
				    </item>
			
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					      <title>FCA findings on multi-firm review of trading apps</title>
					      <link>https://finreg.aoshearman.com/FCA-findings-on-multi-firm-review-of-trading-apps</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a webpage summarising the findings from its multi-firm review of trading apps, together with a press release. The FCA notes that this is a growing sector allowing more retail investors easier access to a wider range of investments which can help to improve financial lives. Some trading apps, though, offer high-risk investments that were traditionally aimed at wholesale markets. The FCA&apos;s review made a series of findings, including on:


	business models: trading app firms operate in various ways. The FCA stresses that regulated firms must ensure they understand the Handbook&apos;s requirements for manufacturers and distributors, regardless of their business model, and that firms with overseas affiliates must clearly inform customers that their trading agreement is with the overseas entity and disclose any potential loss of asset protection.


Read more.]]></description>
					      
						      <pubDate>Fri, 11 Apr 2025 11:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-findings-on-multi-firm-review-of-trading-apps</guid>
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					 <item>
					      <title>BoE reports on digital pound developments and implementation</title>
					      <link>https://finreg.aoshearman.com/BoE-reports-on-digital-pound-developments-and-imp</link>
					      <description><![CDATA[
The Bank of England (BoE) has published a series of documents regarding its work on implementing the digital pound. The Digital Pound Experiment Report on Offline Payments assesses the technical feasibility of implementing an offline payment functionality for a digital pound to ensure that the digital pound can be used without an internet connection, enhancing its accessibility and resilience. While it might be technically feasible, there are trade-offs, particularly around user experience and preventing double spending and counterfeiting, that make implementing it challenging. No final decision has been made yet on whether an offline payment functionality will be implemented. The minutes of the CBDC Engagement Forum (November 2024) sets out continued stakeholder discussions on the progress of the digital pound, highlighting the benefits for consumers and merchants, such as innovation and cost efficiency, but also the challenges, including ensuring strong performance at all levels of payment volume, operational costs and security and network connectivity issues. The Intermediary Roles and Scheme Rulebook Design Note outlines the roles and responsibilities of digital pound intermediaries and a preliminary conceptual framework for a digital pound rulebook (or similar document) to support the proper management of the digital pound if launched.]]></description>
					      
						      <pubDate>Thu, 10 Apr 2025 16:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-reports-on-digital-pound-developments-and-imp</guid>
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					      <title>UK PRA proposed fees for 2025/26</title>
					      <link>https://finreg.aoshearman.com/UK-PRA-proposed-fees-for-202526</link>
					      <description><![CDATA[
The Prudential Regulation Authority (PRA) has published a consultation setting out proposals for its fees for 2025/26. The proposals would make amendments to the Fees Part of the PRA Rulebook (Appendix) and include: (i) the fee rates to meet the PRA&apos;s 2025/26 Annual Funding Requirement (AFR); (ii) the introduction of a cost allocation to fund the PRA&apos;s activities in the Future Banking Data project; (iii) changes to internal model application fees, the model maintenance fee, the Special Project Fee for restructuring, the minimum fee and the new firm authorisation fee for Type 3 applications; (iv) changes to the fees rules for firms applying to cancel before the start of the fee year; (v) how the PRA intends to allocate the surplus from the 2024/25 AFR (Chapter 3); and (vi) the retained penalties for 2024/25 (Chapter 4). The PRA&apos;s proposed Total Funding Requirement for 2025/26 is &amp;pound;342.5 million, a decrease of &amp;pound;10.5 million (3%) from 2024/25 (&amp;pound;353.0 million). This consultation closes on 9 May.]]></description>
					      
						      <pubDate>Thu, 10 Apr 2025 16:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PRA-proposed-fees-for-202526</guid>
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					      <title>UK FCA concludes consumer investment policy sprint</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-concludes-consumer-investment-policy-sprin</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has announced the conclusion of its six-week policy sprint aimed at improving consumer investment decisions to support its key objective of supporting growth. With only 9% of UK consumers taking regulated financial advice last year, the sprint focused on developing targeted support to bridge the gap between bespoke financial advice and guidance. For the first time, the sprint tested future rules before formal consultation involving industry, consumer groups and other members of the regulatory family, such as the Financial Ombudsman Service and the Information Commissioner&apos;s Office, with its aim to accelerate final policy proposals by June. The sprint is part of the work being carried out in relation to the Advice Guidance Boundary Review and other initiatives aiming to change how consumers interact with retail investments.]]></description>
					      
						      <pubDate>Thu, 10 Apr 2025 16:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-concludes-consumer-investment-policy-sprin</guid>
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					      <title>ESMA TRV report on fund names: ESG-related changes and their impact on investment flows</title>
					      <link>https://finreg.aoshearman.com/ESMA-TRV-report-on-fund-names-ESG-related-changes</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a trends, risks and vulnerabilities (TRV) risk analysis report on ESG-related changes to fund names and their impact on investment flows. The report examines whether the fund managers decision to incorporate environmental, social, governance or sustainability-related (ESG) terms into their funds&apos; names leads to more investor interest. If so, this has the potential to incentivise greenwashing behaviour, undermine investor trust and hinder efforts to promote sustainability within EU financial markets.

Read more.]]></description>
					      
						      <pubDate>Thu, 10 Apr 2025 15:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-TRV-report-on-fund-names-ESG-related-changes</guid>
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					      <title>FCA update on PISCES and pre-application support</title>
					      <link>https://finreg.aoshearman.com/FCA-update-on-PISCES-and-pre-application-support</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published an update on the Private Intermittent Securities and Capital Exchange System (PISCES) sandbox, following the consultation in December 2024 (CP24/29). PISCES will be a new platform designed for intermittent trading of private company shares. The FCA confirms that no major changes to the proposals on its &apos;private plus&apos; approach are planned, given that it was largely supported by consultation respondents. The FCA also sets out a table of post-consultation changes it is proposing to assist potential operators of a PISCES to develop their own rulebooks and engage with participants. The changes outlined include:


	Clarification of core disclosures (including on financial information, employee share schemes and director transactions);
	Narrowing certain disclosure requirements (including, among others, on directors&apos; transactions, material contracts or agreements, significant changes and post-trade events); and
	Removal of certain disclosure requirements (including on litigation, sustainability and forward-looking information).


Further changes include refined expectations around operator oversights, complaints handling and access to historic disclosures. The FCA also proposes setting a discretionary threshold of up to 25% to PISCES operators for identifying major shareholders. Final rules for PISCES will be set out in a policy statement expected to be published in June. In the meantime, the FCA will provide pre-application support and welcomes requests from prospective PISCES operators for preliminary feedback on their proposed models and draft rulebooks.]]></description>
					      
						      <pubDate>Thu, 10 Apr 2025 14:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-update-on-PISCES-and-pre-application-support</guid>
				    </item>
			
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					      <title>UK PRA business plan 2025/26</title>
					      <link>https://finreg.aoshearman.com/UK-PRA-business-plan-202526</link>
					      <description><![CDATA[
The Prudential Regulation Authority (PRA) has published its Business Plan 2025/26 which sets out the workplan for and regulatory initiatives to advance its strategic priorities. This year&apos;s business plan is said to reflect the evolution of the PRA&apos;s priorities, and in particular the work it is doing to deliver its new secondary objective on competitiveness and growth. Specific initiatives include:


	Implementing the Basel 3.1 standards, where the PRA intends to publish its final rules, once Parliament has revoked the relevant parts of the Capital Requirements Regulation (CRR).
	Finalising and implementing the strong and simple framework for small domestic deposit takers. During 2025/26, the PRA will finalise the simplified capital regime and the additional liquidity simplifications. It intends to publish a policy statement on these in Q4.


Read more.]]></description>
					      
						      <pubDate>Thu, 10 Apr 2025 14:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PRA-business-plan-202526</guid>
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					      <title>UK PSR delays APP scams claims management consultation</title>
					      <link>https://finreg.aoshearman.com/UK-PSR-delays-APP-scams-claims-management-consult</link>
					      <description><![CDATA[
The Payment Systems Regulator (PSR) has published an update regarding next steps for its claims management consultation and its intention to adopt reporting standard B by December 2026. The claims management consultation was originally planned for April this year but is being delayed. The PSR notes how effective claims management and receiving quality compliance data are crucial components in its APP reimbursement policy, which went live on October 2024. Having considered stakeholder feedback, the PSR has updated the timing of the planned consultation to take into account the work being carried out in relation to the UK government&apos;s National Payments Vision (NPV) (for further background, please see our update). The PSR expects to consult within three to six months, subject to NPV developments. The additional time will enable Pay.UK and the wider industry to continue working on an effective common system that meets the needs of all its users. The future consultation will not propose placing a regulatory mandate on PSPs to use a particular system for managing claims or for meeting the Reporting Standard B requirements.]]></description>
					      
						      <pubDate>Thu, 10 Apr 2025 12:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PSR-delays-APP-scams-claims-management-consult</guid>
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					      <title>ESMA final report on systematic internaliser ITS, volume cap and transparency calculations and trading venue RTS</title>
					      <link>https://finreg.aoshearman.com/ESMA-final-report-on-systematic-internaliser-ITS-</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a final report in relation to certain changes being made as a result of the MiFID II/MiFIR review, together with an accompanying press release. The changes covered by this final report were part of the third consultation package following the MiFID II/MiFIR review, and relate to:


	A new set of implementing technical standards for investment firms notifying competent authorities when it gains the status of systematic internaliser or decides to opt-in to the systematic internaliser regime. ESMA confirmed that it is making some changes to the original proposals, including reducing the number of reporting fields in the notification template to ease the reporting burden and extending the notification period from two weeks to 20 calendar days. ESMA also confirmed it will discuss with competent authorities areas where further guidance is required.


Read more.]]></description>
					      
						      <pubDate>Thu, 10 Apr 2025 11:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-final-report-on-systematic-internaliser-ITS-</guid>
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					      <title>ESMA final report on order execution policy technical standards</title>
					      <link>https://finreg.aoshearman.com/ESMA-final-report-on-order-execution-policy-techn</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a final report in relation to the draft regulatory technical standards (RTS) specifying criteria for establishing and assessing the effectiveness of investment firms&apos; order execution policies, accounting for whether the orders are executed on behalf of retail or professional clients. The report is accompanied by a press release. ESMA&apos;s mandate for developing the new RTS was included as part of the changes made to best execution requirements following the EU MiFID II/MiFIR review. During the review, areas for improvement were identified including insufficiently documented and demonstrated satisfaction of best execution processes. In addition, feedback from competent authorities and other stakeholders evidenced that further clarification of order execution policy requirements would be helpful. 

Read more.]]></description>
					      
						      <pubDate>Thu, 10 Apr 2025 10:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-final-report-on-order-execution-policy-techn</guid>
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					      <title>UK Financial Stability in Focus report: AI in the financial system</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Stability-in-Focus-report-AI-in-the-</link>
					      <description><![CDATA[
The Financial Policy Committee (FPC) of the Bank of England (BoE) has published the Financial Stability in Focus report on AI in the UK financial system. The FPC considers the potential benefits of AI with its growing development, but also the macro-prudential implications on the financial system. Specifically, the report focuses on the following four areas:


	Greater use of AI in banks&apos; and insurers&apos; core financial decision-making. The report highlights that while there is existing regulation to manage AI related risks and the supervisory tool of the senior managers and certification regime ensures individual accountability for conduct and competence, existing legal frameworks still need to evolve (as per previous regulator publications, summarised in the FS2/23 feedback statement), and consideration should be given to potential macro-financial vulnerabilities.


Read more.]]></description>
					      
						      <pubDate>Wed, 09 Apr 2025 16:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Stability-in-Focus-report-AI-in-the-</guid>
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					      <title>EU recommendations on ESG disclosures under the Benchmarks Regulation</title>
					      <link>https://finreg.aoshearman.com/EU-recommendations-on-ESG-disclosures-under-the-B</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a final report on the outcome of the 2024 Common Supervisory Action (CSA) on ESG disclosures under the Benchmarks Regulation (BMR). The CSA was conducted by ESMA with national competent authorities and assessed how benchmark administrators supervised in the EU comply with the BMR&apos;s ESG disclosure requirements. The report presents the findings of the CSA, including that: (i) the lack of specific guidance on the definition and calculation of ESG factors has led to divergent and inconsistent calculation and disclosure practices across benchmarks and administrators; and (ii) there are inconsistent approaches to the underlying assumptions used by administrators for determining the factors. The CSA report recommends that the European Commission considers amendments such as rationalising ESG disclosure requirements, for which ESMA would be able to assist with technical advice. The report also provides clarifications for administrators on transparency expectations and guidance on definitions and methodology used for calculating ESG factors.]]></description>
					      
						      <pubDate>Wed, 09 Apr 2025 15:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-recommendations-on-ESG-disclosures-under-the-B</guid>
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					      <title>PRA Dear CFO letter: prudential expectations on significant risk transfer financing</title>
					      <link>https://finreg.aoshearman.com/PRA-Dear-CFO-letter-prudential-expectations-on-si</link>
					      <description><![CDATA[
The Prudential Regulation Authority (PRA) has published a Dear CFO letter outlining its prudential expectations regarding practices related to illiquid and structured financing portfolios. The PRA focuses on significant risk transfer (SRT) financing activities, but holds a wider expectation that firms should consider its expectations for all relevant financing portfolios. The PRA emphasises the expectation that firms analyse the characteristics of different collateral types when determining the appropriate regulatory capital treatment. The PRA is concerned that not all firms conduct sufficiently through assessments of collateral eligibility and that some firms have adopted imprudent approaches to the recognition of collateral for regulatory capital purposes, leading to an undercapitalisation of risks. The PRA highlights that its expectations align with the near-final rule changes for implementation of the Basel 3.1 Standards.

The PRA expects firms to consider the concerns identified in the letter and ensure, where needed, that policies, control frameworks and reporting are enhanced to address them. Supervisors will be requesting relevant firms to provide a response to the letter by 11 June.]]></description>
					      
						      <pubDate>Wed, 09 Apr 2025 11:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PRA-Dear-CFO-letter-prudential-expectations-on-si</guid>
				    </item>
			
					 <item>
					      <title>ESMA calls for clarity on the qualification of fractional shares</title>
					      <link>https://finreg.aoshearman.com/ESMA-calls-for-clarity-on-the-qualification-of-fr</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a letter to the European Commission on the inconsistent regulation of trading of fractional shares across the EU. There has been an increase in the significance of fractional shares, which accounted for more than 10% of the total number of transactions reported in 2023-2024. However, shares and fractional shares are not uniformly defined under the Markets in Financial Instruments Directive (MiFID II) or the Markets in Financial Instruments Regulation (MiFIR), resulting in regulatory inconsistencies across the EU. ESMA states that while it has already taken action through its 2023 public statement to protect retail investors, uncertainty continues. The inconsistent treatment of fractional shares has the following key effects: (i) it impacts transparency and reporting requirements, (ii) it affects compliance with the MiFID systematic internaliser and share trading obligation rules; and (iii) it impacts the calculation of thresholds for data reporting services providers derogation criteria. ESMA believes consistent classification would help create a level playing field for firms and support retail participation in this market segment. ESMA suggests it would be beneficial to clarify that fractional shares, which replicate the key characteristics and trading environment of shares, should remain subject to the MiFIR rules for shares.]]></description>
					      
						      <pubDate>Wed, 09 Apr 2025 11:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-calls-for-clarity-on-the-qualification-of-fr</guid>
				    </item>
			
					 <item>
					      <title>UK FCA consults on fees and levies for 2025/26</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-consults-on-fees-and-levies-for-202526</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a consultation paper (CP25/7) on its rates proposals for regulated fees and levies for 2025/26 and proposed amendments to the FEES manual. The annual funding requirement (AFR) required for the FCA to deliver its programme of work for the year is &amp;pound;783.5 million, which includes the baseline cost of ongoing regulatory activities and exceptional projects. The FCA&apos;s key proposals, among others, include adjustment to periodic fees, application fees, and levies for the Financial Ombudsman Service, Money and Pensions Service and other government departments with plans to also introduce a new fee-block (CC4) for motor finance lenders involved in discretionary commission arrangements (DCA) between 2007 and 2021 to recover costs of the FCA&apos;s review following the Court of Appeal ruling on the motor finance commission complaints. The consultation closes 13 May, with final rules expected to be published in early July.]]></description>
					      
						      <pubDate>Tue, 08 Apr 2025 16:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-consults-on-fees-and-levies-for-202526</guid>
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					      <title>EMIR 3: ESMA proposes clearing thresholds</title>
					      <link>https://finreg.aoshearman.com/EMIR-3-ESMA-proposes-clearing-thresholds</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a consultation paper setting out draft regulatory technical standards (RTS) amending the RTS on the clearing thresholds (CTs) under the European Markets Infrastructure Regulation (EMIR). Under the latest revisions to EMIR, known as EMIR 3, the calculation of CTs will be amended (once these RTS enter into force), shifting away from distinguishing between exchange-traded derivatives (ETD) and over-the-counter (OTC) derivatives (where only OTC derivatives counted towards the threshold) to a framework based on the level of OTC-uncleared transactions. Financial counterparties (FCs) will need to calculate their uncleared positions and their aggregate OTC exposure (both cleared and uncleared) to determine if they exceed the CTs. Non-financial counterparties (NFCs) will be required to count only their uncleared positions towards the CTs.

Read more.]]></description>
					      
						      <pubDate>Tue, 08 Apr 2025 16:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EMIR-3-ESMA-proposes-clearing-thresholds</guid>
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					 <item>
					      <title>New FCA work programme for 2025/26</title>
					      <link>https://finreg.aoshearman.com/New-FCA-work-programme-for-202526</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its work programme for 2025/26, alongside a press release summarising its approach to supporting the testing of innovative products and new firms. The work programme sets out how the FCA will deliver its four strategic priorities of being a smarter regulator, supporting growth, helping consumers navigate their financial lives and fighting financial crime, as set out in the FCA&apos;s five year strategy.

Read more.]]></description>
					      
						      <pubDate>Tue, 08 Apr 2025 15:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-FCA-work-programme-for-202526</guid>
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					      <title>BoE response to discussion paper on reviewing access to RTGS accounts for settlement</title>
					      <link>https://finreg.aoshearman.com/BoE-response-to-discussion-paper-on-reviewing-acc</link>
					      <description><![CDATA[
On 8 April, the Bank of England (BoE) has published its response to the discussion paper on reviewing access to Real-Time Gross Settlement (RTGS) accounts for settlement. In the discussion paper, initially published on 8 February 2024, the BoE requested for feedback on four priority areas to further improve access to settlement in central bank money, remove unwarranted barriers, and realise the capabilities and benefits of the renewed RTGS service. The feedback was generally supportive of the review and underpinned the importance of clear, transparent processes and criteria to facilitate access to RTGS accounts. 

Read more.]]></description>
					      
						      <pubDate>Tue, 08 Apr 2025 13:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BoE-response-to-discussion-paper-on-reviewing-acc</guid>
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					 <item>
					      <title>ESMA publishes technical advice on research provisions under MiFID Delegated Directive</title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-technical-advice-on-research-provi</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a final report setting out its technical advice to the European Commission on the amendments to the research provisions in the context of the Listing Act legislative package. The Listing Act amended the EU requirements in the Markets in Financial Instruments Directive (MiFID II) on how payments are made for investment research, enabling joint payments for execution services and research for all issuers, irrespective of the market capitalisation of the issuers covered by the research. EU firms will be permitted to choose whether to make joint or separate payments for third-party research and execution services. This follows the UK&apos;s approach which resulted in amended rules taking effect in August 2024. We discuss UK changes in our note, &quot;UK allows bundled payments for third-party research and trading commissions.&quot; EU member states will have until 4 June 2026 to transpose the Listing Act changes to MiFID II. ESMA&apos;s advice relates to the changes to Article 13 of Commission Delegated Directive (EU) 2017/593, known as the MiFID II Delegated Directive, which sets out the conditions that firms have to meet under the regime that required unbundled payments for research. ESMA proposes that where an investment firm chooses to use a separate research payment account, most of the existing conditions should continue to apply. Where an investment firm pays jointly for execution services and research, ESMA&apos;s advice is to require those firms to enter into an agreement on joint payments that (i) prevents the investment firm from paying substantially more for the research component than would be the case if the firm paid directly for the research; and (ii) does not impede the firm&apos;s ability to comply with the best execution requirements.]]></description>
					      
						      <pubDate>Tue, 08 Apr 2025 11:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-technical-advice-on-research-provi</guid>
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					      <title>EBA peer review report on the performance of stress tests by deposit guarantee schemes</title>
					      <link>https://finreg.aoshearman.com/EBA-peer-review-report-on-the-performance-of-stre</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a report on the findings of a peer review of the performance of stress tests by deposit guarantee schemes (DGS). The aim of the peer review was to assess the performance of stress tests by seven national DGS against five benchmarks stemming from the Deposit Guarantee Schemes Directive and the revised guidelines on stress tests of DGS. The EBA found that (i) all DGS effectively developed their stress testing programs in accordance with the methodology outlined in the guidelines, with only minor shortcomings, (ii) all DGS demonstrated effective cooperation with relevant authorities, with robust stress testing of these arrangements, (iii) five DGS could fully or largely showcase increased severity and complexity of their testing scenarios to adequately stress test their ability to intervene, with one partially demonstrating this and one, not at all, and (iv) five DGS could fully or largely showcase that they identified areas for improvement in their systems and have taken, or have planned to, take measures to address these areas, with only two partially demonstrating this. The report also details several follow-up measures for all EU DGS focusing on the prompt development of stress tests; the performance of stress tests; cooperation; severity and complexity of stress tests; and the identification of areas of improvement. The EBA will conduct a follow-up peer review of the implementation of the measures included in the report in two years.]]></description>
					      
						      <pubDate>Mon, 07 Apr 2025 14:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-peer-review-report-on-the-performance-of-stre</guid>
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					      <title>UK seeks feedback on revisions to regulation of alternative investment fund managers</title>
					      <link>https://finreg.aoshearman.com/UK-seeks-feedback-on-revisions-to-regulation-of-a</link>
					      <description><![CDATA[
The HM Treasury (HMT) has launched a consultation on proposals to revise the legislative regime applicable to Alternative Investment Fund Managers (AIFMs) and the depositories they use. The government intends to use the powers and framework provided for under the Financial Services and Markets Act 2023 to repeal the existing AIFM regulations, maintaining or replacing those with key legislative provisions and moving much of the detail to the FCA&apos;s Handbook. The FCA has also issued a call for input, together with a press release and has updated the FCA&apos;s webpage, setting out its proposed approach to regulating AIFMs within HMT&apos;s proposed framework.

Read more.]]></description>
					      
						      <pubDate>Mon, 07 Apr 2025 13:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-seeks-feedback-on-revisions-to-regulation-of-a</guid>
				    </item>
			
					 <item>
					      <title>EBA 2024 reports: Market and credit risk benchmarking exercises</title>
					      <link>https://finreg.aoshearman.com/EBA-2024-reports-Market-and-credit-risk-benchmark</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its 2024 Reports on the annual market and credit risk benchmarking exercises. Both reports are mandated by Article 78 of the Capital Requirements Directive to assist competent authorities at monitoring the consistency of risk weighted assets (RWAs) across all EU institutions authorised to use internal approaches for the calculation of capital requirements. Regarding market risk, the report summarises the conclusions drawn from a hypothetical portfolio exercise conducted in 2023/24, performed on a sample of 43 European banks from 13 jurisdictions. The results confirm that most participating banks in the exercise have seen a relatively low dispersion in the initial market valuation, though slightly higher compared to 2023. However, there was a decrease in the dispersion of risk measures submissions compared to the previous exercise, as well as variability in general through most exercises, owing to better data submissions by participating banks because of improved instructions, knowledge of the portfolio and the resolution of issues encountered in the previous exercise. The EBA has also released, for the first time, a specific report on the fundamental review of the trading book Alternative Standardised Approach (ASA). This report expands the findings of the market risk report. In the future, benchmarking exercises will be extended to banks that apply the ASA methodology independently of the current requirement to obtain approval to adopt internal models for market risk own funds requirements. For credit risk, the results confirmed that the variability of RWAs remained stable compared to the previous year, but for some asset classes and parameters, a reduction could be observed in the longer run.]]></description>
					      
						      <pubDate>Fri, 04 Apr 2025 12:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-2024-reports-Market-and-credit-risk-benchmark</guid>
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					      <title>European Parliament votes to delay sustainability and due diligence requirements</title>
					      <link>https://finreg.aoshearman.com/European-Parliament-votes-to-delay-sustainability</link>
					      <description><![CDATA[
The European Parliament has voted in favour of its &apos;stop the clock proposal&apos; to delay the application of new sustainability reporting and due diligence under the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD). The delay was proposed as part of the European Commission&apos;s (EC) &quot;Omnibus I&quot; simplification package, designed to address overlapping or disproportionate rules that are creating unnecessary burdens for EU businesses. The proposal postpones the application of CSRD reporting requirements for companies due to report in 2026 and 2027 (referred to as second and third wave companies), and postpones the transposition deadline and first wave application of the CSDDD by one year (to 2028). The EC had invited the co-legislators to prioritise this proposal in particular, and the Council of the EU endorsed the proposal on 26 March. The draft rules will need to be formally approved by the Council, and then can enter into force.]]></description>
					      
						      <pubDate>Thu, 03 Apr 2025 12:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Parliament-votes-to-delay-sustainability</guid>
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					      <title>ESMA MiFIR review consultation package on derivatives transparency, package orders and CTP data</title>
					      <link>https://finreg.aoshearman.com/ESMA-MiFIR-review-consultation-package-on-derivat</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has launched its consultation in relation to derivatives transparency, package orders, and input and output data for consolidated tape providers (CTPs). This is the fourth ESMA consultation package under the EU&apos;s MiFIR review workstream, and proposes a new standalone set of regulatory technical standards (RTS) for derivative transparency ahead of a future comprehensive recast of the current RTS on non-equity transparency (RTS 2). It also includes draft amends to the respective RTS for package orders and data for CTPs. ESMA proposes a new derivatives transparency regime as per the new scope defined by MiFIR, which was amended so that the regime applies to derivatives based on certain characteristics rather than simply delineating between those traded on- and off-venue. The consultation sets out detailed calibrations as to liquidity determination (relevant for both pre-trade transparency waivers and post-trade deferrals), and the size thresholds, and duration periods to be used for the new deferral regime. The deadline for comments is 3 July. ESMA will then publish its final report, and submit the technical standards to the European Commission in Q4.]]></description>
					      
						      <pubDate>Thu, 03 Apr 2025 11:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-MiFIR-review-consultation-package-on-derivat</guid>
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					      <title>UK FCA policy statement on the DTO and PTRR services</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-policy-statement-on-the-DTO-and-PTRR-servi</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its policy statement (PS25/2) with final rules on the classes of derivatives subject to the derivatives trading obligation (DTO) and the new framework for the exemptions for post-trade risk reduction services (PTRR) in respect of the DTO, best execution and transparency. The original DTO and PTRR proposals were consulted on in July 2024, with an earlier consultation in December 2023 including proposals in relation to post-trade transparency for derivatives.

Read more.]]></description>
					      
						      <pubDate>Thu, 03 Apr 2025 10:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-policy-statement-on-the-DTO-and-PTRR-servi</guid>
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					      <title>UK FOS Plans and Budget published for 2025/2026</title>
					      <link>https://finreg.aoshearman.com/UK-FOS-Plans-and-Budget-published-for-20252026</link>
					      <description><![CDATA[
The UK Financial Ombudsman Service (FOS) has published its plans and budget for 2025/2026, together with an accompanying press release. The FOS notes that there has been more uncertainty than usual over the last year, and this will continue into the next year. This is, in particular, due to the ongoing legal and regulatory developments in relation to motor finance commission complaints and the introduction of a fee for certain professional representatives, which the FOS expects will lead to a volume reduction as it will receive fewer cases without merit. In addition, the FOS expect disputed transactions cases in relation to fraud and scams to remain high, and an increase in respect of volumes of complaints in relation to authorised push payments. Despite the high level of complaints being referred, the FOS is not raising the case fees for businesses, and will be maintaining the reduced compulsory and voluntary jurisdiction levies. The FOS also confirms that it will carry out work over the course of the coming year to understand the impact of the introduction of regulatory rules in relation to deferred payment credit (previously referred to as buy now, pay later), which the FCA has said that it will consult on in the upcoming 2025/2026 period.]]></description>
					      
						      <pubDate>Thu, 03 Apr 2025 09:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FOS-Plans-and-Budget-published-for-20252026</guid>
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					      <title>UK FCA consultation on loan to income flow limit in mortgage lending</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-consultation-on-loan-to-income-flow-limit-</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a consultation on proposed amendments to the Prudential Regulation Authority&apos;s (PRA) rulebook and FCA guidance on the de minimis threshold for the loan to income flow limit in mortgage lending (CP25/6). The consultation follows the UK Financial Policy Committee&apos;s recommendation in November 2024 that the threshold be raised so that the loan to income flow limit would only apply to lenders extending residential mortgages above GBP150 million (up from GBP100 million, the current threshold) per four rolling quarters. The changes proposed amend the relevant references to the GBP100m figure used in the PRA rulebook and the FCA guidance and make some other minor consequential changes. The deadline for comments is 8 May.]]></description>
					      
						      <pubDate>Thu, 03 Apr 2025 09:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-consultation-on-loan-to-income-flow-limit-</guid>
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					      <title>EBA guidelines on reporting templates to assist competent authorities with supervisory duties under MiCAR</title>
					      <link>https://finreg.aoshearman.com/EBA-guidelines-on-reporting-templates-to-assist-c</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has updated its webpage with the official translations of the guidelines on templates to assist competent authorities in performing their supervisory duties regarding issuers&apos; compliance under Titles III and IV of the Markets in crypto-assets Regulation, initially published on 26 March. These guidelines apply to competent authorities, issuers of asset-referenced tokens (ARTs) and issuers of e-money tokens (EMTs) and specify instructions and common templates to be used by ART and EMT issuers to provide competent authorities and the EBA with the necessary information, and to collect the data they need from relevant crypto-asset service providers. The guidelines apply from 26 May. Competent authorities must notify the EBA by 26 May whether they (i) comply, (ii) do not comply, but intend to comply, or (iii) do not comply and do not intend to comply with the guidelines, with their reasons for not complying. In the absence of any notification by this deadline, competent authorities will be considered by the EBA to be non-compliant.]]></description>
					      
						      <pubDate>Wed, 02 Apr 2025 16:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-guidelines-on-reporting-templates-to-assist-c</guid>
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					      <title>UK CMA review of the SME Banking Undertakings 2002</title>
					      <link>https://finreg.aoshearman.com/UK-CMA-review-of-the-SME-Banking-Undertakings-200</link>
					      <description><![CDATA[
The UK&apos;s Competition and Markets Authority (CMA) has confirmed its decision to review the remaining SME Banking Undertakings 2002 and has launched its consultation seeking views on whether the undertakings need to be updated. In 2002, certain banks signed up a set of legal obligations to target specific features of the SME banking markets which were barriers to competition. This included the provisions referred to as the limitation on bundling provisions, which restricted the banks from requiring an SME customer to open or maintain a business current account in order to access business loans or deposit accounts. Although most of the undertakings were released by the CMA in 2016, the limitation on bundling provisions still remains. The CMA is therefore looking for views and evidence on changes to the structure and competitiveness of SME banking markets since 2016 and whether the limitation on bundling provisions is still appropriate. The deadline for comments is 7 May. In terms of next steps, the CMA expects to consult on its provisional decision in summer, with a final decision published in autumn.]]></description>
					      
						      <pubDate>Wed, 02 Apr 2025 14:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-CMA-review-of-the-SME-Banking-Undertakings-200</guid>
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					      <title>UK FCA feedback on responses to discussion paper on finance for positive sustainable change</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-feedback-on-responses-to-discussion-paper-</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published feedback on the views it received in response to its discussion paper DP 23/1 on finance for positive sustainable change. The discussion paper included sections on a number of areas including business strategy, senior management, accountability, incentives, remuneration and training. The feedback notes that a common theme across responses was the need to wait for new regulation in this area, for example the consumer duty and sustainability disclosure requirements (SDR), to become embedded and a number of responses considered that the existing rules were sufficient. The FCA confirms that it is not currently considering introducing new rules on the discussion paper topics (although notes that since DP 23/1 was published, certain new rules have been introduced including the SDR and labelling rules, and the anti-greenwashing rule). The FCA does, however, confirm that it will continue to monitor developments and promote the themes covered by the discussion paper to help the sustainable finance market grow and promote the UK as a leading financial centre.]]></description>
					      
						      <pubDate>Wed, 02 Apr 2025 13:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-feedback-on-responses-to-discussion-paper-</guid>
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					      <title>SRB consultation on expectations on valuation capabilities</title>
					      <link>https://finreg.aoshearman.com/SRB-consultation-on-expectations-on-valuation-cap</link>
					      <description><![CDATA[
The Single Resolution Board (SRB) has published a press release confirming it had launched a public consultation on its expectations on valuation capabilities (dated 1 April). The consultation forms part of the Single Resolution Mechanism&apos;s Vision 2028 strategy. The expectations, which banks are expected to consider when implementing Principle 5.2 of the SRB&apos;s Expectations for Banks which requires banks to have management information systems in place for valuations. The expectations document, which is published alongside the relevant annexes, covers three key areas: (i) valuation data index, which includes an enhanced version of the SRB valuation data set and comprises information and documentation that is already available at bank level and publicly available or accessible to the SRB; (ii) data repositories for resolution, which is expected to be populated with valuation data index (see (i) above) information; and (iii) valuation playbooks. The deadline for comments is 2 July.]]></description>
					      
						      <pubDate>Wed, 02 Apr 2025 13:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/SRB-consultation-on-expectations-on-valuation-cap</guid>
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					      <title>UK PSR consults on remedies following market review of card scheme and processing fees</title>
					      <link>https://finreg.aoshearman.com/UK-PSR-consults-on-remedies-following-market-revi</link>
					      <description><![CDATA[
The UK Payment Systems Regulator (PSR) has published its consultation CP25/1 on potential remedies to address findings following the PSR&apos;s final report (published on 6 March) on its review of card schemes and processing fees. The consultation seeks to address the findings of the review, namely that there were ineffective competitive restraints, fees have risen without sufficient evidence of the rationale, and there is insufficiently clear and detailed information provided in respect of costs and pricing. The proposals in the consultation paper relate to:


	Information transparency and complexity remedies - to ensure that acquirers have sufficient information to understand the fees they are charged and enable merchants to make informed decisions about fees. The PSR is also seeking input on the reduction of the volume of fees being charged, and complexity.
	Regulatory financial reporting - this would provide the PSR with more detailed and accurate information of the profits the card schemes earn from UK businesses so it can monitor their performance and assess whether any future regulatory action is needed.


Read more.]]></description>
					      
						      <pubDate>Wed, 02 Apr 2025 11:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PSR-consults-on-remedies-following-market-revi</guid>
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					      <title>ESMA update on consolidated tape provider for bonds</title>
					      <link>https://finreg.aoshearman.com/ESMA-update-on-consolidated-tape-provider-for-bon</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has issued a press release in preparation for the launch of a consolidated tape for bonds. The selection process for a provider is in motion and ESMA intends to decide on the selected applicant by early July, at which point data contributors should engage with the selected provider in relation to practical and technical matters. There will then be an expedited authorisation process for the selected provider, and when the application is complete, ESMA will determine whether authorisation is to be granted within three months. ESMA also acknowledges that it has the ability to grant a transition period if requested by the applicant, if needed. In terms of the current expected timeline, authorisation of the bond consolidated tape provider is expected in Q3/4, with the launch of the first selection for an equity consolidated tape provider in June, and the launch of the first selection for an over-the-counter derivatives consolidated tape provider in Q1 2026.]]></description>
					      
						      <pubDate>Wed, 02 Apr 2025 11:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-update-on-consolidated-tape-provider-for-bon</guid>
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					      <title>ESMA 2024 CCP peer review report</title>
					      <link>https://finreg.aoshearman.com/ESMA-2024-CCP-peer-review-report</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its 2024 peer review report in respect of central counterparties (CCPs), as required by Regulation (EU) No 648/2012 (EMIR). The focus of the report is supervisory activities related to the EMIR requirements for outsourcing and intragroup governance arrangements. The report covered supervisory activities of all competent authorities of authorised CCPs conducted in 2022 and 2023 and found that for the most part, competent authorities managed CCP colleges compliantly. In terms of the three supervisory expectations specified in the mandate for this peer review, the report concluded the following:


	Regarding the notification process for new outsourcing arrangements, most competent authorities met (fully or largely) this expectation with the exception of three authorities which did not require CCPs to have complete written outsourcing agreements in place.
	Regarding the compliance of CCP outsourcing arrangements with EMIR requirements, all competent authorities met this expectation.
	Regarding the compliance with EMIR of CCP governance arrangements in relation to outsourcing, all competent authorities met (fully or largely) this expectation.


The report includes recommendations directed at specific competent authorities in respect of areas identified for improvement. Authorities are expected to address these recommendations within a year from the publication of the report.]]></description>
					      
						      <pubDate>Wed, 02 Apr 2025 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-2024-CCP-peer-review-report</guid>
				    </item>
			
					 <item>
					      <title>UK FCA updated webpage on cash-based money laundering</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-updated-webpage-on-cash-based-money-launde</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has updated its webpage on cash-based money laundering and confirmed its intention to carry out a multi-firm review in this area in the financial year 2025/2026. The webpage sets out an overview of the FCA&apos;s work to reduce money laundering through cash deposit services such as those provided by the Post Office under the terms of the Banking Framework Agreement. The FCA sets out its expectations for firms who are part of the Banking Framework Agreement, including measures in relation to transaction verification and monitoring, deposit limits, suspicious activity reports, intelligence sharing and training. More broadly, the FCA expects firms to focus on communication with their customers. As mentioned above, the FCA also confirms that it is planning a multi-firm review in the financial year 2025/2026 in relation to the financial crime risks from cash-based money laundering. This review will be broader in scope than the Post Office and will consider other routes by which cash enters the financial system.]]></description>
					      
						      <pubDate>Wed, 02 Apr 2025 10:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-updated-webpage-on-cash-based-money-launde</guid>
				    </item>
			
					 <item>
					      <title>ECB opinion on moving to T+1</title>
					      <link>https://finreg.aoshearman.com/ECB-opinion-on-moving-to-T1</link>
					      <description><![CDATA[
The European Central Bank (ECB) has published its opinion of 31 March on the proposal to shorten the securities settlement cycle from two business days (T+2) to one business day after trading takes place (T+1), by amending the Central Securities Depositories Regulation. The opinion was published in response to requests from the Council of the European Union and the European Parliament. The ECB confirms that it welcomes the proposed move to T+1, and notes that moving to T+1 would facilitate the objective of promoting settlement efficiency in the European Union (EU) and ensure the EU was aligned with other global jurisdictions such as the UK which have also moved, or are moving, to a shorter securities settlement cycle. The EU T+1 Industry Taskforce is currently working towards a T+1 go-live date of 11 October 2027.]]></description>
					      
						      <pubDate>Tue, 01 Apr 2025 14:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECB-opinion-on-moving-to-T1</guid>
				    </item>
			
					 <item>
					      <title>ICO reports findings of children&apos;s data protection in financial services</title>
					      <link>https://finreg.aoshearman.com/ICO-reports-findings-of-children39s-data-protecti</link>
					      <description><![CDATA[
The Information Commissioner&apos;s Office (ICO) has published its report alongside a press release following a review into the gathering and use of children&apos;s data in financial services, particularly from services supplying them with current accounts, savings accounts, trust accounts, ISAs and prepaid cards. The report, part of the ICO&apos;s strategic ICO25 plan, highlights areas of good practice, while identifying key areas requiring improvement such as: (i) governance - while most organisations have data protection policies in place, there is limited monitoring of compliance with these policies, with only a small percentage providing specific training; (ii) transparency - many organisations lack age-appropriate privacy information and rely on parents or guardians to convey terms to children, creating a risk of children either misunderstanding or not understanding information at all; (iii) consent - some organisations are failing to review and refresh parental consent received on behalf of a child, as the child matures, making original consent likely void until it is obtained from the child; and (iv) contact including marketing - most organisations do not consider the challenges which arise in distinguishing parents and children when communications are provided, thereby increasing non-compliance risks. The ICO&apos;s findings highlight an urgent call for organisations, particularly in the financial services sector offering products for children, to align UK GDPR standards in practice, to mitigate risks and advance in compliance efforts.]]></description>
					      
						      <pubDate>Tue, 01 Apr 2025 14:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ICO-reports-findings-of-children39s-data-protecti</guid>
				    </item>
			
					 <item>
					      <title>EU platform on sustainable finance reports on technical criteria for new activities and review of the Climate Delegated Act</title>
					      <link>https://finreg.aoshearman.com/EU-platform-on-sustainable-finance-reports-on-tec</link>
					      <description><![CDATA[
Following its call for feedback on a draft report, The Platform on Sustainable Finance, an advisory body to the European Commission (EC) has published a final report on technical criterial for new activities and first review of the Climate Delegated Act. The report covers the activities and technical screening criteria to be updated or included in the EU taxonomy. The report sets out recommendations relating to: (i) the review of the criteria and analysis for the EU Taxonomy Climate Delegated Act; (ii) new activities mandated by the European Commission; (iii) new activities mandated by the European Commission but not completed; and (iv) further recommendations for climate change adaptation.]]></description>
					      
						      <pubDate>Tue, 01 Apr 2025 13:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-platform-on-sustainable-finance-reports-on-tec</guid>
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					 <item>
					      <title>UK FOS new charging structure applied</title>
					      <link>https://finreg.aoshearman.com/UK-FOS-new-charging-structure-applied</link>
					      <description><![CDATA[
The UK Financial Ombudsman Service (FOS) has updated its webpage confirming that the new charging structure, which includes charges for professional representatives referring cases, now applies. The changes have been made in accordance with the two implementing instruments (FOS 2025/1 and FOS 2025/2) whose relevant provisions came into force on 1 April. The rules have been introduced to make the funding arrangements for the FOS fairer, and to encourage professional representatives - including authorised claims management companies and certain legal professionals - to give complaints more consideration before deciding to refer them to the FOS. As detailed in the policy statement published on 7 February, professional representatives can now refer up to ten cases for free each financial year. Subsequently, they will be charged &amp;pound;250 for each additional case but will receive &amp;pound;175 back in credit if the case outcome is in favour of the consumer. In terms of the charges to be paid by the firm against whom the complaint is made, if the complaint is not upheld or withdrawn, the firm&apos;s fee will be reduced to &amp;pound;475 instead of &amp;pound;650 (these figures being subject to any group charging arrangement). Individuals, families, friends, charities, and voluntary organisations who bring cases directly to the FOS will continue to be able to use their service for free.]]></description>
					      
						      <pubDate>Tue, 01 Apr 2025 09:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FOS-new-charging-structure-applied</guid>
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					 <item>
					      <title>UK Supreme Court opens three-day hearing on motor finance commission complaints</title>
					      <link>https://finreg.aoshearman.com/UK-Supreme-Court-opens-three-day-hearing-on-motor</link>
					      <description><![CDATA[
The three-day hearing of the significant Supreme Court case involving motor finance commission complaints has begun. The case involves the conjoined appeals involving two lenders who are challenging the decision of the Court of Appeal that a car finance broker could not lawfully receive a lender&apos;s commission without first obtaining the customer&apos;s full informed consent to the deal. This has the potential to impact other sectors that use intermediaries remunerated by commission, extending its implications beyond the motor finance industry. The UK Financial Conduct Authority (FCA) has previously confirmed that if, taking into account the Supreme Court&apos;s decision, it concludes that customers have lost out from widespread failings by car finance providers, it is likely the FCA will consult on an industry-wide redress scheme. This would mean that the usual complaint process would not apply to those consumers in scope of the scheme, and the onus would be on providers to review whether or not customers had lost out and, if so, offer compensation in accordance with rules set by the FCA. The FCA has also published written submissions to the Supreme Court including a statement that the Court of Appeal went too far in effectively treating motor dealer brokers as generally owing fiduciary duties to consumers.]]></description>
					      
						      <pubDate>Tue, 01 Apr 2025 09:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Supreme-Court-opens-three-day-hearing-on-motor</guid>
				    </item>
			
					 <item>
					      <title>UK BoE consults on FSCS depositor protection and new resolution tool</title>
					      <link>https://finreg.aoshearman.com/UK-BoE-consults-on-FSCS-depositor-protection-and-</link>
					      <description><![CDATA[
The UK Bank of England (BoE) has published its consultation paper CP4/25 which contains proposals for depositor protection and the new resolution tool proposed by the Bank Resolution (Recapitalisation) Bill. The consultation paper was published alongside relevant appendices and a press release.

The first part of the consultation proposes increasing the FSCS deposit protection limit from &amp;pound;85,000 to &amp;pound;110,000, and increasing the limit applicable to temporary high balance claims from GBP1 million to GBP1.4 million. The increases take into account the effect of consumer price inflation since the limit was last updated in 2017, with the UK Prudential Regulation Authority (PRA) revising the figure to a round number for memorability, with the aim of increasing depositor awareness and confidence in the deposit protection framework. The consultation also proposes changes to the PRA&apos;s supervisory expectation, reinstating that firms should ensure their systems are able to accommodate limit changes at short notice.

Read more.]]></description>
					      
						      <pubDate>Mon, 31 Mar 2025 15:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-BoE-consults-on-FSCS-depositor-protection-and-</guid>
				    </item>
			
					 <item>
					      <title>UK Treasury policy paper on ensuring regulators and regulation support growth updated</title>
					      <link>https://finreg.aoshearman.com/UK-Treasury-policy-paper-on-ensuring-regulators-a</link>
					      <description><![CDATA[
The HM Treasury (HMT) has updated its policy paper on its new approach to ensure regulators and regulations support growth. The paper was originally published on 17 March. The update includes an amendment in relation to action 2 of the paper, which seeks to reduce uncertainty across the UK regulatory system by working with regulators to achieve clarity on their roles, approach and processes. The amendment confirms that HMT will review the Financial Conduct Authority and Prudential Regulation Authority key performance indicators to ensure they are as ambitious as possible, to provide faster, more proportionate authorisations.]]></description>
					      
						      <pubDate>Mon, 31 Mar 2025 14:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Treasury-policy-paper-on-ensuring-regulators-a</guid>
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					      <title>EC adopts proposal to amend CRR in relation to SFT stable funding factors</title>
					      <link>https://finreg.aoshearman.com/EC-adopts-proposal-to-amend-CRR-in-relation-to-SF</link>
					      <description><![CDATA[
The European Commission (EC) has adopted a proposal to amend Regulation (EU) No 575/2013 (CRR) in relation to the stable funding factors for securities financing transactions (SFTs) and unsecured transactions with a residual maturity of less than six months. The factors are used to apply the net stable funding requirements (NSFR) under the CRR, and, by virtue of article 510(8) of CRR, were due to be increased unless otherwise specified in a legislative act adopted on the basis of an EC proposal. The original intention of article 510(8) was to increase the factors in line with the international standards agreed by the Basel Committee on Banking Supervision, but allowing for credit institutions to adapt in time, and calibrate appropriately, for the increase, which would have occurred by 28 June. However, the current position is instead being maintained in order to ensure the ongoing efficient functioning of SFT and collateral markets, and avoid an undue increase in funding costs for credit institutions. The decision to maintain the current position also intends to bolster the EU&apos;s competitive position given the decisions made by other jurisdictions (including the UK and the U.S.) to deviate from the Basel III international standards. The EC has also published, alongside the proposal document, a staff working document providing background, and a press release giving an overview of the proposal and its context.]]></description>
					      
						      <pubDate>Mon, 31 Mar 2025 11:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-adopts-proposal-to-amend-CRR-in-relation-to-SF</guid>
				    </item>
			
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					      <title>Further suite of technical standards supplementing MiCAR published in the OJ</title>
					      <link>https://finreg.aoshearman.com/Further-suite-of-technical-standards-supplementin</link>
					      <description><![CDATA[
Six Commission Delegated Regulations supplementing Regulation 2023/114 (the EU Markets in Crypto Assets Regulation) (MiCAR) have been published in the Official Journal of the European Union (OJ), namely:

	Commission Delegated Regulation - 2025/300 supplementing MiCAR with regard to regulatory technical standards (RTS) on information to be exchanged between competent authorities.
	Commission Delegated Regulation - 2025/305 supplementing MiCAR with regard to RTS specifying information to be included in an application for authorisation as a crypto-asset service provider (CASP).
	Commission Delegated Regulation - 2025/413 supplementing MiCAR with regard to RTS specifying the detailed content of information necessary to carry out the assessment of a proposed acquisition of a qualifying holding in an issuer of an asset-referenced token.


Read more.]]></description>
					      
						      <pubDate>Mon, 31 Mar 2025 10:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Further-suite-of-technical-standards-supplementin</guid>
				    </item>
			
					 <item>
					      <title>EU Platform on Sustainable Finance publishes updated handbook on climate transition and Paris-aligned benchmarks</title>
					      <link>https://finreg.aoshearman.com/EU-Platform-on-Sustainable-Finance-publishes-upda</link>
					      <description><![CDATA[
The Platform on Sustainable Finance, an advisory body to the European Commission (EC) has published an updated version of its handbook on Climate Transition Benchmarks and Paris-Aligned Benchmarks (version 2), and has also updated its webpage. The first version of the Handbook was published in December 2019, and was in response to frequently asked questions (FAQs) faced by the TEG benchmarks subgroup members when presenting the EU Climate Transition Benchmark (EU CTB), the EU Paris Aligned Benchmark (EU PAB) , and the benchmarks&apos; disclosure guidance on environmental, social or governance (ESG) issues. The updated version covers clarifying (i) the 7% Reduction Trajectory, (ii) matters of terminology, explaining (iii) the anti-greenwashing measures, (iv) data sources and estimation techniques (v) related classification, and (vi) ESG disclosure matters. Each response to a FAQ in the updated version will also now indicate whether it is from 2019 or 2025, as well as referring to which publications of the TEG, may be relevant.]]></description>
					      
						      <pubDate>Fri, 28 Mar 2025 13:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Platform-on-Sustainable-Finance-publishes-upda</guid>
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					      <title>UK FPC consults on increase to O-SII buffer thresholds</title>
					      <link>https://finreg.aoshearman.com/UK-FPC-consults-on-increase-to-O-SII-buffer-thres</link>
					      <description><![CDATA[
The UK Financial Policy Committee (FPC) has published its consultation paper on increasing the current capital buffer thresholds which apply to other systemically important institutions (O-SIIs). The thresholds are part of the FPC&apos;s framework for the systemic risk buffer, which requires systemically important banks to hold more capital to absorb stress, and increase the resilience of the UK financial system as a whole. The consultation follows the FPC&apos;s review in 2024 which noted the growth in nominal GDP between 2019 and 2023, and that current capital buffer thresholds would need to change to reflect this cumulative growth. Accordingly, the FPC is proposing to increase the current O-SII buffer thresholds by 20% (rounded to the nearest GBP5 million), based on the 20% cumulative growth in nominal GDP between 2019 and 2023. If the FPC confirms these proposals, the UK Prudential Regulation Authority (PRA), which is responsible for issuing O-SII buffer rates, will reissue 2024 O-SII buffer rates based on firms&apos; 2023 leverage exposure measures which will apply from 1 January 2026. The FPC also proposes to assess the thresholds as part of its regular reviews of the framework which take place at least every three years, to avoid significant one-off increases in future. Going forward, it is proposed that future indexation will be communicated through the FPC Record which will then be used by the PRA for setting the new rate. The deadline for comments is 30 May.]]></description>
					      
						      <pubDate>Fri, 28 Mar 2025 11:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FPC-consults-on-increase-to-O-SII-buffer-thres</guid>
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					      <title>UK digital securities sandbox instrument on ancillary FMI activities</title>
					      <link>https://finreg.aoshearman.com/UK-digital-securities-sandbox-instrument-on-ancil</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published its Handbook Notice 128 which (among other things) confirms Handbook changes made by the Digital Securities Depositories Instrument 2025 (FCA 2025/14). The instrument makes changes to the glossary and market conduct sourcebook sections of the FCA handbook confirming how the FCA Handbook applies to authorised persons carrying out digital securities depository and ancillary activities in the FCA&apos;s digital securities sandbox. In summary, the core functions of a digital securities depository and category 1 ancillary activities (being activities which are carried on for the purpose of enabling those core functions) will be treated as unregulated activities, while category 2 ancillary activities (being other ancillary activities not classed as category 1) will continue to be subject to relevant parts of the FCA Handbook, as applicable.

This change was made in conjunction with updates to the UK Bank of England and FCA guidance on the operation of the digital securities sandbox (on 27 March) confirming how ancillary services would be included in a participant firm&apos;s sandbox approval notice. The updates also clarify that banking-type ancillary service providers would need to hold Part 4A permission to accept deposits, and other relevant permissions, to carry on any other regulated activity for both core cash settlement and other ancillary banking services.]]></description>
					      
						      <pubDate>Fri, 28 Mar 2025 10:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-digital-securities-sandbox-instrument-on-ancil</guid>
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					      <title>UK Financial Intelligence Unit SARS report published</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Intelligence-Unit-SARS-report-publis</link>
					      <description><![CDATA[
The UK Financial Intelligence Unit (UKFIU) has published its annual report on suspicious activity reports (SARs) for the period between April 2023 and March 2024. The annual report structure has been updated due to a number of key changes, including the new reporting portal which was introduced in September 2023, and changes to the UK anti-money laundering regulatory framework. Key points noted in the report were the uptick in the number of defence against money laundering (DAML) requests refused, indicating better quality DAML SARs were being submitted, and wider use of account freezing orders by law enforcement. In terms of the sector breakdown, banking and financial services firms (including e-money, payments and crypto) continue to comprise the majority of SAR reporters, being responsible for over 95% of SAR reports. The report also confirms that the UKFIU will continue to work towards delivery of the new SARs Digital Service, which will provide greater analytical capabilities.]]></description>
					      
						      <pubDate>Fri, 28 Mar 2025 10:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Intelligence-Unit-SARS-report-publis</guid>
				    </item>
			
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					      <title>UK PRA policy statement on FSCS MELL 2025/2026</title>
					      <link>https://finreg.aoshearman.com/UK-PRA-policy-statement-on-FSCS-MELL-20252026</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published a policy statement providing feedback to its consultation paper CP1/25 on the Financial Services Compensation Scheme (FSCS) Management Expenses Levy Limit for the year 2025/2026. The policy statement was published alongside the PRA Rulebook Instrument making the necessary changes to the PRA Rulebook, setting the amount which the FSCS may recover from the sums levied as management expenses for the 2025/2026 period. The policy statement confirms that since the publication of the consultation paper, the FSCS has confirmed that the projected underspend (which was approximately GBP1.7 million for 2024/25) is now GBP2.8 million, which, if it materialises, will be used to offset the levy for relevant classes in 2025/26. The instrument came into force on 1 April.]]></description>
					      
						      <pubDate>Fri, 28 Mar 2025 10:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PRA-policy-statement-on-FSCS-MELL-20252026</guid>
				    </item>
			
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					      <title>ESMA peer review on implementation of STS securitisation requirements</title>
					      <link>https://finreg.aoshearman.com/ESMA-peer-review-on-implementation-of-STS-securit</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published its peer review report on national competent authorities&apos; (NCAs) supervision of simple, transparent and standardised (STS) securitisations. The report looks into and provides recommendations on the supervisory approaches adopted by selected NCAs when supervising STS securitisation transactions and the activities of their originators, sponsors and securitisation special purpose entities. The Peer Review Committee recommends relevant NCAs scale up their approach to STS supervision, so that risks arising from these transactions are adequately identified, assessed and addressed. NCAs are encouraged to continue monitoring the evolution of their STS markets and to adapt their supervisory approach and resource allocation as needed. This is said to be particularly relevant in light of the ongoing fundamental review of the securitisation regulatory framework, with the aim to revive the securitisation market in the EU. ESMA expects to carry out a follow-up assessment in the future to evaluate progress made against the recommendations and track developments in STS supervision across jurisdictions.]]></description>
					      
						      <pubDate>Thu, 27 Mar 2025 15:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-peer-review-on-implementation-of-STS-securit</guid>
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					      <title>FSB forum on cross-border payments data</title>
					      <link>https://finreg.aoshearman.com/FSB-forum-on-cross-border-payments-data</link>
					      <description><![CDATA[
The Financial Stability Board (FSB) has announced the establishment of a forum on cross-border payments data, a key outcome from the FSB&apos;s recommendations for data frameworks related to cross-border payments published in December 2024. The forum seeks to bring together experts in payments, anti-money laundering and countering terrorist financing, sanctions and data privacy and protection, to strengthen cooperation on data-related issues in cross-border payments. Working with international organisations, including with the Financial Action Task Force (FATF) and the Organisation for Economic Cooperation and Development (OECD), the forum will serve as a platform for dialogue, information exchange and research, helping to identify and address inconsistencies in global data frameworks. An advisory body comprised of private sector representatives will also be created to provide industry perspectives and expertise to the forum. Its first meeting will be held in May.]]></description>
					      
						      <pubDate>Thu, 27 Mar 2025 13:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FSB-forum-on-cross-border-payments-data</guid>
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					      <title>European Commission calls on Member States to fully transpose EU DORA Directive</title>
					      <link>https://finreg.aoshearman.com/European-Commission-calls-on-Member-States-to-ful</link>
					      <description><![CDATA[
The European Commission (EC) has announced that it has opened infringement procedures by sending a letter of formal notice to 13 Member States (Belgium, Bulgaria, Denmark, Greece, Spain, France, Latvia, Lithuania, Malta, Poland, Portugal, Romania and Slovenia) for failing to fully transpose the Digital Operational Resilience Act Directive (Directive 2022/2556) (DORA Directive). Member States had to transpose the DORA Directive into national law by 17 January. The Member States concerned now have two months to respond and to complete their transposition and notify their measures to the EC. In the absence of a satisfactory response, the EC may decide to issue a reasoned opinion, the second stage of the formal infringement procedure.]]></description>
					      
						      <pubDate>Thu, 27 Mar 2025 13:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-calls-on-Member-States-to-ful</guid>
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					      <title>UK regulators consult on changes to margin requirements for non-centrally cleared derivatives</title>
					      <link>https://finreg.aoshearman.com/UK-regulators-consult-on-changes-to-margin-requir</link>
					      <description><![CDATA[
The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have opened a consultation on margin requirements for non-centrally cleared derivatives. The proposals are to:


	Make permanent the current temporary exemption, which is due to expire 4 January 2026, for single-stock equity options and index options from the UK bilateral margining requirements. The EU had the same temporary exemption until 24 December 2024 when the latest revisions to the European Market Infrastructure Regulation, known as EMIR 3, made the exemption permanent. We discuss this change and others in our client bulletin, &quot;EMIR 3 - Impact on uncleared OTC derivatives markets&quot;. Both the UK and EU allow provision for the exemptions to change, if in future other jurisdictions implement margin requirements for these derivatives.


Read more.]]></description>
					      
						      <pubDate>Thu, 27 Mar 2025 10:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-regulators-consult-on-changes-to-margin-requir</guid>
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					      <title>Changes to UK Code of Broadcast Advertising relating to unregulated investments</title>
					      <link>https://finreg.aoshearman.com/Changes-to-UK-Code-of-Broadcast-Advertising-relat</link>
					      <description><![CDATA[
The Broadcast Committee of Advertising Practice (BCAP), author of the UK Code of Broadcast Advertising (the BCAP Code), has announced that following a consultation, it was introducing changes to Section 14 of the BCAP Code (Financial products, services and investments) to clarify the scope of its restriction of advertisements (ads) for unregulated investments to specialised financial channels and programming. The BCAP Code includes a rule that restricts ads for certain types of complex financial products to specialised financial channels, stations and programming, meaning that such ads cannot be broadcast on mainstream TV or radio to a general audience. The amendment is intended to clarify the scope of the existing restriction on ads for investments unregulated by the FCA, to ensure that it applies in practice to unregulated &quot;investments&quot; that meet the likely consumer understanding of that term. It will remove the risk of what is seen as an inadvertent application of the restriction to unregulated products that technically fall within the definition of investment activity set out within the Financial Services and Markets Act 2000 (as reflected in the Code section), but that are not in line with a layperson&apos;s understanding of an investment, and that are not compatible with the type of risky financial products from which restrictions were intended to protect general broadcast audiences. The changes take effect immediately, but BCAP are mindful of the need to avoid unintended consequences of amending the wording of rules and to ensure that changes are effective. As such, the amended rules will be subject to review after 12 months.]]></description>
					      
						      <pubDate>Wed, 26 Mar 2025 16:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Changes-to-UK-Code-of-Broadcast-Advertising-relat</guid>
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					      <title>EU Platform on Sustainable Finance response to Taxonomy Delegated Act consultation</title>
					      <link>https://finreg.aoshearman.com/EU-Platform-on-Sustainable-Finance-response-to-Ta</link>
					      <description><![CDATA[
The Platform on Sustainable Finance, an advisory body to the European Commission (EC) established under Article 20 of the Taxonomy Regulation, has published its response to the EC&apos;s Taxonomy Delegated Act consultation.

The Platform is broadly supportive of the simplification proposal but makes a number of recommendations, including: (i) introducing a mechanism for all companies to report partial alignment; (ii) clarifying the materiality threshold; (iii) gradually integrating exposures into the Green Asset Ratio; (iv) postponement of KPIs for Banks; and (v) pausing, rather than excluding, reasonable assurance for Corporate Sustainability Reporting Directive (CSRD) reporting, including the EU Taxonomy entity-level reporting. The Platform raises concerns regarding the reduction of the Taxonomy&apos;s scope suggested in the Omnibus proposals, as regards certain corporate sustainability reporting and due diligence requirements. The Platform recommends aligning the scope of Taxonomy reporting with the scope of the CSRD, while preserving the CSRD&apos;s original scope. For non-SME companies below the 1,000-employee threshold, the Platform suggests that reporting should be focused on the most essential standards, including Taxonomy alignment.]]></description>
					      
						      <pubDate>Wed, 26 Mar 2025 11:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Platform-on-Sustainable-Finance-response-to-Ta</guid>
				    </item>
			
					 <item>
					      <title>ESMA guidelines on suitability requirements and format of the periodic statement for portfolio management activities under MiCAR</title>
					      <link>https://finreg.aoshearman.com/ESMA-guidelines-on-suitability-requirements-and-f</link>
					      <description><![CDATA[
Official translations of the guidelines on certain aspects of the suitability requirements and format of the periodic statement for portfolio management activities under the EU Markets in Crypto Assets Regulation (MiCAR) have been published on the European Securities and Market Authority&apos;s (ESMA&apos;s) website. These guidelines apply to competent authorities and cryptoasset service providers (CASPs) where they provide advice on cryptoassets or portfolio management of cryptoassets. They specify the suitability requirements under Article 81(1), (7), (8), (10), (11) and (12) of MiCAR and the requirements applicable to the format of the periodic statement to be provided by CASPs in accordance with Article 81(14) of MiCAR. The guidelines apply from 25 May. Competent authorities must notify ESMA by 25 May whether they (i) comply, (ii) do not comply, but intend to comply, or (iii) do not comply and do not intend to comply with the guidelines, with their reasons for not complying. Financial market participants are not required to report whether they comply with these guidelines.]]></description>
					      
						      <pubDate>Wed, 26 Mar 2025 10:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-guidelines-on-suitability-requirements-and-f</guid>
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					      <title>Omnibus proposals: Council of the EU agrees position on &apos;stop-the-clock&apos; mechanism</title>
					      <link>https://finreg.aoshearman.com/Omnibus-proposals-Council-of-the-EU-agrees-positi</link>
					      <description><![CDATA[
The Council of the EU has announced that it has agreed its position on the &quot;stop-the-clock&quot; mechanism to postpone the dates of application of certain corporate sustainability reporting and due diligence requirements, as well as the transposition deadline of the due diligence provisions. In particular, to postpone:


	by two years the entry into application of the Corporate Sustainability Reporting Directive (CSRD) requirements for large companies that have not yet started reporting, as well as listed SMEs; and
	by one year the transposition deadline and the first phase of the application (covering the largest companies) of the Corporate Sustainability Due Diligence Directive (CSDDD).

This mechanism is intended to grant the co-legislators time to agree on substantive changes to the CSRD and CSDDD, also proposed by the Commission as part of the &quot;Omnibus I&quot; package on sustainability. The European Parliament has scheduled 1 April for a vote on this fast-tracked proposal.]]></description>
					      
						      <pubDate>Wed, 26 Mar 2025 08:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Omnibus-proposals-Council-of-the-EU-agrees-positi</guid>
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					      <title>Bank of England discusses opportunities in innovating wholesale payments</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-discusses-opportunities-in-innova</link>
					      <description><![CDATA[
Victoria Cleland, Executive Director of Payments, Bank of England (BoE) has given a speech on innovating wholesale payments: building a resilient and innovative future. In the speech, Ms Cleland discusses the BoE&apos;s innovation work, including on tokenisation, synchronisation of foreign exchange between sterling and euro and developing a wholesale central bank digital currency. Ms Cleland highlights the BoE&apos;s work on enhancing access to the RTGS service. Before Easter, the FCA will publish a summary of the key feedback received on its February 2024 discussion paper, an update on work so far and its forward-looking policy work in this area. Market participants can expect in April the publication of an updated guide for non-bank payment service provider (NBPSP) access to UK payment systems. The Bank will also be considering offering safeguarding facilities directly to NBPSPs, so that NBPSPs could securely hold funds overnight and manage their liquidity and payment obligations. It is also working with HM Treasury and the Financial Conduct Authority on reforming the regulatory regime for NBPSPs to support their RTGS access. The BoE will also soon be publishing updated information on access to RTGS to give more details on benefits, costs and processes, including for foreign banks. The Bank intends to continue engaging with industry on assessing the appropriateness of the CHAPS direct participation threshold. Additionally, given the value of a consistent adoption of the ISO 20022 global messaging standard, the BoE will mandate the use of ISO 20022 enhanced data for certain CHAPS payments from 1 May, including the use of Legal Entity Identifiers for payments between financial institutions.]]></description>
					      
						      <pubDate>Tue, 25 Mar 2025 14:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-discusses-opportunities-in-innova</guid>
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					      <title>FCA feedback statement on rule review in response to consumer duty</title>
					      <link>https://finreg.aoshearman.com/FCA-feedback-statement-on-rule-review-in-response</link>
					      <description><![CDATA[
The Financial Conduct Authority (FCA) has published a feedback statement on immediate areas for action and further plans for reviewing FCA requirements following introduction of the Consumer Duty. It follows the FCA&apos;s call for input to which it received 172 responses. Most respondents supported simplification of requirements in principle, but opinions varied on the approach and timeline.

Read more.]]></description>
					      
						      <pubDate>Tue, 25 Mar 2025 10:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-feedback-statement-on-rule-review-in-response</guid>
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					      <title>The UK FCA new five-year strategy</title>
					      <link>https://finreg.aoshearman.com/The-UK-FCA-new-five-year-strategy</link>
					      <description><![CDATA[
The Financial Conduct Authority (FCA) has published its new five-year strategy, focusing on the following key priorities with the stated objectives of deepening trust and rebalancing risk, to support growth and improve lives:


	to be a smarter regulator; predictable, purposeful and proportionate. The FCA will improve its processes and embrace technology to become more efficient and effective.
	to support sustained economic growth, by enabling investment, innovation and ensuring the continued competitiveness of the UK&apos;s world-leading financial services.
	to help consumers navigate their financial lives by working with industry to boost trust, product innovation and ensuring the right information and support is available for people to take financial decisions.
	to fight financial crime, focusing on those who seek to use the fact they are regulated to do harm. It will go further to disrupt criminals and support firms to be an effective line of defence.


Each priority is accompanied by intended markers of success by 2030.]]></description>
					      
						      <pubDate>Tue, 25 Mar 2025 08:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/The-UK-FCA-new-five-year-strategy</guid>
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					      <title>Council of the EU adopts financial benchmarks regulation</title>
					      <link>https://finreg.aoshearman.com/Council-of-the-EU-adopts-financial-benchmarks-reg</link>
					      <description><![CDATA[
The Council of the EU has announced that it has adopted at first reading the financial benchmarks regulation with the aim of reducing red tape for EU companies, particularly SMEs. The regulation amends the Benchmark Regulation (Regulation 2016/1011) (BMR) to reduce the regulatory burden on administrators of benchmarks defined as non-significant by removing them from the scope of the legislation. Critical or significant benchmarks will remain within the scope of the revised BMR. EU administrators that are out of scope will be able to opt-in, under certain conditions.

Additionally, the regulation will establish a revised framework for non-EU benchmark administrators to access the EU markets by, among other things, allowing for recognition without requiring equivalence. The European Securities and Markets Authority (ESMA) is granted supervisory powers over non-EU benchmark administrators, aligning ESMA&apos;s oversight across both the recognition and endorsement regimes.

Read more.]]></description>
					      
						      <pubDate>Mon, 24 Mar 2025 15:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Council-of-the-EU-adopts-financial-benchmarks-reg</guid>
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					      <title>Bank of England 2025 bank capital stress test launched</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-2025-bank-capital-stress-test-lau</link>
					      <description><![CDATA[
The Bank of England (BoE) has launched the 2025 bank capital stress test for the seven largest and most systemic UK banks and building societies. The exercise is the successor to the Annual Cyclical Scenario. The test involves a hypothetical stress scenario which will be used to assess the resilience of the UK banking system to deep simultaneous recessions in the UK and global economies, large falls in asset prices, higher global interest rates and a stressed level of misconduct costs. The stress scenario is not a forecast of macroeconomic and financial conditions. Rather, like previous concurrent stress test scenarios, it is intended to be a coherent &quot;tail risk&quot; scenario designed to be severe and broad enough to allow the Financial Policy Committee and Prudential Regulation Committee to assess the resilience of UK banks to a range of adverse shocks. The 2025 Bank Capital Stress Test has three elements, which include a macroeconomic scenario, a financial markets and traded risk scenario and a misconduct stress. The macroeconomic scenario involves a severe global aggregate supply shock leading to deep recessions in the UK and globally. The BoE also published key elements of the stress test. The results will be published at an aggregate and individual bank level in Q4. The results will be used to inform the setting of capital buffers for the UK banking system and individual participating banks, and to inform a broader understanding of risks in the banking system.]]></description>
					      
						      <pubDate>Mon, 24 Mar 2025 14:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-2025-bank-capital-stress-test-lau</guid>
				    </item>
			
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					      <title>European Commission targeted consultation on the application of the markets risk prudential framework</title>
					      <link>https://finreg.aoshearman.com/European-Commission-targeted-consultation-on-the-</link>
					      <description><![CDATA[
The European Commission (EC) has launched a consultation to help determine the best approach for the application of the EU&apos;s framework on market risk prudential requirements for banks, with an accompanying press release. Last year, the Commission postponed by one year (until 1 January 2026) the date of fundamental review of the trading book (FRTB) application in the EU, in order to align implementation with other major global jurisdictions. Recent international developments indicate further possible delays in these jurisdictions, raising concerns on the international level playing field and the impact on EU banks. In this context, the EC is consulting on possible action within its mandate under Article 461a of the capital requirements regulation around three potential options: (i) implementing the FRTB as currently laid down in the Banking package, from 1 January 2026; (ii) postponing the date of application by a further year (1 January 2027); or (iii) introducing temporary and targeted amendments to the market risk framework for up to three years. A list of possible temporary amendments is set out in the annex to the consultation. Combinations of the options or other alternatives could also be envisaged provided they are within the EC&apos;s mandate. Interested parties are invited to submit their contributions by 22 April. The EC is empowered under Article 461a to adopt a Delegated Regulation by the end of June.]]></description>
					      
						      <pubDate>Mon, 24 Mar 2025 14:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-targeted-consultation-on-the-</guid>
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					      <title>European Commission adopts RTS on the elements to assess when subcontracting certain ICT services under DORA</title>
					      <link>https://finreg.aoshearman.com/European-Commission-adopts-RTS-on-the-elements-to</link>
					      <description><![CDATA[
The European Commission has adopted a Delegated Regulation supplementing Regulation 2022/2554 on digital operational resilience for the financial sector (DORA) with regard to regulatory technical standards specifying the elements that a financial entity has to determine and assess when subcontracting ICT services supporting critical or important functions. Articles 1 and 2 establish the rules on proportionality and group application. Article 3 sets out rules on due diligence and risk assessment regarding the use of subcontractors supporting critical or important functions. Article 4 establishes the description and the conditions under which ICT services supporting a critical or important function may be subcontracted. Articles 5 and 6 contain the rules on material changes to subcontracting arrangements of ICT service supporting critical or important functions and the provisions on the termination of the contractual arrangement. The Delegated Regulation will enter into force 20 days after its publication in the Official Journal of the EU.]]></description>
					      
						      <pubDate>Mon, 24 Mar 2025 13:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-adopts-RTS-on-the-elements-to</guid>
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					      <title>RTS on criteria for the composition of joint examination teams under EU DORA published in OJ</title>
					      <link>https://finreg.aoshearman.com/RTS-on-criteria-for-the-composition-of-joint-exam</link>
					      <description><![CDATA[
Commission Delegated Regulation 2025/420 has been published in the Official Journal of the EU. This Delegated Regulation supplements Regulation 2022/2554 on digital operational resilience for the financial sector (DORA) with regard to regulatory technical standards (RTS) to specify the criteria for determining the composition of the joint examination team ensuring a balanced participation of staff members from the European Supervisory Authorities and from the relevant competent authorities, their designation, tasks and working arrangements. The Delegated Regulation will enter into force on 13 April.]]></description>
					      
						      <pubDate>Mon, 24 Mar 2025 13:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/RTS-on-criteria-for-the-composition-of-joint-exam</guid>
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					      <title>UK FCA voluntary survey of ESG ratings providers</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-voluntary-survey-of-ESG-ratings-providers</link>
					      <description><![CDATA[
The Financial Conduct Authority (FCA) has published a new webpage on a voluntary survey it issued to environmental, social and governance (ESG) ratings providers on 21 March, to help inform the future regulation of ESG ratings and broader sustainability disclosures. This follows a survey in November 2024 open to all who may be users of ESG ratings and sustainability disclosures. The FCA explains that the input from this survey will inform its cost benefit analysis, policy development and help ensure that the future regulation is both proportionate and tailored to the needs of the market. The information requested to help the FCA better understand the ESG ratings market, includes: (i) the business models and group structures used to provide ESG ratings; (ii) how ESG ratings are constructed and distributed: (iii) what policies and processes firms have in place; and (iv) how firms interact with the broader sustainability disclosures. The FCA is encouraging firms to respond by 2 May but no later than 16 May.]]></description>
					      
						      <pubDate>Mon, 24 Mar 2025 12:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-voluntary-survey-of-ESG-ratings-providers</guid>
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					      <title>Suite of regulatory technical standards supplementing MiCAR published in OJ</title>
					      <link>https://finreg.aoshearman.com/Suite-of-regulatory-technical-standards-supplemen</link>
					      <description><![CDATA[
Four Commission Delegated Regulations supplementing Regulation 2023/1114 (MiCAR) have been published in the Official Journal of the EU, namely:

	Commission Delegated Regulation - 2025/415 supplementing the EU Markets in Crypto Assets Regulation (MiCAR) with regard to regulatory technical standards specifying adjustment of own funds requirement and minimum features of stress-testing programmes of issuers of asset-referenced tokens or of e-money tokens.
	Commission Delegated Regulation - 2025/418 supplementing MiCAR with regard to regulatory technical standards specifying the minimum content of the governance arrangements on the remuneration policy of issuers of significant asset-referenced or e-money tokens.
	Commission Delegated Regulation - 2025/419 supplementing MiCAR with regard to regulatory technical standards specifying the procedure and timeframe for an issuer of asset-referenced tokens or of e-money tokens to adjust the amount of its own funds.
	Commission Delegated Regulation - 2025/421 supplementing MiCAR with regard to regulatory technical standards specifying the data necessary for the classification of crypto-asset white papers and the practical arrangements to ensure that such data is machine-readable.


Each of these delegated regulations will enter into force on 13 April.]]></description>
					      
						      <pubDate>Mon, 24 Mar 2025 10:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Suite-of-regulatory-technical-standards-supplemen</guid>
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					      <title>EU Platform on Sustainable Finance report:  Streamlining sustainable finance for SMEs</title>
					      <link>https://finreg.aoshearman.com/EU-Platform-on-Sustainable-Finance-reportnbsp-Str</link>
					      <description><![CDATA[
The Platform on Sustainable Finance, an advisory body to the European Commission (EC) established under Article 20 of the Taxonomy Regulation, has published a report on streamlining sustainable finance for SMEs. Despite the critical role that SMEs play in the transition to a net zero, resilient and environmentally sustainable economy, SMEs face significant challenges in accessing external financing for their sustainability efforts. To address the challenges faced by SMEs in relation to use of the Taxonomy, the Platform proposes a tailored streamlined approach - &quot;the SME sustainable finance standard&quot; - to be used by banks and other financiers to classify the loans or other type of financing they provide to SMEs as sustainable (green or transition) finance and simplify any related voluntary reporting.

Read more.]]></description>
					      
						      <pubDate>Fri, 21 Mar 2025 16:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Platform-on-Sustainable-Finance-reportnbsp-Str</guid>
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					      <title>ESMA guidelines on the conditions and criteria for the qualification of cryptoassets as financial instruments</title>
					      <link>https://finreg.aoshearman.com/ESMA-guidelines-on-the-conditions-and-criteria-fo</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published official translations of its guidelines on the conditions and criteria for the qualification of cryptoassets as financial instruments under Article 2(5) of the Markets in Cryptoassets Regulation (MiCAR). The guidelines will now apply from 18 May to competent authorities and financial market participants including issuers, offerors, cryptoasset service providers, investors and all persons engaging in activities relating to cryptoassets. National competent authorities must notify ESMA whether they comply, do not comply but intend to comply, or do not intend to comply with the joint guidelines by 18 May. Financial market participants are not required to report whether they comply.]]></description>
					      
						      <pubDate>Wed, 19 Mar 2025 16:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-guidelines-on-the-conditions-and-criteria-fo</guid>
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					      <title>European Commission communication on the Savings and Investments Union</title>
					      <link>https://finreg.aoshearman.com/European-Commission-communication-on-the-Savings-</link>
					      <description><![CDATA[
The European Commission has unveiled its strategy for the Savings and Investments Union (SIU), an initiative to improve the way the EU financial system channels savings to productive investments. Alongside the communication, the Commission also published an accompanying press release and questions and answers. A factsheet includes a summary timetable for key proposed measures. In Q2 2027, the Commission will publish a mid-term review of the overall progress in achieving the Savings and Investments Union.

Implementing the SIU requires a range of policy measures, which are grouped under four headings:

	Citizens and savings—encouraging and incentivising retail customers to hold more of their savings in capital market instruments.
	Investments and financing—promoting investment in equity and certain alternative assets, namely venture capital, private equity and infrastructure.
	Integration and Scale—removing sources of fragmentation in EU capital markets, whether regulatory, supervisory or political, to allow for the possibility of market-driven consolidation.
	Efficient Supervision in the Single Market—harmonised supervision is an objective of the SIU. All financial market operators should receive the same supervisory treatment irrespective of their location across the Union.


Read more.]]></description>
					      
						      <pubDate>Wed, 19 Mar 2025 11:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-communication-on-the-Savings-</guid>
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					      <title>UK PRA consultation on recognised exchange policy and transfer of main indices</title>
					      <link>https://finreg.aoshearman.com/UK-PRA-consultation-on-recognised-exchange-policy</link>
					      <description><![CDATA[
The Prudential Regulation Authority (PRA) has launched a consultation on the proposed conditions an investment exchange must meet to be a &apos;recognised exchange&apos; for the purposes of Article 4(1)(72)(c) of the UK&apos;s Capital Requirements Regulation (CRR). The PRA proposes to introduce a new Recognised Exchanges (RE) Part to specify the conditions which focus on two areas: (i) exchange and market structure risk; and (ii) asset liquidity risk.

The PRA proposes that firms should undertake the exchange and asset liquidity risk assessment themselves but to mitigate the risk that firms adopt inconsistent approaches, the PRA proposes to evaluate the implemented approaches through post implementation thematic reviews. Consequential amendments are proposed to the definition of higher risk equity exposure in the PRA&apos;s near-final rules implementing Basel 3.1, tying into the criteria for equity risk weight exposures the exchange and market structure risk but not the asset liquidity risk conditions. The PRA also proposes to restate the list of &apos;main indices&apos; (those securities that are traded on a stock exchange, which are treated as eligible for recognition as Credit Risk Mitigation) in the Glossary Part of the PRA Rulebook without any policy changes. The list is currently in Commission Implementing Regulation 2016/1646. The deadline for comments on the consultation is 18 June.

Read more.]]></description>
					      
						      <pubDate>Wed, 19 Mar 2025 10:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PRA-consultation-on-recognised-exchange-policy</guid>
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					      <title>Preliminary market engagement exercise for the UK digital gilt instrument pilot</title>
					      <link>https://finreg.aoshearman.com/Preliminary-market-engagement-exercise-for-the-UK</link>
					      <description><![CDATA[
The UK Chancellor of the Exchequer has announced details of the launch of the procurement process for the pilot digital gilt instrument (DIGIT) issuance. The pilot aims to: (i) enable the government to explore how distributed ledger technology (DLT) can be applied across the lifecycle of the UK sovereign debt issuance process; and (ii) catalyse the development of UK based DLT infrastructure and the adoption of DLT in UK financial markets. It is expected that:


	DIGIT will be issued on a platform within the Digital Securities Sandbox (DSS), and suppliers will need to obtain any necessary permissions from the Bank of England and the FCA to operate in the DSS before they will be eligible for selection under the associated procurement.
	Given that the use of &apos;unbacked cryptocurrencies&apos; or stablecoins are not within the scope of the DSS, these solutions will not be available for the purposes of the payment leg of any DIGIT transaction.


Read more.]]></description>
					      
						      <pubDate>Tue, 18 Mar 2025 16:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Preliminary-market-engagement-exercise-for-the-UK</guid>
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					      <title>UK moves to permanently exempt UK and EEA pension schemes from the derivatives clearing obligation</title>
					      <link>https://finreg.aoshearman.com/UK-moves-to-permanently-exempt-UK-and-EEA-pension</link>
					      <description><![CDATA[
A draft of the Pension Fund Clearing Obligation Exemption (Amendment) Regulations 2025 has been published alongside an explanatory memorandum. The draft Regulations will amend the UK European Market Infrastructure Regulation (EMIR) to make permanent the temporary exemption from the derivatives clearing obligation for UK and EEA pension scheme arrangements. The temporary exemption is due to expire on 18 June. The draft Regulations will come into force on the day after they are made. The EU EMIR was recently amended by EMIR 3 to provide a permanent exemption from the clearing obligation where a counterparty trades with a non-EU pension scheme arrangement, subject to certain conditions being met.]]></description>
					      
						      <pubDate>Tue, 18 Mar 2025 16:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-moves-to-permanently-exempt-UK-and-EEA-pension</guid>
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					      <title>Global alert portal launched to help reduce retail investment fraud</title>
					      <link>https://finreg.aoshearman.com/Global-alert-portal-launched-to-help-reduce-retai</link>
					      <description><![CDATA[
The International Organization of Securities Commissions (IOSCO) has announced the launch of a new alert portal, which is aimed at strengthening the global fight against retail investment fraud. The International Securities &amp; Commodities Alerts Network (I-SCAN) allows investors, online platform providers, banks and institutions to check if a financial regulator has a suspicious activity flag for a particular company or potential investment. I-SCAN is part of IOSCO&apos;s roadmap for retail investor online safety, which sets strategic initiatives for safeguarding retail investors worldwide from fraud, excessive risk and misinformation as digital trading and social media reshape the retail financial market.]]></description>
					      
						      <pubDate>Tue, 18 Mar 2025 12:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Global-alert-portal-launched-to-help-reduce-retai</guid>
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					      <title>EU DORA guidelines on estimation of costs of major ICT-related incidents published</title>
					      <link>https://finreg.aoshearman.com/EU-DORA-guidelines-on-estimation-of-costs-of-majo</link>
					      <description><![CDATA[
Translations have been published of the joint guidelines on the estimation of aggregated annual costs and losses caused by major ICT-related incidents. The guidelines supplement the EU Digital Operational Resilience Act (DORA) which requires that financial entities report on request to their national competent authorities an estimation of aggregated annual costs and losses caused by major ICT-related incidents. The guidelines indicate how those estimations should be arrived at and include a related reporting template. The guidelines will apply from 19 May.]]></description>
					      
						      <pubDate>Tue, 18 Mar 2025 10:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-DORA-guidelines-on-estimation-of-costs-of-majo</guid>
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					      <title>UK HMT publishes draft SI on UK MiFID Org Reg</title>
					      <link>https://finreg.aoshearman.com/UK-HMT-publishes-draft-SI-on-UK-MiFID-Org-Reg</link>
					      <description><![CDATA[
HM Treasury (HMT) has published a new webpage with a draft statutory instrument (SI) and policy note on the UK Markets in Financial Instruments Directive Organisational Regulation (UK MiFID Org Reg). The draft SI does not seek to make any policy changes but restates definitions from the UK MiFID Org Reg in UK domestic legislation and makes various consequential changes. The publication of the draft SI follows the UK chancellor&apos;s announcement last year of further changes to the UK wholesale markets regulatory framework, which will include the revocation of firm-facing rules within the MiFID Org Reg. These will be replaced in the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) rulebooks. The deadline for comments on the draft SI is 14 April. HMT will then proceed with the restatement of UK MiFID Org Reg definitions, and the revocation of firm-facing rules, to align with the FCA and PRA implementing the new rules in H2 2025.]]></description>
					      
						      <pubDate>Tue, 18 Mar 2025 10:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-HMT-publishes-draft-SI-on-UK-MiFID-Org-Reg</guid>
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					      <title>UK FCA call for evidence on interest rate &apos;stress test&apos; rule for mortgage lenders</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-call-for-evidence-on-interest-rate-39stres</link>
					      <description><![CDATA[
The UK&apos;s Financial Conduct Authority (FCA) has updated its webpage on the interest rate &apos;stress test&apos; rule for mortgage lenders, and issued a call for evidence on the impact of the FCA handbook rule on considering the effect of future interest rate rises in the context of mortgage lender affordability assessments. The rule, MCOB 11.6.18R, requires mortgage lenders, when assessing affordability in accordance with MCOB 11.6.5, to take into account the impact of likely future interest rate increases on affordability for at least five years, except in the case of contracts of less than five years (in which case the duration of the contract should be used) and in the case of contracts which have a fixed interest rate for an initial period for at least five years. The rule does not prescribe a specific rate that lenders should use for testing affordability, but does require lenders to assume that interest rates will rise by a minimum of 1% over the first five years. The rule is being reviewed as part of the broader review of the mortgage rules which follows the FCA&apos;s letter of 16 January to the UK prime minister, confirming (among other things) that it would simplify responsible lending and advice rules for mortgages. The deadline for responses is 11 April.]]></description>
					      
						      <pubDate>Mon, 17 Mar 2025 15:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-call-for-evidence-on-interest-rate-39stres</guid>
				    </item>
			
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					      <title>European Parliament draft report on facilitating the financing of investments and reforms to boost European competitiveness and create Capital Markets Union</title>
					      <link>https://finreg.aoshearman.com/European-Parliament-draft-report-on-facilitating-</link>
					      <description><![CDATA[
The European Parliament Committee on Economic and Monetary Affairs has published a draft report (dated 12 March) on facilitating investments and reforms to boost European competitiveness and creating a Capital Markets Union. The report identifies challenges facing the EU, including the risk of economic decline and its perceived inability to protect itself from territorial threats highlighted by the Russia-Ukraine war as well as the strategic realignment of the U.S. The EU is therefore exploring ways to improve its budgetary headroom and mobilise private capital for investment to provide financing for defence capacities, while continuing to support the green reindustrialisation and to invest in education and research. It is noted that businesses are turning outside the EU to gain access to finance and resources and often scale up in foreign markets.

Read more.]]></description>
					      
						      <pubDate>Mon, 17 Mar 2025 12:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Parliament-draft-report-on-facilitating-</guid>
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					 <item>
					      <title>UK Treasury policy paper on new approach to ensure regulators and regulation support growth</title>
					      <link>https://finreg.aoshearman.com/UK-Treasury-policy-paper-on-new-approach-to-ensur</link>
					      <description><![CDATA[
HM Treasury has published a policy paper setting out the next steps to its approach on regulation and regulators. The three overarching actions are: (i) tackling complexity and the burden of regulation; (ii) reducing uncertainty across the regulatory system; and (iii) challenging and shifting excessive risk aversion in the system. While the paper covers a range of sectors, in the context of financial services, specific actions include plans already announced, such as consolidating the payment systems regulator with the Financial Conduct Authority (FCA). It also builds upon the announcements of the Chancellor at Mansion House, including the drive to modernise the FCA&apos;s rules for dispute resolution with plans to examine whether the Financial Ombudsman Service (FOS) is delivering its role as a simple, impartial dispute resolution service set up in a way which works well for consumers, small businesses and for financial services firms. This review of the FOS is expected to conclude by the summer.

Read more.]]></description>
					      
						      <pubDate>Mon, 17 Mar 2025 11:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Treasury-policy-paper-on-new-approach-to-ensur</guid>
				    </item>
			
					 <item>
					      <title>SRB consultation on operational guidance on resolvability testing for banks</title>
					      <link>https://finreg.aoshearman.com/SRB-consultation-on-operational-guidance-on-resol</link>
					      <description><![CDATA[
The Single Resolution Board (SRB) has opened a consultation on its operational guidance on resolvability testing for banks under the SRB&apos;s remit. It aims to ensure that European banks are regularly testing their capabilities to handle a crisis and to implement a resolution action, and promote a harmonised approach for the implementation of the multi-annual testing programme. With reference to the European Banking Authority&apos;s guidelines on improving resolvability, it defines testing areas and sub-areas, testing methods, as well as expectations for testing governance, design, preparation and reporting. The multi-annual testing programme will define the testing exercises banks will conduct over a three-year period, with an annual review to incorporate developments from the previous year. A natural feedback loop exists between resolvability assessment and testing: resolvability assessment outcomes will shape testing priorities, while testing results will validate operational effectiveness and inform future resolvability assessments. The consultation incorporates lessons learned from past crises and best practice. The deadline for submitting feedback is 5 May. The SRB expects to publish final guidance in Q3.]]></description>
					      
						      <pubDate>Mon, 17 Mar 2025 11:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/SRB-consultation-on-operational-guidance-on-resol</guid>
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					 <item>
					      <title>EBA final report on amendments to ITS on internal model authorisations under CRR</title>
					      <link>https://finreg.aoshearman.com/EBA-final-report-on-amendments-to-ITS-on-internal</link>
					      <description><![CDATA[
The European Banking Authority has published its final draft implementing technical standards (ITS) amending the existing implementing regulation on the joint decision process for internal model authorisation under Articles 143(1), 151(9), 283 and 325az of the Capital Requirements Regulation (CRR). This final draft amending ITS is part of the first phase of the EBA roadmap for implementing the EU Banking Package. The key amendments include:


	A revised scope for the use of internal models for regulatory purposes under CRR III, where the possibility of applying these models for operational risk has been removed. As a result, references to the Advanced Measurement Approach (AMA) have been deleted from the scope of the revised ITS.
	Updated references to the ITS and regulatory technical standards (RTS) on the functioning of supervisory colleges, reflecting changes in the revised supervisory colleges regulatory framework.


The draft ITS will be submitted to the Commission for endorsement following which the ITS will be subject to scrutiny by the European Parliament and the Council before being published in the Official Journal of the EU.]]></description>
					      
						      <pubDate>Mon, 17 Mar 2025 10:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-final-report-on-amendments-to-ITS-on-internal</guid>
				    </item>
			
					 <item>
					      <title>EU recognition of UK CCPs extended</title>
					      <link>https://finreg.aoshearman.com/EU-recognition-of-UK-CCPs-extended</link>
					      <description><![CDATA[
Following the extension of EU equivalence for UK CCPs to 30 June 2028 under the EU European Market Infrastructure Regulation (EMIR), on 17 March, the European Securities and Markets Authority (ESMA) announced the extension of the tiering and recognition of the three UK CCPs: ICE Clear Europe, LCH Ltd and LME Clear. The Bank of England published a press release on the same day welcoming ESMA&apos;s decision to ensure that EU market participants can continue to access the clearing services of the UK CCPs. In addition, ESMA and the Bank have agreed an amended Memorandum of Understanding governing cooperation and information sharing regarding UK CCPs, which take account of the changes brought in by EMIR 3.]]></description>
					      
						      <pubDate>Mon, 17 Mar 2025 10:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-recognition-of-UK-CCPs-extended</guid>
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					 <item>
					      <title>EU MiCAR regulatory technical standards on order book records and transparency data requirements for CASPs</title>
					      <link>https://finreg.aoshearman.com/EU-MiCAR-regulatory-technical-standards-on-order-</link>
					      <description><![CDATA[
The following two delegated regulations made under Article 76(16) of Markets in Cryptoassets Regulation (MiCAR) have been published in the Official Journal of the European Union:

	Commission Delegated Regulation (EU) 2025/416 of 29 November 2024 on regulatory technical standards (RTS) specifying the content and format of order book records for cryptoasset service providers (CASPs) operating a trading platform for cryptoassets. The RTS set out in Articles 2 to 15 the details of each order in cryptoassets advertised through a CASP&apos;s systems the relevant CASP is required to keep at the disposal of the competent authority, or give the competent authority access to, in the format laid down in Tables 2 and 3 of the Annex.
	Commission Delegated Regulation (EU) 2025/417 of 28 November 2024 supplementing MiCAR with regard to RTS specifying the manner in which CASPs operating a trading platform for cryptoassets are to present transparency data. The RTS specify the general principles of presentation of the information on operating rules for trading platforms, pre- and post-trade transparency requirements, real time publication of transactions, and disaggregation of pre- and post-trade data requirements.


Both delegated regulations will enter into force on 3 April.]]></description>
					      
						      <pubDate>Fri, 14 Mar 2025 17:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-MiCAR-regulatory-technical-standards-on-order-</guid>
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					      <title>The Economic Crime and Corporate Transparency Act 2023 (Commencement No.4) Regulations</title>
					      <link>https://finreg.aoshearman.com/The-Economic-Crime-and-Corporate-Transparency-Act</link>
					      <description><![CDATA[
The fourth commencement regulations made under the Economic Crime and Corporate Transparency Act 2023 (ECCTA) have been published. Regulation 2 brought into force on 18 March certain provisions in Parts 1 and 2 of the Act. Regulation 3 brings measures creating the new offence of failing to prevent fraud fully into force in all of the United Kingdom on 1 September. Regulation 4 amends the third set of commencement regulations which failed to comply with the requirement that guidance must be published before regulations bringing section 199 (failure to prevent fraud) of the Act into force are made. Guidance was published on 6 November 2024, the day after the third commencement regulations were made. Regulation 5 replaces references in certain regulations to the commencement of a provision with a reference to the actual date on which the provision came into force. The explanatory note also contains a table listing provisions of the ECCTA which have been brought into force by previous commencement regulations.]]></description>
					      
						      <pubDate>Fri, 14 Mar 2025 16:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/The-Economic-Crime-and-Corporate-Transparency-Act</guid>
				    </item>
			
					 <item>
					      <title>UK FCA Primary Market Bulletin 54</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-Primary-Market-Bulletin-54</link>
					      <description><![CDATA[
The Financial Conduct Authority (FCA) has published its Primary Market Bulletin 54 in which it discusses strategic leaks and unlawful disclosure. The FCA reports that it has seen an increase in instances where material information on live M&amp;A transactions appears to have been deliberately leaked to the press. The FCA reminds issuers and advisers of best practice in mitigating unlawful disclosure and limiting market abuse as set out in Primary Market Bulletin 42, Primary Market Bulletin 52, Article 14 of the Market Abuse Regulation and Rule 2.1(a) of the Takeover Code. Anyone unlawfully disclosing inside information, deliberately or otherwise, risks being investigated for market abuse. The FCA stresses that written policies and procedures for identifying and handling inside information can have limited effectiveness if they are not accompanied by culture and practices which actively discourage leaks.]]></description>
					      
						      <pubDate>Fri, 14 Mar 2025 16:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-Primary-Market-Bulletin-54</guid>
				    </item>
			
					 <item>
					      <title>ESMA statement on treatment of settlement fails following incident affecting T2S and T2 in February 2025</title>
					      <link>https://finreg.aoshearman.com/ESMA-statement-on-treatment-of-settlement-fails-f</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a statement confirming that national competent authorities do not expect central securities depositories (CSDs) to impose cash penalties under the Central Securities Depositories Regulation for settlement fails in EEA CSDs that occurred on 27 and 28 February 2025, in the wake of the T2S and T2 incident on 27 February. The incident meant that no settlement instructions, payment, ancillary system instructions or liquidity transfers between TARGET services could be processed for a number of hours. The incident had significant knock-on effects on the total number and value of settlement fails. Given this was a failure of infrastructure (which was a circumstance independent of the involved participants), it would not be justified to impose cash penalties.]]></description>
					      
						      <pubDate>Fri, 14 Mar 2025 11:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-statement-on-treatment-of-settlement-fails-f</guid>
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					      <title>EBA consultation on draft RTS on the threshold for prudential risk management requirements under CSDR</title>
					      <link>https://finreg.aoshearman.com/EBA-consultation-on-draft-RTS-on-the-threshold-fo</link>
					      <description><![CDATA[
The European Banking Authority has published a consultation on draft Regulatory Technical Standards (RTS) on the threshold of activity at which designated credit institutions and Central Securities Depositories (CSDs) providing &apos;banking-type ancillary services&apos; to a designating CSD need to meet the prudential risk management requirements set out in Articles 54(4) and 54(4a) of the Central Securities Depositories Regulation (CSDR), together with an accompanying press release. Banking-type ancillary services include activities such as providing cash accounts to, and accepting deposits from, participants in a securities settlement system, and payment services involving processing of cash and foreign exchange transactions.

Article 1 of the draft RTS prescribes a formula to determine the threshold which takes into account: (i) the liquidity of the currencies for which commercial bank money (CoBM) settlement is offered; (ii) the number of settlement agents providing CoBM settlement to the designating CSD; (iii) the other roles that the settlement agents may have vis-&amp;agrave;-vis the designating CSD (e.g., participants to the securities settlement systems); and (iv) the creditworthiness of the settlement agents. Depending on the liquidity of the currencies and on the characteristics of the settlement agents, the threshold can range from a minimum of 1.5% of the total value of all securities transactions against cash settled in the books of the CSD, calculated over a one-year period, and EUR3.75 bn, to a maximum of 2.5% and EUR6.25bn.

Read more.]]></description>
					      
						      <pubDate>Fri, 14 Mar 2025 11:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-consultation-on-draft-RTS-on-the-threshold-fo</guid>
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					 <item>
					      <title>UK FCA engagement paper on contactless payments limits</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-engagement-paper-on-contactless-payments-l</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published an engagement paper which seeks views on increasing or removing the current &amp;pound;100 contactless limit, giving payment service providers (PSPs), consumers and businesses greater flexibility to decide limits that work for them. The FCA is engaging stakeholders before consulting on any revised standards, rules or guidance. Given the regulatory and market trends happening around contactless payments, the FCA is considering several options for amending its existing standards for contactless limits: (i) Introducing a new risk-based exemption for in-person transactions which would give PSPs greater flexibility to set their own contactless limits for in-person transactions as long as they are able to achieve low rates of fraud; (ii) Amending the limits in the existing contactless payments exemption, including removing the limits altogether; and (iii) Relying on the consumer duty following legislative change.

The FCA notes that any changes would need to support good consumer outcomes as required by the consumer duty. The FCA is considering prioritising reforms to the contactless payments exemption under its existing regulatory framework before considering wider strong consumer authentication (SCA) requirements. It aims to replace SCA more widely, as and when legislation allows it to do so. With legislative change, other options for reform to contactless payments may be possible and the FCA is also interested to hear if there are alternative approaches which it might implement in the longer term when legislation allows. The paper poses eight specific questions for feedback, which is requested by 9 May.]]></description>
					      
						      <pubDate>Fri, 14 Mar 2025 10:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-engagement-paper-on-contactless-payments-l</guid>
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					 <item>
					      <title>ESMA publishes overview of planned consultations for 2025</title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-overview-of-planned-consultations-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published an overview of its planned consultations for 2025. The consultations relate to workstreams under the EU Listing Act, the Markets in Financial Instruments package, the latest European Market Infrastructure Regulation (known as EMIR 3), the review of the Alternative Investment Fund Managers Directive, sustainable finance and investor protection. ESMA states that it will update the list regularly.]]></description>
					      
						      <pubDate>Thu, 13 Mar 2025 19:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-overview-of-planned-consultations-</guid>
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					      <title>IOSCO publishes consultation report on neo-brokers</title>
					      <link>https://finreg.aoshearman.com/IOSCO-publishes-consultation-report-on-neo-broker</link>
					      <description><![CDATA[
The International Organization of Securities Commissions (IOSCO) has published a consultation report on neo-brokers, a subset of brokers which provide online-only investment services and do not operate physical branches. Neo-brokers rely on technology to facilitate their services, mainly providing access via mobile apps and websites, and have very limited or no human interaction with their retail customers. They have grown in recent years.

The consultation report sets out a series of findings from IOSCO members who reported on the activities of neo-brokers in their jurisdictions and also includes recommendations which member jurisdictions may consider applying. Two areas which require specific action are the potential risks of conflicts of interest, mainly due to business models inducing retail clients to trade more frequently and the need for solid IT infrastructure, given neo-brokers&apos; online-only business models. The report lists a series of questions upon which feedback is welcomed, as well as any more general comments respondents may have on the proposed guidance in the report. Responses should be submitted on or before 12 May.]]></description>
					      
						      <pubDate>Thu, 13 Mar 2025 15:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/IOSCO-publishes-consultation-report-on-neo-broker</guid>
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					      <title>BCBS provides an update on upcoming workstreams</title>
					      <link>https://finreg.aoshearman.com/BCBS-provides-an-update-on-upcoming-workstreams</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision (BCBS) has published a press release providing an update on its workstreams. The BCBS states that it will publish by mid-2025 an update on the outcome of its work to prepare a suite of practical tools to support supervisors in their day-to-day work, taking into account the lessons learned from the 2023 banking turmoil. The BCBS has also committed to analysing recent developments and global practices on banks&apos; information and communication technology risk management. The Committee plans to publish a range of practices report covering its findings in 2026. As part of the BCBS&apos;s work relating to non-bank financial intermediaries (NBFIs), the BCBS states that it will conduct a comprehensive investigation into the synthetic risk transfers from banks to NBFIs to provide an enhanced understanding of the risks and benefits of these products and the evolving nature of the transaction structures.]]></description>
					      
						      <pubDate>Thu, 13 Mar 2025 15:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/BCBS-provides-an-update-on-upcoming-workstreams</guid>
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					      <title>FCA drops contentious proposals on enforcement publication</title>
					      <link>https://finreg.aoshearman.com/FCA-drops-contentious-proposals-on-enforcement-pu</link>
					      <description><![CDATA[
The Financial Conduct Authority (FCA) has published a letter (dated 11 March) to the Treasury Select Committee providing an update on the FCA&apos;s approach to enforcement and diversity and inclusion proposals.

Following the FCA&apos;s second consultation on proposals for publication of enforcement measures, the FCA has decided not to proceed with all of its proposals. In particular, the FCA will not be publicising its investigations of firms at an earlier stage if there is a public interest. The FCA has taken this decision in response to the significant concerns raised by industry and the government. The FCA will be taking forward other proposed changes to its approach to enforcement, including reactively confirming investigations officially announced by firms or other regulators, issuing public notices on possible unlawful activities of unregulated and regulated firms, which should improve consumer protection, and publishing more detail of issues under investigation in anonymised form, potentially introducing an &quot;Enforcement Watch&quot; bulletin. The FCA intends to publish its final policy by the end of June.

The FCA also confirms that the Prudential Regulation Authority (PRA) and the FCA will not be taking forward at this time their plans to bring in final rules on diversity and inclusion in the financial sector (in response to their 2023 consultations). As noted in the FCA&apos;s related statement, this decision has been taken in response to the feedback the regulators have received, expected legislative developments in the area and so as to avoid imposing additional burdens on firms.]]></description>
					      
						      <pubDate>Wed, 12 Mar 2025 19:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-drops-contentious-proposals-on-enforcement-pu</guid>
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					      <title>IOSCO publishes 2025 Work Program</title>
					      <link>https://finreg.aoshearman.com/IOSCO-publishes-2025-Work-Program</link>
					      <description><![CDATA[
The International Organization of Securities Commissions (IOSCO) has published its 2025 Work Program, setting out its ongoing and planned initiatives for 2025. These include: (i) prioritising issues related to non-bank financial intermediation; (ii) developing measures to mitigate risks associated with pre-hedging practices employed by market intermediaries; (iii) conducting a series of targeted actions to tackle new risks to retail investors, including imitative and copy trading, poor digital engagement practices and finfluencer activities; (iv) launching a pilot crypto and digital assets implementation monitoring initiative to understand policy implementation among IOSCO member jurisdictions; (v) continuing work to strengthen the operational resilience of financial market infrastructures; and (vi) assisting with capacity building for jurisdictions that are seeking to adopt or apply the International Sustainability Standards Board standards, as well as those seeking to develop carbon markets in their jurisdictions.]]></description>
					      
						      <pubDate>Wed, 12 Mar 2025 15:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/IOSCO-publishes-2025-Work-Program</guid>
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					      <title>EU amending technical standards published for specifying the data collection for the 2025 benchmarking exercise</title>
					      <link>https://finreg.aoshearman.com/EU-amending-technical-standards-published-for-spe</link>
					      <description><![CDATA[
The Commission Implementing Regulation (EU) 2025/379 has been published in the Official Journal of the European Union. The EU Capital Requirements Directive requires competent authorities to conduct an annual assessment of the quality of internal approaches used for the calculation of own funds requirements. To assist competent authorities in this assessment, the European Banking Authority calculates and distributes benchmark values to competent authorities that allows a comparison of individual institutions&apos; risk parameters. These benchmark values are based on data submitted by institutions as laid out in Commission Implementing Regulation (EU) 2016/2070 which specifies the benchmarking portfolios, templates, and definitions to be used as part of the annual benchmarking exercises. Commission Implementing Regulation (EU) 2025/379 amends the implementing technical standards set out in Implementing Regulation (EU) 2016/2070, replacing the existing annexes IV, V, VI, VII, and X. It will enter into force on 1 April.]]></description>
					      
						      <pubDate>Wed, 12 Mar 2025 15:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-amending-technical-standards-published-for-spe</guid>
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					      <title>IOSCO publishes consultation report on AI in capital markets</title>
					      <link>https://finreg.aoshearman.com/IOSCO-publishes-consultation-report-on-AI-in-capi</link>
					      <description><![CDATA[
The International Organization of Securities Commissions (IOSCO) has published a consultation report on the use cases, risks and challenges of AI in capital markets. The report, which is based on feedback from IOSCO&apos;s members and industry participants, discusses: (i) AI use cases in capital markets (which have evolved since IOSCO&apos;s 2021 AI report); (ii) risks, issues, and challenges related to investor protection, market integrity, and financial stability arising from AI; and (iii) steps that market participants have taken to manage risks and govern development and deployment of AI systems.

Key findings of the report include that firms are increasingly using AI to support decision-making processes (e.g., robo-advising and algorithmic trading) as well as for internal operations and processes. Commonly cited risks include malicious use of AI, concentration, outsourcing, and third-party dependency and risks arising from interactions between humans and AI systems, including a lack of accountability, insufficient oversight, and over-reliance on technology for decision-making. The report also discusses the varied regulatory responses to AI, with some regulators applying existing regulatory frameworks and others developing new frameworks to address the unique challenges posed by AI.

IOSCO is now inviting feedback on the content of the report and other potential areas of focus to inform its approach to developing tools which may help regulators combat the risks of AI in the future. Comments may be submitted on or before 11 April.]]></description>
					      
						      <pubDate>Wed, 12 Mar 2025 15:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/IOSCO-publishes-consultation-report-on-AI-in-capi</guid>
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					      <title>FCA statement on sustainability regulations and UK defence</title>
					      <link>https://finreg.aoshearman.com/FCA-statement-on-sustainability-regulations-and-U</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a statement confirming that there is nothing in its rules, including its sustainability rules, that prevents investment in or finance for defence companies. The FCA confirms that it is up to individual lenders and investors whether they provide capital to defence companies.

The FCA&apos;s sustainability-related rules and regulations include: (i) its Sustainability Disclosure Requirements (SDR), including rules on investment labels for asset managers, and an anti-greenwashing rule applicable to all FCA-authorised firms; (ii) disclosure rules for listed issuers, asset managers and asset owners aligned with the Taskforce on Climate-related Financial Disclosures standards; and (iii) its proposed adoption of the International Sustainability Standards Board&apos;s standards in the UK. HM Treasury is also consulting on the proposed regulatory regime for ESG ratings providers. None of these rules require financial institutions to treat companies differently because they are in the defence sector.]]></description>
					      
						      <pubDate>Tue, 11 Mar 2025 15:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-statement-on-sustainability-regulations-and-U</guid>
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					      <title>PSR publishes policy statement on 2024 APP scams data</title>
					      <link>https://finreg.aoshearman.com/PSR-publishes-policy-statement-on-2024-APP-scams-</link>
					      <description><![CDATA[
The UK Payment Systems Regulator (PSR) has published a policy statement outlining its approach to publishing authorised push payment (APP) scams data for 2024.

In 2025, the PSR will take a different approach to publishing the data, following the introduction of the reimbursement requirement on 7 October 2024, which ensures victims of APP scams are reimbursed in all but exceptional cases. As a result, the PSR is planning to publish two separate data updates for 2024, as data before and after the policy took effect cannot be directly compared. The first report will cover APP scams where the fraudulent transaction took place over Faster Payments before 7 October 2024 and the case was closed between 1 January and 31 December 2024. The second report will cover APP scams where the fraudulent transaction took place after 7 October 2024 and the case was closed between 7 October and 31 December 2024.

The PSR also confirms that it intends to publish a call for views in Spring 2025 to ensure that its future reporting aligns with consumer needs, regulatory requirements and its commitment to transparency. Considerations will include whether the PSR reports at the firm or industry level, the frequency of future reporting and the potential inclusion of additional metrics.]]></description>
					      
						      <pubDate>Tue, 11 Mar 2025 15:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/PSR-publishes-policy-statement-on-2024-APP-scams-</guid>
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					      <title>FCA statement on motor finance review next steps</title>
					      <link>https://finreg.aoshearman.com/FCA-statement-on-motor-finance-review-next-steps</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a statement informing firms, consumers and stakeholders of next steps in its review of the past use of motor finance discretionary commission arrangements.

The Court of Appeal handed down its judgement in three related motor finance appeals on 25 October 2024, finding that there was a fiduciary relationship between the dealer and the consumer, raising the prospect of widespread liability among motor finance firms that failed properly to disclose commissions to customers. The Supreme Court will hear an appeal against the Court of Appeal&apos;s judgement on 1 to 3 April. The FCA&apos;s statement confirms that, if it concludes that motor finance customers have lost out (taking into account the Supreme Court&apos;s decision), it is likely to consult on an industry-wide redress scheme. Firms would be responsible for determining whether customers had lost out due to their failings, but the FCA would set rules that firms must follow under the scheme and introduce checks to ensure they do. The FCA will confirm within six weeks of the Supreme Court&apos;s decision whether it is proposing a redress scheme and, if so, how that would be taken forward. It may also consult separately on changes to its rules, depending on the Supreme Court&apos;s decision.]]></description>
					      
						      <pubDate>Tue, 11 Mar 2025 10:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-statement-on-motor-finance-review-next-steps</guid>
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					      <title>FCA publishes review of liquidity risk management at wholesale trading firms</title>
					      <link>https://finreg.aoshearman.com/FCA-publishes-review-of-liquidity-risk-management</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published observations on good and poor liquidity risk management practices from its multi-firm review of wholesale trading (sell-side) firms in scope of the Investment Firms Prudential Regime (IFPR). In recent years, market stress events such as the COVID pandemic, the Russia-Ukraine war, the nickel price spike and the collapse of Credit Suisse and Silicon Valley Bank have prompted liquidity shocks for some firms. The FCA has, since 2023, written to sell-side firms on multiple occasions on the subject of liquidity risk management, noting that some firms were failing to develop their own competence in the area and advising on actions firms should be taking to manage liquidity risk.

The FCA&apos;s multi-firm review covered larger sell-side firms that are prudentially supervised by the FCA and compared their approaches on liquidity risk management. The FCA has set out examples of good and poor practices in a range of areas including governance and risk culture, stress preparedness, contingency funding plans and wind-down plans, and liquidity risk management capabilities. In general, the FCA found that many firms had appropriate and proportionate approaches, but some firms were weaker with approaches not proportionate to their size and the instantaneous nature of their liquidity risks. Following its review, the FCA took action against some firms and has confirmed it will continue to give feedback and use other regulatory tools where it finds firms are not properly managing liquidity risks. Firms are encouraged to use the good and poor practices identified in the review to improve their liquidity risk management capabilities. The FCA also plans to organise workshops and roundtables to share its observations.]]></description>
					      
						      <pubDate>Mon, 10 Mar 2025 11:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-publishes-review-of-liquidity-risk-management</guid>
				    </item>
			
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					      <title>ESAs publish guidelines on the standardised test for crypto-assets and templates for explanations and opinions under MiCAR</title>
					      <link>https://finreg.aoshearman.com/ESAs-publish-guidelines-on-the-standardised-test-</link>
					      <description><![CDATA[
The European Supervisory Authorities (ESAs) have published guidelines on: (i) a common approach for the regulatory classification of crypto-assets under the Markets in Crypto-asset Regulation (MiCAR); and (ii) templates for certain explanations and opinions required under MiCAR under Arts 8(4), 17(b)(ii) and 18(2)(e). The explanations and opinions relate to whether, or why, a crypto-asset or asset-referenced token should not be considered to be, either, an e-money token, a crypto-asset excluded from the scope of MiCAR or (in the case of crypto-assets) an asset-referenced token.

The guidelines apply from 12 May and national regulators, financial market participants and financial institutions must make every effort to comply with them. Within two months of publication of the guidelines on the ESAs&apos; websites in all official languages, national regulators should inform the ESAs whether they comply or intend to comply, or otherwise their reasons for non-compliance.]]></description>
					      
						      <pubDate>Mon, 10 Mar 2025 10:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESAs-publish-guidelines-on-the-standardised-test-</guid>
				    </item>
			
					 <item>
					      <title>FCA and ICO letter on supporting AI, innovation and growth</title>
					      <link>https://finreg.aoshearman.com/FCA-and-ICO-letter-on-supporting-AI-innovation-an</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) and Information Commissioner&apos;s Office (ICO) have published a joint letter recognising the importance of providing regulatory clarity to the financial services sector on the use of AI and other technologies, in ways that support innovation. A recent FCA and Bank of England survey identified data protection and the Consumer Duty as being among the key regulatory constraints to AI deployment in the financial services industry.

The FCA and ICO will host a roundtable on 9 May to discuss the challenges firms are facing in adopting AI, how the FCA and ICO can collaborate with industry to promote regulatory certainty and support growth and specific areas of data protection and financial regulation where firms need greater regulatory support in order to innovate and adopt new technologies. Notification of intention to attend the roundtable should be sent by 21 March.]]></description>
					      
						      <pubDate>Mon, 10 Mar 2025 10:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-and-ICO-letter-on-supporting-AI-innovation-an</guid>
				    </item>
			
					 <item>
					      <title>FCA invites applications for a bond consolidated tape provider</title>
					      <link>https://finreg.aoshearman.com/FCA-invites-applications-for-a-bond-consolidated-</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a tender notice and related tender documents for the appointment of a bond consolidated tape provider (CTP). The tender documents explain the award process and how to participate; the standards and requirements the CTP will need to meet; the licences that the successful bidder will provide to CT users; and the required information that firms must submit as part of the tender process.

Read more. ]]></description>
					      
						      <pubDate>Fri, 07 Mar 2025 12:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-invites-applications-for-a-bond-consolidated-</guid>
				    </item>
			
					 <item>
					      <title>FCA publishes review of consumer support outcomes</title>
					      <link>https://finreg.aoshearman.com/FCA-publishes-review-of-consumer-support-outcomes</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published the findings of its review of firms&apos; approaches to the consumer support outcome of the Consumer Duty. The FCA identified a range of good practices, including keeping customers&apos; needs front and centre, proactively understanding the needs of customers, building a culture that delivers good customer support outcomes and monitoring whether customers are receiving the support they need. The FCA also identified areas for improvement, including the need to: (i) align support processes to the target market; (ii) make post-sale support as accessible and effective as pre-sale support; (iii) embed a culture that is in step with the Consumer Duty; and (iv) monitor a broader range of outcomes about effective customer support.

These findings are intended to help firms understand FCA expectations around consumer support outcomes under the Consumer Duty so that they can continue evolving their approach accordingly.]]></description>
					      
						      <pubDate>Fri, 07 Mar 2025 11:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-publishes-review-of-consumer-support-outcomes</guid>
				    </item>
			
					 <item>
					      <title>FCA publishes findings from review of firms&apos; treatment of vulnerable customers alongside good practice and areas for improvement</title>
					      <link>https://finreg.aoshearman.com/FCA-publishes-findings-from-review-of-firms-tre</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published the findings from its review of the treatment of customers in vulnerable circumstances. Drawing on several sources, including research commissioned by the FCA (and published for the first time with this review), the FCA has evaluated how firms are supporting vulnerable customers, as well as the appropriateness of the FCA&apos;s existing FG21/1: &quot;Guidance for firms on the fair treatment of vulnerable customers&quot; in light of the Consumer Duty. The FCA found that FG21/1 is still useful and important under the Consumer Duty and is not revising its guidance or introducing new requirements. It noted that the Consumer Duty had driven a renewed focus on delivering good outcomes for vulnerable customers but that some areas for improvement remain.

In response to industry feedback that more case studies would help support firms, the FCA has published a series of examples to highlight good practice and areas for improvement. Going forward, the FCA encourages firms to make use of the good practice and areas of improvement and will continue to engage with industry to support ongoing improvement especially in areas that firms find more challenging.]]></description>
					      
						      <pubDate>Fri, 07 Mar 2025 11:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-publishes-findings-from-review-of-firms-tre</guid>
				    </item>
			
					 <item>
					      <title>ESMA notifies EC of delay of certain deliverables</title>
					      <link>https://finreg.aoshearman.com/ESMA-notifies-EC-of-delay-of-certain-deliverables</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a letter (dated 3 March) addressed to the European Commission on the prioritisation of ESMA&apos;s 2025 deliverables. ESMA&apos;s letter sets out specific items which ESMA intends to delay or which have been cancelled. In some instances the delays are made with the purpose of aligning ESMA&apos;s work with other initiatives. For example, the technical standards on buy-in under the Central Securities Depository Regulation Review are delayed until T+1 implementation is complete. The EU has committed to moving to T+1 by 11 October 2027. ESMA identifies the following as being included in its highest priority workstreams: (i) implementation of the latest amendments to the European Market Infrastructure Regulation, known as EMIR 3; (ii) the Markets in Financial Instruments Directive and Regulation Review; (iii) the Listing Act; (iv) the Central Securities Depository Regulation Review; (v) the T+1 project; and (vi) the review of the Alternative Investment Fund Managers Directive. ESMA is also prioritising new supervisory responsibilities relating to Consolidated Tape Providers, Green Bond verifiers, ESG Rating providers and oversight powers under the Digital Operational Resilience Act.]]></description>
					      
						      <pubDate>Thu, 06 Mar 2025 17:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-notifies-EC-of-delay-of-certain-deliverables</guid>
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					      <title>EBA consults on draft RTS under EU&apos;s new AML package</title>
					      <link>https://finreg.aoshearman.com/EBA-consults-on-draft-RTS-under-EU39s-new-AML-pac</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a consultation on proposed regulatory technical standards (RTS) under the EU&apos;s 2024 anti-money laundering (AML) package. The AML package consists of a Regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (AML Regulation), a Regulation establishing the Anti-Money Laundering Authority (AMLA) and the Sixth Money Laundering Directive (MLD6). The EBA is consulting on draft RTS that will inform its response to the European Commission&apos;s (EC&apos;s) call for advice, which it intends to submit to the EC on 31 October.

Read more.]]></description>
					      
						      <pubDate>Thu, 06 Mar 2025 16:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-consults-on-draft-RTS-under-EU39s-new-AML-pac</guid>
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					 <item>
					      <title>EC guidance on technical screening criteria published</title>
					      <link>https://finreg.aoshearman.com/EC-guidance-on-technical-screening-criteria-publi</link>
					      <description><![CDATA[
A Commission Notice was published in the Official Journal of the European Union on the interpretation and implementation of certain legal provisions of the EU Taxonomy Environmental Delegated Act, the EU Taxonomy Climate Delegated Act and the EU Taxonomy Disclosures Delegated Act. These Delegated Acts supplement the EU&apos;s Taxonomy Regulation. The Notice facilitates the effective application of these pieces of legislation by providing clarity on the existing provisions of the legislation. The notice provides technical clarifications in response to frequently asked questions (FAQs) on the: (i) technical screening criteria set out in the Taxonomy Climate Delegated Act and the Taxonomy Environmental Delegated Acts; and (ii) disclosure obligations for the non-climate environmental objectives set out in the amendments to the Taxonomy Disclosures Delegated Act. The Notice should be read with previous Commission Notices that have been published on the EU Taxonomy and its Delegated Acts.]]></description>
					      
						      <pubDate>Wed, 05 Mar 2025 17:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-guidance-on-technical-screening-criteria-publi</guid>
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					      <title>UK PRA consults on increasing threshold for leverage ratio framework</title>
					      <link>https://finreg.aoshearman.com/UK-PRA-consults-on-increasing-threshold-for-lever</link>
					      <description><![CDATA[
The Prudential Regulation Authority (PRA) has opened a consultation on raising the retail deposits leverage ratio threshold from &amp;pound;50 billion to &amp;pound;70 billion. The leverage ratio applies to major UK banks, building societies and investment firms and to those firms with significant non-UK assets. The PRA sets thresholds to determine which firms are subject to the leverage ratio. The thresholds are &amp;pound;50 billion in retail deposits for major UK firms and &amp;pound;10 billion for non-UK assets for firms with significant non-UK assets. The PRA is proposing to increase the threshold for major UK firms, which was first implemented in 2016, to &amp;pound;70 billion to maintain the proportionality of the framework, ensure it reflects the risk appetite and does not lead to inadvertent regulatory tightening. The threshold for significant non-UK assets will remain the same as the PRA considers that it is still appropriate. Responses to the consultation may be submitted until 5 June. The PRA proposes that the implementation date for these changes would be 1 January 2026.]]></description>
					      
						      <pubDate>Wed, 05 Mar 2025 17:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PRA-consults-on-increasing-threshold-for-lever</guid>
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					      <title>EBA publishes discussion paper on EMIR fees for pro forma margin model validation</title>
					      <link>https://finreg.aoshearman.com/EBA-publishes-discussion-paper-on-EMIR-fees-for-p</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a discussion paper on fees to validate pro forma models under the revised European Market Infrastructure Regulation (known as EMIR 3). EMIR 3 requires that counterparties apply for authorisation to their competent authorities before using, or adopting a change to, a model for initial margin calculation used as a risk-mitigation technique for OTC derivative contracts not cleared by a CCP. The EBA is charged with establishing a central validation function for the elements and general aspects of pro forma models, and changes to those, and must charge an annual fee, per pro forma model, to counterparties using the pro forma models it validates. The EBA&apos;s discussion paper is intended to assist it in responding to a request from the European Commission for technical advice for preparing the delegated act setting out the method for the determination of the amount of the fees and the modalities of the payment of the fees.

In the discussion paper, the EBA outlines its approach to budgeting, the expected costs it will incur in carrying out this new role, expected fees per counterparty including the calculation methods and the modalities of payment. The EBA is seeking feedback on the (i) scope of the new tasks and corresponding costs; (ii) calculation of the monthly average outstanding notional amount of non-centrally cleared OTC derivatives over the past 12 months; (iii) fee calculation methods; and (iv) payment modalities. Responses to the discussion paper may be provided until 7 April. The EBA intends to provide its technical advice by 30 June.]]></description>
					      
						      <pubDate>Wed, 05 Mar 2025 17:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-publishes-discussion-paper-on-EMIR-fees-for-p</guid>
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					      <title>UK FCA highlights areas for improvement in private market valuation processes</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-highlights-areas-for-improvement-in-privat</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published the findings of the multi-firm assessment of valuation practices and governance for valuing private equity, venture capital, private debt and infrastructure assets. The review covered firms managing funds or providing portfolio management and/or advisory services in the UK for private equity, venture capital, private debt and infrastructure assets. The FCA found that many firms had good practices in valuation processes, including the quality of reporting to investors, documenting valuations, using third-party valuation advisers to introduce additional independence and expertise and consistent application of established valuation methodologies.

Read more.]]></description>
					      
						      <pubDate>Wed, 05 Mar 2025 16:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-highlights-areas-for-improvement-in-privat</guid>
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					 <item>
					      <title>UK FCA reminds derivatives market participants of impending end of reporting transitional period</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-reminds-derivatives-market-participants-of</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a reminder for derivative market participants to update their outstanding derivative reports to comply with the amended reporting requirements introduced in February 2023. The UK amended its reporting requirements under the UK European Market Infrastructure Regulation. The changes took effect on 30 September 2024, subject to a transitional period which ends on 31 March. The FCA states that firms should review their reporting arrangements to ensure that they have taken the required steps to amend their outstanding derivative reports ahead of 31 March. The FCA encourages firms that do not believe that they will be able to comply to proactively engage with the regulator regarding their circumstances.]]></description>
					      
						      <pubDate>Tue, 04 Mar 2025 17:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-reminds-derivatives-market-participants-of</guid>
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					      <title>UK Register of Overseas Entities (Protection and Trusts) (Amendment) Regulations 2025</title>
					      <link>https://finreg.aoshearman.com/UK-Register-of-Overseas-Entities-Protection-and-T</link>
					      <description><![CDATA[
The Register of Overseas Entities (Protection and Trusts) (Amendment) Regulations 2025 were published, alongside an explanatory memorandum. The Regulations amend the Register of Overseas Entities (Delivery, Protection and Trust Services) Regulations 2022 to allow anyone whose information could be published or disclosed by the registrar under Register of Overseas Entities (ROE) to apply to Companies House to have their information protected. The ROE was established in 2022 mainly to improve transparency regarding the beneficial ownership of overseas entities holding land in the UK. Overseas entities owning or buying property in the UK must provide information to the Registrar of companies and most of that information is publicly available. There is protection of information of those at serious risk of violence or intimidation. Prior to this amendment, only a registrable beneficial owner or managing officer could apply for protection if they, or anyone they live with, would be at serious risk of intimidation or violence if the information about them is published.

The Regulations also allow trust information that is currently not publicly available to be accessed by application if certain requirements are met. The Regulations enter into force from 28 February, except for the provisions relating to trusts which will enter into force on 31 August. Companies House has published guidance on how to apply to protect details on the ROE.]]></description>
					      
						      <pubDate>Fri, 28 Feb 2025 17:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Register-of-Overseas-Entities-Protection-and-T</guid>
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					      <title>ECB flags reliance of EU card payments on international schemes</title>
					      <link>https://finreg.aoshearman.com/ECB-flags-reliance-of-EU-card-payments-on-interna</link>
					      <description><![CDATA[
The European Central Bank (ECB) has published a report on card schemes and processors. The report provides an updated analysis of the development of card schemes and processing entities in EU member states. In the report, the ECB considers whether changing market conditions allow national card schemes to remain sustainable and considers the distribution of processors across EU countries, including the extent to which non-EU ownership may lead to EU dependence. The ECB concludes that the EU is highly reliant on non-EU solutions to operate card payments. This includes both card schemes and processors. According to the ECB, it is important for an EU solution to be developed at the point of interaction to secure operational resilience and autonomy of EU payment systems.]]></description>
					      
						      <pubDate>Fri, 28 Feb 2025 17:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECB-flags-reliance-of-EU-card-payments-on-interna</guid>
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					      <title>EC adopts Delegated Regulations on RTS under MiCAR</title>
					      <link>https://finreg.aoshearman.com/EC-adopts-Delegated-Regulations-on-RTS-under-MiCA</link>
					      <description><![CDATA[
The European Commission has adopted a number of Commission Delegated Regulations supplementing the Markets in Crypto-Assets Regulation (MiCAR):

	Commission Delegated Regulation (C(2025)1206) adopted in accordance with Article 68(10) of MiCAR prescribes the regulatory technical standards (RTS) specifying records to be kept of all cryptoasset services, activities, orders and transactions undertaken.
	Commission Delegated Regulation (C(2025)1216) adopted in accordance with Article 72(5) of MiCAR sets out RTS specifying the requirements for policies and procedures on conflicts of interest for cryptoasset service providers and the details and methodology for the content of disclosures on conflicts of interest.
	Commission Delegated Regulation (C(2025)1220) adopted in accordance with Article 32(5) of MiCAR contains RTS specifying the requirements for policies and procedures on conflicts of interest for issuers of asset-referenced tokens.


The Council of the EU and the European Parliament will now scrutinise the Delegated Regulations. If neither objects, they will be published in the Official Journal of the European Union and enter into force 20 days after publication.]]></description>
					      
						      <pubDate>Thu, 27 Feb 2025 17:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-adopts-Delegated-Regulations-on-RTS-under-MiCA</guid>
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					      <title>EBA opinion on EC&apos;s partial rejection of RTS on information required in application for authorisation of ARTs</title>
					      <link>https://finreg.aoshearman.com/EBA-opinion-on-ECs-partial-rejection-of-RTS-on-</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published an opinion (dated 25 February) on the European Commission&apos;s (EC&apos;s) amendments relating to the final draft regulatory technical standards (RTS) on the information to be included in the application for authorisation to offer the public and to seek admission to trading of asset-reference tokens (ARTs) under Article 18(6) of the Markets in Crypto-Assets Regulation (MiCAR). The EBA has endorsed the substantive amendments to the draft RTS submitted by the EC and has accepted the remaining changes on other parts that are not considered substantive.

The EBA also published a letter to the EC setting out its intention to accept the changes but inviting the EC to consider amending the Level 1 text at the next available opportunity, to include certain elements that were set out in the draft RTS, given their importance from a supervisory perspective. In particular, the EBA suggest that the EC amend MiCAR to address the requirements of (i) a market abuse policy; (ii) an independent third-party audit about the issuer&apos;s proprietary DLT that is operated by the issuer or by a third-party operator; and (iii) a notion of good repute aligned with the rest of the financial sector.]]></description>
					      
						      <pubDate>Thu, 27 Feb 2025 17:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-opinion-on-ECs-partial-rejection-of-RTS-on-</guid>
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					      <title>UK FCA speech on supporting economic growth</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-speech-on-supporting-economic-growth</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a speech by Nikhil Rathi, chief executive, on supporting economic growth. Mr Rathi notes that from 27 February, the FCA no longer expects firms to have a consumer duty board champion, meaning boards can decide for themselves whether or not to have one. To reflect the same, the FCA has also updated its webpage on consumer duty information for firms. Separately, the FCA will move efficiently on the 50 or so growth proposals it made to the Prime Minister its response to the call to support growth. The FCA will also focus on their joint Call for Input with the Financial Ombudsman Service published in November 2024 on how complaints and redress mechanisms work, by reviewing the framework to ensure even tighter alignment, and clearer early warnings when significant issues are emerging.

Read more.]]></description>
					      
						      <pubDate>Thu, 27 Feb 2025 15:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-speech-on-supporting-economic-growth</guid>
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					      <title>ESMA guidelines on maintenance of systems and security access protocols under MiCAR</title>
					      <link>https://finreg.aoshearman.com/ESMA-guidelines-on-maintenance-of-systems-and-sec</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published official translations of the guidelines on the maintenance of systems and security access protocols for offerors and persons seeking admission to trading of cryptoassets other than asset referenced tokens (ARTs) and e-money tokens (EMTs). The guidelines apply to competent authorities and to &apos;offerors&apos; as defined in Article 3(1)(13) of the Markets in Crypto-Assets Regulation (MiCAR) and persons seeking admission to trading of cryptoassets other than ARTs or EMTs in relation to Article 14(1), point (d), of MiCAR.

The purpose of these guidelines is to specify the appropriate standards for offerors and persons seeking admission to trading who are not subject to the same operational resilience under MiCAR and the Digital Operational Resilience Regulation as their cryptoasset service provider and issuer counterparts. The guidelines include discussion of: (i) the general principle on proportionality; (ii) administrative arrangements and roles and responsibilities concerning systems and security access protocols; (iii) physical security access protocols; (iv) security access protocols for network and information systems; and (v) cryptographic key management.

The guidelines will apply from 27 April. National competent authorities must notify ESMA by 26 April whether they comply, do not comply but intend to comply or do not intend to comply with the guidelines. Offerors and persons seeking admission to trading are not required to report whether they comply with the guidelines.]]></description>
					      
						      <pubDate>Wed, 26 Feb 2025 17:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-guidelines-on-maintenance-of-systems-and-sec</guid>
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					      <title>FATF consultation on complex proliferation financing and sanctions evasion schemes</title>
					      <link>https://finreg.aoshearman.com/FATF-consultation-on-complex-proliferation-financ</link>
					      <description><![CDATA[
The Financial Action Task Force (FATF) has published a consultation aimed at improving country and private sector understanding of current proliferation financing (PF) risks. This study will detail the evasion techniques used by those evading the targeted financial sanctions detailed in Recommendation 7 of the FATF Standards, as well as other national and supranational sanctions that are not covered by the FATF Standards. The resulting report will focus on providing a comprehensive up-to-date understanding of typologies in complex sanctions evasion schemes relevant to PF and identifying enforcement challenges and best practices, which helps to inform countries&apos; PF risk assessment and risk mitigation.

The questions posed by the FATF include: (i) which unique products or services are most vulnerable to exploitation by sanctions evaders and PF actors; (ii) how risks related to vulnerable products or services and/or high-risk countries for sanctions evasion and/or PF activity are managed; (iii) measures (such as setting suspicious transaction report rules) that effectively detect potential sanctions evasion activity; (iv) best practices for information sharing with the public and/or private sectors; and (v) what public information the FATF can provide to assist the private sector and others in mitigating PF risk.

The deadline for responses is 21 March.]]></description>
					      
						      <pubDate>Wed, 26 Feb 2025 16:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FATF-consultation-on-complex-proliferation-financ</guid>
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					      <title>EC proposes omnibus sustainability package</title>
					      <link>https://finreg.aoshearman.com/EC-proposes-omnibus-sustainability-package</link>
					      <description><![CDATA[
The European Commission (EC) has published two omnibus proposals on sustainability and EU investments, designed to address overlapping, unnecessary or disproportionate rules that are creating unnecessary burdens for EU businesses. The package includes amendments to the Corporate Sustainability Reporting Directive (CSRD), the Corporate Sustainability Due Diligence Directive (CSDDD) and the Carbon Adjustment Mechanism (CBAM). In particular, the proposals seek to make sustainability reporting more accessible and efficient, simplify due diligence to support responsible business practices, strengthen the carbon border adjustment mechanism for a fairer trade and unlock opportunities in European investment programmes.

The package is also accompanied by a draft Taxonomy Delegated Act for public consultation. The EC published a Q&amp;A and press release explaining in further detail the purpose of the omnibus legislation and the changes that are proposed.

Read more.]]></description>
					      
						      <pubDate>Wed, 26 Feb 2025 15:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-proposes-omnibus-sustainability-package</guid>
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					      <title>EC call for evidence on amendments to Delegated Regulation under Taxonomy Regulation</title>
					      <link>https://finreg.aoshearman.com/EC-call-for-evidence-on-amendments-to-Delegated-R</link>
					      <description><![CDATA[
The European Commission (EC) has published a call for evidence on a draft Commission Delegated Regulation amending Commission Delegated Regulation 2021/2178 in relation to the simplification of the content and presentation of information to be disclosed concerning environmentally sustainable activities. The draft also proposes amendments to Commission Delegated Regulations 2021/2139 and 2023/2486 as regards simplification of certain technical screening criteria for determining whether economic activities cause no significant harm to environmental objectives. The proposals in the Draft Regulation include a 10% de minimis threshold and excluding from the denominator of the key performance indicators (KPIs) exposures of financial institutions to undertakings with an average number of over 1000 employees until the Commission&apos;s review of Delegated Regulation 2021/2178 is finalised. The application of the trading book and the fees and commission KPIs is also postponed until 2027. The EC also proposes to simplify templates such as summary KPIs and &apos;per activity&apos; information to no longer duplicate elements that are covered by general reporting templates. The call for evidence closes on 26 March.

The EC has also published two omnibus proposals on sustainability and EU investments.]]></description>
					      
						      <pubDate>Wed, 26 Feb 2025 12:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-call-for-evidence-on-amendments-to-Delegated-R</guid>
				    </item>
			
					 <item>
					      <title>FCA speech on approach to NBFI leverage</title>
					      <link>https://finreg.aoshearman.com/FCA-speech-on-approach-to-NBFI-leverage</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a speech by Sarah Pritchard, executive director of consumers, competition and international, on the FCA&apos;s approach to non-bank financial intermediation (NBFI) leverage. The FCA believes that the first line of defence against the build-up of systemic risk related to leverage use is NBFIs themselves appropriately managing their own investment risk. However, for NBFIs to effectively manage their risks related to leverage use, they need to have access to adequate data and information about the markets in which they operate and the risks to which they&apos;re exposed. The second line of defence is counterparty credit risk management. However, in recent stress episodes, counterparty credit risk management has often failed to prevent systemic risks from crystallising. Enhancing private disclosure between counterparties would give leverage providers more information about the overall risk exposures of their NBFI clients, allowing them to manage their counterparty risk more effectively. That said, if NBFIs are required to disclose too much information, this could reveal proprietary information about their investment strategies. The FCA consider that industry has an important role to play in establishing best practice and in developing solutions that can balance the interests of leverage users and providers to improve data availability, so that NBFIs and counterparty credit providers can continue to operate as the first and second lines of defence.

Read more.]]></description>
					      
						      <pubDate>Wed, 26 Feb 2025 11:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-speech-on-approach-to-NBFI-leverage</guid>
				    </item>
			
					 <item>
					      <title>EC consultation on commodity derivatives market</title>
					      <link>https://finreg.aoshearman.com/EC-consultation-on-commodity-derivatives-market</link>
					      <description><![CDATA[
The European Commission has published a targeted consultation document on a review of the functioning of commodity derivatives markets (including for these purposes emissions allowances) and certain aspects relating to spot energy markets. The outcome of this consultation will feed into the Markets in Financial Instruments Directive report with a view to making the EU commodity derivatives markets more efficient and resilient.

The consultation seeks stakeholders&apos; feedback on a broad range of issues, including: (i) data aspects relating to commodity derivatives; (ii) the ancillary activity exemption; (iii) position management and position reporting; (iv) position limits; (v) circuit breakers; and (vi) other elements stemming from the Draghi report on EU competitiveness. Responses must be submitted by 9 April.]]></description>
					      
						      <pubDate>Wed, 26 Feb 2025 11:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-consultation-on-commodity-derivatives-market</guid>
				    </item>
			
					 <item>
					      <title>UK FCA portfolio letter on supervision priorities for asset management and alternatives portfolios</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-portfolio-letter-on-supervision-priorities</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a portfolio letter explaining its current supervision priorities for asset management and alternatives. Firms must discuss this letter with their Board, Executive Committee and accountable Senior Managers to consider whether the risks of harm discussed exist in their firm and implement strategies for managing them.

The FCA&apos;s supervisory priorities include:

	Supporting confident investing in private assets. The FCA will shortly be releasing its multi-firm review on private market valuation practices. The FCA will also start a multi-firm review on conflicts of interest at firms managing private assets.
	Market integrity and avoiding disruption. Informed by the vulnerabilities identified in the System Wide Explanatory Scenario, the FCA will focus surveillance on prudent risk management, liquidity management and operational resilience.
	Consumer outcomes. The FCA will publish its findings from the ongoing multi-firm review of unit linked funds later this year and will also start a multi-firm review of model portfolio services (MPS). This review of MPS will look at how firms are applying the Consumer Duty, to provide confidence that investors are receiving good outcomes from MPS.


Read more.]]></description>
					      
						      <pubDate>Wed, 26 Feb 2025 11:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-portfolio-letter-on-supervision-priorities</guid>
				    </item>
			
					 <item>
					      <title>UK Unauthorised Co-ownership Alternative Investment Funds (Reserved Investor Fund) Regulations 2025 published</title>
					      <link>https://finreg.aoshearman.com/UK-Unauthorised-Co-ownership-Alternative-Investme</link>
					      <description><![CDATA[
The Unauthorised Co-ownership Alternative Investment Funds (Reserved Investor Fund) Regulations 2025 have been published, along with an explanatory memorandum. The regulations support the Government&apos;s introduction of the reserved investor fund (RIF) which will be a new type of UK-based investment fund vehicle legally structured as an unauthorised co-ownership alternative investment fund. The regulations will apply, with modifications, sections 261M to 261O and 261P(1) and (2) of the Financial Services and Markets Act 2000, which currently apply to investors in investment funds that are authorised contractual schemes, to investors in UK-based RIFs (or funds that were RIFs). The Regulations were made on 25 February and come into force when the Co-ownership Contractual Schemes (Tax) Regulations 2025 which establish RIFs come into force, that is 19 March.]]></description>
					      
						      <pubDate>Wed, 26 Feb 2025 11:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Unauthorised-Co-ownership-Alternative-Investme</guid>
				    </item>
			
					 <item>
					      <title>ESMA guidelines on cryptoasset transfer services under MiCAR</title>
					      <link>https://finreg.aoshearman.com/ESMA-guidelines-on-cryptoasset-transfer-services-</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published official translations of its guidelines on the procedures and policies, including the rights of clients, in the context of transfer services for cryptoassets under the Markets in Crypto-Assets Regulation (MiCAR) on investor protection. The guidelines apply to competent authorities and cryptoasset service providers (CASPs) that act as providers of transfer services for cryptoassets on behalf of clients within the meaning of Article 3(1)(26) of MiCAR. These guidelines aim to ensure the common, uniform and consistent application of the provisions in Article 82 of MiCAR. They include guidelines on: (i) the policies and procedures in the context of transfer services for cryptoassets; (ii) information requirements on individual transfers for cryptoassets; (iii) execution times and cut-off times; (iv) rejection or suspension of an instruction to transfer cryptoassets or return of cryptoassets transferred; and (v) the liability of the CASP.

The guidelines will apply from 27 April. National competent authorities must notify ESMA by 26 April whether they comply, do not comply but intend to comply or do not intend to comply with the guidelines. Cryptoasset service providers are not required to report whether they comply with the guidelines.]]></description>
					      
						      <pubDate>Wed, 26 Feb 2025 10:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-guidelines-on-cryptoasset-transfer-services-</guid>
				    </item>
			
					 <item>
					      <title>ESMA guidelines on reverse solicitation under MiCAR</title>
					      <link>https://finreg.aoshearman.com/ESMA-guidelines-on-reverse-solicitation-under-MiC</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published official translations of its guidelines on situations in which a third-country firm is deemed to solicit clients established or situated in the EU and supervision practices to detect and prevent circumvention of the reverse solicitation exemption under the Markets in Crypto-Assets Regulation (MiCAR). The guidelines apply to competent authorities in relation to Article 61(3) of MiCAR. The guidelines include discussion of: (i) the means of solicitation; (ii) the fact that the solicitation may be carried out by the third-country firm itself or any person acting on its behalf or having close links with the third-country firm; and (iii) the construction of the concept of &apos;exclusive initiative of the client&apos;. The Annex to the guidelines contains a non-exhaustive list of examples of circumstances where a third-country firm is likely to be regarded as soliciting clients in the EU.

The guidelines will apply from 27 April. National competent authorities must notify ESMA by 26 April whether they comply, do not comply but intend to comply or do not intend to comply with the guidelines.]]></description>
					      
						      <pubDate>Wed, 26 Feb 2025 09:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-guidelines-on-reverse-solicitation-under-MiC</guid>
				    </item>
			
					 <item>
					      <title>Revised FATF AML and CTF standards to better promote financial inclusion</title>
					      <link>https://finreg.aoshearman.com/Revised-FATF-AML-and-CTF-standards-to-better-prom</link>
					      <description><![CDATA[
The Financial Action Task Force (FATF) has published an updated version of its anti-money laundering (AML) and counter-terrorist financing (CTF) standards after the February FATF Plenary approved changes to Recommendation 1 and its Interpretive Note, with corresponding amendments to Interpretive Notes to Recommendations 10 and 15, as well as related Glossary definitions to better support financial inclusion. The amendments aim to better promote financial inclusion through increased focus on proportionality and simplified measures under the risk-based approach. Alongside this, the FATF also published a consultation document on updating its Guidance on AML/CFT measures and financial inclusion, to equip policy makers and regulators with practical examples. Responses must be submitted by 4 April.]]></description>
					      
						      <pubDate>Tue, 25 Feb 2025 16:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Revised-FATF-AML-and-CTF-standards-to-better-prom</guid>
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					 <item>
					      <title>EBA consultation on amending data collection for 2026 benchmarking under CRD IV</title>
					      <link>https://finreg.aoshearman.com/EBA-consultation-on-amending-data-collection-for-</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a consultation paper containing draft implementing technical standards (ITS) on amending Commission Implementing Regulation (EU) 2016/2070 with regard to the benchmarking of internal models in advance of the 2026 benchmarking exercise. Article 78 of Directive 2013/36 (CRD VI) requires competent authorities to conduct an annual assessment of the quality of approaches used for the calculation of own funds requirements. To assist competent authorities in this assessment, the EBA calculates and distributes benchmark values to competent authorities that allows a comparison of individual institutions&apos; risk parameters. These benchmark values are based on data submitted by institutions as laid out in Commission Implementing Regulation (EU) 2016/2070 which specifies the benchmarking portfolios, templates and definitions to be used as part of the annual benchmarking exercises.

Read more.]]></description>
					      
						      <pubDate>Tue, 25 Feb 2025 12:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-consultation-on-amending-data-collection-for-</guid>
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					 <item>
					      <title>FATF second consultation on payment transparency</title>
					      <link>https://finreg.aoshearman.com/FATF-second-consultation-on-payment-transparency</link>
					      <description><![CDATA[
The Financial Action Task Force (FATF) has published a second consultation on payment transparency, and in particular proposed revisions to recommendation 16 (R.16). The revisions adapt the FATF Standards to the changes in payment business models and messaging standards, as well as to the evolving risks and vulnerabilities. This consultation picks up the main issues raised in the first consultation during February to May 2024, and how these have now been addressed. It also provides more information on the questions of policy intent and proportionality which were raised as overarching issues during that consultation. The revised proposal is attached as an annex to the consultation.

The deadline for responses is 18 April. The FATF will finalise the revisions in June, following which it will develop a guidance paper on payment transparency to facilitate consistent implementation of the updated standards.]]></description>
					      
						      <pubDate>Mon, 24 Feb 2025 16:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FATF-second-consultation-on-payment-transparency</guid>
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					 <item>
					      <title>UK FCA multi-firm review findings on suitability reviews</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-multi-firm-review-findings-on-suitability-</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a new webpage setting out their findings of whether financial advisers are delivering the ongoing advice services that consumers have paid for. The review focused on delivery of suitability reviews as firms generally included these as part of their ongoing advice service. The FCA found that in 83% of the cases where suitability reviews were promised, they were delivered. Firms reported that in a further 15% of cases, clients had either declined the review or not engaged with the firm&apos;s request for the information needed to conduct a review. There were fewer than 2% of cases where firms reported they had made no effort to deliver the suitability review to clients. However, the FCA notes that there were differences in the results across the firms surveyed and the population surveyed was not a representative sample. Additionally, a small subset of firms was not readily able to provide data for all of the years the FCA requested.

Read more.]]></description>
					      
						      <pubDate>Mon, 24 Feb 2025 16:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-multi-firm-review-findings-on-suitability-</guid>
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					 <item>
					      <title>FSB letter to G20 finance ministers and central bank governors ahead of meeting</title>
					      <link>https://finreg.aoshearman.com/FSB-letter-to-G20-finance-ministers-and-central-b</link>
					      <description><![CDATA[
The Financial Stability Board (FSB) has published a letter (dated 21 February) to the G20 finance ministers and central bank governors ahead of their meeting on 26 and 27 February. The letter addresses areas of focus for the FSB, including:


	Implementation monitoring, providing a strategic review of the FSB&apos;s monitoring of 15 years of implementation of reforms. The review is intended to provide valuable insights into the effectiveness of the monitoring of post-global financial crisis regulatory reforms and identify areas where improvements can be made in the tools used to ensure consistent, global implementation of agreed reforms. The FSB will publish a progress report in October.
	Completing the G20 roadmap to enhance cross-border payments. The FSB note that as the work has advanced, many structural issues have become apparent that require concerted efforts to resolve. Addressing these issues calls for significant additional work up to and beyond 2027. The FSB will report in October on progress towards the G20&apos;s goal of making cross-border payments faster, cheaper, more transparent, and accessible. The FSB&apos;s focus this year is on improving the end-user experience, coordinating closely the work of the Bank for International Settlements Committee on Payments and Market Infrastructures and other partner organisations.


Read more.]]></description>
					      
						      <pubDate>Mon, 24 Feb 2025 12:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FSB-letter-to-G20-finance-ministers-and-central-b</guid>
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					 <item>
					      <title>EBA report on data availability and feasibility of a common methodology for ESG exposures</title>
					      <link>https://finreg.aoshearman.com/EBA-report-on-data-availability-and-feasibility-o</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a report on the data availability and feasibility of a common methodology for ESG exposures. In accordance with the mandate under Article 501c(1) of Regulation 575/2013 (CRR), this report aims to assess the availability and accessibility of data related to environmental, social and governance (ESG) risks, as well as the feasibility of introducing a standardised methodology for identifying and qualifying banking book credit exposures to ESG risks.

The EBA explores institutions&apos; existing practices and identifies the current challenges in standardising the identification and classification of exposures to ESG risks, building on observations related to data quality and collection, assessment methodologies and available regulatory guidance. The overview of current practices is complemented by an analysis of specific elements covered by the mandate, including sustainability disclosure reporting frameworks, supervisory stress testing and ESG scores in the credit risk ratings of external credit assessment institutions.

Read more.]]></description>
					      
						      <pubDate>Mon, 24 Feb 2025 12:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-report-on-data-availability-and-feasibility-o</guid>
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					 <item>
					      <title>ESMA guidelines on stress test scenarios under MMF Regulation</title>
					      <link>https://finreg.aoshearman.com/ESMA-guidelines-on-stress-test-scenarios-under-MM</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published official translations of its guidelines on stress test scenarios under the Money Market Funds Regulation (MMF Regulation). These guidelines apply to competent authorities, MMFs and managers of MMFs in relation to Article 28 of the MMF Regulation. In particular, and as specified in Article 28(7) of the MMF Regulation, they establish common reference parameters of the stress test scenarios to be included in the stress tests. The parts of the guidelines shown in red text will apply from 24 April. The other parts of the guidelines already apply from the dates specified in Articles 44 and 47 of the MMF Regulation.]]></description>
					      
						      <pubDate>Mon, 24 Feb 2025 11:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-guidelines-on-stress-test-scenarios-under-MM</guid>
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					 <item>
					      <title>UK FCA research note on AI&apos;s role in credit decisions</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-research-note-on-AIs-role-in-credit-deci</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a research note on AI&apos;s role in credit decisions, exploring the issue of AI explainability in the context of algorithm-assisted decision-making, using consumer credit decisions as a case study to test out different approaches. The researchers used an online experiment to study whether different kinds, or &apos;genres&apos;, of explanation lead to better consumer outcomes such as consumers&apos; ability to judge whether algorithm-assisted decisions are erroneous. Specifically, the researchers tested whether participants were able to identify errors caused either by incorrect data used by the algorithm or by flaws in the algorithm&apos;s decision logic itself.

The experiment found that additional information may make it more difficult to spot errors because there is simply more information to review, encouraging participants to focus on whether this decision logic was followed rather than if the decision logic was sound. However, participants who were given more information about the inner workings of the algorithm&apos;s decision-making reported feeling more confident in their ability to judge the algorithm&apos;s decisions—but their actual judgement was worse on average. The findings reiterate the value of testing accompanying materials that may be provided to consumers when explaining AI, machine learning and/or algorithmic decision-making to understand how effective they are.

Read more.]]></description>
					      
						      <pubDate>Mon, 24 Feb 2025 10:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-research-note-on-AIs-role-in-credit-deci</guid>
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					      <title>Wolfsberg Group FAQs to help assess risks generated by the emergence of digital assets for AML and CTF purposes</title>
					      <link>https://finreg.aoshearman.com/Wolfsberg-Group-FAQs-to-help-assess-risks-generat</link>
					      <description><![CDATA[
The Wolfsberg Group has published FAQs on defining digital assets. The FAQs propose definitions to be used by financial institutions, policymakers, supervisors and regulators to understand the characteristics of digital assets, money laundering, terrorist financing and operational risks they generate, as well as serve as an input to financial institutions developing policies and appropriate controls. The Wolfsberg Group intends to supplement these FAQs in future with guidance on the risks and associated controls for digital assets in line with the concepts developed in the FAQs.

The Wolfsberg Group has also published guidance on payment transparency roles and responsibilities to supplement the Wolfsberg Group Payment Transparency Standards.]]></description>
					      
						      <pubDate>Fri, 21 Feb 2025 16:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Wolfsberg-Group-FAQs-to-help-assess-risks-generat</guid>
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					 <item>
					      <title>Wolfsberg Group guidance supplementing payment transparency standards</title>
					      <link>https://finreg.aoshearman.com/Wolfsberg-Group-guidance-supplementing-payment-tr</link>
					      <description><![CDATA[
The Wolfsberg Group has published guidance on payment transparency roles and responsibilities to supplement the Wolfsberg Group Payment Transparency Standards. The guidance discusses roles played by key actors in a payment chain and their respective responsibilities to adhere to payment transparency standards across a sample of commonly observed payment flows. It includes an example of cross-border payment between two countries, two parties and with no intermediaries, as well as an example of three different ways in which an intermediary agent payment service provider (PSP) can be involved in a payment to draw attention to what information is available to each actor from the payment message and what responsibilities they have in relation to payment transparency requirements. The guidance serves as a reference guide that can be used by all PSPs, regulators and standard setters.

The Wolfsberg Group has also published FAQs on defining digital assets.]]></description>
					      
						      <pubDate>Fri, 21 Feb 2025 16:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Wolfsberg-Group-guidance-supplementing-payment-tr</guid>
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					      <title>FSB thematic peer review on global regulatory framework for cryptoasset activities</title>
					      <link>https://finreg.aoshearman.com/FSB-thematic-peer-review-on-global-regulatory-fra</link>
					      <description><![CDATA[
The Financial Stability Board (FSB) has published summary terms of reference for its thematic peer review on the FSB global regulatory framework for cryptoasset activities. The objective of this peer review is to examine members&apos; progress, experience and lessons learned in implementing the FSB global regulatory framework for cryptoasset activities. This includes the high-level recommendations for the regulation, supervision and oversight of both cryptoasset markets and activities, and global stablecoin arrangements. It will focus particularly on the: (i) regulatory frameworks and implementation status; (ii) data reporting; (iii) cross-border cooperation; and (iv) stablecoins. The FSB expects to publish the peer review report in October.

The FSB is seeking feedback from stakeholders as part of its thematic peer review and a questionnaire has been distributed to relevant jurisdictions to collect information. The FSB invites feedback on issues such as: (a) the impact of jurisdictional regulatory frameworks on decisions of cryptoasset issuers and service providers; (b) experiences and challenges faced by cryptoasset market participants in meeting the relevant regulatory and supervisory requirements; (c) how financial stability vulnerabilities of cryptoasset activities differ across jurisdictions; and (d) whether there are specific market practices and/or trends in certain geographies and/or segments that may pose a threat to financial stability.

Feedback should be submitted by 28 March.]]></description>
					      
						      <pubDate>Fri, 21 Feb 2025 10:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FSB-thematic-peer-review-on-global-regulatory-fra</guid>
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					      <title>EU MiCAR technical standards published</title>
					      <link>https://finreg.aoshearman.com/EU-MiCAR-technical-standards-published</link>
					      <description><![CDATA[
Two delegated acts were published in the Official Journal of the European Union (OJ) in respect of the EU MiCAR.

	Commission Delegated Regulation (EU) 2025/303, which comprises regulatory technical standards specifying the information to be included by certain financial entities in the notification of their intent to provide crypto-asset services.
	Commission Implementing Regulation (EU) 2025/304, which comprises implementing technical standards for the standard forms, templates and procedures for the notification by certain financial entities of their intention to provide crypto-asset services.


Both sets of technical standards concern the notification requirements applied to certain firms seeking to provide crypto-asset services, where article 60 of MiCAR imposes a requirement to supply specified information to the competent authority of the applicant&apos;s home member state at least 40 working days before providing those services. The Delegated and Implementing Regulations will enter into force on the twentieth day following their publication in the OJ.]]></description>
					      
						      <pubDate>Thu, 20 Feb 2025 16:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-MiCAR-technical-standards-published</guid>
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					      <title>EU DORA technical standards published</title>
					      <link>https://finreg.aoshearman.com/EU-DORA-technical-standards-published</link>
					      <description><![CDATA[
Two delegated acts were published in the Official Journal of the European Union (OJ) in respect of the EU Digital Operational Resilience Act (DORA). These are:

	Commission Delegated Regulation (EU) 2025/301, which comprises regulatory technical standards specifying the content and time limits for the initial notification of, and intermediate and final report on, major ICT-related incidents, and the content of the voluntary notification for significant cyber threats.
	Commission Implementing Regulation (EU) 2025/302, which comprises implementing technical standards for the standard forms, templates and procedures for financial entities to report a major ICT-related incident and to notify a significant cyber threat.


Both sets of technical standards relate to ICT-related incident management, one of the key pillars of the DORA legislation, and are mandated by article 20 of DORA which seeks to harmonise reporting content and templates in relation to ICT-related incidents and cyber threats. The Delegated and Implementing Regulations will enter into force on the twentieth day following their publication in the OJ.]]></description>
					      
						      <pubDate>Thu, 20 Feb 2025 16:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-DORA-technical-standards-published</guid>
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					      <title>EU CSDR Refit first set of technical standards published</title>
					      <link>https://finreg.aoshearman.com/EU-CSDR-Refit-first-set-of-technical-standards-pu</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published technical standards in relation to the Central Securities Depositories Regulation (CSDR) Refit. There are three final reports with the draft technical standards that have been published. The first report covers the review and evaluation process of EU central securities depositories (CSDs), setting a harmonised approach for the information-sharing of CSDs and including a one-year implementation period for new reporting data that requires CSDs to update their processes (article 22 CSDR). The second report covers the assessment of whether an EU CSD in a host member state could be considered of substantial importance for the functioning of securities markets and investor protection (article 24a(13) CSDR). The third relates to notification requirements for third-country CSDs and aims to streamline the notification process (articles 25 and 69 CSDR). The final reports and draft technical standards have been submitted to the European Commission for adoption.]]></description>
					      
						      <pubDate>Thu, 20 Feb 2025 14:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-CSDR-Refit-first-set-of-technical-standards-pu</guid>
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					      <title>Eurosystem update on settling DLT transactions in central bank money</title>
					      <link>https://finreg.aoshearman.com/Eurosystem-update-on-settling-DLT-transactions-in</link>
					      <description><![CDATA[
The European Central Bank (ECB) has published a press release confirming its decision to expand its initiative to settle transactions recorded on distributed ledger technology (DLT) in central bank money. The press release confirms that the Eurosystem will develop a settlement platform that is interoperable with trans-European automated real-time gross settlement express transfer system (referred to as TARGET) services, and will also consider a more integrated, long-term solution for settling DLT transactions in central bank money which will include international considerations. This expansion follows the Eurosystem&apos;s work last year on new technologies for wholesale central bank money settlement, which comprised various settlement experiments and included bank, financial market and DLT platform participants.]]></description>
					      
						      <pubDate>Thu, 20 Feb 2025 14:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Eurosystem-update-on-settling-DLT-transactions-in</guid>
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					      <title>UK government and regulators support the UK&apos;s move to T+1</title>
					      <link>https://finreg.aoshearman.com/UK-government-and-regulators-support-the-UKs-mo</link>
					      <description><![CDATA[
Representatives of the UK government and regulators spoke at the UK T+1 Accelerated Settlement Market industry event to confirm their support of the UK&apos;s move to a T+1 settlement cycle. The Economic Secretary to the Treasury confirmed that the government accepted the UK&apos;s Accelerated Settlement Taskforce&apos;s (AST) recommendation to move to T+1 on 11 October 2027. Mark Francis, Interim Director, Wholesale Sell-Side at the FCA and Sasha Mills, Executive Director, Financial Market Infrastructure at the Bank of England both gave speeches in support of the move and confirming regulatory expectation that the industry would work together to achieve this. In addition, on 19 February, the FCA published a new webpage, confirming that the FCA expects firms to engage with the recommendations of the AST to understand which are relevant for them, determine what is required to move to a T+1 settlement cycle, and plan early to deliver this transition. This can include budget considerations, operational systems changes and testing, agreements with third party providers and counterparty arrangements. The FCA may have discussions with firms directly or via trade associations to understand how firms are preparing for the deadline. Alongside their webpage, the FCA have also published a press release confirming their support.]]></description>
					      
						      <pubDate>Thu, 20 Feb 2025 09:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-government-and-regulators-support-the-UKs-mo</guid>
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					 <item>
					      <title>UK PRA approach to policy updated</title>
					      <link>https://finreg.aoshearman.com/UK-PRA-approach-to-policy-updated</link>
					      <description><![CDATA[
The UK Prudential Regulation Authority (PRA) has published its updated approach to policy under the regulatory framework as set out in UK Financial Services and Markets Act 2000. The approach document has been amended following the consultation (CP27/23) and is published with the PRA&apos;s policy statement which provides feedback to the consultation responses. The CP had, in particular, asked for feedback on the PRA&apos;s secondary competitiveness and growth objective, the implementation of international standards, and stakeholder engagement, in the context of the PRA&apos;s enhanced objective and accountability requirements introduced by FSMA 2023.

With regard to the secondary competitiveness and growth objective, the PRA reiterates a number of the points raised by the Independent Evaluation Office during its evaluation of the PRA&apos;s approach to its new objective, including the PRA&apos;s clarification that the most appropriate way to advance the secondary competitiveness and growth objective is to take forward a wide range of initiatives across its general functions, rather than via a single flagship initiative.

Read more.]]></description>
					      
						      <pubDate>Thu, 20 Feb 2025 08:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-PRA-approach-to-policy-updated</guid>
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					 <item>
					      <title>UK regulators publish feedback statement on big tech and digital wallets</title>
					      <link>https://finreg.aoshearman.com/UK-regulators-publish-feedback-statement-on-big-t</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) and the UK Payment Systems Regulator (PSR) have issued a joint feedback statement on the usage and impact of big tech and digital wallets (FS25/1). The feedback statement was accompanied by a press release and joint letter to the UK Competition and Markets Authority (CMA) regarding the CMA&apos;s invitation to comment on investigations in relation to certain mobile ecosystems. The feedback statement highlights four potential issues around big tech and digital wallets:


	First, there are competition concerns as between different digital wallets (and mobile ecosystems).
	In addition, there are competition concerns as between payment systems within digital wallets, particularly where digital wallets do not provide a choice of payment methods except for cards.
	Operational resilience and consumer rights and protection are an issue, given that reliance on digital wallets could impact the financial system&apos;s resilience if consumers do not have other means of payment.
	Finally, there are regulatory perimeter questions around whether the regulatory framework should include digital wallets in order to be more effective (although some responses raised concerns that this approach may hinder innovation).


Read more.]]></description>
					      
						      <pubDate>Wed, 19 Feb 2025 08:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-regulators-publish-feedback-statement-on-big-t</guid>
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					      <title>HMT to legislate for the UK&apos;s move to T+1</title>
					      <link>https://finreg.aoshearman.com/HMT-to-legislate-for-the-UKs-move-to-T1</link>
					      <description><![CDATA[
HM Treasury (HMT) has published a response to UK&apos;s Accelerated Settlement Taskforce (AST) report recommending a plan for the UK to move to a T+1 settlement cycle for securities trades. HMT accepts the recommendation of 12 &apos;critical&apos; and 26 &apos;highly recommended&apos; actions to facilitate a successful transition to T+1 and will introduce legislation making this change. HMT further accepts the recommendation of T+1 coming into effect on Monday 11 October 2027 and will legislate for T+1 to be mandatory from this date forward. On this basis, firms should now begin preparations for 11 October 2027 to be the first day of trading under a T+1 standard. HMT is engaging with European partners to support aligning this outcome with the EU markets.

In addition, HMT has also published a policy paper on the Terms of Reference of the Accelerated Settlement Taskforce, confirming that they have accepted all recommendations made and to update the objectives and governance structure of the Taskforce as it moves into the next phase of its work. HMT also published a press release on the move to T+1 and the broader UK growth and competitiveness agenda.]]></description>
					      
						      <pubDate>Wed, 19 Feb 2025 08:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HMT-to-legislate-for-the-UKs-move-to-T1</guid>
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					 <item>
					      <title>ESAs roadmap for designation of critical ICT third-party service providers under DORA</title>
					      <link>https://finreg.aoshearman.com/ESAs-roadmap-for-designation-of-critical-ICT-thir</link>
					      <description><![CDATA[
The European Supervisory Authorities (ESAs) have published a roadmap for the designation of critical ICT third-party service providers (CTPPs) under the EU Digital Operational Resilience Act (DORA). The roadmap of key dates between now and the end of the year. The roadmap sets out four milestones:


	By 30 April, the ESAs will collect the registers of information that financial entities submitted to the competent authorities.
	By the end of July, the ESAs will perform criticality assessments required under DORA and notify third-party service providers if they are classified as critical.
	By the first half of September, there will be a hearing period where ICT third-party service providers may object to the assessment, with a reasoned statement and supporting information.
	By the end of this year, the ESAs will have designated and published the list of CTPPs and started the oversight engagement.


Alongside the roadmap, the European Banking Authority published a press release confirming that ICT third-party service providers not designated as critical may voluntarily request to be designated as critical once the list of CTPPs is published, with details of how to make such a request to be provided soon. The ESAs also plan to organised a workshop with ICT third-party providers in Q2 this year, with details to be published in due course.]]></description>
					      
						      <pubDate>Tue, 18 Feb 2025 16:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESAs-roadmap-for-designation-of-critical-ICT-thir</guid>
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					      <title>ESMA consultation paper on draft guidelines for supplements on new securities to a base prospectus</title>
					      <link>https://finreg.aoshearman.com/ESMA-consultation-paper-on-draft-guidelines-for-s</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a consultation paper containing draft guidelines on supplements which introduce new securities to a base prospectus. This is further to the new EU Listing Act provision at article 23(4a) of the Prospectus Regulation that a supplement cannot be used to introduce a new type of security for which the necessary information has not been included in the base prospectus, and ESMA&apos;s mandate under new article 23(8) to develop guidelines to specify the circumstances in which a supplement is to be considered a new type of security that is not already described in a base prospectus.

ESMA is proposing the draft Guidelines to align member state practice on when a supplement is to be considered to introduce a new type of security in view of longstanding divergence in the supervision of &quot;product supplements&quot; (meaning supplements considered to introduce a new type of security that is not already described in a base prospectus).

Read more.]]></description>
					      
						      <pubDate>Tue, 18 Feb 2025 15:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-consultation-paper-on-draft-guidelines-for-s</guid>
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					      <title>EU T+1 Coordination Committee meeting summary published</title>
					      <link>https://finreg.aoshearman.com/EU-T1-Coordination-Committee-meeting-summary-publ</link>
					      <description><![CDATA[
The EU T+1 Coordination Committee has published its summary of a meeting held on 6 February 2025. At the meeting, the European Commission representative indicated that the proposal to amend EU CSDR to shorten the securities settlement cycle was expected to be adopted shortly. A key point raised by the chair of the Industry Committee was that the strong will of the Industry Committee to exempt securities financing transactions from the T+1 requirement, and that it was important for the EU to align with the UK on this point. The meeting also discussed the consultation paper (which was published on 13 February 2025) and the chair of the Industry Committee provided updates on the workstreams and workplan, and a timetable for deliverables.]]></description>
					      
						      <pubDate>Tue, 18 Feb 2025 09:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-T1-Coordination-Committee-meeting-summary-publ</guid>
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					      <title>ESMA consultation on MiCAR guidelines on assessment of knowledge and competence</title>
					      <link>https://finreg.aoshearman.com/ESMA-consultation-on-MiCAR-guidelines-on-assessme</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a consultation paper on the guidelines for the criteria on the assessment of knowledge and competence under Markets in Crypto-Assets Regulation (MiCAR). The guidelines relate to natural persons giving advice or information about crypto-assets or a crypto-asset service. In terms of approach, ESMA has taken as a reference the Markets in Financial Instruments Directive guidelines on the assessment of knowledge and competence.

ESMA proposes four guidelines. The first guideline is a general guideline to ensure that crypto-asset service providers (CASPs) take sufficient steps to ensure that their staff providing information or advice on crypto-assets or crypto-asset services possess the necessary knowledge and competence to fulfil their obligations. This includes an understanding of how to apply the CASPs internal policies and procedures designed to comply with MiCAR. Guideline two concerns criteria for staff giving information about the relevant crypto-assets or crypto-asset services. Guideline three concerns criteria for staff giving advice about crypto-assets or crypto-asset services, and addresses the minimum requirements for professional qualification and professional experience, as well as the minimum number of hours of continuous professional development or training per year. Finally, guideline four on organisational requirements states that CASPs&apos; organisational requirements should ensure that the knowledge and competence of the staff giving information and advice on crypto-assets or crypto-asset services is assessed, maintained and updated appropriately.

The deadline for comments is 22 April. ESMA will publish a final report and guidelines in Q3 this year.]]></description>
					      
						      <pubDate>Mon, 17 Feb 2025 16:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-consultation-on-MiCAR-guidelines-on-assessme</guid>
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					      <title>ESMA publishes SMSG advice on MiFID investment research changes under the EU Listing Act</title>
					      <link>https://finreg.aoshearman.com/ESMA-publishes-SMSG-advice-on-MiFID-investment-re</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) published advice from the Securities and Markets Stakeholder Group (SMSG) on the ESMA consultation paper on draft technical advice on investment research. The technical advice relates to changes to the Markets in Financial Instruments Directive (MiFID) regime for investment research in the context of the EU Listing Act legislative package. These changes allow for joint payments to be made for execution services and research, subject to certain conditions. The ESMA consultation paper proposed amendments to article 13 of Directive (EU) 2017/593 (referred to as the MiFID Delegated Directive).

The SMSG advice includes a summary of findings from academic studies on MiFID research provisions, and notes that there has been an improvement in research quality and mitigation of conflicts of interest, but a reduction in the overall quantity of research. The SMSG advice also notes that there has been a shift from traditional sell-side research to sponsored research for SMEs, and that there is a trend among asset managers to continue to pay for research separately (even in circumstances where they would be able to pay for it jointly with other services) due to the operational complexity of running two separate invoicing systems. The deadline for ESMA to deliver its technical advice to the European Commission is 30 April 2025.]]></description>
					      
						      <pubDate>Mon, 17 Feb 2025 16:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-publishes-SMSG-advice-on-MiFID-investment-re</guid>
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					      <title>ESAs publish guidelines on exchange of information relevant to fit and proper assessments in the official EU languages</title>
					      <link>https://finreg.aoshearman.com/ESAs-publish-guidelines-on-exchange-of-informatio</link>
					      <description><![CDATA[
The European Supervisory Authorities (ESAs) have published joint guidelines on the system established by the for the exchange of information relevant to the assessment of the fitness and propriety in the official EU languages. The joint guidelines were published previously with a final report on 20 November 2024, and relate to the assessment of fitness and propriety of holders of qualifying holdings, directors and key function holders of financial institutions and financial market participants. The ESAs have developed a system which consists of a cross-sectoral database and these joint guidelines, with the aim of fostering a timely exchange of information between competent authorities. The guidelines in relation to data input in respect of natural persons and confidentiality apply from 17 February 2025, with the remaining guidelines applying in respect of natural persons from 15 May 2025. For legal persons, the guidelines in relation to data input apply from 30 January 2026, with the remaining guidelines applying from 30 April 2026.]]></description>
					      
						      <pubDate>Mon, 17 Feb 2025 11:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESAs-publish-guidelines-on-exchange-of-informatio</guid>
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					      <title>ESMA final report on the European Green Bonds Regulation</title>
					      <link>https://finreg.aoshearman.com/ESMA-final-report-on-the-European-Green-Bonds-Reg</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a final report on the technical standards on the external reviewer regime under the European Green Bonds Regulation (EuGB). The regime requires external reviews of the pre-issuance factsheet and allocation report after full allocation of proceeds, and imposes certain requirements on external reviewers. The final report covers the regulatory technical standards (RTS) in relation to: (i) assessing senior management, board members and others involved in assessment activities; (ii) assessing sound and prudent management and conflicts of interest management; (iii) assessing knowledge and experience of analysts; and (iv) criteria applicable to outsourcing of assessment activities.

Respondents were broadly in support of ESMA&apos;s proposals. However, a key architectural change has been made in that the RTS on assessing knowledge and experience of analysts (under article 28(1) of the EuGB Regulation) has been merged into the RTS on assessing senior management, board members and others involved in assessment activities (under article 23(6) of the EuGB Regulation).

Read more.]]></description>
					      
						      <pubDate>Fri, 14 Feb 2025 17:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-final-report-on-the-European-Green-Bonds-Reg</guid>
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					      <title>UK FCA webpage on transparency waivers and deferrals updated</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-webpage-on-transparency-waivers-and-deferr</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has updated its webpage on transparency waivers and deferrals in light of the upcoming changes to the UK MiFIR transparency regime for bond and derivatives markets. The FCA added a notice to the webpage stating that, before applying, firms may wish to consider the implications of these changes as confirmed in the relevant policy statement, PS24/14. The notice highlights, in particular, the transitional amendments that have been made in respect of voice and request for quote (RFQ) trading systems, which will apply from 31 March 2025 in advance of the new rules, which will come into force on 1 December. The transitional requirement, set out in MAR TP 2 1.4R, confirms that for the period between 31 March 2025 and 30 November 2025, trading venue operators are not subject to certain pre-transparency requirements for non-equity instruments in respect of an RFQ system or voice trading system when operated by the trading venue operator.]]></description>
					      
						      <pubDate>Fri, 14 Feb 2025 16:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-webpage-on-transparency-waivers-and-deferr</guid>
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					      <title>UK FCA expectations for authorised fund applications published</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-expectations-for-authorised-fund-applicati</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published information setting out its expectations for firms applying for collective investment schemes to be authorised as authorised unit trusts, authorised contractual schemes and authorised open-ended investment companies. The information covers specific questions as well as main areas to help applicants understand where they may need to provide further detail. Among other topics, the publication covers the FCA&apos;s expectations in relation to environmental, social and governance strategies and sustainability disclosure requirement (SDR) labels, and long-term asset funds which fund managers may find useful. For such funds, the FCA highlights that it expects applications intending to comply with SDR label rules to include the relevant aspects for the specific label as set out in the FCA rules and the FCA&apos;s policy statement PS23/16.]]></description>
					      
						      <pubDate>Fri, 14 Feb 2025 12:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-expectations-for-authorised-fund-applicati</guid>
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					      <title>ESMA CSA on fund manager compliance and internal audit functions launched</title>
					      <link>https://finreg.aoshearman.com/ESMA-CSA-on-fund-manager-compliance-and-internal-</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a press release confirming the launch of a Common Supervisory Action (CSA) with national competent authorities on compliance and internal audit functions of management companies of undertakings for collective investment in transferable securities (UCITS) and alternative investment fund managers in the EU. The CSA will assess the effectiveness of fund managers&apos; compliance and internal audit functions in accordance with the relevant applicable provisions of the Alternative Investment Fund Managers and the UCITS Directives, looking at the adequacy of staffing, authority, knowledge and expertise. ESMA will publish the final report in 2026.]]></description>
					      
						      <pubDate>Fri, 14 Feb 2025 12:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ESMA-CSA-on-fund-manager-compliance-and-internal-</guid>
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					 <item>
					      <title>UK Dormant Assets Parliamentary Review 2025 published</title>
					      <link>https://finreg.aoshearman.com/UK-Dormant-Assets-Parliamentary-Review-2025-publi</link>
					      <description><![CDATA[
The UK government&apos;s Department for Culture, Media and Sport has published the Dormant Assets Parliamentary Review for the period from February 2022 to February 2025 in accordance with the Dormant Assets Act 2022. The review considers the expansion of the UK Dormant Assets Scheme, which allows firms to pay dormant monies to an authorised reclaim fund to fund good causes. Previously, the Scheme was available only to banks and building societies, but has been expanded to include the insurance and pensions, investment and wealth management, and securities sectors. Overall, the review found that the Scheme continues to deliver operational value and prioritise customer protection, but progress to operationalise the expanded scope of the Scheme has been slower than expected. This had been mainly due to barriers which relate to the expansion to the investment and wealth management sector which have now been resolved; in particular, certain UK regulatory rules which have now been amended, and a voluntary requirement that prohibited the authorised reclaim fund from accepting dormant investment assets which was lifted in January 2025. The review also presents data in relation to the transfers into, and payments out of, the Scheme over the relevant period. The next report will be laid in Parliament by February 2030.]]></description>
					      
						      <pubDate>Fri, 14 Feb 2025 09:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Dormant-Assets-Parliamentary-Review-2025-publi</guid>
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					      <title>UK FCA delays extending SDR regime to portfolio managers</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-delays-extending-SDR-regime-to-portfolio-m</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has updated its webpage on extending the sustainability disclosure requirements (SDR) and labelling regime to portfolio managers, confirming that it no longer intends to publish a policy statement this year. The FCA had previously stated that, further to consultation paper CP24/8, it would publish a policy statement with final rules in the second half of this year. However, the updated webpage states that the FCA wants to ensure that the extension of the SDR and labelling regime delivers good outcomes for consumers, is practical for firms, and supports growth of the sector and so will continue to reflect on feedback and publish an update in due course. As a reminder, the SDR regime was originally introduced in November 2023, applying a new anti-greenwashing rule to all FCA-authorised firms and a range of disclosure, labelling and naming/marketing requirements to certain UK asset managers.]]></description>
					      
						      <pubDate>Fri, 14 Feb 2025 08:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-delays-extending-SDR-regime-to-portfolio-m</guid>
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					      <title>UK FCA update on personal investment firms and capital deduction for redress</title>
					      <link>https://finreg.aoshearman.com/UK-FCA-update-on-personal-investment-firms-and-ca</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has updated its webpage on its consultation paper CP23/24: capital deduction for redress: personal investment firms. The consultation was issued in response to the FCA identifying significant redress liabilities falling to the Financial Services Compensation Scheme, in order to strengthen prudential requirements so that personal investment firms have to hold more capital for redress. The consultation is now closed, and the FCA has updated its webpage to confirm that it is considering feedback. However, the updated webpage also confirms that the FCA is looking across at feedback linked to other proposals including the call for input on modernising the redress framework, and its review of regulatory requirements following the introduction of the Consumer Duty. The FCA also confirms that it will continue to carry out increased monitoring of firms as part of its authorisation process, and highlights the update it published in January which sets out FCA expectations on redress liabilities, and what firms should and should not do to tackle polluting behaviour and meet their redress liabilities.]]></description>
					      
						      <pubDate>Fri, 14 Feb 2025 08:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FCA-update-on-personal-investment-firms-and-ca</guid>
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					      <title>European Commission adopts Delegated Regulation on RTS on threat-led penetration testing under DORA</title>
					      <link>https://finreg.aoshearman.com/European-Commission-adopts-Delegated-Regulation</link>
					      <description><![CDATA[
The European Commission (EC) has adopted a Commission Delegated Regulation supplementing the Digital Operational Resilience Act (DORA) with regard to RTS specifying the criteria used for identifying financial entities required to perform threat-led penetration testing (TLPT). Article 26(11) of DORA mandates the European Supervisory Authorities (ESAs), in agreement with the European Central Bank (ECB), to develop joint draft RTS in accordance with the ECB&apos;s European framework for threat intelligence-based ethical red teaming (TIBER-EU framework) to specify further the following: (i) the criteria to identify financial entities required to perform TLPT; (ii) the requirements regarding test scope, testing methodology and results of TLPT; (iii) the requirements and standards governing the use of internal testers; and (iv) the rules on supervisory and other cooperation needed for the implementation of TLPT and for mutual recognition of testing. The Delegated Regulation will enter into force on the 20th day following its publication in the Official Journal of the EU. The ECB has also published an updated version of the TIBOR-EU framework that aligns with the DORA RTS on TLPT.]]></description>
					      
						      <pubDate>Thu, 13 Feb 2025 16:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-adopts-Delegated-Regulation</guid>
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					      <title>European Securities and Markets Authority consults on changes to settlement discipline under CSDR</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authorityconsult</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published a consultation paper on a Delegated Regulation amending Commission Delegated Regulation (EU) 2018/1229, which supplements the Central Securities Depositories Regulation (CSDR) with regard to RTS on settlement discipline.

The Regulation amending the CSDR (CSDR Refit) introduced in Article 6(5) and Article 7(10) of the CSDR two mandates for ESMA to develop draft RTS in relation to settlement discipline measures and tools to improve settlement efficiency. ESMA plans to fulfil these mandates by amending Commission Delegated Regulation (EU) 2018/1229, including on timing and means for sending allocations and confirmations, on requiring all central securities depositories (CSDs) to offer hold and release and partial settlement functionalities and to enable automated use of intraday cash credit secured with collateral, as well as on the requirements for CSDs to report top failing participants, and the information on settlement fails to be published by CSDs. ESMA also explores additional tools to improve settlement efficiency, for which ESMA&apos;s preliminary view is that no regulatory action is required, but on which it would nevertheless like to receive stakeholders&apos; views. These include topics such as the CSD business day schedule, the Standard Settlement Instructions format, the Unique Transaction Identifier (UTI), Place of Settlement (PSET) and Place of Safekeeping (PSAF). The deadline for comments is 14 April. ESMA expects to publish a final report and submit the draft RTS to the European Commission by October.]]></description>
					      
						      <pubDate>Thu, 13 Feb 2025 14:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authorityconsult</guid>
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					      <title>Eight Delegated Regulations under MiCAR published in Official Journal of the European Union</title>
					      <link>https://finreg.aoshearman.com/Eight-Delegated-Regulations-under-MiCAR-published</link>
					      <description><![CDATA[
Eight Delegated Regulations supplementing the Markets in Crypto-assets Regulation (MiCAR) have been published in the Official Journal of the European Union (OJ).

Read more.]]></description>
					      
						      <pubDate>Thu, 13 Feb 2025 11:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Eight-Delegated-Regulations-under-MiCAR-published</guid>
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					      <title>UK Prudential Regulation Authority policy statement on simplifying firm-specific capital communications</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-policy-state</link>
					      <description><![CDATA[
The Prudential Regulation Authority (PRA) published a policy statement (PS2/25) on streamlining firm-specific capital communications which simplifies the content and process of the firm-specific capital communications used to set Pillar 2A, the systemic buffers and the additional leverage ratio buffer (ALRB). These changes have no impact on firms&apos; capital requirements. The PRA also provides feedback to responses received to Chapter 3: Streamlining firm-specific capital communications of its September 2024 consultation on streamlining the Pillar 2A framework (CP9/24). In response to the feedback, the PRA has made one small change to paragraph 5.18 of supervisory statement SS31/15 on the internal capital adequacy assessment process (ICAAP) and the supervisory review and evaluation process (SREP). This change has no meaningful effect on the policy. The new policy and rules will take effect on 31 March. This is consistent with the consultation, and firms are not required to take any specific actions to implement the changes.]]></description>
					      
						      <pubDate>Wed, 12 Feb 2025 16:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-policy-state</guid>
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					      <title>European Banking Authority draft ITS to support Pillar 3 Data Hub</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-draft-ITS-to-support-P</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published its final report on draft ITS on IT solutions for public disclosures by institutions, other than small and non-complex ones, relating to Pillar 3 disclosures under the Capital Requirements Regulation (CRR).

Read more.
 ]]></description>
					      
						      <pubDate>Wed, 12 Feb 2025 16:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-draft-ITS-to-support-P</guid>
				    </item>
			
					 <item>
					      <title>European Commission legislative proposal for shortened settlement cycle in EU</title>
					      <link>https://finreg.aoshearman.com/European-Commission-legislative-proposal-for-shor</link>
					      <description><![CDATA[
The European Commission (EC) has published a legislative proposal it has adopted for a Regulation amending the Central Securities Depositories Regulation (CSDR) to shorten the settlement cycle for EU transactions in transferable securities.

The proposed Regulation shortens the settlement period under Article 5(2) of the CSDR from two business days after trading takes place (T+2) to one business day (T+1). The proposal is intended to: (i) promote settlement efficiency and increase the resilience of EU capital markets; (ii) improve the liquidity of EU capital markets; and (iii) eliminate the costs linked to the misalignment of settlement cycles between EU and other jurisdictions. Due to the urgency to act given international developments, the EC has also prepared a Commission Staff Working Document alongside this proposal, analysing the impacts of an EU move to a shorter settlement cycle. The document assesses the costs and benefits of a shorter settlement cycle in the EU, highlighting that the mostly one-off costs should, over time, be outweighed by the long-term benefits of lower counterparty and market risks, more efficient and timely settlement and increased attractiveness of EU capital markets for investors. The EC has also published a set of FAQs alongside its proposal. The proposed Regulation will enter into force on the 20th day following its publication in the Official Journal of the EU and will apply from 11 October 2027.]]></description>
					      
						      <pubDate>Wed, 12 Feb 2025 15:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-legislative-proposal-for-shor</guid>
				    </item>
			
					 <item>
					      <title>Greenhouse Gas Emissions Trading Scheme (Amendment) (No. 2) Order 2025</title>
					      <link>https://finreg.aoshearman.com/Greenhouse-Gas-Emissions-Trading-Scheme-Amendment</link>
					      <description><![CDATA[
The Greenhouse Gas Emissions Trading Scheme (Amendment) (No. 2) Order 2025 (SI 2025/124) has been published, alongside an explanatory memorandum. It was made on 5 February and comes into force on 31 March.

The instrument makes amendments to the legislation which gives effect to the UK Emissions Trading Scheme (UK ETS). The UK ETS incentivises decarbonisation by requiring operators to purchase allowances based on carbon emissions. Some operators are given free allocation of allowances to mitigate the risk of carbon leakage. The scheme has two allocation periods, 2021‒2025 and 2026‒2030, in which free allocation is calculated and provided to eligible operators. The SI moves the start of the second allocation period for stationary installations from 2026 to 2027, making 2026 a standalone year, and provides for the calculation of free allocation in the 2026 standalone scheme year. The instrument also makes three changes to other aspects of the scheme. Specifically, these will:

	require the publication of full details of transactions between accounts in the scheme&apos;s Registry after a three-year delay;
	add limited exceptions to the prohibition on disclosure of Scheme data in order to support the development and implementation of related policies, and support the statutory functions of the Climate Change Committee (CCC); and


Read more.
 ]]></description>
					      
						      <pubDate>Wed, 12 Feb 2025 14:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Greenhouse-Gas-Emissions-Trading-Scheme-Amendment</guid>
				    </item>
			
					 <item>
					      <title>UK Financial Conduct Authority to consult on new short selling rules in Q3 2025</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-to-consult-on-new-</link>
					      <description><![CDATA[
The Financial Conduct Authority (FCA) has updated its webpage on the notification and disclosure of net short positions, providing an update on short selling. Following the publication of the Short Selling Regulations 2025 in January, which set out high level requirements for the new UK short selling regime, the FCA has confirmed that it will consult on its new short selling rules in Q3 this year. The Short Selling Regulations 2025 give the FCA powers to set out more detailed rules to complete and implement the new regime; these powers have already entered into force. The FCA&apos;s rules and the remaining parts of the Regulations that are not already in force will be implemented once the FCA has finalised the new rules and has allowed time for the FCA to make any technical and operational changes, including the new requirement to publish aggregated net short positions by issuer. In the meantime, the existing UK short selling regime will continue to apply, including the current public disclosure of individual firms net short positions in issuers at the 0.5% threshold and above.]]></description>
					      
						      <pubDate>Wed, 12 Feb 2025 10:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-to-consult-on-new-</guid>
				    </item>
			
					 <item>
					      <title>European Commission 2025 work programme</title>
					      <link>https://finreg.aoshearman.com/European-Commission-2025-work-programme</link>
					      <description><![CDATA[
The European Commission (EC) has published a communication outlining its 2025 work programme. The EC also published the annexes to the 2025 work programme which include:


	Annex I - new initiatives. The table in this annex lists the new initiatives the EC intends to adopt in 2025 to deliver on its priorities;
	Annex II - annual plan on evaluations and fitness checks. The EC&apos;s annual plan of evaluations and fitness checks is designed to ensure continuity of the simplification and burden reduction exercise;


Read more.]]></description>
					      
						      <pubDate>Tue, 11 Feb 2025 17:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-2025-work-programme</guid>
				    </item>
			
					 <item>
					      <title>European Banking Authority publishes amending guidelines on ICT and security risk management in the context of DORA</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-publishes-amending-gui</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a final report with amending guidelines in respect of Guidelines EBA/GL/2019/04 on ICT and security risk management. The EBA reviewed the Guidelines in light of the Digital Operational Resilience Act (DORA), which introduced harmonised requirements for ICT, risk management framework (RMF), incident reporting and third-party risk management and testing for certain financial entities. The entities subject to DORA and the related RTS on RMF overlap with those subject to the Guidelines. Therefore, to ensure transparency and legal certainty, the EBA reviewed the Guidelines and concluded that the entities subject to the Guidelines should be narrowed down, and the scope of the Guidelines should be reduced to cover certain institutions providing payment services which are not in scope of DORA, and guidelines on relationship management of payment services where this is not covered by the DORA requirements. The amending guidelines will be translated into the official EU languages and apply by two months after issuance (at the latest).]]></description>
					      
						      <pubDate>Tue, 11 Feb 2025 16:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-publishes-amending-gui</guid>
				    </item>
			
					 <item>
					      <title>European Central Bank updates TIBER-EU framework to align with DORA RTS on TLPT</title>
					      <link>https://finreg.aoshearman.com/ECB-updates-TIBER-EU-framework-to-align-with-DORA</link>
					      <description><![CDATA[
The European Central Bank (ECB) has published an updated version of the threat intelligence-based ethical red teaming framework (TIBER-EU framework) (dated January) to align with the Digital Operational Resilience Act (DORA) RTS on threat-led penetration testing (TLPT) (see item above). The ECB also published a news item on the updated framework.

The TIBER-EU framework enables EU and national authorities to work with financial and other entities to put in place a programme to test and improve their resilience against sophisticated cyber-attacks. It also sets out detailed guidance on how to complete DORA TLPT in a qualitative, controlled and safe manner, applying a uniform approach across the EU. The updates introduced in the framework include: (i) aligning the process steps with the deliverables derived from the DORA RTS on TLPT; (ii) specifying purple-teaming as mandatory under TIBER-EU, as prescribed in the DORA RTS; (iii) introducing terminological changes to ensure consistency with DORA terminology, e.g., &quot;White Team&quot; to &quot;Control Team&quot; (iv) providing advice on how to assess the quality of a provider in the updated Guidance for Service Provider Procurement; (v) moving away from the requirement for authorities that want to implement TIBER-EU to publish a full national implementation guide; authorities can instead refer to the adoption of the TIBER-EU documentation and publish a short implementation document described in the framework; and (vi) establishing TIBER-EU guidance documents to facilitate the implementation of different parts of the framework and to ensure a secure and controlled TLPT execution.
 ]]></description>
					      
						      <pubDate>Tue, 11 Feb 2025 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ECB-updates-TIBER-EU-framework-to-align-with-DORA</guid>
				    </item>
			
					 <item>
					      <title>European Central Bank clarifications on ICAAP and ILAAP requirements</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-clarifications-on-ICAAP-and</link>
					      <description><![CDATA[
The European Central Bank (ECB) has published a report clarifying the internal capital adequacy assessment process (ICAAP) and the internal liquidity adequacy assessment process (ILAAP), as well as the respective package submissions. The ECB reminds banks of its main supervisory expectations on sound and effective capital and liquidity management in line with the ECB Guides on ICAAP and ILAAP published in November 2018. The ECB also outlines some clarifications on the governance around the submissions and key content areas which should be reflected in ICAAP and ILAAP packages. The report notes that it remains banks&apos; responsibility to determine and apply the most appropriate approach to ensure sound capital and liquidity adequacy assessment processes tailored to their own specificities. Therefore, the ECB&apos;s clarifications focus on sound practices instead of setting additional expectations or requirements. They should be considered by banks to refine or improve their capital and liquidity management practices. Regarding the technical details around ICAAP and ILAAP package submissions, the note &quot;Technical implementation of the EBA Guidelines on ICAAP information collected for SREP purposes&quot; that was sent to banks in February 2017 remains applicable and is included in the annex to the report.]]></description>
					      
						      <pubDate>Mon, 10 Feb 2025 16:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-clarifications-on-ICAAP-and</guid>
				    </item>
			
					 <item>
					      <title>European Commission consultation on draft Delegated Regulation amending Delegated Regulation on fees relating to supervision of consolidated tape providers under MiFIR</title>
					      <link>https://finreg.aoshearman.com/European-Commission-consultation-on-draft-Delegat</link>
					      <description><![CDATA[
The European Commission (EC) has published a draft Delegated Regulation amending Commission Delegated Regulation (EU) 2022/930 regarding fees relating to the supervision by ESMA of consolidated tape providers (CTPs). Commission Delegated Regulation (EU) 2022/930 supplements MiFIR by specifying fees relating to the supervision by ESMA of data reporting service providers (DRSPs), as required under Article 38(n) of MiFIR.

The draft Delegated Regulation:

	clarifies that Commission Delegated Regulation (EU) 2022/930 covers all DRSPs subject to ESMA supervision, including CTPs;
	introduces a fixed one-off authorisation fee per CTP of EUR100,000. The amount of the one-off authorisation fee for CTPs is higher compared to the amount of the one-off authorisation fee for approved publication arrangement (APAs) and approved reporting mechanism (ARMs), given the complexity of the authorisation process for CTPs. That fee is lowered to EUR50,000 where an already authorised CTP applies for authorisation to provide the services of an APA, ARM or CTP for a different asset class; and


Read more.]]></description>
					      
						      <pubDate>Mon, 10 Feb 2025 15:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-consultation-on-draft-Delegat</guid>
				    </item>
			
					 <item>
					      <title>European Commission call for evidence on amending net stable funding ratio treatment of securities financing transactions under CRR</title>
					      <link>https://finreg.aoshearman.com/European-Commission-call-for-evidence-on-amending</link>
					      <description><![CDATA[
The European Commission (EC) has published a call for evidence on targeted amendments to the Capital Requirements Regulation (CRR) to adjust the prudential treatment of securities financing transactions (SFTs) under the net stable funding ratio (NSFR).

Under Article 510(8) of the CRR, until 28 June 2025, EU credit institutions can apply lower required stable funding (RSF) factors for SFTs and unsecured transactions with a residual maturity of less than six months than those set out under the Basel standards. Under Article 510(7) of the CRR, the EC has the power to adopt a legislative proposal to amend provisions in the CRR on the treatment of these instruments under the NSFR. The targeted amendments therefore aim to make permanent the current transitory prudential treatment for SFTs and unsecured transactions with a residual maturity of less than six months, with financial customers, for the purpose of the NSFR (i.e. to extend the current treatment also beyond 28 June 2025, and permanently). The EC is proposing to make this treatment permanent on the basis that the higher RSF factors that would otherwise apply would make these instruments more costly in the EU and would consequently harm the demand for collateral and the liquidity in the collateral markets. The EC is also responding to concerns that the decisions of the U.S. and the UK to maintain lower RSF factors than under the Basel standards for these instruments on a permanent basis may lead to a loss of competitiveness for EU banks. The deadline for responses to the call for evidence is 10 March 2025.]]></description>
					      
						      <pubDate>Mon, 10 Feb 2025 09:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-call-for-evidence-on-amending</guid>
				    </item>
			
					 <item>
					      <title>European Securities and Markets Authority consultations on draft RTS relating to CCP authorisations, extensions and validations under EMIR 3</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-MarketsAuthorityconsult</link>
					      <description><![CDATA[
The European Securities and Markets Authority (ESMA) has published two consultation papers on central counterparty (CCP) authorisations, extensions and validations under the European Market Infrastructure Regulation 3 (EMIR 3).

The first consultation paper is on the conditions for extensions of authorisation and the list of required documents and information for applications by CCPs for initial authorisations and extensions. For extensions of services and activities, Articles 15, 15a, 17 and 17a of EMIR now distinguish between a &quot;normal extension&quot; of authorisation procedure, an accelerated procedure and changes that can benefit from an exemption from authorisation. Under Article 14(6), 15(3), 17a(5) and 15a(2) of EMIR, ESMA is mandated to develop four draft RTS specifying: (i) the list of documents that are to accompany an application for authorisation and an application for an extension of authorisation; (ii) the conditions for the accelerated procedure referred to in Article 17a(1), points (a) to (e), of EMIR; (iii) the procedure for consulting ESMA and the college on whether or not those conditions are fulfilled and; (iv) the type of extension of services or activities that could benefit from an exemption from authorisation.

Read more.]]></description>
					      
						      <pubDate>Fri, 07 Feb 2025 16:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-MarketsAuthorityconsult</guid>
				    </item>
			
					 <item>
					      <title>UK Financial Conduct Authority updates webpage on bond consolidated tape</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-updates-webpage-on</link>
					      <description><![CDATA[
The Financial Conduct Authority (FCA) has updated its webpage on bond consolidated tape (CT) confirming that the tender documents for the process to appoint a bond CT provider (CTP) will be published by 7 March, instead of the original proposed date of 31 January. Given this revised publication date, the FCA will conduct the procurement of a bond CTP under the Procurement Act 2023, and the tender will follow the two-stage process as described in CP23/33 on the CT framework for bonds. The tender documents will be published on the FCA&apos;s procurement portal and will contain details of: (i) the award process; (ii) the licences the successful bidder will need to provide; and (iii) how to participate in the tender and the information firms have to submit to the FCA as part of the application process. The FCA will publish a draft contract between the CTP and the FCA. Potential bidders will need to register on the FCA&apos;s procurement portal to access the relevant documentation.]]></description>
					      
						      <pubDate>Fri, 07 Feb 2025 15:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-updates-webpage-on</guid>
				    </item>
			
					 <item>
					      <title>Financial Ombudsman Service policy statement on charging fees to claims management companies and other professional representatives</title>
					      <link>https://finreg.aoshearman.com/Financial-Ombudsman-Service-policy-statement-on-c</link>
					      <description><![CDATA[
The Financial Ombudsman Service (FOS) has published a policy statement on its new fee rules regarding complaints that are referred to it by certain claims management companies (CMCs) and other professional representatives acting on behalf of complainants. The rules are aimed at encouraging CMCs to consider the merits of complaints more diligently before referring them to the FOS. The FOS will introduce a maximum &amp;pound;250 case fee for each complaint a CMC refers to it exceeding the annual free case provision of ten per financial year. This is to reflect a proportionate contribution to the costs incurred by the FOS, ensuring adequate resources continue to be available to resolve disputes quickly. However, there will be a &amp;pound;75 minimum case fee for all cases referred by CMCs, regardless of the outcome of the complaint, in the interest of proportionality and fairness. If the complaint is upheld in favour of the complainant, the CMC will receive &amp;pound;175 credit. However, if the case outcome is not in favour of the complainant, then the respondent firm&apos;s case fee will be reduced to &amp;pound;475, from &amp;pound;650 for the current financial year. Under the new rules, this will mean that the overall aggregate charge from both parties will be &amp;pound;725 for a single complaint, whatever the outcome of the case. In relation to late payment of case fees, which was previously a &amp;pound;250 fixed fee plus interest, this will be replaced with a variable charge up to 25% of the outstanding debt, based on the cost and effort required to recover it. The rules will come into force on 1 April and will apply in relation to complaints referred to the FOS on behalf of complainants on, or after, this date.]]></description>
					      
						      <pubDate>Fri, 07 Feb 2025 11:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Ombudsman-Service-policy-statement-on-c</guid>
				    </item>
			
					 <item>
					      <title>European Commission consultation on draft Delegated Regulation extending procedural rules for penalties imposed on data reporting service providers to consolidated tape providers under MiFIR</title>
					      <link>https://finreg.aoshearman.com/European-Commission-consultation-on-draft-Delega</link>
					      <description><![CDATA[
The European Commission (EC) has published a draft Delegated Regulation amending Commission Delegated Regulation (EU) 2022/803 by specifying rules of procedure for the exercise of the power to impose fines or periodic penalty payments by the European Securities and Markets Authority (ESMA) regarding data reporting service providers (DRSPs).

Commission Delegated Regulation (EU) 2022/803 specifies the rules applying to ESMA for the exercise of power to impose fines or periodic penalty payments regarding two specific types of DRSPs, approved publication arrangements and approved reporting mechanisms. Consolidated tape providers (CTPs), which are also DRSPs, were intentionally left out of scope. This was due to the absence of entities providing consolidated tape services in the EU and because the review of the rules governing CTPs under the EU Markets in Financial Instruments Regulation (MiFIR) was still ongoing at that time. Therefore, in light of the upcoming CTP authorisation process introduced by MiFIR II, it is necessary to amend the scope of Commission Delegated Regulation (EU) 2022/803 to ensure it covers all DRSPs, including CTPs. The deadline for comments on the draft Delegated Regulation is 10 March.]]></description>
					      
						      <pubDate>Thu, 06 Feb 2025 16:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-consultation-on-draft-Delega</guid>
				    </item>
			
					 <item>
					      <title>European Commission draft guidelines on AI system definition under EU AI Act</title>
					      <link>https://finreg.aoshearman.com/European-Commission-draft-guidelines-on-AI-system</link>
					      <description><![CDATA[
The European Commission (EC) has published draft guidelines on the definition of an AI system to explain the practical application of the legal concept, as anchored in the EU AI Act. The EC aims to assist providers and other relevant persons in determining whether a software system constitutes an AI system to facilitate the effective application of the rules. The AI Act does not apply to all systems, but only to those systems that fulfil the definition of an &quot;AI system&quot; within the meaning of Article 3(1) of the EU AI Act. The definition of an AI system is therefore key to understanding the scope of application of the EU AI Act. These guidelines take into account the outcome of a stakeholder consultation and the consultation of the European Artificial Intelligence Board.

Read more.]]></description>
					      
						      <pubDate>Thu, 06 Feb 2025 12:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-draft-guidelines-on-AI-system</guid>
				    </item>
			
					 <item>
					      <title>European Banking Authority reports on implementation of first phase of banking book heatmap</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-reports-on-implementat</link>
					      <description><![CDATA[
The European Banking Authority (EBA) has published a report on the implementation of the first phase of the short/medium term objectives in their interest rate risk in the banking book (IRRBB) heatmap. In the report, the EBA sets out a number of observations and recommendations, including in relation to:


	the materiality of non-maturity (NMD) behavioural assumptions and the complexity of their modelling. This includes a non-restrictive list of risk factors impacting NMD repricing behaviour and a toolkit to support supervisors in their analysis of NMD modelling.
	the complementary dimensions to the supervisory outlier test (SOT) on the Net Interest Income (NII) metric. The report discusses the additional dimensions that supervisors could consider for institutions defined as outliers.
	the expected approach to model and project commercial margins of NMD, which are subject to behavioural optionality, in the SOT on NII.
	hedging strategies.

Going forward, the EBA intends to continue assessing the impact of the IRRBB regulatory package and interacting closely with interested stakeholders. As medium/long term objectives of the heatmap, the EBA will monitor the five-year cap on the weighted average repricing maturity of NMD and credit spread risk arising from banking book related aspects, primarily regarding the perimeter of its application.]]></description>
					      
						      <pubDate>Thu, 06 Feb 2025 12:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-reports-on-implementat</guid>
				    </item>
			
					 <item>
					      <title>House of Lords Committee report on proposal to publicise enforcement investigations</title>
					      <link>https://finreg.aoshearman.com/House-of-Lords-Committee-report-on-proposal-to-pu</link>
					      <description><![CDATA[
The House of Lords Financial Services Regulation Committee (FSR Committee) published a report on the Financial Conduct Authority&apos;s (FCA&apos;s) proposal to publicise enforcement investigations, in the spirit of &quot;naming and shaming&quot;. This report follows the FCA&apos;s consultation on 27 February 2024 (CP 24/2), which set out its proposed new approach, and its revised proposals published in November 2024 (CP 24/2, Part 2), following engagement with industry.

The FSR Committee report finds that the FCA did not make a convincing case for why a change to its existing powers is required, nor did it convincingly show the proposed new public interest framework struck a balance between benefits to consumer protection and managing potential risks to firms, individuals and market stability. The FSR Committee stresses that, after the current consultation closes (on 17 February 2025), the FCA should be transparent about the feedback received and be able to demonstrate that industry concerns have been addressed, or otherwise should not proceed with the changes. The report also makes a series of recommendations, including that the FCA:

	ensures, going forward, consultations are properly registered on the Regulatory Initiatives Grid and carries out earlier engagement with the sector where appropriate.
	publishes a &apos;lessons learnt&apos; document setting out where it went wrong and how to prevent similar mistakes.
	engages with HM Treasury over any future developments relating to its enforcement investigations.
	provides a detailed analysis of the direct costs to the sector as part of its proposals.

]]></description>
					      
						      <pubDate>Thu, 06 Feb 2025 11:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/House-of-Lords-Committee-report-on-proposal-to-pu</guid>
				    </item>
			
					 <item>
					      <title>UK implementation plan published for T+1 settlement</title>
					      <link>https://finreg.aoshearman.com/UK-implementation-plan-published-for-T1-settlemen</link>
					      <description><![CDATA[
The Accelerated Settlement Taskforce Technical Group has published an implementation plan for the UK&apos;s transition to T+1 settlement, including a recommendation that the UK moves to T+1 on 11 October 2027. This aligns with the EU&apos;s proposed implementation date for T+1 (as announced by ESMA on 18 November 2024). The plan recommends the proposed scope of changes to be made to the UK Central Securities Depositories Regulation to facilitate the UK&apos;s transition to T+1, whilst remaining flexible enough to accommodate additional jurisdictions which may choose to transition on the same date as the UK The plan includes a UK T+1 Code of Conduct containing the scope of T+1 (i.e., the categories of instruments and transactions to be covered and any exemptions) and a timetable of recommended actions to enhance market practices. It identifies 12 critical actions in various business areas to be implemented by market participants to ensure the transition plan is sustainable.]]></description>
					      
						      <pubDate>Thu, 06 Feb 2025 09:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-implementation-plan-published-for-T1-settlemen</guid>
				    </item>
			
					 <item>
					      <title>European Central Bank decision on non-bank payment service providers&apos; access</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-decision-on-non-bank-paymen</link>
					      <description><![CDATA[
The European Central Bank (ECB) has published Decision (EU) 2025/222 relating to access by non-bank payment service providers (NB-PSPs) to Eurosystem central bank operated payment systems and central bank accounts. The EU Instant Payments Regulation (Regulation (EU) 2024/886) introduced certain changes to the EU Settlement Finality Directive (SFD) and Payment Services Directive (PSD 2), including adding NB-PSPs to the list of institutions eligible to become participants in payment systems designated under the SFD and permitting NB-PSPs to deposit their clients&apos; funds for safeguarding in a separate account in a bank or central bank, at the central bank&apos;s discretion.

The ECB&apos;s decision: (i) sets out the circumstances in which a Eurosystem central bank should provide access to central bank operated payment systems, (ii) prohibits Eurosystem central banks from offering or providing safeguarding accounts to NB-PSPs or crypto-asset services providers, (iii) determines the maximum amounts that may be held by an NB-PSP across its accounts at any given central bank operated payment system, and (iv) provides for penalties in the event that an NB-PSP fails to comply with the maximum holding amount limit or requirements for access to central bank operated payment systems.

The Decision will enter into force on 26 February 2025 and will apply from 9 April 2025.

For more information on the issues and developments relating to fintech, see our blog A&amp;O Shearman on fintech and digital assets.]]></description>
					      
						      <pubDate>Thu, 06 Feb 2025 08:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-decision-on-non-bank-paymen</guid>
				    </item>
			
					 <item>
					      <title>UK Financial Conduct Authority policy statement on reforming commodity derivatives regulatory framework</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-policy-statement</link>
					      <description><![CDATA[
The Financial Conduct Authority (FCA) has published a policy statement (PS25/1) on reforming the commodity derivatives regulatory framework. The policy statement sets out the FCA&apos;s response to feedback on its consultation paper on the subject (CP23/27) and includes its final rules and guidance to be included in the FCA Handbook. Key changes made in response to the consultation feedback include: Scope of the position limits regime: the regime will be limited to the 14 critical contacts consulted on, including LME Aluminium and LME Tin. However, the approach to contracts that are closely related to these critical contracts but outside the scope of position limits will be less prescriptive than consulted on, allowing trading venues more discretion to calibrate scope. Exemptions: the FCA&apos;s proposed requirement for trading venues to only grant the hedging exemption where they are satisfied that the exempt positions can reasonably be managed—the so-called risk management condition—is being amended to be less prescriptive. Non-financial entities will no longer be required to submit a detailed stress test.

Read more.]]></description>
					      
						      <pubDate>Wed, 05 Feb 2025 14:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-policy-statement</guid>
				    </item>
			
					 <item>
					      <title>EU Platform on Sustainable Finance publishes report on enhancing usability of EU Taxonomy framework</title>
					      <link>https://finreg.aoshearman.com/EU-Platform-on-Sustainable-Finance-publishes-repo</link>
					      <description><![CDATA[
The EU Platform on Sustainable Finance has published a report on enhancing the usability of the EU&apos;s Taxonomy regime. The report takes account of the European Commission&apos;s stated ambition to streamline ESG reporting requirements through the proposed Omnibus simplification regulation. The Platform makes four core proposals for simplifying Taxonomy-related reporting.

Read more.]]></description>
					      
						      <pubDate>Wed, 05 Feb 2025 12:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Platform-on-Sustainable-Finance-publishes-repo</guid>
				    </item>
			
					 <item>
					      <title>Basel Committee on Banking Supervision consults on amendments to principles for the management of credit risk</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-cons</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision (Basel Committee) published a consultative document on updating the principles for the management of credit risk. The principles, first issued in October 2000, provide guidelines for banking supervisory authorities to evaluate banks&apos; credit risk management processes in four key areas: (i) establishing a suitable credit risk environment; (ii) operating under a sound credit-granting process; (iii) maintaining an appropriate credit administration, measurement and monitoring process; and (iv) ensuring adequate controls over credit risk.

The Basel Committee mandated a review of the principles in 2023, to determine if they remain fit for purpose given the developments in global financial markets related credit risks and trends and changes to the supervisory and regulatory landscape over the past 25 years. The review confirmed the ongoing relevance of the credit risk principles but identified certain parts that either have become obsolete, superseded and redundant or are not fully aligned with the current Basel Framework and the Basel Committee&apos;s guidance. Therefore, the Basel Committee proposes to make a limited set of technical amendments to align the principles with the current Basel Framework and the latest guidelines. A comparison against the 2000 version has been published alongside the consultation. The consultation is open to comments until 21 March 2025.]]></description>
					      
						      <pubDate>Wed, 05 Feb 2025 10:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-cons</guid>
				    </item>
			
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					      <title>UK Payment Systems Regulator publishes compliance monitoring framework</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-publishes-compliance</link>
					      <description><![CDATA[
The Payment Systems Regulator (PSR) has published a policy statement (PS25/2) on its new compliance monitoring framework, setting out the scope of its monitoring work, its approach to compliance monitoring and how, in practice, it will monitor the parties that it regulates. Its approach is informed by three monitoring principles, namely that it should: (i) act in a way which is proportionate and risk-based, (ii) act quickly, and (iii) provide clear, reciprocal engagement. In practice, it monitors firms in three stages, firstly identifying and assessing whether firms are complying with regulatory requirements, then taking action where it identifies non-compliance and finally escalating cases to the Enforcement team where there are concerns that a firm is still non-compliant or investigation in relation to past conduct is warranted. The PSR also engages with and educates firms as part of its supervisory engagement and coordinates with other regulatory bodies.

Alongside the PS25/2, the PSR has published a thought piece which explains why the framework is necessary and how the PSR will work with firms in ensuring compliance. The PSR provides that its next steps include planning changes to its Process and Procedures Guide.]]></description>
					      
						      <pubDate>Tue, 04 Feb 2025 14:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-publishes-compliance</guid>
				    </item>
			
					 <item>
					      <title>European Commission guidelines on prohibited AI practices under EU AI Act</title>
					      <link>https://finreg.aoshearman.com/European-Commission-guidelines-on-prohibited-AI-p</link>
					      <description><![CDATA[
The European Commission (EC) has published guidelines on prohibited AI practices, as defined by the EU AI Act. The guidelines provide an overview of the prohibited AI practices under Article 5 of the EU AI Act, which are deemed unacceptable due to their potential risks to European values and fundamental rights. Article 5, which prohibits the placing on the EU market, putting into service or use of certain AI systems for manipulative, exploitative, social control or surveillance practices, started to apply from 2 February. The guidelines specifically address practices such as harmful manipulation, social scoring and real-time remote biometric identification, among others. The guidelines are designed to ensure the consistent, effective and uniform application of the EU AI Act across the EU. While they offer valuable insights into the EC&apos;s interpretation of the prohibitions, they are non-binding, with authoritative interpretations reserved for the Court of Justice of the European Union. The guidelines provide legal explanations and practical examples to help stakeholders understand and comply with the EU AI Act&apos;s requirements.]]></description>
					      
						      <pubDate>Tue, 04 Feb 2025 12:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-guidelines-on-prohibited-AI-p</guid>
				    </item>
			
					 <item>
					      <title>UK Financial Conduct Authority Dear CEO letter on priorities for payments portfolio firms</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Dear-CEO-letter-on</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a Dear CEO letter to firms in the payments portfolio sector (including payment institutions, e-money institutions and registered account information service providers). Although the FCA has observed improvements following its letter of 16 March 2023 which set out priorities for payments firms, it remains concerned that there are risks of harm to consumers and financial system integrity. The letter sets out key outcomes for firms.

Read more.]]></description>
					      
						      <pubDate>Mon, 03 Feb 2025 15:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Dear-CEO-letter-on</guid>
				    </item>
			
					 <item>
					      <title>UK Treasury Committee publishes call for evidence on AI in financial services</title>
					      <link>https://finreg.aoshearman.com/UK-Treasury-Committee-publishes-call-for-evidence</link>
					      <description><![CDATA[
The UK Treasury Committee has published a call for evidence on AI in financial services, in light of growing use of the technology across the sector including in retail banking, investment banking, insurance and pensions. The Committee welcomes evidence on issues such as: (i) how AI is currently used in different sectors of financial services and how that is likely to change over the next ten years; (ii) the extent to which AI can improve productivity in financial services; (iii) any risks to financial stability arising from AI and possible mitigating actions; (iv) any benefits and risks to consumers arising from AI; and (v) how the government and regulators can strike the right balance between capitalizing on AI opportunities while protecting against threats to consumers and financial stability.

The deadline for responses is 17 March 2025. The Committee will decide on particular areas of focus once it has received the written evidence.]]></description>
					      
						      <pubDate>Mon, 03 Feb 2025 14:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Treasury-Committee-publishes-call-for-evidence</guid>
				    </item>
			
					 <item>
					      <title>UK Financial Conduct Authority consults on further proposals for firms operating public offer platforms</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-consults-on-furth</link>
					      <description><![CDATA[
The Financial Conduct Authority (FCA) has published a consultation paper (CP25/3) on further proposals to support the implementation and operation of the new public offer platforms (POP) regime. This regime is designed to facilitate companies making public offers of securities to a broad range of investors outside public markets when raising more than GBP5 million. The proposed regime for POPs is part of the new Public Offers and Admissions to Trading Regulations 2024 (POATRs), which were made in January 2024. The POATRs will replace the current UK Prospectus Regulation. CP25/3 aims to ensure a comprehensive set of regulatory requirements are in place for firms operating POPs when the regime comes into force, and to ensure that firms understand the FCA&apos;s proposed approach to authorising and supervising firms carrying on this new regulated activity. This consultation was published alongside the FCA&apos;s consultation paper on further changes to the public offers and admissions to trading (POAT) regime and the UK Listing Rules (UKLR). 

Read more.]]></description>
					      
						      <pubDate>Fri, 31 Jan 2025 14:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-consults-on-furth</guid>
				    </item>
			
					 <item>
					      <title>European Commission rejects draft technical standards on sub-contracting ICT services under Digital Operational Resilience Act</title>
					      <link>https://finreg.aoshearman.com/European-Commission-rejects-draft-technical-stand</link>
					      <description><![CDATA[
The European Commission has published a letter (dated 21 January 2025) addressed to the Joint Committee of the European Supervisory Authorities (ESAs) rejecting certain draft regulatory technical standards (RTS) the ESAs submitted under the Digital Operational Resilience Act in July 2024. The draft RTS specified the elements which a financial entity should determine when subcontracting ICT services supporting critical or important functions. These include the overall risk profile of the financial entity and its services and operations, the need for due diligence processes and a risk assessment of service providers, and the need for a description of the services and the conditions under which they would be provided. The Commission rejected the draft RTS on the grounds that proposed Article 5, on subcontracting in relation to the chain of ICT subcontractors for critical or important functions, went beyond the scope of the mandate granted to the ESAs under DORA, because it introduced requirements not specifically linked to the conditions for subcontracting. The Commission has also proposed certain non-substantive drafting amendments to the draft RTS. The Commission intends to adopt the RTS once these modifications have been made by the ESAs.]]></description>
					      
						      <pubDate>Fri, 31 Jan 2025 12:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-rejects-draft-technical-stand</guid>
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					 <item>
					      <title>EU joint report on use of countercyclical capital buffer</title>
					      <link>https://finreg.aoshearman.com/EU-joint-report-on-use-of-countercyclical-capital</link>
					      <description><![CDATA[
The European Central Bank and the European Systemic Risk Board have published a joint report on the use of the positive neutral countercyclical capital buffer (PN CCyB) in the EEA. This approach has gained traction among EEA countries in recent years as a way of increasing resilience over the financial cycle and enhancing financial stability.

The report addresses areas of commonality in the approaches adopted by EEA countries, including:

	broad agreement on what a positive neutral approach means and what it is useful for.
	in most jurisdictions, there is no expectation that the PN CCyB will yield higher CCyB requirements at the peak of the cycle when cyclical systemic risks become elevated.
	there is broad consistency in the conditions that would guide authorities&apos; decisions to release the CCyB.
	in most jurisdictions, the introduction of a PN CCyB does not need to be offset by a reduction in other capital requirements.
	clear and transparent communication is a key element in the introduction and use of a PN CCyB.


Read more.]]></description>
					      
						      <pubDate>Fri, 31 Jan 2025 12:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-joint-report-on-use-of-countercyclical-capital</guid>
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					      <title>European Central Bank publishes FAQs on initial margin models under EMIR 3</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-publishes-FAQs-on-initial-m</link>
					      <description><![CDATA[
The European Central Bank(ECB) has published FAQs on initial margin (IM) model approvals under EMIR 3. EMIR 3 requires, for the first time in the EU, counterparties to apply for authorisation before using, or adopting a change to, their IM calculation model. Applying validation and authorisation requirements for IM models was expected to cause difficulties for national competent authorities (NCAs) and counterparties immediately upon entry into force of EMIR 3. In 2024, the European Banking Authority (EBA) therefore published a no action letter confirming NCAs should not prioritise supervisory or enforcement action in relation to processing IM model authorisation applications.

The ECB&apos;s FAQs provide further information on the application of the new EMIR IM model authorisation regime, including: (i) which banks are affected by the EBA&apos;s no action letter on the application of EMIR; (ii) the ECB&apos;s interim approach to processing IM model applications, until the EBA&apos;s technical standards/guidelines become applicable; (iii) the approach significant institutions should take to obtaining authorisations for IM models in light of EMIR 3; (iv) the approach to be taken when more than one legal entity within a banking group is using an IM model; and (v) the length of time an approval process is expected to take.]]></description>
					      
						      <pubDate>Fri, 31 Jan 2025 11:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-publishes-FAQs-on-initial-m</guid>
				    </item>
			
					 <item>
					      <title>Commission Implementing Decision extends temporary equivalence of UK CCPs</title>
					      <link>https://finreg.aoshearman.com/Commission-Implementing-Decision-extends-temporar</link>
					      <description><![CDATA[
Commission Implementing Decision (EU) 2025/215 has been published in the Official Journal of the European Union, extending EU equivalence for UK CCPs under the European Market Infrastructure Regulation (EMIR). The Decision will apply from 1 July 2025 (the day after the EU&apos;s current equivalence decision expires, on 30 June 2025) and will expire on 30 June 2028. The European Commission published a press release on the same date, noting that the extension is designed to provide time for the implementation of EMIR 3.]]></description>
					      
						      <pubDate>Fri, 31 Jan 2025 09:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Commission-Implementing-Decision-extends-temporar</guid>
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					      <title>UK Financial Conduct Authority consults on public offers and admissions to trading regime and UK Listing Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-consults-on-public</link>
					      <description><![CDATA[
The UK Financial Conduct Authority (FCA) has published a consultation paper (CP25/2) on further changes to the public offers and admissions to trading (POAT) regime and the UK Listing Rules (UKLR). This was published alongside the FCA&apos;s consultation paper on proposed consequential changes and transitional arrangements in relation to the rules for firms seeking to operate a public offer platform. The proposals are designed to promote more efficient and effective capital raising for issuers and increase opportunities for investors. They also aim to complement the FCA&apos;s reforms to the UKLRs last year as part of ongoing work to ensure UK global competitiveness. The Public Offers and Admissions to Trading Regulations 2024 were made in January 2024, creating a new framework to replace the UK Prospectus Regulation and give the FCA greater discretion to set new rules.

Read more.]]></description>
					      
						      <pubDate>Fri, 31 Jan 2025 09:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-consults-on-public</guid>
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					      <title>Financial Services and Markets Act 2023 (Digital Securities Sandbox) (Amendment) Regulations 2025 laid</title>
					      <link>https://finreg.aoshearman.com/Financial-Services-and-Markets-Act-2023-Digital-S</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2023 (Digital Securities Sandbox) (Amendment) Regulations 2025 were laid before parliament, together with an explanatory memorandum. The Regulations relate to the Digital Securities Sandbox, which is a temporary supervisory regime allowing firms to test certain innovative financial market infrastructure activities that launched on September 30, 2024. The Regulations amend the Sandbox by modifying the application of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 to Sandbox participants. This is to ensure that firms which may already be registered or authorized with the FCA for other activities need not register separately with the FCA as a cryptoasset business for the purpose of undertaking Sandbox activities. The explanatory memorandum accompanying the Regulations also confirms that a number of firms have successfully completed the approvals process for the Sandbox and passed through Gate 1 (the testing stage). The Regulations make certain other minor amendments, and come into force on March 3, 2025.]]></description>
					      
						      <pubDate>Thu, 30 Jan 2025 10:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Services-and-Markets-Act-2023-Digital-S</guid>
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					      <title>UK Financial Conduct Authority portfolio letter on strategy for mortgage intermediaries</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-portfolio-letter-o</link>
					      <description><![CDATA[
The UK Financial Conduct Authority has published a portfolio letter on its strategy for mortgage intermediaries setting out the areas of regulatory focus for the next two years. The FCA&apos;s overarching focus is on embedding the Consumer Duty. Several key areas where this is most relevant for mortgage intermediaries are identified, including: (i) quality of advice and unsuitable products - particularly in the context of customers facing financial circumstances or vulnerability, meaning firms must do more to consider customers&apos; personal and financial circumstances and financial objectives; (ii) high pressure selling and ancillary products - the FCA intends to assess how firms are identifying and managing conflicts of interest that may arise; (iii) excessive fees and fair value - in particular, the FCA highlights the relevance of its Consumer Duty guidance and recent update on good and poor practice in fair value assessments; and (iv) financial promotions - the letter emphasizes the importance of featuring the risks of secured lending prominently alongside the promoted benefits. The letter also notes the FCA&apos;s other expectations in relation to dormant appointed representatives, trading names and conditional selling.]]></description>
					      
						      <pubDate>Thu, 30 Jan 2025 09:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-portfolio-letter-o</guid>
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					      <title>European Commission communication on EU competitiveness compass</title>
					      <link>https://finreg.aoshearman.com/European-Commission-communication-on-EU-competiti</link>
					      <description><![CDATA[
The European Commission has published a communication on a Competitiveness Compass for the EU, which sets out an action plan in response to the Draghi report published in September 2024. The communication sets out the framework for the Commission&apos;s work on competitiveness for the next five years and lists its initial priorities. One of the Commission&apos;s key aims is to reduce the regulatory burden, which for the financial services sector will include publishing, in February, the first of a series of Simplification Omnibus packages relating to sustainable finance reporting, sustainability due diligence and the sustainable finance taxonomy. Additionally in Q1 2025 the Commission will set a strategy on a Savings and Investments Union, followed by a set of specific proposals, which will aim to promote low-cost saving and investment products at EU level for retail investors. Longer term work includes removing barriers to consolidation of financial markets infrastructure and taxation barriers to cross-border investment, promoting the EU&apos;s securitization market, and pursuing the reform and harmonization of insolvency frameworks in the EU. A tentative agenda for forthcoming College of Commissioners&apos; meetings indicates that the Commission will publish a communication on the Savings and Investments Union on March 19, 2025.]]></description>
					      
						      <pubDate>Wed, 29 Jan 2025 12:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-communication-on-EU-competiti</guid>
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					      <title>European Commission adopts Delegated Regulation amending Regulatory Technical Standards on the supervisory delta of call and put options mapped to the commodity risk category</title>
					      <link>https://finreg.aoshearman.com/European-Commission-adopts-Delegated-Regulation-</link>
					      <description><![CDATA[
The European Commission adopted a Delegated Regulation amending Regulatory Technical Standards as regards the specification of the formula for calculating the supervisory delta of call and put options mapped to the commodity risk category. The RTS specify the formula for the purposes of Article 279a(3) of the EU Capital Requirements Regulation in the standardized approach for counterparty credit risk. CRR III expanded the scope of Article 279a(3) to cover commodity risk, which requires amendment to the RTS. The Council of the European Union and the European Parliament will now scrutinize the Delegated Regulation. If neither objects, the Regulation will be published in the Official Journal of the European Union and enter into force 20 days after publication.]]></description>
					      
						      <pubDate>Tue, 28 Jan 2025 14:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-adopts-Delegated-Regulation-</guid>
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					      <title>European Securities and Markets Authority publishes final report and draft Regulatory Technical Standards on colleges for central counterparties under European Market Infrastructure Regulation 3</title>
					      <link>https://finreg.aoshearman.com/European-S</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its final report containing draft regulatory technical standards relating to colleges for central counterparties under the European Market Infrastructure Regulation 3. The report presents draft amendments to the RTS on colleges for CCPs, to reflect the changes introduced by EMIR 3 on the functioning of CCP colleges. The proposed draft amendments concern the practical arrangements for the functioning of the college with regard to the respective roles of the co-chairs and the interaction between them, the information to be shared with the college and the modalities of communication between college members. ESMA is not conducting an open public consultation on the proposed amendments, as the proposed amendments are limited in scope and only concern competent authorities. ESMA has consulted the European System of Central Banks and other relevant competent authorities, and has also consulted the Securities and Markets Stakeholder Group. ESMA will submit the draft amendments to the European Commission, which will have three months to decide whether to endorse them.]]></description>
					      
						      <pubDate>Tue, 28 Jan 2025 12:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-S</guid>
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					      <title>Silicon Valley Bank UK Limited Compensation Scheme Order 2025 published</title>
					      <link>https://finreg.aoshearman.com/Silicon-Valley-Bank-UK-Limited-Compensation-Schem</link>
					      <description><![CDATA[
The Silicon Valley Bank UK Limited Compensation Scheme Order 2025 (SI 2025/83) has been published, together with an explanatory memorandum. The order confirms in law that no compensation is due to the persons who held shares in Silicon Valley Bank UK Ltd before those shares were transferred to HSBC UK Bank plc in March 2023, as part of the resolution of SVB UK. HMT is required to make a Compensation Scheme Order where the private sector purchaser option has been exercised, in order to facilitate any compensation due to shareholders. HMT has made this determination following consultation with the BoE, which carried out a provisional valuation of SVB UK prior to its resolution and subsequently commissioned an independent valuation of SVB UK which confirmed the provisional valuation. The valuations concluded that no compensation is due to shareholders of SVB UK. The order came into force on January 28, 2025.]]></description>
					      
						      <pubDate>Mon, 27 Jan 2025 14:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Silicon-Valley-Bank-UK-Limited-Compensation-Schem</guid>
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					      <title>UK Prudential Regulation Authority response to HM Treasury November 2024 letter on remit and recommendations</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-response-to-HM</link>
					      <description><![CDATA[HM Treasury has published a letter (dated December 18, 2024) from Andrew Bailey, BoE Governor, in his role as Chair of the Prudential Regulation Committee. In the letter, Mr Bailey sets out the response of the PRC to HMT&apos;s November 2024 letter on recommendations for the PRC. The letter discusses actions taken by the PRA to advance the secondary competitiveness and growth objective and sets out the work the PRA is taking or planning to take in support of the specific recommendation to the PRC on government economic policy. This work includes planned consultations on: (i) the banking data review. The PRA plans to consult in the summer on reforms resulting from the first phase of the review, which will cover changes to reporting on Counterparty Credit Risk and explore the scope for returns that the PRA can delete outright; and (ii) the Senior Managers &amp; Certification Regime. The PRA plans to consult in the coming months on proposals to increase the efficiency of the regime by providing greater flexibility and clarity to firms and individuals.]]></description>
					      
						      <pubDate>Mon, 27 Jan 2025 14:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-response-to-HM</guid>
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					      <title>European Supervisory Authorities approve terms of reference for new EU systemic cyber incidence co-ordination framework forum under the EU Digital Operational Resilience Act</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-approve-terms-of</link>
					      <description><![CDATA[
The European Supervisory Authorities have published the terms of reference for the EU systemic cyber incident co-ordination framework Forum established under the EU Digital Operational Resilience Act. The Forum will be composed of representatives of EU and national bodies, including the ESAs and the European Commission. The Forum is tasked with: (i) developing and maintaining documents, protocols, procedures, arrangements, taxonomy and plans to support co-ordination in case of crisis mode, taking into account the existing coordination frameworks and the cyber threat landscape; (ii) preparing the set-up of a dedicated ad-hoc group responsible for managing crisis mode; and (iii) exercise and test the protocols and procedures to ensure continued preparedness in the event of activation of crisis mode. The terms of reference will be subject to review and endorsement by the Joint Committee and subsequent approval by the ESAs&apos; Boards of Supervisors, and adapted to reflect any new developments, as relevant and appropriate, every two years. The terms of reference came into effect on January 17, 2025.]]></description>
					      
						      <pubDate>Mon, 27 Jan 2025 13:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-approve-terms-of</guid>
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					      <title>Global Financial Innovation Network report on use of consumer-facing AI in global financial services</title>
					      <link>https://finreg.aoshearman.com/Global-Financial-Innovation-Network-report-on-use</link>
					      <description><![CDATA[
The Global Financial Innovation Network has published a report summarizing discussions led by the U.K. Financial Conduct Authority and the Dubai Financial Services Authority on the use of consumer-facing AI in global financial services and the implications for global financial innovation. These discussions took place at roundtables in July and October 2024, and covered use cases of consumer-facing AI in financial services and the opportunities and challenges presented. The FCA roundtable in July 2024 in particular explored robo-advice, personalized finance and the provision of consumer education and information. Overall, the report supported the development of further innovative solutions for consumers and the exploration of striking a balance with consumer and market protection, and international collaboration and knowledge sharing. In particular, participants proposed the creation of a formalized GFIN AI Working Group, which could include non-GFIN stakeholders to explore various AI topics. The GFIN will consider this suggestion as it plans its next steps to ensure collaboration continues and grows.]]></description>
					      
						      <pubDate>Mon, 27 Jan 2025 12:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Global-Financial-Innovation-Network-report-on-use</guid>
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					      <title>Permission to appeal granted against Financial Ombudsman Service decision concerning motor finance discretionary commission arrangements</title>
					      <link>https://finreg.aoshearman.com/Permission-to-appeal-granted-against-Financial-Om</link>
					      <description><![CDATA[
Barclays Partner Finance has been granted permission to appeal against the Administrative Court&apos;s judgment in R (Clydesdale Financial Services Ltd) v Financial Ombudsman Service Ltd [2024] EWHC 3237 (Admin). Permission was granted by the Administrative Court on the order of Kerr J dated December 24, 2024, and the Court of Appeal will hear the appeal by December 8, 2025. In the judgment under appeal, the Administrative Court found in favor of the FOS and dismissed a claim brought by Clydesdale Financial Services Ltd (which trades as Barclays Partner Finance) for judicial review of an ombudsman&apos;s decision to uphold a complaint in relation to a discretionary commission arrangement in a motor finance agreement.]]></description>
					      
						      <pubDate>Mon, 27 Jan 2025 11:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Permission-to-appeal-granted-against-Financial-Om</guid>
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					      <title>Financial Markets Standards Board publishes standard for sharing standard settlement instructions</title>
					      <link>https://finreg.aoshearman.com/Financial-Markets-Standards-Board-publishes-stand</link>
					      <description><![CDATA[
The Financial Markets Standards Board has published the final version of its standard for sharing standard settlement instructions. The standard establishes core principles which set out expected practices for the sharing of SSIs between market participants and also includes templates for manually shared SSIs for cash and securities. These core principles relate to: use of industry platforms; off-platform settlement; timing; data fields; data format; data validation; validity; governance and responsibility; and periodic review. The standard is intended to supplement existing laws, regulation and guidance and applies to FMSB member firms in respect of their own or their clients&apos; SSIs.]]></description>
					      
						      <pubDate>Mon, 27 Jan 2025 10:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Markets-Standards-Board-publishes-stand</guid>
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					      <title>UK Financial Policy Committee response to HM Treasury November 2024 letter on remit and recommendations</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Policy-Committee-response-to-HM-Trea</link>
					      <description><![CDATA[
HM Treasury has published a letter (dated 18 December 2024) from Andrew Bailey, Bank of England Governor, in his role as Chair of the Financial Policy Committee. In the letter, Mr Bailey sets out the response of the FPC to HMT&apos;s November 2024 letter on remit and recommendations for the FPC. The letter outlines the work of the FPC to help identify, monitor and address systemic risks to the resilience of the UK financial system and examples of work to support the government&apos;s economic policy. Included in this work, the FPC: (i) will continue to work in an open and collaborative way with other relevant bodies for the purpose of pursuing its financial stability objective. This includes working closely with the newly formed Financial Market Infrastructure Committee, to jointly discuss innovation in wholesale markets, including systemic stablecoins and tokenized assets; (ii) will continue to monitor the implementation and outcomes of the new critical third parties regime; (iii) plans to publish an assessment of channels of financial stability risks stemming from the adoption of AI and machine learning, as well as its approach to monitoring such risks in a report in H1 2025; (iv) will continue to consider the materiality of nature-related risks for its primary financial stability objective; and (v) will further update the O-SII buffer framework to ensure it is operating as intended.]]></description>
					      
						      <pubDate>Mon, 27 Jan 2025 09:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Policy-Committee-response-to-HM-Trea</guid>
				    </item>
			
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					      <title>Global Foreign Exchange Committee publishes amended FX Global Code of Conduct</title>
					      <link>https://finreg.aoshearman.com/Global-Foreign-Exchange-Committee-publishes-amend</link>
					      <description><![CDATA[
The Global Foreign Exchange Committee (GFXC) has published the updated version of the FX Global Code of Conduct (dated December 2024), which supersedes the previous version (from July 2021). Updates have been made to strengthen the Code&apos;s content and guidance on settlement risk, transparency and use of data on electronic trading platforms. The updated Code also includes links to GFXC reports which are published from time to time and while not forming part of the Code, are intended to facilitate wider awareness and understanding of specific aspects of the FX market. The GFXC has also published enhanced disclosure cover sheets for liquidity providers and platforms available via its DCS webpage. The GFXC encourages all market participants to review the amendments to the Code and consider renewing their Statement of Commitment, taking into account the nature and relevance of the updates to their FX market activities. It considers that a 12-month period should be sufficient for those affected by the changes to align their practices with the Code&apos;s principles.]]></description>
					      
						      <pubDate>Fri, 24 Jan 2025 13:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Global-Foreign-Exchange-Committee-publishes-amend</guid>
				    </item>
			
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					      <title>New Designated Publishing Entities regime operational from 3 February</title>
					      <link>https://finreg.aoshearman.com/New-Designated-Publishing-Entities-regime-operati</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a press release reminding market participants that from February 3, 2025 the new Designated Publishing Entities regime shall be operational. The DPE regime was introduced following the EU Markets in Financial Instruments Directive/Markets in Financial Instruments Regulation Review and means the responsibility for reporting transactions carried out over-the-counter will turn on whether or not firms hold DPE status. The press release also confirms that ESMA will no longer publish the quarterly systematic internaliser data. From September 2025, ESMA will no longer be required to calculate quarterly SI data and given the imminence of the end of the regime, ESMA has decided stop publishing this data. Accordingly, the mandatory SI regime will no longer apply from February 1, 2025 although firms may continue to opt in to the regime.]]></description>
					      
						      <pubDate>Fri, 24 Jan 2025 12:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-Designated-Publishing-Entities-regime-operati</guid>
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					      <title>European Commission adopts Delegated Regulation on over-the-counter derivatives identifying reference data under EU Markets in Financial Instruments Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-adopts-Delegated-Regulation-o</link>
					      <description><![CDATA[
The European Commission has adopted a Delegated Regulation supplementing the EU Markets in Financial Instruments Regulation on OTC derivatives identifying reference data to be used for the purposes of the transparency requirements laid down in Article 8a(2) and Articles 10 and 21, following its consultation on the draft text in June 2024. The identifying reference data are to be used from September 1, 2026 for OTC interest rate and OTC credit default swaps. The Delegated Regulation includes an annex which lists identifying reference data for OTC interest rate swaps and separately lists standard business terms for the reference rates referenced in OTC interest rate swaps subject to the MiFIR transparency requirements. The Delegated Regulation will enter into force 20 days after its publication in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Fri, 24 Jan 2025 12:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-adopts-Delegated-Regulation-o</guid>
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					      <title>UK Financial Conduct Authority portfolio letter on supervisory strategy for wholesale brokers</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-portfolio-letter-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Dear CEO Letter on its new strategy for supervising wholesale brokers. The FCA has observed a change in the sector in recent years with larger firms acquiring smaller ones and some weaker firms exiting the market altogether, although it observes the sector is overall healthy and competitive.

The FCA notes that improvements have been made on prudential risk management following its focus on the issue over the previous two years and plans to publish an observation paper on good and poor practices shortly. On financial crime, the FCA has seen improvements in areas such as risk assessment processes and oversight frameworks but is concerned that firms are underestimating their money laundering risks. It expects firms to read its publication, Money laundering through the markets, incorporate good practices and stop poor practices where relevant. It continues to observe an inconsistent application of the Remuneration Code across firms and will use regulatory tools (including imposition of capital requirements) for firms it has identified as being at fault.

Read more.]]></description>
					      
						      <pubDate>Fri, 24 Jan 2025 12:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-portfolio-letter-</guid>
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					      <title>UK Conduct Authority publishes report on assessing and reducing the risk of Money Laundering Through the Markets</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Authority-publishes-report-on-assessin</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a report on assessing and reducing the risk of Money Laundering Through the Markets. Money Laundering Through the Markets is the use of capital markets to launder criminally generated cash so that it appears legitimately generated. The report renews the risk assessment of Money Laundering Through the Markets and risks documented in the FCA&apos;s June 2019 thematic review. It also sets out the findings of the FCA follow-up review, which it believes will assist brokers and other firms operating in the capital markets to continue to improve their controls and ensure they meet the required standards. The FCA&apos;s report provides further insights through practical case studies and examples of good and poor practice.

Overall, the FCA saw good practice and progress in several financial crime systems and controls across larger and smaller firms. However, relevant firms needed to more rigorously tackle the issues raised in the previous thematic review. Key challenges observed include: (i) transaction monitoring; (ii) knowledge of the U.K. Financial Intelligence Unit Money Laundering Through the Markets suspicious activity reporting glossary code; (iii) information sharing; and (iv) documenting customer risk-assessment methods in enough detail. The FCA would like firms to continue reviewing their systems, controls, Money Laundering Through the Markets awareness and training. Moving forward, the FCA will use its supervisory work, to make sure firms are considering Money Laundering Through the Markets risks, and the points raised in this report to drive improvements and reduce risk across the markets. It will also encourage firms and third-party providers to innovate more, to tailor transaction monitoring systems and alerts to capital markets.]]></description>
					      
						      <pubDate>Thu, 23 Jan 2025 17:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Authority-publishes-report-on-assessin</guid>
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					      <title>EU Platform on Sustainable Finance makes recommendations on the development and assessment of corporate transition plans</title>
					      <link>https://finreg.aoshearman.com/EU-Platform-on-Sustainable-Finance-makes-recommen</link>
					      <description><![CDATA[
The EU Platform on Sustainable Finance has published a report on the development and assessment of corporate transition plans. The PSF identifies core elements for evaluating transition plans and makes recommendations to the European Commission on how best to improve the effectiveness of its policy framework and support the market&apos;s provision and access to transition finance. In its report, the PSF states that companies should clearly communicate to financial market participants any gaps and how they will be addressed. Financial market participants should then use credible and robust transition plans to help inform their investment and lending decisions, supporting companies in enhancing their plans over time.

The key recommendations addressed in the report include:

	developing sectoral transition pathways for high-emitting sectors at the EU level, including technology roadmaps;
	providing guidance for selecting scenarios that can be used for credible science-based corporate target setting and transition planning;
	creating criteria for qualifying targets as credible and science-based;


Read more.]]></description>
					      
						      <pubDate>Thu, 23 Jan 2025 12:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Platform-on-Sustainable-Finance-makes-recommen</guid>
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					      <title>Financial Stability Board publishes work program for 2025</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-publishes-work-program-</link>
					      <description><![CDATA[
The Financial Stability Board has published its work program for 2025. Priority areas of work for 2025 include:


	supporting global cooperation on financial stability: the FSB will continue monitoring global financial stability developments and the implications of emerging financial innovation, and conduct in-depth analysis on vulnerabilities in non-bank financial intermediation and climate change;
	enhancing the resilience of NBFI: while preserving its benefits, the FSB workstream includes finalizing policy recommendations on NBFI leverage, developing and beginning implementation of a medium-term workplan to address issues relating to non-bank data availability, use and quality and analyzing the resilience and functioning of the repo market;
	harnessing the benefits of digital innovation while containing its risks: the FSB will produce a thematic peer review on implementation of its crypto-asset recommendations, a report on how financial authorities can monitor AI adoption and assess related vulnerabilities, and finalize the format for incident reporting exchange;


Read more.]]></description>
					      
						      <pubDate>Thu, 23 Jan 2025 12:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-publishes-work-program-</guid>
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					      <title>UK payments regulators discuss next steps for open banking</title>
					      <link>https://finreg.aoshearman.com/UK-payments-regulators-discuss-next-steps-for-ope</link>
					      <description><![CDATA[
The Financial Conduct Authority and Payment Systems Regulator have set out the next steps for open banking, focusing on variable recurring payments. In the statement the regulators explain the benefits of variable recurring payments, which includes helping consumers take more control of their regular payments, reducing the risk of unexpected expenditure. It will also offer businesses greater competition to current payment methods and could help reduce processing fees. As part of the next steps to deliver variable recurring payments, Open Banking Limited will establish an independent central operator to coordinate how variable recurring payments are made. The FCA and PSR will support this endeavor by working with industry and trade associations and are looking forward to significant progress being made in 2025. The regulators are also working with industry and trade associations to progress development of the commercial arrangements underpinning both variable recurring payments and use of open banking for e-commerce.]]></description>
					      
						      <pubDate>Thu, 23 Jan 2025 10:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-payments-regulators-discuss-next-steps-for-ope</guid>
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					      <title>Eurozone Single Resolution Board publishes revised guidance on operational continuity in resolution</title>
					      <link>https://finreg.aoshearman.com/Eurozone-Single-Resolution-Board-publishes-revise</link>
					      <description><![CDATA[
The Single Resolution Board has published a revised version of the operational guidance on operational continuity in resolution. The guidance provides further clarifications to banks on how to implement SRB expectations for resolvability related to: (i) service identification and mapping; (ii) assessment of operational continuity risk; and (iii) mitigating measures, such as having adequately documented, resolution-resilient contracts, appropriate management information systems, and governance arrangements.

The guidance was originally published in 2021, the new revisions follow the development of new frameworks, such as the Digital Operational Resilience Act, and new provisions, such as the European Banking Authority&apos;s Guidelines on improving resolvability. The SRB notes that some of the additions will, in practice, depend for their application on measures currently pending.]]></description>
					      
						      <pubDate>Thu, 23 Jan 2025 08:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Eurozone-Single-Resolution-Board-publishes-revise</guid>
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					      <title>Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 (SI 2025/82) are made</title>
					      <link>https://finreg.aoshearman.com/Retained-EU-Law-Revocation-and-Reform-Act-2023-Co</link>
					      <description><![CDATA[
The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 have been published, together with an explanatory memorandum. They will make amendments to secondary legislation (including assimilated direct legislation) in consequence of the various provisions of the Retained EU Law (Revocation and Reform) Act 2023 (REUL Act). The Regulations do not make any policy changes, but serve to clarify the statute book. Most amendments relate to changes of terminology resulting from renaming EU-derived law, making express textual amendments to relevant references - in particular replacing &quot;retained&quot; with &quot;assimilated&quot;. The Regulations come into force on February 27, 2025.]]></description>
					      
						      <pubDate>Wed, 22 Jan 2025 10:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Retained-EU-Law-Revocation-and-Reform-Act-2023-Co</guid>
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					      <title>UK Prudential Regulation Authority writes to domestic and international banks on its 2025 supervisory priorities</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-writes-to-dome</link>
					      <description><![CDATA[
The Prudential Regulation Authority has published a Dear CEO letter outlining its supervisory priorities for 2025 for domestic banks and international banks and large investment firms. The PRA&apos;s key areas of focus for 2025 include:


	Risk management, governance and controls: firms&apos; senior management, and boards need to ensure that their organizations have robust governance, risk management and controls frameworks in place that are adaptive and resilient, leveraging stress and scenario analyses to inform risk management, strategy and business planning. Firms are expected to have these frameworks in place across businesses, risk and internal audit functions, commensurate with the firm&apos;s business model. The PRA also notes that counterparty credit risk will remain an area of focus.
	Data risk: firms must continue to improve their ability to aggregate data to ensure that they have the information necessary to support holistic risk management, robust board decision-making, and accurate regulatory calculations. Throughout 2025 the PRA will continue to assess data accuracy.


Read more.]]></description>
					      
						      <pubDate>Tue, 21 Jan 2025 14:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-writes-to-dome</guid>
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					      <title>UK Prudential Regulation Authority responds to Government on enhancing sustainable economic growth</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-responds-to-Go</link>
					      <description><![CDATA[
The Prudential Regulation Authority has published a letter (dated January 15, 2025) from Sam Woods, PRA Deputy Governor and CEO, to the Government setting out the actions the PRA has taken, and will take, with a view to enhancing economic growth. Actions already addressed by the PRA include:


	simplifying the prudential regime for small banks;
	proposing further amendments to remuneration requirements to enhance competitiveness; and
	simplifying regulatory data-reporting from banks.


The PRA also considers that broader changes could simplify and rationalize the U.K. regulatory regime in other ways, such as identifying potential overlaps between PRA&apos;s governance and disclosure requirements and those of legislation or other regulators. In the PRA&apos;s view, rationalizing the U.K. financial services regulators&apos; &quot;have regards&quot; principles could lead to a simplification of the length and complexity of the analysis underpinning new regulations with consequential benefits for the cost of regulatory engagement by firms and efficient use of resources by the PRA. The principles relate to the number of principles regulators are required to &quot;have regard&quot; to and to which they are held to account for when exercising their powers.]]></description>
					      
						      <pubDate>Mon, 20 Jan 2025 16:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-responds-to-Go</guid>
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					      <title>UK Chancellor announces engagement with financial services leaders to bolster growth plans</title>
					      <link>https://finreg.aoshearman.com/UK-Chancellor-announces-engagement-with-financial</link>
					      <description><![CDATA[
HM Treasury has announced that the Chancellor will increase engagement with financial services leaders to strengthen plans to grow the economy. Over the coming months, the Chancellor plans to host a series of Industry Forums with key sub-sector leaders in banking, insurance, and asset management to elicit views on delivering long-term growth. HMT explains that the Industry Forums, alongside extensive further engagement at official and ministerial levels, will ensure that industry and senior stakeholders are closely involved in the development of the upcoming Financial Services Growth and Competitiveness Strategy so that it tackles the key issues that matter most to the industry. The first meetings of the Industry Forums will run throughout January and February, reconvening ahead of the Government&apos;s publication of the Financial Services Growth and Competitiveness Strategy as part of the Industrial Strategy later this year. The Government will continue to work closely with industry following the publication of the Strategy, to ensure that it is implemented effectively. The Strategy, set to be published in the spring, aims to develop policies that foster growth in the financial services sector.]]></description>
					      
						      <pubDate>Mon, 20 Jan 2025 16:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Chancellor-announces-engagement-with-financial</guid>
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					      <title>UK Financial Conduct Authority responds to Government call for regulators to support growth</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-responds-to-Govern</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a letter (dated January 16, 2025) from Nikhil Rathi, FCA Chief Executive, sent to the Government, setting out its work to ensure that it is supporting the Government&apos;s U.K. growth mission. The letter responds to Government&apos;s December call for regulators to support growth. In the letter, the FCA explains that to achieve the vast reforms, the FCA will need to take greater risks and prioritize resources. The Government&apos;s support and acceptance of this approach is required, including an acceptance that there will be failures because it will not be possible to prevent all harm under an approach based on risk-based choices. The FCA emphasizes that this acceptance needs to be shared across all accountability mechanisms, including in Parliament, and states that metrics for &quot;tolerable failures&quot; within the overall system would assist.

The areas addressed in the letter include:

	unlocking capital investment and liquidity: in addition to the planned reforms for the wholesale markets, the FCA will fast-track a review of capital requirements for specialized trading firms to improve liquidity;
	accelerating digital innovation to enhance productivity: the FCA makes a number of suggestions on how to do this including introducing a new open banking payment method and developing open finance, the removal of the &amp;pound;100 contactless payment limit to enhance consumer flexibility and level the playing field with digital wallets. The FCA also suggests that government action could help by introducing digital identity authentication, enhancing the quality of the Companies House database to reduce costs for business, and digitalizing court systems to reduce delays;


Read more.]]></description>
					      
						      <pubDate>Fri, 17 Jan 2025 16:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-responds-to-Govern</guid>
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					      <title>UK Financial Conduct Authority responds on motor finance judgment</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-responds-on-motor-</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a letter addressed to the House of Lords Financial Services Regulation Committee on motor finance commission specifically addressing the court of appeal judgement in Johnson v FirstRand Bank Ltd (London Branch) (t/a MotoNovo Finance) [2024] EWCA Civ 1282. The letter responds to a letter the FCA received from the Committee in December.

In the letter, the FCA sets out the relevant FCA rules and principles concerning both discretionary and fixed commissions, both prior to and following the amendments introduced in 2021. The FCA also confirms that it did not seek legal advice on the specific issue of the relevance of disinterested or fiduciary duties with regard to formulating (and amending) the rules providing for commission disclosure and the ban on discretionary commission arrangements. The FCA concludes by explaining that once the Supreme Court has settled the law in this area, it will consider if any intervention is needed, which will include reviewing its rules to take account of the court&apos;s judgment.]]></description>
					      
						      <pubDate>Fri, 17 Jan 2025 16:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-responds-on-motor-</guid>
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					      <title>UK delays the implementation of Basel 3.1</title>
					      <link>https://finreg.aoshearman.com/UK-delays-the-implementation-of-Basel-31</link>
					      <description><![CDATA[
The Prudential Regulation Authority has announced that, in consultation with HM Treasury, it has decided to delay the implementation of Basel 3.1 in the U.K. by one year until January 1, 2027. The PRA explains that it has decided to delay the implementation to allow more time for greater clarity to emerge about implementation plans in the U.S. and to take into account competitiveness and growth considerations. While the PRA now expects to implement on January 1, 2027, it will continue to monitor developments. The transitional periods in the rules will be reduced to ensure the date of full implementation remains on January 1, 2030. The PRA is also immediately pausing until further notice the data collection exercise intended to inform an off-cycle review of firm-specific Pillar 2 capital requirements. Also in light of the delay to implementation, the end-date of the time window to join the Interim Capital Regime, previously set as February 28, 2025, will be moved back. The PRA will provide further information in due course.]]></description>
					      
						      <pubDate>Fri, 17 Jan 2025 15:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-delays-the-implementation-of-Basel-31</guid>
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					      <title>EBA repeals guidelines on major incident reporting under the revised Payment Services Directive</title>
					      <link>https://finreg.aoshearman.com/EBA-repeals-guidelines-on-major-incident-reportin</link>
					      <description><![CDATA[
The European Banking Authority has announced that it has repealed its guidelines on major incident reporting under the revised Payment Services Directive due to the application of harmonized incident reporting under the Digital Operational Resilience Act. DORA introduced harmonized incident reporting requirements that apply to financial entities across the banking, securities/markets, insurance, and pensions sectors, including most payment service providers. DORA also disapplies the incident reporting requirements under PSD2 for those PSPs. As such, the EBA has repealed the guidelines to simplify the reporting of major incidents by PSPs and provide legal certainty to the market. The EBA reminds firms that incident reporting requirements under PSD2 still apply for other types of PSPs, such as post office giro institutions and credit unions, that are not covered by DORA. The EBA notes that those PSPs that are still subject to PSD2 incident reporting requirements may be subject to national incident reporting requirements, regardless of the existence of the EBA guidelines. Competent national authorities willing to retain the incident reporting approach included in the EBA guidelines for those PSPs can continue to do so under their national legal framework or supervisory measures.]]></description>
					      
						      <pubDate>Fri, 17 Jan 2025 14:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-repeals-guidelines-on-major-incident-reportin</guid>
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					      <title>EU joint report on the feasibility for further centralization of reporting of major ICT-related incidents</title>
					      <link>https://finreg.aoshearman.com/EU-joint-report-on-the-feasibility-for-further-ce</link>
					      <description><![CDATA[
The European Supervisory Authorities have published a joint report on the feasibility of further centralization of the reporting of major ICT-related incidents by financial entities to competent authorities. The ESAs&apos; joint report explores the potential for further centralization through the establishment of a single EU hub assessing the feasibility of three different models: (i) the baseline model; (ii) a model with enhanced data sharing arrangements; and (iii) a fully centralized model (i.e., an EU hub). The report considers the potential burden and cost reductions, as well as the efficiency and effectiveness gains that each model would bring for cross-sector supervisory practices.

Read more.]]></description>
					      
						      <pubDate>Fri, 17 Jan 2025 10:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-joint-report-on-the-feasibility-for-further-ce</guid>
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					      <title>European Banking Authority publishes draft guidelines on ESG scenario analysis</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-publishes-draft-guidel</link>
					      <description><![CDATA[
The European Banking Authority has published a consultation paper on its draft guidelines on ESG scenario analysis. For institutions using the internal ratings-based approach for calculating the own funds requirements for credit risk, these guidelines are intended to specify the way in which ESG risks, and in particular, physical and transition risks stemming from climate change, are taken into account in the scenarios used for credit risk internal stress testing. They: (i) specify the different uses institutions should make of scenario analysis and propose a progressive and proportionate approach to incorporating scenario analysis into the institution management system; (ii) provide guidance on what is required before undertaking a scenario analysis and more specifically on the criteria for setting scenarios and identifying the transmission channels for translating climate risks into financial risks; and (iii) specify the distinctive features to be taken into account when conducting a climate stress test in addition to the requirements set out in the guidelines on institutions&apos; stress testing and the use of scenarios to help define and adjust the institution&apos;s strategy and test the robustness of its business model to a range of plausible futures. These guidelines complement the EBA guidelines on the management of ESG risks, published earlier this month. The EBA will hold a virtual public hearing on the consultation on March 17, 2025, and the deadline for comments is April 16, 2025. The EBA plans for the guidelines to be finalized by the second half of 2025, and apply from January 11, 2026 to institutions other than small and non-complex institutions and, at the latest, from January 11, 2027 for SNCI.]]></description>
					      
						      <pubDate>Thu, 16 Jan 2025 12:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-publishes-draft-guidel</guid>
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					      <title>Financial Stability Board analytical framework and toolkit to assess climate-related vulnerabilities</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-analytical-framework-an</link>
					      <description><![CDATA[
The Financial Stability Board published a report containing a framework and analytical toolkit to assess climate-related vulnerabilities. The report introduces an analytical framework that the FSB will use to trace how physical and transition climate risks can be transmitted and amplified by the global financial system. The framework builds on the existing FSB Financial Stability Surveillance Framework and focuses on assessing climate-related vulnerabilities holistically, particularly from a cross-border and cross-sectoral point of view. The accompanying toolkit to the framework comprises three categories of metrics to monitor climate-related vulnerabilities from a forward-looking perspective. These are: (i) proxies to provide early signals on potential drivers of transition and physical risks; (ii) exposure metrics to gauge the extent of direct and indirect exposures in the real economy and the financial system; and (iii) risk metrics to quantify the impacts for financial institutions and the system as a whole. The FSB notes that while these metrics are already used by some FSB members domestically, various methodological and data challenges need to be overcome for them to be used for global monitoring. The FSB notes that the framework and toolkit are live documents, to be refined as understanding evolves on how climate-related vulnerabilities affect financial stability and as methodological and data issues are resolved. As such, the FSB will continue to develop the framework by operationalizing the toolkit and conducting in-depth analyses of specific climate vulnerabilities that may have global financial stability implications.]]></description>
					      
						      <pubDate>Thu, 16 Jan 2025 12:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-analytical-framework-an</guid>
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					      <title>International bodies report on effective practices for streamlining variation margin in centrally cleared markets</title>
					      <link>https://finreg.aoshearman.com/Committee-on-Payments-and-Market-Infrastructure</link>
					      <description><![CDATA[
The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions published a final report on examples of effective practices for streamlining variation margin in centrally cleared markets. The report sets out eight effective practices which aim to provide examples of how standards set out in the CPMI-IOSCO Principles for Financial Market Infrastructures, as supplemented by the relevant guidance, can be met.

Read more.]]></description>
					      
						      <pubDate>Wed, 15 Jan 2025 09:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Committee-on-Payments-and-Market-Infrastructure</guid>
				    </item>
			
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					      <title>International bodies report on streamlining variation margin processes and initial margin responsiveness of margin models in non-centrally cleared markets</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Standards-and-Internat</link>
					      <description><![CDATA[
The Basel Committee on Banking Standards and International Organization of Securities Commissions published a final report on streamlining variation margin processes and initial margin responsiveness of margin models in non-centrally cleared markets. The report follows on from the BCBS-CPMI-IOSCO September 2022 review of margining practices.

Read more.]]></description>
					      
						      <pubDate>Wed, 15 Jan 2025 09:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Standards-and-Internat</guid>
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					      <title>International bodies issue final report on transparency and responsiveness of initial margin in centrally cleared markets</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Standards-Committee-on</link>
					      <description><![CDATA[
The Basel Committee on Banking Standards, Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions has published a final report on transparency and responsiveness of initial margin in centrally cleared markets. The report sets out ten final policy proposals, with the aim of increasing the resilience of the centrally cleared market ecosystem in times of market stress. The proposals are also designed to improve market participants&apos; understanding of centrally cleared initial margin calculations and potential future margin requirements.

Read more.]]></description>
					      
						      <pubDate>Wed, 15 Jan 2025 09:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Standards-Committee-on</guid>
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					      <title>New UK Financial Conduct Authority webpages on consumer redress liabilities</title>
					      <link>https://finreg.aoshearman.com/New-UK-Financial-Conduct-Authority-webpages-on-co</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published two new webpages relating to consumer redress liabilities. The first webpage provides an update for firms on what they should and should not do to tackle polluting behavior and how to meet their redress liabilities. Polluter behavior is described as when a firm or individual takes steps that leave behind potential or actual redress liabilities generated in the course of their regulated activities. To prevent and address this behavior, the FCA expects firms to have adequate financial resources to be able to provide redress as part of complying with Principle 4 (Financial prudence) and the threshold conditions. While there will be occasions when firms are genuinely unable to meet their liabilities, they should not seek to leave their liabilities behind and should provide robust reasons for the actions and decisions they intend to take and be prepared to evidence those. The webpage provides further information on what firms should expect from the FCA if they are required to provide consumer redress, which includes having to take further action to avoid polluter behavior or seek a voluntary requirement that aims to mitigate ongoing harm to consumers or markets. The second webpage explains how to identify and report polluting behavior. The FCA provides six main examples of polluting behavior: (i) basic phoenixing; (ii) lifeboating; (iii) fronting; (iv) sales at an undervalue; (v) restructuring; and (vi) proceeds of sale not being applied to redress. Regulated firms, financial advisers, compliance firms and other financial advice organizations are encouraged to speak out and report to the FCA any firm or individual suspected of providing poor advice, products or services, or attempting to phoenix to avoid their liabilities to consumers. Firms are also expected to carry out thorough due diligence and compliance checks on all advisers they recruit to ensure no poor advice has been given previously.]]></description>
					      
						      <pubDate>Tue, 14 Jan 2025 11:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-UK-Financial-Conduct-Authority-webpages-on-co</guid>
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					      <title>Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 published</title>
					      <link>https://finreg.aoshearman.com/Financial-Services-and-Markets-Act-2000-Designate</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2025 have been published, alongside an explanatory memorandum. The Regulations amend the Financial Services and Markets Act 2000 to provide for the U.K. Financial Conduct Authority&apos;s supervision and enforcement of requirements imposed by the designated activity regime. The Regulations enable the FCA to supervise designated activities by gathering information and launching investigations into persons carrying out designated activities, and to enforce its designated activity rules by publicly censuring or imposing financial penalties on persons that breach them. It also sets out the procedures that will apply to the giving of directions by the FCA relating to designated activities. In the first instance, the Regulations apply this supervision and enforcement framework to the Consumer Composite Investments (Designated Activities) Regulations 2024 and the Short Selling Regulations 2025. The stated intention is that the framework would also be extended to any future designated activities. The Regulations were made on January 13, 2025, and came into effect on January 14, 2025.]]></description>
					      
						      <pubDate>Tue, 14 Jan 2025 10:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Services-and-Markets-Act-2000-Designate</guid>
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					      <title>Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2025 published</title>
					      <link>https://finreg.aoshearman.com/Financial-Services-and-Markets-Act-2000-Ring-fenc</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2025 has been published alongside an explanatory memorandum. The Order amends the Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014 (SI 2014/1960) and the Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014 (SI 2014/2080) to adjust the regulatory regime applying to ring-fenced bodies. Amendments include the introduction of a secondary threshold to exempt retail-focused banking groups from the regime, architectural reforms, removing the geographic restrictions on where ring-fenced banks can operate, and the introduction of a four-year transition period for complying with the ring-fencing regime where ring-fenced banking groups acquire another bank that is not subject to ring-fencing. The Order also expands the list of permitted products and services, including to facilitate investments by ring-fenced banks in SMEs and introduces a de minimis threshold for excluded activities. The order was made on January 13, 2025, and comes into force on the twenty-second day after the day on which it is made. On January 15, 2025, a correction slip to the order was published, confirming that the coming into force date cross-heading which initially read &quot;11 February 2025&quot; should read &quot;4 February 2025&quot;.]]></description>
					      
						      <pubDate>Tue, 14 Jan 2025 10:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Services-and-Markets-Act-2000-Ring-fenc</guid>
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					      <title>UK Short Selling Regulations 2025 published</title>
					      <link>https://finreg.aoshearman.com/UK-Short-Selling-Regulations-2025-published</link>
					      <description><![CDATA[
The Short Selling Regulations 2025 were made and published on legislation.gov.uk, alongside an explanatory memorandum. The regulations replace assimilated law (including the U.K. Short Selling Regulation) and establish a new legislative framework for the regulation of short selling, creating designated activities for short selling, giving the U.K. Financial Conduct Authority rulemaking powers related to those activities, and powers to intervene in exceptional circumstances. The instrument restates core definitions relevant to the short selling regime and grants the FCA broad rulemaking powers, including the ability to set requirements like restrictions on uncovered short selling. It also restates the requirement for firms to notify the FCA of net short positions above 0.2% of issued share capital. HM Treasury retains the power to amend this threshold, but the FCA may require notifications at a different threshold in exceptional circumstances. Regulations 1-6, 8, 9 and 11 came into force on January 14, 2025. The remaining provisions came into force on the same date to the extent required to enable the FCA to give guidance or issue statements of policy. So far as they are not already in force, the remaining regulations will come into force on the day on which the revocation of the U.K. SSR comes into force under FSMA 2023.]]></description>
					      
						      <pubDate>Mon, 13 Jan 2025 10:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Short-Selling-Regulations-2025-published</guid>
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					      <title>Government response to call for evidence on pension fund clearing exemption</title>
					      <link>https://finreg.aoshearman.com/Government-response-to-call-for-evidence-on-pensi</link>
					      <description><![CDATA[
HM Treasury published the Government&apos;s response to its call for evidence on the pension fund clearing exemption, which exempts pension funds from the requirement to clear certain derivative contracts via a central counterparty. In November 2023, HMT published the call for evidence requesting input from industry stakeholders to inform the Government&apos;s review of the exemption, which aimed to determine a long-term approach. The response document provides a breakdown of the key themes raised by the 26 respondents to the call for evidence. Following analysis of the responses and engagement with U.K. regulatory authorities on the issue, the Government has decided that the exemption should be maintained for the longer-term. The Government will now take forward legislation to ensure that the exemption does not expire on June 18, 2025 as currently scheduled, and to remove any further time limit on the exemption. The Government will, however, keep this policy under review in coordination with the U.K. regulatory authorities.]]></description>
					      
						      <pubDate>Fri, 10 Jan 2025 14:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Government-response-to-call-for-evidence-on-pensi</guid>
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					      <title>UK Financial Conduct Authority portfolio letter for credit reference agencies and credit information service providers</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-portfolio-letter-f</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority published a portfolio letter setting out its supervisory strategy for credit reference agencies and credit information service providers. In the letter, the FCA sets out its priority areas for the next two years, which relate to:


	embedding the consumer duty—the FCA has concerns that the process of raising a data dispute or complaint can be difficult for consumers to navigate. As such the FCA intends to undertake work to understand complaint practices across the portfolio and what actions firms have taken under the duty to improve outcomes. The FCA will also continue to assess how firms are meeting the price and value outcome;
	cyber resilience—firms should have a forward-looking outlook and remain vigilant to technological advances and emerging threats to be able to anticipate potential system vulnerabilities. Firms should review the systems and controls, oversight, and monitoring arrangements that they currently have in place to ensure they are sufficient to identify weaknesses and vulnerabilities;


Read more.]]></description>
					      
						      <pubDate>Fri, 10 Jan 2025 12:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-portfolio-letter-f</guid>
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					      <title>UK Government response to report on governance of Artificial Intelligence</title>
					      <link>https://finreg.aoshearman.com/UK-Government-response-to-report-on-governance-of</link>
					      <description><![CDATA[
The U.K. Government has published its response to the House of Commons Science, Innovation and Technology Committee report on the governance of AI. The Government welcomes the findings of the Committee and agrees with the Committee that specific AI legislation is required. As such, it intends to bring forward AI legislation, following a period of consultation, which will include how the most powerful AI models will be captured. The Government also recognizes that, beyond placing requirements on the development of the most powerful AI models, there are a broad range of issues associated with AI development and deployment which require regulatory oversight. Hence, the Government will continue to work with regulators to implement pro-innovation regulatory initiatives, including through the newly established Regulatory Innovation Office. On the AI Safety Institute, the Government explains that its intention is for legislation to put the AI Safety Institute on a statutory footing to strengthen its role leading voluntary collaboration with AI developers and leading international coordination of AI safety. The Government plans to publish a consultation shortly, setting out its legislative proposals to establish binding regulations on the companies developing the most powerful AI models. On January 13, the Government also announced that it will be taking forward the recommendations made in the independent report of Matt Clifford, the AI Opportunities Action Plan.]]></description>
					      
						      <pubDate>Fri, 10 Jan 2025 09:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-response-to-report-on-governance-of</guid>
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					      <title>European Banking Authority finalizes guidelines on management of ESG risks</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-finalizes-guidelines</link>
					      <description><![CDATA[
The European Banking Authority has published its final guidelines on the management of ESG risks. The guidelines set out requirements for institutions for the identification, measurement, management, and monitoring of ESG risks, including through plans aimed at ensuring their resilience in the short, medium, and long term. The guidelines will apply from January 11, 2026, except for small and non-complex institutions for which the guidelines will apply at the latest from January 11, 2027.

The guidelines specify requirements regarding the internal processes and ESG risk management arrangements that institutions should have in place in accordance with the CRD VI. They also specify the content of plans to be prepared by institutions with a view to monitoring and addressing the financial risks stemming from ESG factors, including those arising from the adjustment process towards the objective of achieving climate neutrality in the EU by 2050. The EBA explains that these plans will support the preparedness of institutions for the transition and should be consistent with transition plans prepared or disclosed by institutions under other pieces of EU legislation.]]></description>
					      
						      <pubDate>Thu, 09 Jan 2025 16:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-finalizes-guidelines</guid>
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					      <title>UK Financial Conduct Authority publishes research note on bias in natural language processing</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-researc</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a research note on a pilot study into bias in natural language processing (NLP). The research note presents the results of a technical investigation into biases in word embeddings. There are three main findings from the investigation, namely that:


	No individual measurement technique can fully capture bias in embeddings, but bias can be seen more clearly when a mix of techniques is used.
	Even when multiple methods are used, tackling bias is still complicated. The research note highlights that existing tools have limits, and bias is often shaped by context, language, and social factors.
	Techniques that try to reduce bias, like Hard Debiasing, do not always work as well as anticipated. While they can lower bias in some areas, they often reduce the overall quality of the model. The research note explains that future research could involve testing applications that utilize embeddings—for instance, studying the impact of biased embeddings on downstream outcomes for consumers. The authors of the research note also believe that mitigation of bias in contextual and sentence embeddings would also be a worthy avenue of enquiry.

]]></description>
					      
						      <pubDate>Thu, 09 Jan 2025 15:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-researc</guid>
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					      <title>UK Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2025 published</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Services-and-Markets-Act-2000-Collec</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Collective Investment Schemes) (Amendment) Order 2025 has been published, alongside an explanatory memorandum. The Order includes a new paragraph 22 to the Schedule to the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001 (the &quot;CIS Order&quot;). The Schedule to the CIS Order specifies the kinds of arrangements which do not amount to a collective investment scheme. The new paragraph clarifies that arrangements for qualifying crypto-asset staking do not amount to a collective investment scheme. The aim of the instrument is to provide clarity to firms so that they are able to offer staking services to their U.K. customers without being subject to the collective investment scheme rules for this activity. The U.K. government has considered the need for an appropriate degree of consumer protection from the risks associated with the marketing of staking products and considers that this protection is delivered by communications on staking arrangements provided in compliance with the requirements of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and relevant FCA rules and guidance. The Order comes into force on January 31, 2025.

For more information on the issues and developments relating to fintech, see our blog A&amp;O Shearman on fintech and digital assets.]]></description>
					      
						      <pubDate>Thu, 09 Jan 2025 11:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Services-and-Markets-Act-2000-Collec</guid>
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					      <title>EU platform on sustainable finance draft report and call for feedback on activities and technical screening criteria to be updated or included in EU Taxonomy</title>
					      <link>https://finreg.aoshearman.com/EU-platform-on-sustainable-finance-draft-report-a</link>
					      <description><![CDATA[
The EU Platform on Sustainable Finance has published a draft report on activities and technical screening criteria to be updated or included in the EU taxonomy, with a related call for feedback. The draft report, prepared by the Platform on Sustainable Finance&apos;s technical working group, is a deliverable required under the EU Taxonomy Regulation. Responses to the call for feedback may be submitted until February 5, 2025.

The draft report contains preliminary recommendations relating to: (i) the review of the criteria and analysis for the EU Taxonomy Climate Delegated Act; (ii) new activities mandated by the European Commission; (iii) new activities mandated by the European Commission but not completed; and (iv) further recommendations for climate change adaptation.

The Platform on Sustainable Finance explains that the aim is to gather feedback and evidence from a wider set of stakeholders to improve the draft criteria and make them more robust and usable. However, the Platform on Sustainable Finance emphasizes that the call for feedback is not an official Commission consultation.]]></description>
					      
						      <pubDate>Wed, 08 Jan 2025 17:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-platform-on-sustainable-finance-draft-report-a</guid>
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					      <title>European Banking Authority consults on draft technical standards on the prudential treatment of crypto-assets exposures</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-consults-on-draft-</link>
					      <description><![CDATA[
The European Banking Authority has published a consultation paper on its draft Regulatory Technical Standards on the calculation and aggregation of crypto-exposure values under the Capital Requirements Regulation 3. The RTS specify the technical elements necessary for institutions to calculate and aggregate crypto-asset exposures in relation to the prudential treatment of such exposures. The RTS aim to address implementation aspects and ensure harmonization of the capital requirements on crypto-assets exposures by institutions across the EU.

The draft RTS also further develop the relevant capital treatment for credit risk, counterparty credit risk, market risk and credit valuation adjustment risk for &apos;asset reference tokens&apos; and &apos;other&apos; crypto-assets exposures and align, to the extent possible, the capital treatment with the elements specified in the Basel standard on prudential treatment of crypto-asset exposures.

Read more.]]></description>
					      
						      <pubDate>Wed, 08 Jan 2025 16:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-consults-on-draft-</guid>
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					      <title>UK Financial Markets Standards Board updated final statement of good practice for front office supervision of wholesale traded markets</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Markets-Standards-Board-updated-fina</link>
					      <description><![CDATA[
The Financial Markets Standards Board has published its updated final statement of good practice for front office supervision of wholesale traded markets. The statement of good practice sets out 15 good practice statements, grouped under five themes, to support firms with their approach to supervision of market and client-facing activities. The statement of good practice represents an update to FMSB&apos;s original 2017 publication on front office supervision and includes new guidance to help firms meet challenges to supervision that have emerged since then amid evolving regulation, new working practices, and technological change.

Significant updates include good practice guidance around:

	Establishing clearer support for the role of a supervision framework.
	Clarifying the concepts of supervision, responsibility and controls.
	Specifying the roles and responsibilities of a supervisor and the standards expected.
	Providing clarity around reasonable spans of supervision.


Read more.]]></description>
					      
						      <pubDate>Wed, 08 Jan 2025 12:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Markets-Standards-Board-updated-fina</guid>
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					      <title>UK Prudential Regulation Authority finalizes amendments to resolution assessment reporting and disclosure dates</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-finalizes-amen</link>
					      <description><![CDATA[
The Prudential Regulation Authority has published a policy statement on amendments to resolution assessment reporting and disclosure dates. The statement provides feedback to responses the PRA received to its consultation paper (CP12/24) on the same topic. It also contains the PRA&apos;s final policy which provides greater flexibility over the timing of Resolution Assessment report submissions and disclosures by moving from fixed two-year cycles to a periodic basis. The final policy takes effect on January 10, 2025.

The PRA&apos;s final policy is reflected in: (i) amendments to the Resolution Assessment Part of the PRA Rulebook, which can be found in Appendix 1 of the statement; and (ii) an updated supervisory statement (SS4/19) on resolution assessment and public disclosure by firms, found in Appendix 2.

Read more.]]></description>
					      
						      <pubDate>Tue, 07 Jan 2025 16:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-finalizes-amen</guid>
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					      <title>EU final report on updated guidelines on stress test scenarios under Money Market Funds Regulation</title>
					      <link>https://finreg.aoshearman.com/EU-final-report-on-updated-guidelines-on-stress-t</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its final report on guidelines on stress test scenarios under the Money Market Funds Regulation. The MMF Regulation requires ESMA to annually update the guidelines, taking into account the latest market developments. The final report includes:


	An additional explanation on the way to report the results of the macro systemic shocks.
	Updated guidelines and risk parameters, so that managers of MMFs have the information needed to fill in the relevant reporting template.


Read more.]]></description>
					      
						      <pubDate>Tue, 07 Jan 2025 15:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-final-report-on-updated-guidelines-on-stress-t</guid>
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					      <title>EU launches selection procedure for Consolidated Tape Provider for bonds</title>
					      <link>https://finreg.aoshearman.com/EU-launches-selection-procedure-for-Consolidated-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched the first selection procedure for the Consolidated Tape Provider for bonds. The CTP aims to enhance market transparency and efficiency by consolidating trade data from various trading venues into a single and continuous electronic stream. ESMA believes that this consolidated view of market activity should help market participants to access accurate and timely information and make better-informed decisions, leading to more efficient price discovery and trading.

Entities interested in applying are encouraged to register and submit their requests to participate in the selection procedure by February 7, 2025. ESMA will assess the received requests against the exclusion and selection criteria and will invite the successful candidates to submit their application. ESMA intends to adopt a reasoned decision on the selected applicant by early July. The successful applicant will be selected to operate the CTP for a period of five years, and invited to apply for authorization with ESMA without undue delay. Once authorized, the CTP will be supervised by ESMA. Further information about the process is available on the dedicated webpage.]]></description>
					      
						      <pubDate>Tue, 31 Dec 2024 16:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-launches-selection-procedure-for-Consolidated-</guid>
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					      <title>European Central Bank issues statement on framework for assessing capital buffers of other systemically important institutions</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-issues-statement-on-framewo</link>
					      <description><![CDATA[
The European Central Bank has published a statement on its framework for assessing capital buffers of other systemically important institutions. In the statement, the ECB announced that it will enhance the floor methodology used to assess capital buffers for O-SIIs so that it also takes into account the systemic importance of O-SIIs for the banking union as a whole. This will lead to a more consistent treatment of O-SIIs across Member States participating in the banking union. The effect of these changes will be that for each O-SII at the highest level of consolidation within the banking union, the O-SII buffer should be no less than the higher of the minimum buffer rates implied by the banking union perspective and the national perspective. Moreover, the enhanced methodology will contribute to deepening financial integration by reducing the current disparity between capital requirements for domestic and cross-border activities within the banking union.

The ECB began using the enhanced floor methodology to assess O-SII buffers notified by national authorities from January 1, 2024, with the enhanced methodology being fully phased in as of January 1, 2028.]]></description>
					      
						      <pubDate>Fri, 20 Dec 2024 16:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-issues-statement-on-framewo</guid>
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					      <title>European Securities and Markets Authority consults on the internal control framework for certain market agencies</title>
					      <link>https://finreg.aoshearman.com/European-SecuritiesandMarkets-Authority-consult</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation on draft guidelines on internal controls for benchmark administrators, credit rating agencies, and market transparency infrastructures (which include trade repositories, data reporting services providers, and securitization repositories). The guidelines outline ESMA&apos;s expectations for the components and characteristics of an effective internal control system. The proposed guidelines build on the internal control guidelines currently in place for CRAs and extend them to BMAs and MTIs. They also revise ESMA&apos;s expectations considering the growing impact of technology on supervised entities&apos; operations, including in terms of managing technology risk from external and internal sources, and the integration of new technologies into supervised entities&apos; internal controls. The draft guidelines also explain in greater detail how ESMA applies proportionality in its expectations regarding the internal controls for a supervised entity. The deadline for comments is March 19, 2025. ESMA expects to publish a final report by Q4 2025.]]></description>
					      
						      <pubDate>Thu, 19 Dec 2024 15:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-SecuritiesandMarkets-Authority-consult</guid>
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					      <title>Bank of England policy statement and statement of policy on power to direct a CCP to address impediments to resolvability</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-policy-statement-and-statement-o</link>
					      <description><![CDATA[
The Bank of England has published a statement of policy setting out its approach to exercising its power to direct a CCP to address impediments to resolvability under the Financial Services and Markets Act 2023. This power applies to U.K.-based CCPs. The BoE also has a new power to direct a parent company of a CCP to establish a separate holding company for specific purposes, if the CCP is a subsidiary of a company incorporated in the U.K.

The policy statement summarizes the feedback received to the BoE&apos;s July 2024 consultation on the subject and provides the BoE&apos;s responses to the points raised in relation to: (i) the approach to the BoE&apos;s use of its power; (ii) the publication of directions; (iii) the approach to the resolvability assessment of CCPs; (iv) engagement with industry and other regulators; (v) the BoE&apos;s objectives; and (vi) the approach to CCP resolution publication.

In the policy statement, the BoE confirms that it still intends to publish in due course a document on its general approach to CCP resolution.]]></description>
					      
						      <pubDate>Thu, 19 Dec 2024 11:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-policy-statement-and-statement-o</guid>
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					      <title>Updated memorandum of understanding on FMI supervision between Bank of England and UK Financial Conduct Authority published</title>
					      <link>https://finreg.aoshearman.com/Updated-memorandum-of-understanding-on-FMI-superv</link>
					      <description><![CDATA[
The Bank of England has published an updated memorandum of understanding between the BoE and the U.K. Financial Conduct Authority on the supervision of markets and financial market infrastructures. The memorandum sets out a high-level framework the BoE and FCA use to co-operate on the supervision of markets and market infrastructure. The framework also caters for the BoE&apos;s obligations under the Banking Act 2009 to consult the FCA on the exercise of its payment system oversight responsibilities. The memorandum has been updated to reflect changes made by the Financial Services and Markets Act 2023, including to reflect the extended rule making powers, the designated activities regime and cooperation in relation to FMI sandboxes. It has been agreed pursuant to section 17A of the FSMA 2000.]]></description>
					      
						      <pubDate>Thu, 19 Dec 2024 11:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Updated-memorandum-of-understanding-on-FMI-superv</guid>
				    </item>
			
					 <item>
					      <title>Bank of England policy statement and statement of policy on commercially reasonable payments in a statutory tear up in CCP resolution</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-policy-statement-and-statement-of</link>
					      <description><![CDATA[
The Bank of England has published a statement of policy setting out its approach to determining commercially reasonable payments to clearing members whose contracts are subject to a statutory tear up in CCP resolution, together with a policy statement responding to feedback received to the BoE consultation paper on the subject.

Respondents were generally supportive of the proposals in the consultation paper, while recognizing the challenging circumstances in which a statutory tear up may occur. The policy statement summarizes the feedback received and provides the BoE&apos;s responses to the points raised in relation to: (i) CCPs&apos; role in proposing prices for torn up contracts; (ii) responsibility for determining a commercially reasonable price; (iii) definition of a commercially reasonable price; (iv) CCPs&apos; incentives when proposing prices; (v) access to pricing information in stressed market conditions; (vi) benefits to the high bar for deviating from CCPs&apos; proposed prices; (vii) determining an alternative price; (viii) scope of a statutory tear up; and (ix) the BoE&apos;s approach to CCP resolution.

The BoE statement of policy entered into effect from December 19, 2024. In the policy statement, the BoE confirms that it still intends to publish in due course a document on its approach to CCP resolution.]]></description>
					      
						      <pubDate>Thu, 19 Dec 2024 11:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-policy-statement-and-statement-of</guid>
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					      <title>UK Financial Conduct Authority publishes policy statement on further temporary changes to handling rules for motor finance complaints</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-polic</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a policy statement on further temporary changes to handling rules for motor finance complaints. The FCA has extended the time motor finance firms have to respond to motor finance complaints not involving a discretionary commission arrangement. Firms now have until after December 4, 2025, to provide a final response to such complaints received on or after October 26, 2024. Consumers who receive a final response to these complaints have until the later of either 15 months from when the final response is sent, or July 29, 2026, to decide whether to refer their complaint to the Financial Ombudsman Service. The rules broadly mirror those for motor finance DCA commission complaints, which were made in January and subsequently extended in September.

Read more.]]></description>
					      
						      <pubDate>Thu, 19 Dec 2024 11:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-polic</guid>
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					      <title>UK Financial Conduct Authority consults on a new product information framework for consumer composite investments</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-consults-on-a-new</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a consultation on a new product information framework for Consumer Composite Investments. The regime will apply in respect of a CCI which is or may be distributed to a retail investor in the U.K. and seeks to help consumers understand the products they are buying while giving firms flexibility to innovate. The proposals aim to simplify existing requirements, enable better digital communications, and ensure consistency and comparability across the market. The new regime aligns with the Consumer Duty, prioritizing good consumer outcomes. Through the new regime, the FCA wants consumers to: (i) be presented with information that is accurate, understandable, and broadly comparable; (ii) engage with product information and use it in their decision-making process; and (iii) be able to compare investments more effectively and find the best product for their needs more easily. The deadline for comments is March 20, 2025. The FCA plans to publish a further consultation with draft rules for consequential amendments and transitional provisions in early 2025. The FCA also plans to issue a policy statement and final rules in 2025.]]></description>
					      
						      <pubDate>Thu, 19 Dec 2024 10:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-consults-on-a-new</guid>
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					      <title>European Securities and Markets Authority consults on EU code of conduct for issuer-sponsored research</title>
					      <link>https://finreg.aoshearman.com/EuropeanSecurities-and-Markets-Authority-consult</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation on draft regulatory technical standards to establish an EU code of conduct for issuer-sponsored research. When final, the RTS will supplement the revised Markets in Financial Instruments Directive, as amended by the Listing Act Directive, which provides that investment firms distributing to clients or potential clients research that is paid for, fully or partially, by an issuer, is labelled as issuer-sponsored research. Only research that is prepared in accordance with an EU code of practice may be labelled issuer-sponsored research. The code of conduct sets out standards of independence and objectivity for research providers and specifies procedures and measures for the effective identification, prevention, and disclosure of conflicts of interest, with a view to enhancing the trust in and use of issuer-sponsored research.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Dec 2024 12:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EuropeanSecurities-and-Markets-Authority-consult</guid>
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					      <title>Bank of England publishes annual report on the supervision of financial market infrastructures</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-publishes-annual-report-on-the-su</link>
					      <description><![CDATA[
The Bank of England has published its annual report on its supervision of financial market infrastructures, covering the period December 16, 2023 —December 17, 2024. The report sets out the work undertaken by the BoE over the past year in relation to FMIs to deliver its financial stability objective and secondary innovation objective. The report also outlines the BoE&apos;s objectives for the coming year.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Dec 2024 12:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-publishes-annual-report-on-the-su</guid>
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					      <title>EU technical advice on amendments to credit rating agency regulatory framework concerning ESG factors in credit rating methodologies</title>
					      <link>https://finreg.aoshearman.com/EU-technical-advice-on-amendments-to-credit-ratin</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published technical advice on revisions to Delegated Regulation (EU) 447/2012 and Annex I of the CRA Regulation. The proposed amendments are intended to ensure the better traceability on the incorporation of ESG factors in credit rating methodologies and better disclosure of the relevance of ESG factors to individual credit rating actions. The proposals address the need to update several provisions of Delegated Regulation (EU) No 447/2012 to reflect ESMA&apos;s supervisory observations. The technical advice includes ESMA&apos;s final proposals following the conclusion of the consultation conducted by ESMA and explains how this feedback has been considered in developing the final technical advice. In addition, Annex III provides ESMA&apos;s proposed amendments to Delegated Regulation (EU) No 447/2012 and Annex I of the CRA Regulation.]]></description>
					      
						      <pubDate>Wed, 18 Dec 2024 12:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-technical-advice-on-amendments-to-credit-ratin</guid>
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					      <title>Financial Stability Board consults on leverage in non-bank financial intermediation</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-consults-on-leverage-in</link>
					      <description><![CDATA[
The Financial Stability Board has published a consultation report on policy measures to address leverage in non-bank financial intermediation where it can create financial stability risks. The measures aim to help authorities and market participants to monitor vulnerabilities from NBFI leverage, contain NBFI leverage where it may create risks to financial stability, and mitigate the impact of these risks.

The nine policy recommendations cover: (i) risk identification and monitoring; (ii) addressing data challenges; (iii) public disclosures; (iv) addressing NBFI leverage in core financial markets; (v) using a wide range of measures to address such financial stability risk; (vi) counterparty credit risk management; (vii) the adequacy of private disclosure practices between leveraged non-bank financial entities and leverage providers; (viii) addressing incongruences in the regulatory treatment of NBFI leverage by adopting the principle of &quot;same risk, same regulatory treatment&quot;; and (ix) enhancing cross-border cooperation and coordination.

The FSB notes that market structures, legal frameworks, and financial stability risks related to leverage vary across jurisdictions and so a combination of policy measures may be most effective. The deadline for comments is February 28, 2025. The final report will be published in mid-2025.]]></description>
					      
						      <pubDate>Wed, 18 Dec 2024 12:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-consults-on-leverage-in</guid>
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					      <title>European Supervisory Authorities dry run exercise on reporting registers of information under Digital Operational Resilience Act</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-dry-run-exercise</link>
					      <description><![CDATA[
The European Supervisory Authorities have published a summary report with the key findings from the 2024 Dry Run exercise on reporting the registers of information under DORA. The quality of data observed in the registers submitted by almost 1,000 financial entities across the EU was in line with the ESAs&apos; expectations, considering the &apos;best effort&apos; nature of the exercise. The ESAs are confident that the objective of having registers of sufficient quality in 2025 that would allow for the designation of critical third-party service providers is not out of reach, subject to some additional efforts from the industry. The ESAs advise that all industry stakeholders carefully consider the report and all supporting materials to aid in preparing to report the registers in 2025.]]></description>
					      
						      <pubDate>Tue, 17 Dec 2024 17:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-dry-run-exercise</guid>
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					      <title>European Banking Authority publishes no action letter on application of European Market Infrastructure Regulation 3 with respect to initial margin model authorization</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-publishes-no-action-le</link>
					      <description><![CDATA[
The European Banking Authority has published a no action letter stating that competent authorities should not prioritize any supervisory or enforcement action in relation to the processing of applications for initial margin (IM) model authorization received as a result of the entry into force of EMIR 3.

EMIR 3 requires that counterparties apply for authorization to their competent authorities before using, or adopting a change to, a model for initial margin calculation. Compliance with this requirement immediately after EMIR 3 enters into force may cause difficulties for competent authorities and counterparties until the EBA has established its central validation function and the draft regulatory technical standards and guidelines setting out key requirements have been published.

The no action letter sets a registration process for counterparties in scope of IM model authorization for any first application submitted after EMIR 3 enters into force and for subsequent changes to such IM models. As per the no action letter, however, competent authorities should not prioritize the processing of such applications, until the draft RTS on Initial Margin Model Validation and the guidelines on application and authorization process mandated under EMIR 3 come into application.]]></description>
					      
						      <pubDate>Tue, 17 Dec 2024 12:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-publishes-no-action-le</guid>
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					      <title>UK Financial Conduct Authority publishes consultation on the regulatory framework for PISCES</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-consulta</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a consultation on the regulatory framework for the Private Intermittent Securities and Capital Exchange System (PISCES), the proposed new platform for trading shares in private companies. The draft legislation implementing the PISCES sandbox ( the Financial Service and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 were published in November 2024. The consultation contains the FCA&apos;s proposed rules and guidance for the PISCES sandbox, as well as alternative options the FCA considered in its policy development process.

Read more.]]></description>
					      
						      <pubDate>Tue, 17 Dec 2024 12:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-consulta</guid>
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					      <title>EU Platform on Sustainable Finance report on categorization of products under Sustainable Finance Disclosure Regulation</title>
					      <link>https://finreg.aoshearman.com/EU-Platform-on-Sustainable-Finance-report-on-cate</link>
					      <description><![CDATA[
The EU Platform on Sustainable Finance has published a report on the categorization of products under the Sustainable Finance Disclosure Regulation. The Platform recommends categorizing products with the following sustainability strategies:


	sustainable — contributions through Taxonomy-aligned Investments or Sustainable Investments with no significant harmful activities, or assets based on a more concise definition consistent with the EU Taxonomy;
	transition — investments or portfolios supporting the transition to net zero and a sustainable economy, avoiding carbon lock-ins, in line with the European Commission&apos;s recommendations on facilitating finance for the transition to a sustainable economy; and
	ESG collection — excluding significantly harmful investments/activities, investing in assets with better environmental and/or social criteria or applying various sustainability features. All other products should be identified as unclassified products.


The Platform recommends evaluating whether the scope of the categorization should go beyond the current SFDR, potentially categorizing all products and services under sustainability preferences in the Insurance Distribution Directive and the Markets in Financial Instruments Directive. The Platform also recommends that the European Commission develops a common understanding on impact investing in the EU sustainable finance framework and how it relates to the EU Taxonomy and thereafter determines how to integrate it in the categorization scheme.]]></description>
					      
						      <pubDate>Tue, 17 Dec 2024 12:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Platform-on-Sustainable-Finance-report-on-cate</guid>
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					      <title>UK Financial Markets Standards Board transparency draft statement of good practice on the governance of sustainability-linked products</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Markets-Standards-Board-transparency</link>
					      <description><![CDATA[
The Financial Markets Standards Board has published a consultation on its transparency draft of its statement of good practice on the governance of sustainability-linked products. SLPs are products whose financial and/or structural characteristics can vary depending on whether the user (i.e., borrower or issuer of, or counterparty to, SLPs) achieves specific sustainability or ESG objectives. They can be used for general corporate purposes, which allows many users (e.g., borrowers, issuers, or counterparties to sustainability-linked products) to access the sustainable finance market in a more flexible way. The FMSB&apos;s statement is intended to codify good practice for the governance of SLPs and support consistent approaches across asset classes and jurisdictions. It is hoped this will enhance the quality and integrity of SLPs; boost market confidence; help mitigate greenwashing risk; and support the development of a deeper, more robust sustainability-linked product market. The statement of good practice is intended to apply to service providers (e.g., firms acting as sustainability-linked loan lenders, bookrunners, or lead arrangers on a sustainability-linked bond issuance or counterparties to a sustainability-linked derivative) or users of SLPs in wholesale financial markets and to support, and be read in conjunction with, existing asset-class specific guidance (notably ICMA, LMA, and ISDA principles). The deadline for comments is February 21, 2025.]]></description>
					      
						      <pubDate>Tue, 17 Dec 2024 12:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Markets-Standards-Board-transparency</guid>
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					      <title>The Banking Act 2009 (Wholesale Cash Oversight Fees) Regulations 2024</title>
					      <link>https://finreg.aoshearman.com/The-Banking-Act-2009-Wholesale-Cash-Oversight-Fee</link>
					      <description><![CDATA[
The Banking Act 2009 (Wholesale Cash Oversight Fees) Regulations 2024 have been published, together with an explanatory memorandum. The Financial Services and Markets Act 2023 enabled the Bank of England to oversee certain firms recognized by HM Treasury in the wholesale cash distribution market. These Regulations set the scale of fees that the BoE may charge to these firms. The payment of these fees will reimburse the BoE for its costs incurred in connection with overseeing these firms. The BoE may charge: (i) an annual oversight fee which may not exceed GBP400,000 in any one calendar year; and (ii) a special projects fee if it considers that events require further supervision of a recognized firm up to a maximum of GBP150,000 in any one calendar year. The Regulations do not apply to persons that are recognized by HMT as having systemic significance for the wholesale cash distribution market. HMT does not expect in the near term to recognize any such firms and would make further regulations to provide a separate scale of fees if that should change.

The Regulations come into force on January 24, 2025.]]></description>
					      
						      <pubDate>Tue, 17 Dec 2024 11:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/The-Banking-Act-2009-Wholesale-Cash-Oversight-Fee</guid>
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					      <title>European Securities and Markets Authority publishes final report on bond transparency and &apos;reasonable commercial basis&apos; for market data under MiFIR Review</title>
					      <link>https://finreg.aoshearman.com/EuropeanSecuritiesandMarkets-Authority-publish</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its final report covering mandates under the MiFIR Review for the review of the regulatory technical standards on transparency requirements for bonds, structured finance products and emission allowances, and the RTS on the &quot;reasonable commercial basis&quot; upon which firms should provide market data.

Regarding the non-equity transparency requirements set out in Commission Delegated Regulation (EU) 2017/583, the draft RTS propose amendments to: (i) the pre-trade transparency requirements, in particular in relation to the definition and characteristics of central limit order books and periodic auctions; (ii) the pre-trade waiver regime; (iii) the deferral regime for bonds, structured finance products, and emission allowances; and (iv) specific transparency fields and flags.

Read more.]]></description>
					      
						      <pubDate>Mon, 16 Dec 2024 14:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EuropeanSecuritiesandMarkets-Authority-publish</guid>
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					      <title>European Securities and Markets Authority publishes final report on equity transparency under revised Markets in Financial Instruments Directive</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authoritypublish</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report, setting out proposals for amendments related to equity transparency under the revised Markets in Financial Instruments Directive. The report includes proposals for the amendment of the regulatory technical standards as well as the technical advice on the provisions on equity transparency, covering: (i) changes to the definition of a liquid market for equity instruments. The new liquidity assessment for shares is now solely based on the market capitalization instead of the free-float; (ii) specification of information to be disclosed for pre-trade transparency purposes, which is also of relevance for the equity consolidated tape; (iii) review of the pre-trade transparency requirements for systematic internalizers, including the calibration of two quoting sizes; and (iv) post-trade transparency reports, including flags for equity instruments. In addition, the proposals include changes related to the discontinuation of reporting of data for the purpose of transparency calculations. Going forward, ESMA will perform these calculations using transaction data reported under Article 26 of MiFIR.

The final report has been submitted to the EC, which has three months to decide whether to endorse the proposed amendments to the RTS. Similar amendments will be proposed in early 2025 for the volume cap mechanism.]]></description>
					      
						      <pubDate>Mon, 16 Dec 2024 13:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authoritypublish</guid>
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					      <title>European Securities and Markets Authority publishes final report and technical standards on consolidated tape providers and data reporting service providers</title>
					      <link>https://finreg.aoshearman.com/European-SecuritiesandMarkets-Authority-publish</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report on new and revised technical standards for consolidated tape providers and other data reporting services providers under the Markets in Financial Instruments Regulation.

The report covers the final regulatory technical standards applicable to CTPs on: (i) data quality and reporting (changes to ESMA&apos;s original proposal have been made regarding input data formats, CTPs&apos; responsibilities on input data quality and latency requirements); (ii) revenue redistribution and authorization (refinements from ESMA&apos;s original proposal have been made to allow greater flexibility to the CTP when applying the revenue distribution scheme); and (iii) clock synchronization (which largely align with ESMA&apos;s original proposal). The report also includes revised Technical Standards on the authorization of DRSPs (which were largely as consulted on).

The final report has been submitted to the European Commission, which has three months to decide whether to endorse the proposed amendments to the RTS.]]></description>
					      
						      <pubDate>Mon, 16 Dec 2024 13:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-SecuritiesandMarkets-Authority-publish</guid>
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					      <title>European Securities and Markets Authority publishes feedback statement on future selection of consolidated tape provider</title>
					      <link>https://finreg.aoshearman.com/EuropeanSecuritiesand-Markets-Authority-publish</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a feedback statement providing an overview of responses received from stakeholders to its public consultation on the future selection of consolidated tape providers. ESMA provides a detailed summary of the feedback collected for each of the selection criteria: (i) governance and organization requirements; (ii) costs, fees, and revenue redistribution; (iii) the ability to process data and dissemination speed; (iv) data quality, modern interface, and record-keeping; and (v) resilience, cyber-risk, and energy consumption.

The final technical specifications will be made publicly available, together with general tendering specifications on the approach and standardized forms, at the launch of each selection procedure. ESMA will launch the selection procedures for the bonds CTP on January 3, 2025, and for the equity CTP in June 2025.]]></description>
					      
						      <pubDate>Mon, 16 Dec 2024 12:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EuropeanSecuritiesand-Markets-Authority-publish</guid>
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					      <title>UK Financial Conduct Authority publishes update on an equity consolidated tape</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-update-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a final report commissioned from Europe Economics to evaluate the potential impacts of implementing a pre-trade equities consolidated tape in the U.K., together with an update responding to the findings of the report.

The EE report made a number of findings, including with respect to the usefulness of post-trade data, the institutional and retail use of pre-trade data, the impact of pre-trade data on market resilience, and the licensing of market data. The FCA concludes that there is a strong case for establishing an equities CT (including ETFs) with post-trade data, covering traded prices and volumes, as soon as practicable. Many market participants also think that to reap the full benefits from a CT and ensure it is commercially viable, the inclusion of pre-trade data is necessary. EE&apos;s report shows that the demand for a pre-trade CT is dependent on its design features.

The FCA will explore the different policy options for the U.K. equity CT and plans to engage with market participants on potential design options early in 2025, with a view to publishing a consultation paper later in the year. Potential CT providers that wish to participate in the FCA&apos;s engagement should respond to the call for interest by January 10, 2025. The FCA has also issued an invitation for potential CT providers to express their interest in providing an equity CT.]]></description>
					      
						      <pubDate>Mon, 16 Dec 2024 10:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-update-</guid>
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					      <title>European Securities and Markets Authority publishes final report on amendments to certain technical standards for commodity derivatives</title>
					      <link>https://finreg.aoshearman.com/European-Securities-Markets-Authority-publishes-f</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report on proposed amendments to certain MiFID II technical standards in relation to commodity derivatives in response to amendments introduced by the MiFID II review. The final report details the proposed changes to Commission Delegated Regulation (EU) 2022/1299 (RTS on position management controls), Commission Implementing Regulation (EU) 2017/1093 (ITS 4), and Article 83 on position reporting in Commission Delegated Regulation (EU) 2017/565.

Changes relating to commodity derivatives introduced by the MiFID Review include: (i) extending position management controls to trading venues which trade derivatives on emission allowances; (ii) amending the scope of position reporting by excluding emission allowances; and (iii) introducing a new obligation to publish a second weekly position report for trading venues trading options.

The final report has been submitted to the European Commission, which has three months to decide whether to endorse the proposed amendments to the technical standards.]]></description>
					      
						      <pubDate>Mon, 16 Dec 2024 10:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-Markets-Authority-publishes-f</guid>
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					      <title>UK Financial Conduct Authority Dear CEO Letter for benchmark administrators</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Dear-CEO-Letter-fo</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a Dear CEO Letter setting out its key concerns and priorities over the next two years for benchmark administrators. The FCA&apos;s supervisory priorities include:


	corporate governance and oversight — the FCA will conduct a governance review in late 2025 to assess how the U.K.-regulated benchmark administrators&apos; business is governed and led by U.K. Approved Persons under the Senior Managers Regime, and to what extent they are able to oversee the full range of risks to which the firm is exposed;
	data quality controls — in early 2025, the FCA will evaluate the adequacy of the due diligence BMAs perform on data providers. Through this multi-firm data controls project, the FCA will seek evidence of how BMAs&apos; control frameworks adequately mitigate the additional risks associated with unregulated or innovative data; and
	benchmarks controls — in H2 2025, the FCA intends to evaluate the adequacy of end to-end benchmark controls. This will involve a multi-firm review, across different asset types, focusing on custom and more complex benchmarks. The FCA will seek evidence that firms have adapted their controls for the launch, calculation, and rebalancing of custom or complex benchmarks.

]]></description>
					      
						      <pubDate>Fri, 13 Dec 2024 17:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Dear-CEO-Letter-fo</guid>
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					      <title>UK Financial Conduct Authority publishes Dear CEO letter for data reporting service providers</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-Dear-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Dear CEO letter for data reporting services providers. Since its previous letter in May 2022, the FCA has seen improvement in some areas such as within firms&apos; data quality system and controls and more bespoke DRSP documentation. However, there remain risks of harm.

The FCA&apos;s ongoing supervisory priorities are:

	operational resilience — the FCA has observed a low number of operational resilience-related incidents being reported by DRSPs. While this could reflect strong operational resilience, the FCA is concerned that it may indicate that firms have not set appropriate thresholds for reporting incidents. The FCA will closely monitor reported incidents and work with DRSPs to review the adequacy and compliance of incident management and response procedures;
	data quality systems and controls — the FCA expects DRSPs to prioritize enhancing data quality systems and controls to ensure all reported data is complete, accurate, and submitted on time; and
	communication with the FCA and the notification regime — firms are required to provide prompt and accurate notifications to the FCA. The FCA will undertake a review to assess DRSPs&apos; procedures for submitting notifications, which will focus on ensuring that firms have clearly established and appropriate thresholds for determining when a notification is required.

]]></description>
					      
						      <pubDate>Fri, 13 Dec 2024 16:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-Dear-</guid>
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					      <title>UK Financial Conduct Authority publishes Dear CEO letter for trading venues</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-Dear-C</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Dear CEO letter setting out its key concerns and priorities over the next two years for trading venues (that is, recognized investment exchanges, multilateral trading facilities and organized trading facilities).

The FCA&apos;s supervisory priorities include:

	operational resilience — in the coming period, the FCA will focus on the preparedness of RIEs for the new regulatory framework surrounding operational resilience confirmed by PS21/3. The FCA will also be selecting certain MTFs and OTFs for a further review of their operational resilience;
	market orderliness — the FCA will continue to discuss with trading venues how they are developing the systems and controls they have, to maintain an orderly market in response to the evolving technology and risk landscape, with a focus on volatility management;


Read more.]]></description>
					      
						      <pubDate>Fri, 13 Dec 2024 16:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-Dear-C</guid>
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					      <title>UK authorities consult on operational incident and third-party reporting</title>
					      <link>https://finreg.aoshearman.com/UK-authorities-consult-on-operational-incident-an</link>
					      <description><![CDATA[
The Financial Conduct Authority, Prudential Regulation Authority, and the Bank of England have launched consultations on operational incident and third-party reporting. The regulators propose to establish a framework to enhance incident and third-party risk management, strengthen firms&apos; operational resilience and minimize harm. To achieve this, the regulators propose a definition for an operational incident and introduce new material third-party reporting rules. The proposals introduce standardized reporting templates to allow the regulators to collect data which would be used to monitor and respond to potential risks arising from operational incidents and firms&apos; increasing reliance on third parties.

The deadline for comments is March 13, 2025. The FCA intends to publish finalized rules in H2 2025. The PRA and the BoE propose that the implementation date for the proposals will be no earlier than H2 2026. You may like to see our client bulletin, &quot;Operational incident reporting: UK financial regulators propose new rules&quot;, which goes into the details of these proposals.]]></description>
					      
						      <pubDate>Fri, 13 Dec 2024 12:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-authorities-consult-on-operational-incident-an</guid>
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					      <title>European Securities and Markets Authority publishes Q&amp;As on application of guidelines on funds&apos; names using environmental, social, and governance or sustainability-related terms</title>
					      <link>https://finreg.aoshearman.com/EuropeanSecurities-and-Markets-Authority-publish</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published three sets of Q&amp;As to provide further detail on the guidelines on funds which use ESG or sustainability-related terms in their names. The guidelines relate to requirements under the Undertakings for Collective Investment in Transferable Securities Directive, the Alternative Investment Fund Managers Directive, and the Cross-Border Distribution of Investment Funds Regulation to act honestly and fairly in conducting their business and to ensure marketing communications are fair, clear, and not misleading. The Q&amp;As have been published separately for UCITS and AIFs but are identical in content.

Read more.]]></description>
					      
						      <pubDate>Fri, 13 Dec 2024 12:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EuropeanSecurities-and-Markets-Authority-publish</guid>
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					      <title>UK Financial Conduct Authority publishes dear CEO letter for custody and fund services</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-dear-CE</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Dear CEO Letter setting out its supervision strategy for firms in the custody and fund services sector. The custody and fund services sector broadly covers firms acting as third-party custodians, depositaries for both authorized and non-authorized funds, and third-party administrators who provide services such as fund accounting and transfer agency.

Read more.]]></description>
					      
						      <pubDate>Fri, 13 Dec 2024 10:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-dear-CE</guid>
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					      <title>UK Financial Conduct Authority publishes Dear CEO letter for contract for differences providers</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-DearCEO</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority published a Dear CEO letter setting out its strategy for providers and distributors of contract for differences over the next two years. The FCA&apos;s planned work relates to:


	Consumer Duty — the FCA will continue to test the embedding of the Consumer Duty and plans to conduct a multi-firm review focusing on the Consumer Duty&apos;s &apos;price and value&apos; outcome;
	market abuse — the FCA aims to improve the identification of market abuse in the portfolio, focusing on transaction reporting and continuing its firm-specific targeted reviews of surveillance arrangements;
	reducing harm for firm failure — the FCA will continue to assess firms&apos; implementation of the Investment Firms Prudential Regime, using regulatory returns and targeted data requests to identify outliers. The FCA will also oversee the progress of smaller firms on their MIFIDPRU capital glide paths and take action where firms have inadequate plans to increase capital in line with minimum glide path expectations;


Read more.]]></description>
					      
						      <pubDate>Fri, 13 Dec 2024 10:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-DearCEO</guid>
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					      <title>EU provisional agreement on regulation amending the Benchmarks Regulation</title>
					      <link>https://finreg.aoshearman.com/EU-provisional-agreement-on-regulation-amending-t</link>
					      <description><![CDATA[
The Council of the European Union and the European Parliament have reached a provisional agreement on the proposed Regulation amending the Benchmark Regulation. The proposed Regulation will amend the scope of the benchmark rules, the use of benchmarks provided by a third-country administrator, and certain reporting requirements. The Council and EP agreed:


	To reduce the regulatory burden on administrators of non-significant benchmarks by removing them from the scope of current rules.
	That only those benchmarks defined as critical or significant, EU Paris-aligned benchmarks, EU Climate Transition benchmarks, and certain commodity benchmarks should remain in scope. In addition, there will be the option for out-of-scope administrators to opt-in voluntarily under certain conditions.
	To add further qualitative criteria to the calculation methodology for significant benchmarks.


Read more.]]></description>
					      
						      <pubDate>Thu, 12 Dec 2024 16:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-provisional-agreement-on-regulation-amending-t</guid>
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					      <title>European Securities and Markets Authority consults on the draft technical standards on open-ended loan-originating alternative investment funds</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-MarketsAuthority-consult</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation paper on draft regulatory technical standards on open-ended loan originating Alternative Investment Funds under the revised Alternative Investment Fund Managers Directive. Under the revised AIFMD, an Alternative Investment Fund Manager is required to ensure any loan-originating AIFs it manages is closed-ended. However, there is a carve-out for open-ended loan-originating AIFs where the AIFM is able to demonstrate that the AIF&apos;s liquidity risk management system is compatible with its investment strategy and redemption policy.

The draft RTS set out the requirements for loan-originating AIFs to maintain an open-ended structure as per this carve-out. The requirements include: (i) a sound liquidity management system; (ii) the availability of liquid assets and stress testing; and (iii) an appropriate redemption policy having regard to the liquidity profile of loan-originating AIFs.

Responses may be submitted until March 12, 2025. ESMA intends to finalize the draft RTS by Q3/Q4 2025.]]></description>
					      
						      <pubDate>Thu, 12 Dec 2024 16:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-MarketsAuthority-consult</guid>
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					      <title>European Securities and Markets Authority consults on technical advice on Listing Act implications</title>
					      <link>https://finreg.aoshearman.com/European-Securities-andMarkets-Authority-consult</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation on technical advice required following changes to the EU Market Abuse Regulation and the Markets in Financial Instruments Directive and Regulation as a result of the Listing Act. Regarding MAR, ESMA is invited to provide technical advice on the disclosure of inside information in a protracted process, and conditions to delay the disclosure of inside information. ESMA is also providing information on the revenues of trading venues with a cross-border activity above 50% in the context of the Cross Market Order Book mechanism to exchange order data. Regarding MiFID, ESMA is providing technical advice on the delegated acts regarding requirements for a multilateral trading facility (or an MTF segment) to be registered as a Small and Medium Enterprises Growth Market.

In line with the objectives of the Listing Act, ESMA&apos;s technical advice aims to ensure that the EU&apos;s regulatory framework promotes better access to public capital markets for EU companies, especially SMEs, by reducing the administrative burden of listing while ensuring integrity and confidence in capital markets. The deadline for comments is February 13, 2025. ESMA aims to deliver its technical advice to the EC before the set deadline or April 30, 2025.]]></description>
					      
						      <pubDate>Thu, 12 Dec 2024 14:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-andMarkets-Authority-consult</guid>
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					      <title>UK Government responds to Treasury Committee report on SME Finance</title>
					      <link>https://finreg.aoshearman.com/UK-Government-responds-to-Treasury-Committee-repo</link>
					      <description><![CDATA[
The U.K. government has published its response to the Treasury Committee on access to financing for small businesses. The report, by the Treasury Select Committee of the previous Parliament, made recommendations related to de-banking and the Business Banking Resolution Service. The government makes a number of commitments such as: (i) continued funding for key business support programs in 2025/26; (ii) continued funding for the Help to Grow: Management programme; (iii) extending the SME Digital Adoption Taskforce by at least six months; and (iv) bringing forward a Small Business Strategy Command Paper next year.

The government also acknowledges the Treasury Committee&apos;s concerns about the removal of the SME supporting factor under Basel 3.1 and notes the Prudential Regulation Authority&apos;s adjustments in this area, commending the PRA&apos;s consideration of feedback and adaptations. On business de-banking, the government agrees that current account closure requirements could be improved and notes that HM Treasury intends to bring forward legislation so customers receive detailed explanations when providers close their accounts and a longer notice period (subject to certain exceptions). It also plans to monitor for evidence of de-banking of legitimate businesses and the work of relevant bodies, including the Financial Conduct Authority. On personal guarantees, the government will take a close interest in the outcomes of the FCA&apos;s current investigation into personal guarantees and will continue to monitor for evidence of the effect and proportionality of the use of personal guarantees. On December 9, 2024, the FCA published a webpage on its follow-up work on the Federation of Small Businesses super-complaint concerning the use of personal guarantees by lenders to support loans to small businesses.]]></description>
					      
						      <pubDate>Thu, 12 Dec 2024 11:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-responds-to-Treasury-Committee-repo</guid>
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					      <title>EU Regulation on environmental, social and governance rating activities published</title>
					      <link>https://finreg.aoshearman.com/EU-Regulation-on-environmental-social-and-governa</link>
					      <description><![CDATA[
Regulation (EU) 2024/3005 on the transparency and integrity of environmental, social and governance rating activities has been published in the Official Journal of the European Union. The Regulation aims to strengthen the reliability and comparability of ESG ratings by improving the transparency and integrity of the operations that ESG ratings providers carry out and by preventing potential conflicts of interest. ESG ratings providers established in the EU will be authorized and supervised by European Securities and Markets Authority and will have to comply with transparency requirements, in particular with regard to their methodology and sources of information. The Regulation also introduces a requirement for the separation of business and activities to prevent conflicts of interest. The Regulation will enter into force on January 2, 2025. It will apply directly across the EU from July 2, 2026.]]></description>
					      
						      <pubDate>Thu, 12 Dec 2024 10:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Regulation-on-environmental-social-and-governa</guid>
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					      <title>UK Independent Review of the Payment and Electronic Money Institution Insolvency Regulations 2021</title>
					      <link>https://finreg.aoshearman.com/UK-Independent-Review-of-the-Payment-and-Electron</link>
					      <description><![CDATA[
HM Treasury has published its letter inviting Adam Plainer to lead an independent review of the Payment and Electronic Money Institution Insolvency Regulations 2021 (PESAR). HM Treasury also published the PESAR terms of reference, setting out the scope of the review. HM Treasury is required to appoint a reviewer to consider how the PESAR regime has been embedded and is working in practice. The PESAR regime was introduced to bring in new objectives to mitigate against administrators of payment and electronic money firms causing delays in customers gaining access to their funds. The reviewer will produce a report to be laid before Parliament. Submissions of evidence may be submitted until May 30, 2025.]]></description>
					      
						      <pubDate>Thu, 12 Dec 2024 10:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Independent-Review-of-the-Payment-and-Electron</guid>
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					      <title>Financial Stability Board issues recommendations for regulating cross-border payments</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-issues-recommendations</link>
					      <description><![CDATA[
The Financial Stability Board has published two final reports on recommendations to promote greater alignment and interoperability across data frameworks related to cross-border payments, and consistency in the regulation and supervision of bank and non-bank payment service providers. In addition to the two reports, the FSB also published overviews of the consultation responses, setting out the main changes made to the final report in order to address comments raised in the public consultation.

The first report sets out final recommendations for promoting alignment and interoperability across data frameworks applicable to cross-border payments. The recommendations fall into four broad categories: (i) addressing uncertainty about how to balance regulatory and supervisory obligations; (ii) promoting the alignment and interoperability of regulatory and data requirements related to cross-border payments; (iii) mitigating restrictions on the flow of data related to payments across borders; and (iv) reducing barriers to innovation.

The second report sets out recommendations for regulating and supervising bank and non-bank PSPs offering cross-border payment services to strengthen consistency in a way that is proportionate to the risks associated with such activities. The FSB explains that this approach aims to reduce the prospect of regulatory arbitrage by establishing a level playing field that takes into account differences in business models and risk profiles.]]></description>
					      
						      <pubDate>Wed, 11 Dec 2024 16:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-issues-recommendations</guid>
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					      <title>UK Financial Conduct Authority publishes guidance on firms&apos; approaches to Consumer Duty board reports</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-guidanc</link>
					      <description><![CDATA[
The Financial Conduct Authority has published its findings following a thematic review into firms&apos; approaches to completing the first annual Consumer Duty board report. Under the Duty, a firm must prepare a report for its governing body setting out the results of its monitoring of consumer outcomes and any actions required as a result of the monitoring.

The FCA findings related to four key areas: (i) report governance; (ii) monitoring and outcomes; (iii) actions taken to comply with Duty obligations; and (iv) future business strategy. Overall, the FCA found that the best reports were structured in a way that made it easy to scrutinize the key aspects and highlighted the following elements of good reports: (i) clear outcomes focus; (ii) good quality data to back up conclusions (including good quality management information); (iii) analysis of different customer types including those with characteristics of vulnerability; (iv) clear processes for reviewing, approving and producing reports within the necessary timeframe; and (v) firm focus on culture, noting the role of a positive culture in delivering good outcomes.

On December 9, 2024, the FCA set out its priorities under the Consumer Duty for the remainder of 2024 and for 2025.]]></description>
					      
						      <pubDate>Wed, 11 Dec 2024 16:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-guidanc</guid>
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					      <title>UK Financial Conduct Authority publishes research note on bias in supervised machine learning models</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-research</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a research note providing a review of literature on bias in supervised machine-learning models. The note explores how biases may arise and be mitigated in models used to make predictions or assist in decision-making about individuals. Points of particular interest include: (i) past decision-making, historical practices of exclusion, and sampling issues are key potential sources of bias; (ii) biases can arise due to choices made during the AI modelling process itself, such as what variables are included, what specific statistical model is used, and how humans choose to use and interpret predictive models; and (iii) in reviewing technical methods for identifying and mitigating such biases, these methods should be supplemented by careful consideration of context and human review processes.]]></description>
					      
						      <pubDate>Wed, 11 Dec 2024 14:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-research</guid>
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					      <title>Financial Stability Institute insights paper on regulating AI in financial services sector</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Institute-insights-paper-on-r</link>
					      <description><![CDATA[
The Financial Stability Institute of the Bank for International Settlements has published a policy implementation insights paper on developments and challenges relating to regulating AI in the financial services sector. The paper explores the potential transformative impact of AI on the financial sector, focusing on operational efficiency, risk management and customer experience in banking and insurance. Among other findings, the paper concludes that while AI exacerbates existing risks such as model risk and data privacy, it does not introduce fundamentally new risks apart from generative AI, which may give rise to hallucination and anthropomorphism risks. Most financial authorities have not issued AI regulations specific to financial institutions as existing frameworks already address most of these risks, but some areas require further regulatory attention, including governance, expertise and skills, model risk management, data governance, non-traditional players in the financial sector, new business models and third-party AI service providers. The paper also notes that the presence of various AI definitions across jurisdictions needs to be addressed by international collaboration, as the lack of a globally accepted definition of AI prevents a better understanding of AI-use cases, and the identification of areas of heightened risk.]]></description>
					      
						      <pubDate>Wed, 11 Dec 2024 14:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Institute-insights-paper-on-r</guid>
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					      <title>UK Financial Conduct Authority publishes findings of thematic review into firms&apos; approaches to complaints and root cause analysis</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-findings</link>
					      <description><![CDATA[
The Financial Conduct Authority has published the findings of a thematic review into firms&apos; approaches to complaints and root cause analysis. The FCA completed the thematic review to support effective embedding and implementation of the Consumer Duty. Overall, the FCA found that firms have established processes for carrying out root cause analysis of complaints, identifying trends and themes, and that most firms could evidence clear escalation routes and accountability.

Read more.]]></description>
					      
						      <pubDate>Wed, 11 Dec 2024 14:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-publishes-findings</guid>
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					      <title>Final Basel Committee guidelines for counterparty credit risk management</title>
					      <link>https://finreg.aoshearman.com/Final-Basel-Committee-guidelines-for-counterparty</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published the final version of its guidelines for counterparty credit risk management, replacing its &quot;Sound Practices for Banks&apos; Interactions with Highly Leveraged Institutions&quot; (originally published in January 1999). The guidelines provide a supervisory response to the significant shortcomings that have been identified in banks&apos; management of CCR, including the lessons learned from recent episodes of non-bank financial intermediary distress.

The guidelines include the need to: (i) conduct comprehensive due diligence both at initial onboarding and on an ongoing basis; (ii) develop a comprehensive credit risk mitigation strategy to manage counterparty exposures effectively; (iii) measure, control and limit CCR using a wide variety of complementary metrics; and (iv) build a strong CCR governance framework. Banks and supervisors are encouraged to take a risk-based and proportional approach in the application of the guidelines. The Basel Committee will continue to monitor implementation of the guidelines on an ongoing basis.]]></description>
					      
						      <pubDate>Wed, 11 Dec 2024 10:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Basel-Committee-guidelines-for-counterparty</guid>
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					      <title>Financial Stability Board publishes final report on liquidity preparedness for margin and collateral calls</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-publishes-final-report</link>
					      <description><![CDATA[
The Financial Stability Board has published a final report on liquidity preparedness for margin and collateral calls. The report sets out policy recommendations to enhance the liquidity preparedness of non-bank market participants for margin and collateral calls in centrally and non-centrally cleared derivatives and securities markets (including securities financing such as repo). The FSB has analyzed recent incidents of liquidity stress, as well as completed a survey of financial authorities and feedback from industry stakeholder outreach events. Together, the FSB has found there is need for policy adjustments to deal with liquidity strains in the NBFI sector arising from spikes in margin and collateral calls during times of market stress. The findings suggest that while margin and collateral calls are a necessary protection against counterparty risk, they can also amplify the demand for liquidity by market participants if they are unexpected in times of stress and affect a large enough part of the market. The increase in such calls can impact market participants differently depending on the size of positions and level of liquidity preparedness. The FSB also identified liquidity risk management and governance weaknesses of some market participants as key causes of their inadequate liquidity preparedness for margin and collateral calls.

The FSB&apos;s eight policy recommendations in this report cover: (i) liquidity risk management and governance; (ii) stress testing and scenario design; and (iii) collateral management practices of non-bank market participants, focusing on liquidity risks arising from spikes in margin and collateral calls, including under extreme but plausible stressed conditions. The FSB explains that the recommendations should be applied proportionately to the underlying risks of different non-bank market participants.]]></description>
					      
						      <pubDate>Tue, 10 Dec 2024 16:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-publishes-final-report</guid>
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					      <title>European Commission writes to EU authorities on the interplay between crypto asset and payment services regulations</title>
					      <link>https://finreg.aoshearman.com/European-Commission-writes-to-EU-authorities-on-t</link>
					      <description><![CDATA[
The European Banking Authority has published a letter from the European Commission (dated December 6, 2024) to the EBA and the European Securities and Markets Authority regarding the interplay between Markets in Crypto Assets Regulation and the Payment Services Directive. The Commission notes the diverging interpretations among member states about the interplay between MiCAR and PSD2 and asks the EBA, with ESMA, to explore the possibility of issuing a &quot;no action letter&quot; on the enforcement of PSD2 authorization requirements as regards services with electronic money tokens provided by crypto asset service providers (or by entities benefiting from the transitional period under MiCAR) that may be inadvertently caught by PSD2. Where dual authorization would nevertheless be required, the Commission invites the EBA, with ESMA, to explore whether the PSD2 authorization process could be streamlined to reduce the operational burden on institutions. The EBA has responded (in a letter dated December 10, 2024), stating that it agrees with the concerns, and is assessing the issues in co-ordination with ESMA. The EBA aims to publish a response by April 2025.

For more information on the issues and developments relating to FinTech, see our blog A&amp;O Shearman on fintech and digital assets.]]></description>
					      
						      <pubDate>Tue, 10 Dec 2024 16:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-writes-to-EU-authorities-on-t</guid>
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					      <title>UK authorities respond to Treasury Committee questions about Sexism in the City inquiry recommendations</title>
					      <link>https://finreg.aoshearman.com/UK-authorities-respond-to-Treasury-Committee-ques</link>
					      <description><![CDATA[
The House of Commons Treasury Committee has published letters from HM Treasury, the Prudential Regulation Authority and the Financial Conduct Authority setting out progress made to date in relation to the Committee&apos;s &quot;Sexism in the City&quot; inquiry. The FCA letter (dated November 29, 2024) explains that the FCA has prioritized work on non-financial misconduct and the FCA rules, and plans to publish a policy statement in early 2025. The FCA is currently working through feedback received on its wider proposals relating to data collection and target-setting, and intends to set out next steps jointly with the PRA in Q2 2025. In 2025, the FCA plans to strengthen its messaging to whistleblowers, including providing clearer guidance for whistleblowers who are impacted by a non-disclosure agreement but wish to report to the FCA.

The PRA letter (dated December 2, 2024) reiterates the PRA&apos;s support for work being done in this area and acknowledges that developments in government policy on diversity and inclusion may impact its proposals for moving forward. The PRA letter also notes that following the removal of the bonus cap, both the PRA and the FCA expect firms to take care to avoid adverse impacts on pay gaps, and it plans to review the effect on pay gaps when sufficient evidence is available.

HM Treasury&apos;s letter (dated December 9, 2024) focuses on: (i) the HM Treasury Women in Finance Charter; (ii) gender pay gap and sexual harassment in the workplace; and (iii) the Plan to Make Work Pay - the government initiative on labour market reform.]]></description>
					      
						      <pubDate>Tue, 10 Dec 2024 11:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-authorities-respond-to-Treasury-Committee-ques</guid>
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					      <title>UK Financial Conduct Authority writes to Treasury Committee on the FCA&apos;s regulatory perimeter</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-writes-to-Treasury</link>
					      <description><![CDATA[
The House of Commons Treasury Committee has published a letter (dated December 6, 2024) from Nikhil Rathi, Chief Executive of the Financial Conduct Authority, regarding the FCA&apos;s perimeter report. In the letter, Mr. Rathi explains that he is keen to maintain transparency about the actions the FCA is taking on the perimeter and sees the December report as a refreshed opportunity for the FCA to discuss with both HM Treasury and the Treasury Committee some of the current strategic gaps in the overall U.K. legislative framework.

The letter refers to various longstanding concerns including:

	whether investment consultants should be within the perimeter, especially since the liability-driven investment crisis.
	the issue of SME lending and the FCA&apos;s keenness to work with the government to reform the Consumer Credit Act 1974.
	the continued risks of harm where principals do not adequately oversee the activities of their appointed representatives.
	where the perimeter should lie in relation to sports and non-financial spread-betting. In the FCA&apos;s view, an alternative framework for sports spread-betting could be more tailored to the risks of sports gambling.

The FCA published its updated perimeter report on December 9, 2024.]]></description>
					      
						      <pubDate>Tue, 10 Dec 2024 11:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-writes-to-Treasury</guid>
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					      <title>UK Financial Conduct Authority writes to the Chancellor of the Exchequer on growth, strategy, its international role, and risk</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-writes-to-the-Chan</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a letter from Nikhil Rathi, FCA Chief Executive, and Ashley Alder, FCA Chair, to Rachel Reeves, Chancellor of the Exchequer. The letter sets out how the FCA is supporting growth, the development of its strategy, the FCA&apos;s international role and approach to risk.

Regarding growth, the letter notes upcoming work in relation to PISCES, the new market for private company shares, the ongoing work to streamline the FCA rulebook, and consultations and proposals in relation to pensions and retail investments. On strategy for 2025-2030, the letter highlights the FCA&apos;s prioritization of financial crime and operational effectiveness as a regulator. Relating to the U.K.&apos;s international leadership, the letter confirms the FCA&apos;s intention to advocate for global co-operation and openness but notes that on some issues it may choose initially to make progress with a smaller group of like-minded jurisdictions. Regarding risk, notably the FCA is seeking to understand the government&apos;s perspective on issues of compensation and where liability should fall in the context of the scale of the U.K. financial services sector.]]></description>
					      
						      <pubDate>Mon, 09 Dec 2024 14:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-writes-to-the-Chan</guid>
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					      <title>UK Financial Conduct Authority sets out focus areas for Consumer Duty</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-sets-out-focus-are</link>
					      <description><![CDATA[
The Financial Conduct Authority has set out its priorities under the Consumer Duty for the remainder of 2024 and for 2025. The FCA&apos;s priorities include embedding the Consumer Duty and raising standards, enhancing understanding of the price and value outcome, and realizing the benefits of the Consumer Duty. Expected FCA outputs include:
 

	By the end of Q1 2025, a review of board/governing body reports and complaints, a review of the treatment of customers in vulnerable circumstances, and a review of the consumer support outcome and supporting informed decision-making.
	H1 2025, publish the findings of a &quot;digital journeys assessment&quot; considering whether firms&apos; digital tools sufficiently help consumers to understand credit agreements.
	H1 2025, consult on rules for better support for consumers in retail investments and pensions as a part of the advice guidance boundary review.


Read more.]]></description>
					      
						      <pubDate>Mon, 09 Dec 2024 12:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-sets-out-focus-are</guid>
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					      <title>UK Financial Conduct Authority updates its perimeter report</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-updates-its-perime</link>
					      <description><![CDATA[
The Financial Conduct Authority has updated its perimeter report. The report describes issues the FCA has identified with its regulatory perimeter and the action it is taking in response.

One new issue identified is in relation to investment trust cost disclosure. On November 22, 2024, the Packaged Retail and Insurance-based Investment Products (Retail Disclosure) (Amendment) Regulations 2024 (SI 2024/1204) came into force, excluding closed-ended U.K.-listed investment funds from the disclosure requirements in the U.K. Packaged Retail and Insurance-based Investment Products Regulation and U.K. Markets in Financial Instruments Organisation Regulation. The FCA reminds these firms that they remain within the wider regulatory perimeter and are subject to the Consumer Duty and conduct of business requirements to communicate in a manner that is fair, clear and not misleading.

The second issue identified is in relation to an exclusion from the regulatory perimeter for trustees acting in the course of discharging their general obligations. The FCA has identified a number of instances where consumers have lost money when their trusts have been invested in opaque, high-risk investments which have subsequently failed through a trust structure. The FCA welcomes wider consideration about the circumstances when exclusions, including for unregulated trustees, could be disapplied to enable the FCA to have greater oversight.]]></description>
					      
						      <pubDate>Mon, 09 Dec 2024 11:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-updates-its-perime</guid>
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					      <title>Financial Stability Board Sets out Resolution Work for 2025</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Sets-out-Resolution-Wor</link>
					      <description><![CDATA[
The Financial Stability Board has published its resolution report for 2024. The report takes stock of the FSB resolution-related work of the past year as well as of the progress made by FSB members in implementing resolution reforms and enhancing resolvability across the banking, financial market infrastructure, and insurance sectors. It also sets out the FSB&apos;s 2025 priorities in the resolution area and outlines the work the FSB is undertaking to address the remaining lessons from the 2023 bank failures and to advance the resolution framework for insurers and central counterparties. Ensuring an effective resolution framework for the banking sector has been a significant focus for the FSB. The bank failures in 2023 provided several lessons for resolution planning and for the broader elements of the crisis management framework for banks. In the coming year, the FSB will continue to address areas that remain outstanding, specifically: (i) advancing the work on operationalizing the use of transfer tools in resolution; (ii) sharing information and enhancing monitoring of implementation of public sector backstop funding mechanisms; (iii) supporting the work on open bank bail-in execution and securities law compliance building on the 2024 technical work; and (iv) promoting cross-border cooperation and information sharing with authorities outside of crisis management groups.

Press release]]></description>
					      
						      <pubDate>Thu, 05 Dec 2024 13:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Sets-out-Resolution-Wor</guid>
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					      <title>EMIR 3 Published in the Official Journal of the European Union</title>
					      <link>https://finreg.aoshearman.com/EMIR-3-Published-in-the-Official-Journal-of-the-E</link>
					      <description><![CDATA[
The EMIR 3 Regulation and Directive have been published in the Official Journal of the European Union and will enter into force on December 24, 2024. The EMIR 3 Regulation amends the European Market Infrastructure Regulation and applies from December 24, 2024, except for the amendments to the calculation of the clearing thresholds for financial counterparties and non-financial counterparties which will only apply once the related technical standards enter into force. The EMIR 3 Directive amends the Directive on Undertakings for the Collective Investment in Transferable Securities, the Capital Requirements Directive and Investment Firm Directive. Member States must transpose the EMIR 3 Directive into national laws and bring those into force by June 25, 2026. This aligns with the implementation date for CRD VI.

Read more.]]></description>
					      
						      <pubDate>Wed, 04 Dec 2024 13:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EMIR-3-Published-in-the-Official-Journal-of-the-E</guid>
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					      <title>European Supervisory Authorities Urge Financial Entities to Ensure Timely Compliance with EU Digital Operational Resilience Act</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Urge-Financial-E</link>
					      <description><![CDATA[
The European Supervisory Authorities have published a joint statement on the application of the EU Digital Operational Resilience Act. The ESAs emphasise that as DORA does not provide for a transitional period, it is important for financial entities to adopt a robust, structured approach in order to meet their obligations in a timely manner. DORA, and the technical standards and guidelines supplementing it, applies from January 17, 2025. Financial entities are expected to identify and address in a timely manner gaps between their internal setups and the DORA requirements. Financial entities should also prepare for the new reporting obligations. In particular, financial entities need to have their registers of ICT third-party providers&apos; contractual arrangements available for competent authorities early in 2025, as the latter will have to report them to the ESAs by April 30, 2025. The ESAs note that competent authorities will supervise compliance with the DORA requirements in a risk-based manner considering the risk profile, size, complexity and scale of financial entities. The ESAs invite ICT third-party service providers, which consider they may meet the criticality criteria published in May, to assess their operational setup against DORA requirements. The first designation of critical third-party service providers is expected to take place in H2, 2025.]]></description>
					      
						      <pubDate>Wed, 04 Dec 2024 12:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Urge-Financial-E</guid>
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					      <title>UK Financial Conduct Authority Publishes Short Selling Update</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Short-Se</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has provided an update on the notification and disclosure of net short positions. Firstly, the FCA is currently undertaking its biannual review of the U.K. List of Exempted Shares, which is set out in Article 16(2) of the U.K. Short Selling Regulations. The updated list will be uploaded to the FCA&apos;s website on January 1, 2025, and will apply to all positions from this date. Secondly, the government intends to lay the draft Short Selling Regulations 2024 before parliament and replace the assimilated EU law Short Selling Regulations before the end of the year, parliamentary time allowing.]]></description>
					      
						      <pubDate>Wed, 04 Dec 2024 10:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Short-Se</guid>
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					      <title>UK Financial Conduct Authority Begins Process of Appointing a UK Bond Consolidated Tape Provider</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Begins-Process-of-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has announced that it is starting the process of appointing a bond consolidated tape (CT) provider. It has published a concession notice that sets out the FCA&apos;s next steps for running the tender process and updated its related information page. By January 31, 2025, the FCA will publish draft tender documents on Atamis, the FCA&apos;s procurement portal which will contain details of the award process, the licences the successful bidder will need to provide, how to participate in the tender, and the information that the FCA expects firms to submit as part of the application process. The FCA will also publish a draft contract between the CT provider and the FCA. The CT provider is not required to go live before the bond transparency regime changes take effect on December 1, 2025.]]></description>
					      
						      <pubDate>Wed, 04 Dec 2024 10:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Begins-Process-of-</guid>
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					      <title>UK Financial Conduct Authority Supports Expedition of Appeals of Motor Finance Decisions</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Supports-Expeditio</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a letter addressed to the Supreme Court regarding the applications for permission to appeal to the SC and requests for expedition in the recent motor finance commission judgments. On October 25, 2024, the Court of Appeal handed down its judgment in three related appeals regarding a lenders&apos; liability to a consumer in the context of a credit broking arrangement—Johnson v FirstRand Bank Ltd (London Branch) (t/a MotoNovo Finance) [2024] EWCA Civ 1282. Allowing all three appeals, the CA stated that there was a fiduciary relationship between the dealer and the consumer. In addition, the court stated that there was a conflict of interest and the consumers had not given fully informed consent to the commission to be paid by the lender to the dealer. In two of the cases, the CA found that the commission had not been disclosed to the consumer and was secret, meaning that the lender was liable. In the other case, the CA found that the partial disclosure negated secrecy, meaning that the lender was liable only as an accessory to the breach of the fiduciary relationship. These transparency requirements go further than the FCA&apos;s current rules on commission disclosure. Permission to appeal to the SC decision has since been made.

Read more.]]></description>
					      
						      <pubDate>Tue, 03 Dec 2024 16:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Supports-Expeditio</guid>
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					      <title>The Markets in Financial Instruments (Equivalence) (Singapore) Regulations 2024</title>
					      <link>https://finreg.aoshearman.com/The-Markets-in-Financial-Instruments-Equivalence-</link>
					      <description><![CDATA[
The Markets in Financial Instruments (Equivalence) (Singapore) Regulations 2024 have been published, together with an explanatory memorandum and de minimis assessment. The Regulations set out HM Treasury&apos;s determination that Singapore&apos;s regulatory and supervisory regime for trading in derivatives continues to be equivalent to the U.K.&apos;s under U.K. MiFIR and allows U.K. counterparties to fulfil their derivatives trading obligation when they trade derivatives instruments on trading venues in Singapore.

Commission Implementing Decision (EU) 2019/541, granting equivalence to Singaporean trading venues became part of assimilated law in the U.K. under the EU Withdrawal Act. However, equivalence applies only to those authorized trading venues listed in the Decision&apos;s Annex. Since assimilation, seven additional trading venues have been authorized and therefore the Decision, at the request of the Monetary Authority of Singapore, needs to be re-enacted and updated.

The Regulations come into force on December 31, 2024 and will replace the assimilated implementing decision, which will be revoked at the same time.]]></description>
					      
						      <pubDate>Tue, 03 Dec 2024 11:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/The-Markets-in-Financial-Instruments-Equivalence-</guid>
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					      <title>Bank of England Consults on Revocation of UK Technical Standards on Simplified Obligations</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Revocation-of-UK-Tech</link>
					      <description><![CDATA[
The Bank of England has published a consultation paper on the proposed revocation of the U.K. technical standards on simplified obligations. The U.K. retained the EU framework for determining the level of information required within recovery and resolution plans, including the process set down by these technical standards to determine whether simplified obligations can be imposed for RRPs. The BoE explains that the assessment prescribed in the Technical Standards identifies the same firms as the process that results in the setting of a preferred resolution strategy of modified insolvency. The BoE considers that the same outcomes are achievable using this more efficient, existing process and avoids duplication. The ability to apply simplified obligations and any consequential benefits to firms will not be affected by this proposal; the BoE only proposes to simplify the process whereby a firm is designated as eligible for simplified obligations. The deadline for comments is February 2, 2025.]]></description>
					      
						      <pubDate>Mon, 02 Dec 2024 12:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Revocation-of-UK-Tech</guid>
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					      <title>Implementing Regulation on Standard Templates for the Register of Information</title>
					      <link>https://finreg.aoshearman.com/Implementing-Regulation-on-Standard-Templates-for</link>
					      <description><![CDATA[
Commission Implementing Regulation 2024/2956 laying down Implementing Technical Standards for the application of the EU Digital Operational Resilience Act with regard to standard templates for the register of information, was published in the Official Journal of the European Union. Under Article 28(3) of DORA, as part of their ICT risk management framework, financial entities must maintain and update at entity level, and at sub-consolidated and consolidated levels, a register of information for all contractual arrangements on the use of ICT services provided by ICT third-party service providers. These ITS set out the standard templates for the register of information.

The European Commission rejected the European Supervisory Authorities&apos; draft ITS in September on the basis that financial entities should have the choice of using either EU unique identifiers or legal entity identifiers. The ESAs published an opinion in October setting out their concerns for introducing the EUID as an identifier for these purposes. Nonetheless, the Implementing Regulation refers to financial entities using a valid and active LEI or EUID.

The Regulation enters into force on December 22, 2024, 20 days after publication in the Official Journal.]]></description>
					      
						      <pubDate>Mon, 02 Dec 2024 12:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Implementing-Regulation-on-Standard-Templates-for</guid>
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					      <title>UK Prudential Regulation Authority Publishes Policy Statement on Definition of an Interim Capital Regime Firm</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Publishes-Po</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published its final policy statement and statement of policy relating to the definition of an Interim Capital Regime firm and an ICR consolidation entity. The policy statement explains the means by which ICR-eligible firms can join the ICR. Joining the ICR will enable eligible firms to preserve their current capital requirements from the implementation date (i.e., January 1, 2026) of the Basel 3.1 standards, until the implementation of the permanent Small Domestic Deposit Taker capital regime. The PRA is currently consulting on proposals to revoke the ICR when the SDDT capital regime is implemented.

Read more.]]></description>
					      
						      <pubDate>Fri, 29 Nov 2024 13:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Publishes-Po</guid>
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					      <title>Bank of England System-Wide Exploratory Scenario Exercise and 2024 Central Counterparty Supervisory Stress Test</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-System-Wide-Exploratory-Scenario-</link>
					      <description><![CDATA[
The Bank of England has published the final report on its system-wide exploratory scenario. The SWES was a &apos;system-wide&apos; exercise, incorporating a wide range of financial firms and business models, focusing not on the resilience of individual participants, but the impact on important U.K. financial markets.

Through running the SWES, the BoE, working closely with and with the full support of the U.K. Prudential Regulation Authority, Financial Conduct Authority, and the Pensions Regulator, has drawn key financial stability conclusions, including that actions taken by authorities and market participants following recent market shocks have improved gilt market resilience, but further work is required given the other vulnerabilities highlighted by this exercise. The BoE considers that the SWES has proven to be an effective tool to understand system-level vulnerabilities. The BoE, alongside the FCA, will use the experience as a framework for future system-wide analysis and embed it into how market-wide surveillance is conducted. To support this the BoE will invest in its in-house capacity to model system-wide dynamics, supported by continuing engagement with market participants.

The BoE also published the results of its 2024 CCP Supervisory Stress Test. In the core credit stress test, the BoE found that all three U.K. CCPs have adequate pre-funded resources to cover a severe stress scenario and the default of the &apos;Cover-2&apos; members—the two members whose default generates the greatest depletion of mutualized resources at the CCP. The BoE identified that in some very extreme but plausible scenarios there may be a risk to CCPs, and will follow-up with CCPs to probe how they capture the risks identified by these hypothetical scenarios via their own stress testing.]]></description>
					      
						      <pubDate>Fri, 29 Nov 2024 13:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-System-Wide-Exploratory-Scenario-</guid>
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					      <title>Bank of England Amends Approach to Stress Testing UK Banking System</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Amends-Approach-to-Stress-Testing</link>
					      <description><![CDATA[
The Bank of England has updated its approach to stress testing the U.K. banking system. From 2025 onwards, the BoE will move from an annual to a biennial frequency for its main bank capital stress test. This will be a test of risks related to the financial cycle in which the largest and most systemic U.K. banks participate and will be used to inform the setting of capital buffers for the banking system and individual banks. In the intervening years, the BoE will use stress testing when appropriate to supplement its assessment of the resilience of the banking system to cyclical risks. The BoE will continue to use exploratory exercises as a means of assessing other risks, including structural and emerging risks that are not closely linked to the financial cycle. The scope of firms involved in the tests in intervening years will depend on the risks being assessed. When deciding on the timing of these exercises, the BoE will consider the risk environment and the sequencing and timing of the stress tests described above. The next bank capital stress test will take place in 2025.]]></description>
					      
						      <pubDate>Fri, 29 Nov 2024 13:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Amends-Approach-to-Stress-Testing</guid>
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					      <title>European Commission Publishes Draft FAQs on EU Taxonomy Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Draft-FAQs-on-EU-Ta</link>
					      <description><![CDATA[
The European Commission has published a draft notice containing a set of FAQs on the interpretation and implementation of certain legal provisions of the EU Taxonomy Environmental Delegated Act, the EU Taxonomy Climate Delegated Act and the EU Taxonomy Disclosures Delegated Act. Topics covered include: (i) the application of general taxonomy requirements and technical screening criteria for specific activities included in the Taxonomy Climate and Environmental Delegated Acts; (ii) the generic &apos;do no significant harm&apos; criteria; and (iii) the reporting obligations for activities covered by the Climate Delegated Act and the Environmental Delegated Act. The Commission hopes that the document will improve the usability of the framework.

The draft notice has been approved in principle by the Commission and will be formally adopted once versions in all EU languages are ready.]]></description>
					      
						      <pubDate>Fri, 29 Nov 2024 12:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Draft-FAQs-on-EU-Ta</guid>
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					      <title>International Organization of Securities Commissions Publishes Final Report on Evolution of Market Structures</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Se</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published its final report on the evolution in the operation, governance, and business models of exchanges. The Report focuses on equity exchanges, but IOSCO considers that it may be of relevance to other types of trading venues and trading in other classes of financial instruments. In the report IOSCO describes and analyzes the changes in the structure and organization of exchanges and, in particular, their business models and ownership structure. IOSCO then outlines the impact of these changes on market structure, emphasizing the shift from traditional models to more competitive, cross-border, and diversified operations, whereby exchanges have become part of larger corporate groups, leading to resource-sharing and process consolidation. Finally, IOSCO discusses regulatory considerations and potential risks and challenges and outlines good practices that regulators may consider in the supervision of exchanges, particularly when they provide multiple services and/or are part of an exchange group. The good practices are complemented by a non-exhaustive list of regulatory and supervisory tools currently used in IOSCO jurisdictions to address the issues under discussion, which may serve as examples to other regulators.]]></description>
					      
						      <pubDate>Fri, 29 Nov 2024 11:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Se</guid>
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					      <title>New UK Financial Conduct Authority Direction for the Derivatives Trading Obligation</title>
					      <link>https://finreg.aoshearman.com/New-UK-Financial-Conduct-Authority-Direction-for-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a new direction for the U.K. derivatives trading obligation, together with an explanatory memorandum. The FCA&apos;s existing direction modifying the U.K. DTO using its Temporary Transitional Power expires on December 31, 2024. This allows firms subject to the U.K. DTO, trading with, or on behalf of, EU clients subject to the corresponding obligation under EU MiFIR, namely the EU DTO to be able to transact or conclude those trades on EU trading venues, providing that certain conditions are met. The purpose of this new direction is to provide continuity in the outcomes achieved through the TTP. In the continuing absence of mutual equivalence between the U.K. and the EU for the purposes of the U.K. DTO and EU DTO, certain market participants would be caught by a conflict of law between the U.K. DTO and EU DTO—in particular branches of EU firms in the U.K.—unless a new direction is issued. The new direction set out the same conditions as the existing direction, however the new direction only applies to derivatives subject to the DTO in both the U.K. and the EU. The new direction takes effect on the expiry of the previous one.]]></description>
					      
						      <pubDate>Fri, 29 Nov 2024 11:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-UK-Financial-Conduct-Authority-Direction-for-</guid>
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					      <title>UK Financial Conduct Authority Policy Statement on Changes to Financial Crime Guide</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Policy-Statement-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a policy statement on changes to its financial crime guide, following its consultation in April. The changes cover the following areas: (i) sanctions—to reflect information learnt from assessments of firms&apos; sanctions&apos; systems and controls following Russia&apos;s invasion of Ukraine in 2022; (ii) proliferation financing—to ensure that proliferation financing is explicitly referenced throughout the guide, where appropriate. This includes highlighting a 2022 change to the MLRs, which requires firms to conduct proliferation financing risk assessments; (iii) transaction monitoring—to provide further guidance on how firms can implement and monitor transaction monitoring systems. This includes supporting responsible innovation and new technological approaches; (iv) cryptoasset businesses—to make clear that cryptoasset businesses registered under the MLRs should refer to the guide; (v) Consumer Duty—to clarify that firms should consider whether their systems and controls are consistent with their obligations under the Duty; and (vi) consequential changes—includes replacing expired links, updating outdated references to EU rules and refreshing case studies based on more recent FCA enforcement notices.

Read more.]]></description>
					      
						      <pubDate>Fri, 29 Nov 2024 08:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Policy-Statement-</guid>
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					      <title>Second Financial Conduct Authority Consultation on Proposals for the Publication of Enforcement Measures</title>
					      <link>https://finreg.aoshearman.com/Second-Financial-Conduct-Authority-Consultation-o</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published its second consultation on a proposed new approach to publicising its enforcement investigations and changes to its Enforcement Guide. The FCA first consulted on these changes in February. However, following feedback that raised significant concerns, the FCA has published a further consultation which re-drafts the original proposals to try and address the concerns raised and give more clarity on how they would work in practice. Responses may be submitted until February 17, 2025 and the FCA board plans to decide on the proposals in Q1 2025.

Read more.]]></description>
					      
						      <pubDate>Thu, 28 Nov 2024 13:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Second-Financial-Conduct-Authority-Consultation-o</guid>
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					      <title>Basel Committee on Banking Supervision Publishes Report on Countercyclical Capital Buffer</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Publ</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published a report on the range of practices in implementing a positive neutral countercyclical capital buffer. The CCyB aims to ensure that banking sector capital requirements take account of the macro-financial environment in which banks operate, in order to increase the resilience of the banking sector and maintain the flow of credit to the real economy during periods of stress. A positive neutral CCyB is a CCyB that is set at a rate above zero at a time when risks are judged to be neither subdued nor elevated. The Basel Committee observes that authorities that have introduced a positive neutral CCyB have found it helpful for banks in their jurisdictions to have buffers of capital in place that can be released in the event of sudden shocks, including those unrelated to the credit cycle, such as the Covid-19 pandemic.

The report builds on prior publications on the same topic by examining the observed range of practices adopted by jurisdictions which have chosen to implement a positive neutral CCyB. It considers the different jurisdictional frameworks for implementing a positive neutral CCyB, describes the various observed approaches to the calibration and operation of the buffer, and discusses reciprocity considerations. The Basel Committee emphasizes that the adoption of a positive neutral CCyB approach is not required, and the report does not seek to discuss or opine on the merits or demerits of a positive neutral CCyB relative to other macroprudential measures or tools. Some jurisdictions may use tools other than the positive neutral CCyB to address similar risks, based on their specific jurisdictional circumstances.]]></description>
					      
						      <pubDate>Thu, 28 Nov 2024 12:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Publ</guid>
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					      <title>UK Financial Conduct Authority Consults on the MiFID Organisational Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-the-Mi</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a consultation paper on the Markets in Financial Instruments Directive Organisational Regulation (MiFID Org Reg). The FCA is consulting on proposals to transfer the firm-facing requirements of the MiFID Org Reg into FCA Handbook rules when HM Treasury commences the repeal of the MiFID Org Reg. The FCA is proposing to retain the current substance of the requirements to provide continuity for firms. Provisions that the FCA is not replacing in regulatory rules will either be restated or repealed by HM Treasury to coincide with the Handbook rules coming into force, and HM Treasury will publish a draft statutory instrument setting out how the Government will deal with the non-firm-facing elements.

The consultation paper also includes a discussion chapter about further reform, either now or in the future, to make the rules better suited to the range of U.K. licensed firms and their clients. This includes in circumstances where the Consumer Duty does not apply. It considers how the FCA could rationalize or improve MiFID II derived conduct and organizational rules, including for Article 3 firms. The FCA also discusses whether and how the client categorization rules could work more effectively.

Read more.]]></description>
					      
						      <pubDate>Wed, 27 Nov 2024 15:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-the-Mi</guid>
				    </item>
			
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					      <title>Basel Committee on Banking Supervision Consults on Hedging of Counterparty Credit Risk Exposures</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Consu</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published a consultation on technical amendments on the hedging of counterparty credit risk exposures. The interpretative issues addressed relate to the circumstance where a bank has a derivative exposure and uses a guarantee or credit default swap to hedge the CCR arising from the derivative counterparty. While the CCR rules include a specific approach for the recognition of collateral, the recognition of guarantees or credit derivatives, such as CDSs, is not explicitly addressed, suggesting that banks may use the substitution approach of the credit risk mitigation framework. To address this inconsistency, the Basel Committee proposes amendments to the credit risk and CCR standards, which aim to better align the treatment of guarantees and credit derivative protection with the treatment of eligible collateral in the CCR framework. The proposed amendments do not affect the need for banks to check whether the requirements in CRE22.81 and CRE40 are met and need to be applied accordingly. Responses may be submitted until January 31, 2025.]]></description>
					      
						      <pubDate>Wed, 27 Nov 2024 12:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Consu</guid>
				    </item>
			
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					      <title>Basel Committee on Banking Supervision Finalizes Various Technical Amendments to the Basel Framework</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Finalize</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published a document on the finalization of various technical amendments to the Basel framework. The amendments relate to: (i) the definition of specialized lending in the standardized approach to credit risk (to better align it with the definition in the internal ratings-based approach); and (ii) the curvature charge for Group 2a cryptoassets in the cryptoasset exposure standard to align the treatment with other asset classes. Basel Committee members have agreed to implement the technical amendments set out in this document as soon as practical, within three years at the latest. The technical amendment to SCO60.80 will be implemented as part of the final cryptoasset exposures standard, i.e., from January 1, 2026. The amendments were published for consultation in July and have been finalized as originally proposed.]]></description>
					      
						      <pubDate>Wed, 27 Nov 2024 12:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Finalize</guid>
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					      <title>UK Financial Conduct Authority Discusses Strategy for 2025 to 2030</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Discusses-Strategy</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a speech by Emily Shepperd, FCA Chief Operating Officer, on the FCA&apos;s strategy for 2025 to 2030. In the speech, Ms. Shepperd sets out the four main themes of the FCA&apos;s strategy. Ms. Shepperd emphasises that trust in both the FCA and the financial services sector underpins these themes and will be crucial as the FCA looks to pursue growth, alongside ensuring proportionality in regulation and encouraging innovation. She also explains that the FCA has decided to set its ambitions on 2030, a five-year strategy, learning from its first 3-year strategy that it takes time to deliver and cement change.

Read more.]]></description>
					      
						      <pubDate>Tue, 26 Nov 2024 16:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Discusses-Strategy</guid>
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					      <title>UK Regulators Consult on Compensation Reform</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Consult-on-Compensation-Reform</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority and Financial Conduct Authority have published a joint consultation on compensation reform. The consultation paper sets out proposed amendments to the remuneration part of the PRA Rulebook, Supervisory Statement SS2/17 and the FCA&apos;s associated non-Handbook Guidance relating to compensation for dual-regulated firms. The proposals complement previous compensation regime changes enhancing proportionality for small firms, and removing the bonus cap.

Read more.]]></description>
					      
						      <pubDate>Tue, 26 Nov 2024 13:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Consult-on-Compensation-Reform</guid>
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					      <title>UK Regulations Amending Temporary Recognition and Marketing Regimes for CCPs and Collective Investment Schemes</title>
					      <link>https://finreg.aoshearman.com/UK-Regulations-Amending-Temporary-Recognition-and</link>
					      <description><![CDATA[
The Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 have been published, alongside an explanatory memorandum. The Regulations amend the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 to remove the requirement that a CCP must continue to be recognized in the EU to remain in the temporary recognition regime for overseas CCPs.

The Regulations also make amendments to the Collective Investment Schemes (Amendment etc.) EU Exit Regulations 2019 (CIS EU Exit Regulations), which established the temporary marketing permissions regime for EEA investment funds. Amendments include extending the duration of the TMPR from five to six years (that is, until December 31, 2026). This reflects an HM Treasury policy announcement made in January 2024. In addition, technical amendments are made to the TMPR to ensure that sub-funds are able to transition smoothly to the Overseas Funds Regime on direction by the Financial Conduct Authority where they are in scope of the U.K. government&apos;s equivalence decision concerning EEA states or alternatively apply for recognition. The FCA published guidance in October 2024 to assist firms in making an application for an overseas investment fund to be recognized under the OFR.

The Regulations come into force with immediate effect, that is November 26, 2024.]]></description>
					      
						      <pubDate>Tue, 26 Nov 2024 10:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulations-Amending-Temporary-Recognition-and</guid>
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					      <title>International Organization of Securities Commissions Report on Principles for the Regulation and Supervision of Commodity Derivatives Markets</title>
					      <link>https://finreg.aoshearman.com/International-Organization-ofSecurities-Commissi</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published a report on a targeted implementation review on principles for the regulation and supervision of commodity derivatives markets. In October, IOSCO conducted a targeted implementation review of five selected principles: Principles 9, 12, 14, 15, and 16 that aim to address excessive commodity market volatility, OTC derivatives transparency, and orderly functioning of the commodity derivatives markets. IOSCO believes that an appropriate implementation of the selected principles would help mitigate the impact of external factors which may disrupt commodity markets, as recently experienced. As such the report sets out IOSCO&apos;s recommendations to its members for improving the implementation of specific elements of the selected principles, as well as the intention to conduct further work in the OTC markets area.

Overall, the survey results show that the majority of respondents were broadly compliant with the selected principles. However, both regulators and exchanges identified significant challenges in implementing certain elements of the selected principles within OTC markets. Based on the results of the review, IOSCO anticipates additional work related to the issues with the ability of exchanges and certain regulators to collect and aggregate, on both an ad hoc and regular basis, information about OTC positions. The specifics of this work are still being determined, but IOSCO is committed to ensuring that any future developments align with IOSCO&apos;s strategic goals.]]></description>
					      
						      <pubDate>Mon, 25 Nov 2024 17:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-ofSecurities-Commissi</guid>
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					      <title>International Organization of Securities Commissions&apos; Final Report on Post Trade Risk Reduction Services</title>
					      <link>https://finreg.aoshearman.com/International-Organizationof-Securities-Commissi</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published its final report on post trade risk reduction services. The report highlights potential policy considerations and risks associated with the using and offering of PTRRS and presents seven sound practices in this area as guidance to IOSCO members and regulated users of PTRRS. The seven sound practices cover the following areas: (i) transparency, governance, comprehensibility, and fairness of the algorithm; (ii) operational risk; (iii) data integrity and security and regulatory data; (iv) legal certainty; (v) considerations of potential counterparty risk by IOSCO members and PTRRS users; (vi) market concentration and competition; and (vii) standardization and predictability of runs and file formats. The sound practices are designed to improve and complement existing market practices. The report reflects the results of the public consultation launched in January.]]></description>
					      
						      <pubDate>Mon, 25 Nov 2024 16:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organizationof-Securities-Commissi</guid>
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					      <title>Speech: UK government&apos;s Approach to Tokenization and Regulation</title>
					      <link>https://finreg.aoshearman.com/Speech-UK-government39s-Approach-to-Tokenization-</link>
					      <description><![CDATA[
HM Treasury has published a speech given on November 21, 2024, by Tulip Siddiq, Economic Secretary to the Treasury, on the U.K. government&apos;s approach to tokenisation and regulation. In the speech, Ms. Siddiq confirms that HM Treasury intends to implement the proposal for the financial services regulation of cryptoassets in the U.K. in full. The proposals were published in October 2023 and included proposals for the creation of various new regulated activities for cryptoassets, as well as associated regimes for both admissions to trading and market abuse. HM Treasury also intends to proceed with removing the legal uncertainty over whether cryptoasset staking services constitute a collective investment scheme under financial services law. HM Treasury is also proceeding with the proposals for new regulated activities for stablecoin. Ms. Siddiq explains that the regulated activity for stablecoin issuance will ensure that the FCA can properly manage stablecoin specific risks, most notably those associated with management of the backing assets. This proposal will be implemented to the same timetable as the rest of the regulatory regime for cryptoassets.

For more information on the issues and developments relating to FinTech, see our blog A&amp;O Shearman on fintech and digital assets.]]></description>
					      
						      <pubDate>Mon, 25 Nov 2024 16:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Speech-UK-government39s-Approach-to-Tokenization-</guid>
				    </item>
			
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					      <title>UK Securitisation (Amendment) (No. 2) Regulations 2024 Published</title>
					      <link>https://finreg.aoshearman.com/UK-Securitisation-Amendment-No-2-Regulations-2024</link>
					      <description><![CDATA[
The Securitisation (Amendment) (No. 2) Regulations 2024 were published on legislation.gov.uk, alongside an explanatory memorandum. At present, U.K. investors in U.K. - or EU-origin Simple, Transparent, and Standardised securitizations can benefit from preferential prudential treatment, due to a temporary arrangement. The time by which EU STS securitizations can enter the temporary arrangement was set to expire on December 31, 2024. The Regulations extend the time by which such EU-origin STS securitizations can enter the temporary arrangement to June 30, 2026. The U.K. government is aiming to provide continuity and certainty to investors, until a non-time-limited assessment is undertaken.]]></description>
					      
						      <pubDate>Fri, 22 Nov 2024 17:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Securitisation-Amendment-No-2-Regulations-2024</guid>
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					      <title>EU Responses to Consultation on Macro-Prudential Policies for Non-bank Financial Intermediation</title>
					      <link>https://finreg.aoshearman.com/EU-Responses-to-Consultation-on-Macro-Prudential-</link>
					      <description><![CDATA[
The European Central Bank has published the Eurosystem&apos;s response to the European Commission&apos;s consultation on macroprudential policies for non-bank financial intermediation. This is on behalf of the ECB and the national central banks of member states in the eurozone. On the same day, the European Securities and Markets Authority published its response to the consultation.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 Nov 2024 13:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Responses-to-Consultation-on-Macro-Prudential-</guid>
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					      <title>UK Financial Conduct Authority Finalized Guidance for Payment Firms that Enables a Risk-Based Approach to Processing Suspected Fraudulent Payments</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Finalized-Guidance</link>
					      <description><![CDATA[
The Financial Conduct Authority has published finalized guidance for payment service providers that enables a risk-based approach to processing suspected fraudulent payments. Following the publication of the Payment Services (Amendment) Regulations 2024, the amount of time that a PSP has to process an outbound payment when there are reasonable grounds to suspect fraud or dishonesty was extended to up to four business days. To support these regulations, HM Treasury asked the FCA to issue guidance to explain how it expects PSPs to apply these legislative changes, taking into account feedback from stakeholders.

Following a consultation in September, the finalized guidance sets out:

	the requirements for delaying outbound payments and determining whether the threshold for &quot;reasonable grounds to suspect&quot; has been met;
	how PSPs should use the payment delay window;
	obligations on PSPs if they delay an outbound transaction; and
	the treatment of suspicious inbound payments.


The FCA has amended its payment services and electronic money approach document to include the new finalized guidance. The guidance came into effect on November 22, 2024.]]></description>
					      
						      <pubDate>Fri, 22 Nov 2024 10:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Finalized-Guidance</guid>
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					      <title>UK Financial Conduct Authority Consults on Further Temporary Changes to Handling Rules for Motor Finance Complaints</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Furthe</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a consultation on further temporary changes to handling rules for motor finance complaints. The FCA explains that following the Court of Appeal&apos;s recent judgment on motor finance commission, it is proposing new complaint handling rules. It is likely that the judgment will result in an increase in motor finance non-discretionary-commission-arrangement (non-DCA) commission complaints. This will create additional pressures on firms and the Financial Ombudsman Service. The FCA therefore considers that there is a strong case for introducing complaint handling rules that give firms extra time to deal with motor finance non-DCA commission complaints not currently covered by the DCA complaint handling rules. Extending the time firms have to deal with these complaints will also allow time to see the outcome of any appeals for permission to appeal the Court of Appeal&apos;s judgment to the Supreme Court.

Read more.]]></description>
					      
						      <pubDate>Thu, 21 Nov 2024 14:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Furthe</guid>
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					      <title>HM Treasury Publishes Prudential Regulation of Credit Institutions (Meaning of CRR Rules and Recognised Exchange) (Amendment) Regulations 2024</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Prudential-Regulation-of-Cr</link>
					      <description><![CDATA[
HM Treasury has published the Prudential Regulation of Credit Institutions (Meaning of CRR Rules and Recognised Exchange) (Amendment) Regulations 2024, together with an explanatory memorandum.

The Regulations have two primary purposes: (i) Regulations 2 and 3 make amendments to primary legislation in connection with the revocation of the U.K. Capital Requirements Regulation, which currently forms part of assimilated law on financial services. Regulation 2 amends the definition of &quot;CRR rules&quot; in the Financial Services and Markets Act 2000 to include rules made by the U.K. Prudential Regulation Authority as part of Basel 3.1 implementation to replace CRR provisions revoked under the Financial Services and Market Act 2023. Regulation 3 makes a related amendment to section 5 of the Financial Services Act 2021 to ensure that certain requirements apply to those rules; and (ii) Regulation 4 amends the definition of &quot;recognized exchange&quot; as contained in the CRR. This will support an expansion of investment exchanges that fall within the definition of a &quot;recognized exchange&quot;. The Regulations specify that investment exchanges can qualify as a &quot;recognized exchange&quot; if they are: (a) U.K.-based investment exchanges that are considered to be regulated markets; (b) in the register of Recognized Overseas Investment Exchanges, a regime owned by the FCA; or (c) an investment exchange, which meets certain conditions as set out in the PRA&apos;s rulebook. For this purpose, the PRA expects to make rules on the proposed &quot;conditions&quot;, which will help firms identify a &quot;recognized exchange&quot;. The PRA plans to consult on its conditions shortly. The Regulations come into force on November 22, 2024.]]></description>
					      
						      <pubDate>Thu, 21 Nov 2024 11:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Prudential-Regulation-of-Cr</guid>
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					      <title>HM Treasury Publishes Consumer Composite Investments (Designated Activities) Regulations 2024</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Consumer-Composite-Investme</link>
					      <description><![CDATA[
HM Treasury has published the Consumer Composite Investments (Designated Activities) Regulations 2024, together with an Explanatory Memorandum.

The Regulations: (i) replace assimilated law in relation to the Packaged Retail and Insurance-based Investment Products Regulation, establishing a new legislative framework for the regulation of Consumer Composite Investments, formerly PRIIPs; (ii) define key concepts including a CCI and retail investor to support interpretation, tailoring definitions established in the PRIIPs Regulation to U.K. markets and law; (iii) specify activities relating to CCIs as designated activities for the purposes of the Financial Services and Markets Act 2000 and provide the U.K. Financial Conduct Authority rule-making and certain supervision and enforcement powers to enable it to set the regulatory provisions that apply to persons carrying out designated activities relating to CCIs; (iv) make transitional provisions and consequential amendments to other legislation to ensure the CCI regime remains operable; and (v) establish civil liability for breaches of FCA rules made under the Regulations. The provisions providing the FCA with the necessary powers to make rules, give directions or guidance, and issue statements of policy come into force on November 22, 2024. The remaining provisions come into force on the day on which the revocation of the U.K. PRIIPs Regulation comes into force.]]></description>
					      
						      <pubDate>Thu, 21 Nov 2024 10:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Consumer-Composite-Investme</guid>
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					      <title>Bank of England and UK Financial Conduct Authority Findings on Third Survey of Artificial Intelligence and Machine Learning in UK Financial Services</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-and-UK-Financial-Conduct-Authorit</link>
					      <description><![CDATA[
The Bank of England published the findings of its third joint survey with the U.K. Financial Conduct Authority on the use of Artificial Intelligence and machine learning in financial services. The survey aims to build on existing work to further the BoE&apos;s and FCA&apos;s understanding of AI in financial services, in particular by providing ongoing insight and analysis into AI use by BoE and/or FCA-regulated firms.

Read more.]]></description>
					      
						      <pubDate>Thu, 21 Nov 2024 10:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-and-UK-Financial-Conduct-Authorit</guid>
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					      <title>International Organization of Securities Commissions Publishes Consultation Report on Pre-Hedging</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published a consultation report on pre-hedging. The report assesses potential conduct and market integrity issues associated with the practice of pre-hedging. IOSCO proposes a definition of pre-hedging and a set of recommendations to guide regulators in determining acceptable pre-hedging practices and managing the associated conduct risks effectively.

IOSCO seeks feedback on the proposed definition, and a minimum set of recommendations as guidance which are broadly applicable in most circumstances. IOSCO additionally seeks feedback on whether the proposed recommendations need to be adapted to specific circumstances. For example, IOSCO particularly requests feedback in relation to the differences in the proposed recommendations between bilateral non-electronic transactions and pre-hedging in the context of electronic trading, including competitive requests for quotes. The deadline for comments is February 21, 2025. IOSCO anticipates providing a final report with recommendations to IOSCO members in 2025.]]></description>
					      
						      <pubDate>Thu, 21 Nov 2024 09:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-</guid>
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					      <title>Outcome of Basel Committee on Banking Supervision November 2024 Meeting</title>
					      <link>https://finreg.aoshearman.com/Outcome-of-Basel-Committee-on-Banking-Supervision</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has set out the outcomes from its meeting on November 19-20, 2024. Key takeaways include:


	implementation of Basel III—committee members unanimously reaffirmed their expectation of implementing all aspects of the Basel III framework in full, consistently and as soon as possible;
	non-bank financial intermediation—the BCBS approved a final set of guidelines that seek to address weaknesses in banks&apos; counterparty credit risk management exposed in recent episodes of NBFI distress. The finalized guidelines will be published next month;
	2023 banking turmoil—an update on the BCBS&apos;s work to develop a suite of practical tools to support supervisors in their day-to-day work as part of its efforts to strengthen supervisory effectiveness in light of the lessons learned from last year&apos;s banking turmoil will be published in early 2025;
	macroprudential policy—the BCBS will publish a report on existing practices to support jurisdictions that wish to apply positive cycle-neutral rates when risks are judged to be neither subdued nor elevated. The report will be published next month; and
	climate-related financial risks—the BCBS anticipates finalizing its proposed Pillar 3 disclosure framework in H1 2025.

]]></description>
					      
						      <pubDate>Wed, 20 Nov 2024 12:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Outcome-of-Basel-Committee-on-Banking-Supervision</guid>
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					      <title>European Supervisory Authorities Publish Joint Guidelines on System for Exchange of Information Relevant to Fit and Proper Assessments</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Joint-G</link>
					      <description><![CDATA[
The European Supervisory Authorities (the European Securities and Markets Authority, European Banking Authority, and European Insurance and Occupational Pensions Authority) published joint guidelines on the system for the exchange of information relevant to the assessment of the fitness and propriety of holders of qualifying holdings, directors, and key function holders of financial institutions and financial market participants by competent authorities. The ESAs have developed a system, which consists of a cross-sectoral database (ESAs Information System) and these joint guidelines, with the aim of fostering a timely exchange of information between competent authorities. The ESAs Information System will hold limited information on persons who are subject to a fitness and propriety assessment under Union sectoral provisions. The competent authorities performing such assessments will include the relevant information consistent with these guidelines in the ESAs Information System. The aim of the ESAs Information System is to support competent authorities in identifying other competent authorities that have conducted such an assessment process for a person of interest, thereby enhancing the efficiency of the fit and proper assessments.]]></description>
					      
						      <pubDate>Wed, 20 Nov 2024 12:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Joint-G</guid>
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					      <title>European Securities and Markets Authority Consults on EMIR 3 Active Account Requirement</title>
					      <link>https://finreg.aoshearman.com/European-Sec</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation on the conditions of the Active Account Requirement under the amended European Market Infrastructure Regulation (EMIR 3). The active account requirement requires EU counterparties active in certain derivatives to hold an operational and representative active account at a Central Counterparty authorized to offer services and activities in the EU.

ESMA is seeking stakeholder input on several key aspects of the active account requirement, including the: (i) three operational conditions to ensure that the clearing account is effectively active and functional, including stress-testing; (ii) representativeness obligation for the most active counterparties; and (iii) reporting requirements to assess their compliance with the active account requirement. The deadline for comments is January 27, 2025. ESMA will then consider the feedback it receives to this consultation in Q1 2025 and expects to publish a final report and submission of the draft technical standards to the EC for endorsement as soon as possible.]]></description>
					      
						      <pubDate>Wed, 20 Nov 2024 11:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Sec</guid>
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					      <title>International Organization of Securities Commissions Publishes Roadmap to Enhance Retail Investor Online Safety</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Sec</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has launched a new roadmap for retail investor online safety. The strategic initiative aims to safeguard retail investors worldwide from fraud, excessive risk, and misinformation as digital trading and social media reshape the retail financial market.

Read more.]]></description>
					      
						      <pubDate>Tue, 19 Nov 2024 16:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Sec</guid>
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					      <title>UK Financial Conduct Authority Revises Market Cleanliness Statistic Methodology</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Revises-Market-Cle</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has announced that it is revising the market cleanliness statistic used in its annual report to measure insider trading. In future, the FCA will: (i) detect abnormal price movements that happen on the same day as an announcement because the price information used is more frequent; (ii) introduce a market comparison test to ensure the statistic is less affected by market volatility, for example, that caused by the Covid pandemic or Russia&apos;s invasion of Ukraine; and (iii) include more announcements from firms with multiple takeover offers. The revised measure is higher, reflecting the scope of the statistic now including potential insider trading on the day of an announcement. In addition, the new methodology makes the statistic more robust to periods of market volatility. Based on the insights received from reports, alerts, and market intelligence, the FCA has not seen an increase in market abuse. The FCA welcomes feedback from the public, industry and academic community on these changes.]]></description>
					      
						      <pubDate>Tue, 19 Nov 2024 12:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Revises-Market-Cle</guid>
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					      <title>European Supervisory Authorities and European Central Bank Publishes Results of &quot;Fit-For-55&quot; Climate Stress Test</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-and-European-Cen</link>
					      <description><![CDATA[
The European Supervisory Authorities (European Securities and Markets Authority, European Banking Authority, and European Insurance and Occupational Pensions Authority) and the European Central Bank have published the results of the one-off &quot;Fit-For-55&quot; climate scenario analysis. The EU&apos;s Fit-for-55 package aims to stimulate investment and innovation in the transition to a green economy and plays a crucial role in the EU&apos;s goal to achieve an emissions&apos; reduction of 55% by 2030 and climate neutrality by 2050. The climate stress test was conducted against three scenarios developed by the European Systemic Risk Board, with the support of the ECB. The scenarios incorporate transition risks as well as macroeconomic factors, under the assumption that the Fit-for-55 package is implemented as planned. Under the scenarios examined, transition risks alone are unlikely to threaten financial stability. However, when transition risks are combined with macroeconomic shocks, they can increase losses for financial institutions and may lead to disruptions. The report therefore calls for a coordinated policy approach to financing the green transition and the need for financial institutions to integrate climate risks into their risk management in a comprehensive and timely manner. The report notes that given the novelty of the methodological approaches and the data-related challenges, the results are subject to a large margin of uncertainty.]]></description>
					      
						      <pubDate>Tue, 19 Nov 2024 12:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-and-European-Cen</guid>
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					      <title>Council of the European Union Adopts new Regulation on Environmental, Social, and Governance Rating Activities</title>
					      <link>https://finreg.aoshearman.com/Council-of-the-European-Union-Adopts-new-Regulati</link>
					      <description><![CDATA[
The Council of the European Union has adopted the proposed Regulation on ESG rating activities. The new rules aim to strengthen the reliability and comparability of ESG ratings by improving the transparency and integrity of the operations that ESG ratings providers carry out, and by preventing potential conflicts of interest. In particular, ESG rating providers established in the EU will need to be authorized and supervised by ESMA. They will have to comply with transparency requirements, in particular with regard to their methodology and sources of information. The Regulation introduces as a principle a separation of business and activities in order to prevent conflicts of interest. The European Parliament approved the proposed Regulation in October. The Regulation will now be published in the Official Journal of the European Union, enter into force 20 days later and apply 18 months after its entry into force.]]></description>
					      
						      <pubDate>Tue, 19 Nov 2024 12:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Council-of-the-European-Union-Adopts-new-Regulati</guid>
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					      <title>HM Treasury Updates High-Risk Third Countries List under Money Laundering Regulations</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Updates-High-Risk-Third-Countries-Lis</link>
					      <description><![CDATA[
HM Treasury has updated its money laundering advisory notice on high-risk third countries. Under the U.K. Money Laundering Regulations, the U.K. regulated sector must apply enhanced customer due diligence in relation to high-risk third countries. This obligation is in addition to the requirement to apply enhanced customer due diligence where there is an assessed high risk of money laundering or terrorist financing, including geographic risk based on credible sources. High-risk third countries are those named by the Financial Action Task Force on either its &quot;High-Risk Jurisdictions subject to a Call for Action&quot; or &quot;Jurisdictions under Increased Monitoring&quot; lists. On October 25, 2024, the FATF published its most recent update to its lists of jurisdictions, which firms are advised to consider.]]></description>
					      
						      <pubDate>Tue, 19 Nov 2024 12:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Updates-High-Risk-Third-Countries-Lis</guid>
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					      <title>Bank of England Consults on Fundamental Rules for Financial Market Infrastructure Firms</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Fundamental-Rules-for</link>
					      <description><![CDATA[
The Bank of England has published a consultation on fundamental rules for financial market infrastructure firms. The BoE proposes to introduce a set of fundamental rules for FMIs incorporated in the U.K. The aim of the proposed rules is to increase the resilience of FMIs through providing a clear and transparent articulation of the desired outcomes of the BoE&apos;s policy framework. The BoE intends to support FMIs&apos; compliance with the relevant regulatory regime and their supervisory engagement with the BoE, and so U.K. financial stability. For central counterparties and central securities depositories, the fundamental rules will take the form of rules made under the Financial Services and Markets Act 2000. For recognized payment service operators and specified service providers, they will take the form of a binding Code of Practice pursuant to the powers given to the BoE under Part 5 of the Banking Act 2009. The BoE intends to apply the fundamental rules to systemic stablecoins in due course. The fundamental rules will form the foundation of a broader BoE rulebook for FMIs, as the BoE uses its new rulemaking power over U.K. CCPs and CSDs to replace detailed firm-facing requirements currently in U.K. primary legislation. The deadline for comments is February 19, 2025. The BoE proposes a six-month implementation period between the publication of the final rules and their application. The BoE welcomes views on what an appropriate implementation period would be.]]></description>
					      
						      <pubDate>Tue, 19 Nov 2024 11:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Fundamental-Rules-for</guid>
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					      <title>Bank of England Updates Approach to Financial Market Infrastructure Supervision</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Updates-Approach-to-Financial-Mar</link>
					      <description><![CDATA[
The Bank of England has updated its approach to financial market infrastructure supervision. The BoE states that its approach to supervision continues to be underpinned by four core principles: (i) its supervisors rely on judgement in taking decisions; (ii) the BoE assesses firms not just against current risks, but also against those that could plausibly arise further ahead; (iii) the BoE focuses on those issues and firms that are likely to pose the greatest risk to its objectives; and (iv) it applies proportionality to ensure that its interventions do not go beyond what is necessary in order to achieve its objectives.

In light of experience, and the new powers and responsibilities set out in the Financial Services and Markets Act 2023, the BoE has aimed to make its approach more risk-based and flexible, updated its potential impact and risk assessment frameworks so that they can better accommodate the current risk environment, made greater use of horizontal supervisory work to assess the risks posed across sectors, and continued to embed the use of horizon scanning to identify areas of potential vulnerability. The BoE sets out its processes for identifying and assessing risks posed by each FMI and its approach to supervising FMIs in practice, including the degree of intensity of supervision and the tools and legal and enforcement powers available to it.]]></description>
					      
						      <pubDate>Tue, 19 Nov 2024 11:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Updates-Approach-to-Financial-Mar</guid>
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					      <title>Council of the European Union Adopts Revised EMIR 3 Package</title>
					      <link>https://finreg.aoshearman.com/Council-of-the-European-Union-Adopts-Revised-EMIR</link>
					      <description><![CDATA[
The Council of the European Union has adopted the Regulation amending the European Market Infrastructure Regulation, the Capital Requirements Regulation, and the Money Market Funds Regulation as regards measures to mitigate excessive exposures to third-country central counterparties and improve the efficiency of Union clearing markets (EMIR 3) and the Directive amending the UCITS Directive, the Capital Requirements Directive, and the Investment Firms Directive as regards the treatment of concentration risk arising from exposures towards central counterparties and of counterparty risk in centrally cleared derivative transactions. The legislation will be published in the Official Journal of the European Union before entering into force 20 days later. EMIR 3 will apply from that date, subject to certain provisions which will not apply until the date of entry into force of certain technical standards. Member States are expected to implement the amending Directive 18 months after the date it enters into force.]]></description>
					      
						      <pubDate>Tue, 19 Nov 2024 11:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Council-of-the-European-Union-Adopts-Revised-EMIR</guid>
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					      <title>European Securities and Markets Authority Finalizes Advice on Central Securities Depositories Regulation Penalty Mechanism</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Final</link>
					      <description><![CDATA[
The European Securities and Markets Authority has finalized its technical advice for the European Commission on the Central Securities Depositories Regulation penalty mechanism. ESMA hopes to incentivize all actors in the settlement chain to improve settlement efficiency, also in view of the potential move to T+1 in the EU.

The report outlines ESMA&apos;s advice to improve the application of the CSDR penalty mechanism on three main aspects: (i) alternative parameters to calculate the penalties due to lack of cash, when the official interest rate for overnight credit charged by the central bank issuing the settlement currency is not available; (ii) the treatment of historical reference prices for the calculation of late matching fail penalties; and (iii) the design and level of the penalty rates for each asset class. ESMA proposes to maintain the design of the current penalty mechanism—for example, not introducing fundamental changes to the methods for calculating penalties—and to introduce an overall moderate increase of the penalty rates, in full alignment with the current types of settlement fails and targeting most asset classes. The Commission will take into account ESMA&apos;s technical advice when amending the Commission Delegated Regulation (EU) 2017/389. The revised penalty mechanism will become applicable once the amended Commission Delegated Regulation has been adopted by the Commission, scrutinized by the European Parliament and the Council of the European Union, and published in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Tue, 19 Nov 2024 10:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Final</guid>
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					      <title>Financial Stability Board Publishes Letter to G20 Leaders and 2024 Annual Report</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Letter-to-G2</link>
					      <description><![CDATA[
The Financial Stability Board has published a letter sent to the G20 leaders ahead of their meeting on November 18, 2024, together with the FSB 2024 annual report. The letter warns of ongoing vulnerabilities within the global financial system, illustrated by recent episodes of market turmoil and the failure of several banks and non-banks in recent years. The letter stresses the importance of effective implementation of the FSB&apos;s policies, emphasizing that authorities must not only put policies into national laws and regulations, but also build the capacity to operationalize them.

In the annual report, the FSB provides an overview of its work in its key priority areas, which include: (i) addressing lessons from the March 2023 banking turmoil; (ii) enhancing the resilience of non-bank financial intermediation; (iii) addressing financial risks from climate change; (iv) improving cross-border payments; (v) responding to technological innovation; and (vi) enhancing the resolvability of central counterparties. Looking ahead, the FSB will continue to focus on these priority areas and will also place an emphasis on: (a) implementation monitoring of its recommendations on crypto-asset activities and global stablecoin arrangements; (b) further work on resolution reforms; and (c) regular monitoring and progress reports on financial stability issues.

For more information on the issues and developments relating to FinTech, see our blog A&amp;O Shearman on fintech and digital assets.]]></description>
					      
						      <pubDate>Mon, 18 Nov 2024 12:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Letter-to-G2</guid>
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					      <title>European Securities and Markets Authority Published Report on its Assessment of the Shortening of the Settlement Cycle to T+1</title>
					      <link>https://finreg.aoshearman.com/European-Se</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report on its assessment of the shortening of the settlement cycle in the EU to T+1. The report highlights that the increased efficiency and resilience of post-trade processes that should be prompted by a move to T+1 would facilitate achieving the objective of further promoting settlement efficiency in the EU, contributing to market integration and to the Savings and Investment Union objectives. ESMA recommends that the migration to T+1 occurs simultaneously across all relevant instruments and that it is achieved in Q4 2027.

Considering the different elements assessed by ESMA, in particular the difficulties linked to the go-live of such a big project in November and December, and the challenges linked to the first Monday of October (just after the end of a quarter), ESMA recommends October 11, 2027, as the optimal date for the transition to T+1 in the EU. ESMA suggests following a coordinated approach with other jurisdictions in Europe.

Read more.]]></description>
					      
						      <pubDate>Mon, 18 Nov 2024 11:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Se</guid>
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					      <title>Mansion House: UK Financial Conduct Authority and Financial Ombudsman Service Call for Input on Modernizing the Redress System</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-UK-Financial-Conduct-Authority-and-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority and the Financial Ombudsman Service have launched a joint call for input on modernizing the redress system. The two main concerns of the FCA and the FOS are mass redress events and FCA-FOS cooperation. Mass redress events occur when there are large numbers of complaints about the same issue. If mass redress events involve sudden and unexpected increases in complaints, this creates operational difficulties for both firms and the FOS and delays for the consumers. In some cases, they can lead to disorderly firm failures with costs absorbed by the rest of the industry through the Financial Services Compensation Scheme levy or, if there is no FSCS cover, by consumers in lost redress.

The FCA and the FOS are hoping to better understand: (i) how the current redress framework could be modernized; (ii) the problems that mass redress events and the redress system in general cause firms, consumers, and their representatives; (iii) what changes could be made to the redress framework to enable the FCA and the FOS to better identify and manage mass redress events to ensure better outcomes for consumers, firms, and the market; (iv) what changes could be made to how the FCA and the FOS work together to ensure their views on regulatory requirements are consistent; and (v) if there need to be any changes for complaints brought to the FOS by professional representatives such as complaints management companies. The call for input considers a number of short-, medium-, and long-term options that may address the issues identified. The deadline for responses is January 30, 2025. The FCA and the FOS intend to set out next steps in H1 2025.]]></description>
					      
						      <pubDate>Fri, 15 Nov 2024 16:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-UK-Financial-Conduct-Authority-and-</guid>
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					      <title>Mansion House: UK Financial Conduct Authority Feedback on Advice Guidance Boundary Review and Next Steps</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-UK-Financial-Conduct-Authority-Feed</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published feedback to its December 2023 advice guidance boundary review. The review included a number of proposals to improve how people can access help with their pensions and retail investments.

The FCA highlights that: (i) most respondents agreed that the FCA&apos;s proposals are a positive step towards improving consumer outcomes and agreed with the proposals outlined in the paper; (ii) the Financial Services Consumer Panel challenged the FCA to realize the full ambition of this review and encouraged the FCA to keep an open mind on what may be needed to achieve the strategic aims of the review; and (iii) there was concern about the risks of developing new forms of regulated help, including the need to ensure people fully understood the support they were being offered and what protections would be provided.

The FCA plans to consult: (a) in December on targeted support for pensions savers; and (b) in H1 2025 on draft FCA rules to apply across retail investments and pensions. The FCA has also issued a joint statement with the Pensions Regulator and the Information Commissioner&apos;s Office to provide guidance to firms on communicating with their pensions and retail investments customers.]]></description>
					      
						      <pubDate>Fri, 15 Nov 2024 16:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-UK-Financial-Conduct-Authority-Feed</guid>
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					      <title>Mansion House: New Remit Letters for UK Financial Conduct Authority and Prudential Regulation Authority to Focus on Growth</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-New-Remit-Letters-for-UK-Financial-</link>
					      <description><![CDATA[
HM Treasury has published remits and recommendations for the U.K. Financial Conduct Authority and Prudential Regulation Authority, set out in a letter sent from Rachel Reeves, Chancellor of the Exchequer, to Nikhil Rathi, FCA Chief Executive, and in a letter sent by Ms. Reeves to Andrew Bailey, Bank of England Governor.

The letter to Mr. Bailey formally relates to recommendations for the Prudential Regulation Committee, the BoE committee that exercises its functions as the PRA. Ms. Reeves calls for the regulators to fully embed the secondary competitiveness and growth objective and, while pursuing their respective primary objectives, to consider how they can enable informed and responsible risk-taking by authorized firms. Ms. Reeves outlines her priorities, which include ensuring that: (i) innovative new firms are supported to enter the market, and existing firms are enabled to innovate and invest in new technologies, including the safe adoption of AI; (ii) customers can access appropriate advice and products; (iii) U.K. financial services firms are supported to play a significant role in supporting the Net Zero transition globally; and (iv) firms have a positive experience of engaging with the regulators from the point of initial application or inquiry, and that administrative burdens on firms are streamlined as far as possible, while maintaining high regulatory standards and a reputation as responsive and agile regulators.]]></description>
					      
						      <pubDate>Fri, 15 Nov 2024 14:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-New-Remit-Letters-for-UK-Financial-</guid>
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					      <title>Mansion House: HM Treasury Publishes Remit and Recommendations Letter for Financial Policy Committee</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-HM-Treasury-Publishes-Remit-and-Rec</link>
					      <description><![CDATA[
HM Treasury has published a letter from Rachel Reeves, Chancellor of the Exchequer, to Andrew Bailey, Governor of the Bank of England, setting out the remit and recommendations for the Financial Policy Committee for 2024/25.

In the letter, Ms. Reeves states that: (i) the FPC should continue to prioritize its work to address systemic vulnerabilities in market-based finance and ensure that the BoE continues to cooperate with relevant authorities and across jurisdictions to increase resilience in a way that is consistent with supporting sustainable economic growth; (ii) the FPC should continue to focus on cyber and operational risks, noting the evolving threat landscape, including how this might increase these risks, and other potential impacts for financial stability; and (iii) the FPC should assess and identify areas where there is potential to increase the ability of the financial system to contribute to sustainable economic growth without undermining financial stability.

The letter sets out: (a) the matters that the FPC should regard as relevant to the BoE&apos;s financial stability objective, and the responsibility of the FPC in relation to the achievement of that objective; (b) the responsibility of the FPC in relation to support for the U.K. government&apos;s economic policy; and (c) matters to which the FPC should have regard in exercising its functions. The FPC must respond to the government, describing any action it has taken or intends to take in response to a specific recommendation.]]></description>
					      
						      <pubDate>Fri, 15 Nov 2024 14:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-HM-Treasury-Publishes-Remit-and-Rec</guid>
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					      <title>UK Financial Conduct Authority Publishes Discussion Paper on Improving the UK Transaction Reporting Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Discussi</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has issued a discussion paper on potential options for improving the U.K. transaction reporting regime. The FCA has two primary objectives: to improve the usefulness of transaction reporting data through better data quality and to support the competitiveness of U.K. markets by ensuring requirements remain proportionate for firms. The discussion paper asks firms to consider: (i) the overall shape of the transaction reporting regime, seeking feedback on the relative merits of simplification against the cost of change. The FCA is also seeking feedback on areas of the regime that are most burdensome for firms, as well as the role it could play in accommodating the development of new and existing technologies; (ii) the scope of firms subject to transaction reporting obligations and the scope of financial instruments captured by the requirements. The FCA considers the scope of reporting obligations for over-the-counter derivatives and identifiers for these instruments; and (iii) potential changes to the fields contained in RTS 22 to improve data quality. The FCA considers where it could add new fields to improve use of data, where existing fields could be removed to streamline reporting, and trading scenarios where clearer guidance may be needed to improve outcomes. The deadline for comments is February 14, 2025.]]></description>
					      
						      <pubDate>Fri, 15 Nov 2024 11:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Discussi</guid>
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					      <title>UK Financial Ombudsman Service Publishes Feedback to Consultation on Charging Claims Management Companies and other Professional Representatives</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Ombudsman-Service-Publishes-Feedback</link>
					      <description><![CDATA[
The U.K. Financial Ombudsman Service published a feedback statement to its consultation on its proposals to charge fees to claims management companies and other professional representatives. The statement summarizes the feedback and provides a high-level summary of the FOS&apos;s response to the feedback received.

The FOS proposes to, broadly as consulted on: (i) continue with the option to implement a fee of &amp;pound;250 per case, reducing to &amp;pound;75 where the case is determined in favor of the complainant represented by the CMC; (ii) avoid vested financial interest in the outcome of any individual complaint by reducing the fee payable by the respondent firm by &amp;pound;175 where the complaint is not successfully upheld against them. The FOS would retain &amp;pound;75 in every case, regardless of outcome, as this broadly equates to the cost of setting the case up on its systems; (iii) increase the free case limit from three to ten per financial year for each CMC, so they could test cases raising new issues and learn from them; with a view to this informing their own due diligence for subsequent cases of that type which they may wish to bring; (iv) utilize fees gathered to improve its outreach and engagement; and (v) implement the arrangements as soon as possible, subject to Parliamentary and U.K. Financial Conduct Authority stages, which the FOS now accepts is likely to be early 2025. The recent General Election means that the FOS is still awaiting the necessary secondary legislation to advance proposals. Depending on the outcome of the relevant approvals required, the FOS will publish a separate policy statement in due course, upon further development of the affirmative procedure by Parliament and appropriate final consideration by the FCA. On November 19, 2024 the FOS published a letter sent to the FCA to confirm the FO&apos;s position.]]></description>
					      
						      <pubDate>Fri, 15 Nov 2024 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Ombudsman-Service-Publishes-Feedback</guid>
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					      <title>Financial Stability Board Report on Financial Stability Implications of Artificial Intelligence</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Report-on-Financial-Sta</link>
					      <description><![CDATA[
The Financial Stability Board has published a report outlining recent developments in the adoption of AI in finance and their potential implications for financial stability. The report notes that AI offers benefits from improved operational efficiency, regulatory compliance, personalised financial products, and advanced data analytics. However, AI may also amplify certain financial sector vulnerabilities and thereby pose risks to financial stability. According to the FSB, AI-related vulnerabilities with the potential to increase systemic risk include: (i) third-party dependencies and service provider concentration; (ii) market correlations; (iii) cyber risks; and (iv) model risk, data quality, and governance. In addition, GenAI could increase financial fraud and disinformation in financial markets. Misaligned AI systems that are not calibrated to operate within legal, regulatory, and ethical boundaries can also engage in behaviour that harms financial stability. From a longer-term perspective, AI uptake could drive changes in market structure, macroeconomic conditions, and energy use that may have implications for financial markets and institutions.

The report notes that existing regulatory and supervisory frameworks address many of the vulnerabilities associated with AI adoption. However, more work may be needed to ensure that these frameworks are sufficiently comprehensive.

Read more.]]></description>
					      
						      <pubDate>Thu, 14 Nov 2024 17:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Report-on-Financial-Sta</guid>
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					      <title>EU Final Guidance on Implementation of EU And National Sanctions</title>
					      <link>https://finreg.aoshearman.com/EU-Final-Guidance-on-Implementation-of-EU-And-Nat</link>
					      <description><![CDATA[
The European Banking Authority has finalized two sets of guidelines setting common standards on the governance arrangements and the policies, procedures, and controls that financial institutions should have in place to be able to comply with EU and national restrictive measures. Restrictive measures applicable to financial institutions comprise targeted financial sanctions and sectoral measures, e.g., economic and financial measures. Both sets of guidelines will apply from December 30, 2025.

The first set of guidelines is addressed to all institutions within the EBA&apos;s supervisory remit, i.e., those regulated and supervised under the Capital Requirements Directive, the Payment Services Directive, and the Electronic Money Directive. These guidelines set out the governance and risk management systems that financial institutions should implement to address the risk of potentially breaching or evading restrictive measures.

The second set of guidelines is specific to restrictive measures under the Wire and Cryptoasset Transfer Regulation. The guidelines specify what payment service providers and crypto-asset service providers should do to be able to comply with restrictive measures when performing transfers of funds or crypto-assets.]]></description>
					      
						      <pubDate>Thu, 14 Nov 2024 16:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Final-Guidance-on-Implementation-of-EU-And-Nat</guid>
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					      <title>UK High Court Finds London Capital &amp; Finance Plc to be a Ponzi Scheme</title>
					      <link>https://finreg.aoshearman.com/UK-High-Court-Finds-London-Capital-amp-Finance-Pl</link>
					      <description><![CDATA[
The U.K. High Court has handed down judgement in the civil case of London Capital &amp; Finance Plc (in administration) and others v Michael Andrew Thomson and others [2024] EWHC 2894 (Ch). London Capital &amp; Finance was an investment firm regulated by the Financial Conduct Authority. It was also registered as an ISA manager with HM Revenue and Customs. LCF collapsed into administration in 2019, resulting in losses of around &amp;pound;237 million to around 11,500 mostly retail investors. LCF and its administrators brought a civil claim against those responsible for running and administering LCF&apos;s business, alleging (among other things) that: (i) representations made to LCF bondholders regarding LCF&apos;s activities were false; (ii) the defendants misappropriated sums of over &amp;pound;136 million from LCF and/or associated companies; and (iii) LCF was operated as a Ponzi scheme and as a result, the defendants were knowingly party to fraudulent trading and should be liable to compensate the claimants for their losses.

The court found for that: (i) LCF had made misrepresentations which amounted to fraudulent conduct of business; (ii) there had been fraudulent misappropriation of LCF&apos;s assets; and (iii) LCF had been operated fraudulently as a Ponzi scheme. As a result, the defendants were liable to LCF for knowing participation in the fraudulent conduct of LCF&apos;s business and LCF and its administrators had established equitable proprietary claims against certain of the defendants. A subsequent hearing will be held to decide the level of compensation payable by the defendants.

Read more.]]></description>
					      
						      <pubDate>Thu, 14 Nov 2024 14:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-High-Court-Finds-London-Capital-amp-Finance-Pl</guid>
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					      <title>EU Listing Act Package Published in Official Journal of the European Union</title>
					      <link>https://finreg.aoshearman.com/EU-Listing-Act-Package-Published-in-Official-Jour</link>
					      <description><![CDATA[
The following legislation that comprises the EU Listing Act package has been published in the Official Journal of the European Union:

	Regulation (EU) 2024/2809 amending the EU Prospectus Regulation, the EU MAR and EU MiFIR (the &quot;Listing Regulation&quot;);
	Directive (EU) 2024/2811 amending MiFID II and repealing Directive 2001/34/EC (the &quot;Listing Directive&quot;); and
	Directive (EU) 2024/2810 on multiple-vote share structures (the &quot;Multiple-Vote Shares Directive&quot;).


The Listing Regulation and Directive aim to streamline the rules applicable to companies, particularly SMEs, going through a listing process or companies already listed on EU public markets, by alleviating administrative burdens and costs, while preserving a sufficient degree of transparency, investor protection and market integrity. The Listing Directive also amends the EU requirements on how payments are made for investment research. EU firms will be permitted to choose whether to make joint or separate payments for third-party research and execution services. This follows the U.K. change to its rules, which took effect in August. We discuss the EU and U.K. changes in our note, &quot;UK allows bundled payments for third-party research and trading commissions.&quot;

Read more.]]></description>
					      
						      <pubDate>Thu, 14 Nov 2024 13:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Listing-Act-Package-Published-in-Official-Jour</guid>
				    </item>
			
					 <item>
					      <title>International Organization of Securities Commissions Final Report on Voluntary Carbon Markets</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Secur</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has finalized a report on promoting the financial integrity and orderly functioning of the Voluntary Carbon Markets. The final report includes a set of 21 good practices for Voluntary Carbon Markets to support the financial integrity of carbon credits and carbon markets as Voluntary Carbon Markets continue to develop, with the aim that carbon markets should be fair and orderly, economically sound as to pricing and information flow, and structurally resilient. The good practices address transparency, liquidity, and price discovery, as well as potential fraud or greenwashing, based on IOSCO&apos;s objectives of investor protection, fair, efficient, and transparent markets, and reducing systemic risk. The good practices are directed at: (i) relevant regulators and authorities interested in carbon credit markets in their jurisdictions that function with integrity; (ii) trading venues interested in listing and trading high-quality spot carbon credits or carbon credit derivative products; and (iii) relevant market participants.]]></description>
					      
						      <pubDate>Thu, 14 Nov 2024 12:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Secur</guid>
				    </item>
			
					 <item>
					      <title>Mansion House 2024</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-2024</link>
					      <description><![CDATA[
Rachel Reeves, the U.K. Chancellor has set out a package of reforms in her Mansion House speech. The reforms aim to drive growth and competitiveness in financial services. Ms. Reeves stated that the regulatory changes post-financial crisis created a system which sought to eliminate risk-taking that &apos;has gone too far&apos; and has led to unintended consequences. Ms. Reeves hopes to maintain the U.K.&apos;s high regulatory standards while rebalancing elements of the regulatory system to drive economic growth and competitiveness. 

Read more.



]]></description>
					      
						      <pubDate>Thu, 14 Nov 2024 10:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-2024</guid>
				    </item>
			
					 <item>
					      <title>Mansion House: UK Government Announces Further Reforms To The Wholesale Markets Framework</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-UK-Government-Announces-Further-Ref</link>
					      <description><![CDATA[
HM Treasury has published a policy paper announcing further reforms to the U.K.&apos;s wholesale markets framework, a key part of the latest Mansion House reforms HM Treasury has committed to legislate to amend the Markets in Financial Instruments legislative package to achieve these changes. Where the changes involve revoking existing legislation and placing it in the Financial Conduct Authority&apos;s Handbook, the revocation will coincide with the regulator&apos;s rules taking effect.

Firstly, the FCA will be given enhanced powers of direction regarding the reporting of OTC positions. This is intended to address issues that arose in the Nickel market in 2022 by empowering the FCA to ensure that exchanges receive the right transparency about OTC positions and enable exchanges to operate their position management obligations effectively. The FCA will be able to intervene where it considers there is a risk to market stability.

Second, legislation will be introduced revoking the transaction reporting provisions in MiFIR and delegating to the FCA the responsibility for establishing rules for the regime. It is envisaged that the FCA will be in a better position to consider long-term solutions to the challenges facing firms in complying with the existing regime.

Finally, the detailed firm-facing requirements contained in the MiFID Org Regulation will be revoked and replaced in the FCA&apos;s Handbook. This will give the FCA more flexibility to adjust to changing conditions requiring the standards to be updated.]]></description>
					      
						      <pubDate>Thu, 14 Nov 2024 10:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-UK-Government-Announces-Further-Ref</guid>
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					 <item>
					      <title>Mansion House: UK Government Finalizes PISCES Policy</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-UK-Government-Finalizes-PISCES-Poli</link>
					      <description><![CDATA[
HM Treasury has published a consultation response, policy note and draft legislation to deliver its commitment to establish the Private Intermittent Securities and Capital Exchange System (PISCES), a new innovative market for trading private company shares. The documents describe how the PISCES regime, which is a key part of the latest Mansion House reforms, will be established, reflecting the policy decisions and design choices of the government.

In its consultation response, the government notes that the proposal to establish a PISCES Sandbox was well received as an appropriate way to develop and test this new regulatory regime. The government confirms that it will proceed to establish PISCES in a sandbox, granting the Financial Conduct Authority the relevant powers to implement and operate it. The sandbox will run for five years. Firms that want to operate a PISCES platform will need to apply to the FCA for approval and those trading on such a platform will be subject to modified regulations. Future measures to make PISCES permanent will depend on the outcomes of the sandbox.

Read more.]]></description>
					      
						      <pubDate>Thu, 14 Nov 2024 10:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-UK-Government-Finalizes-PISCES-Poli</guid>
				    </item>
			
					 <item>
					      <title>Mansion House: Call for Evidence on Credit Union Common Bond Reform</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-Call-for-Evidence-on-Credit-Union-C</link>
					      <description><![CDATA[
HM Treasury has published a call for evidence on credit union common bond reform, which is part of the latest Mansion House reforms. The government is seeking views on the merits of and considerations for changing parts of the common bond requirement for membership of a credit union in Great Britain, under the Credit Unions Act 1979. The call for evidence is motivated by a wish to help credit unions grow sustainably and ensure that this aspect of the legislative framework for credit unions is fit for the 21st century. The call for evidence only seeks views on the common bond for credit unions in England, Wales, and Scotland. This is because responsibility for credit unions in Northern Ireland is a devolved matter for the Northern Ireland Executive. Responses may be submitted until March 6, 2025. Following the call for evidence, HM Treasury plans to publish a summary of responses and its proposed next steps, which may include a consultation on specific proposals.]]></description>
					      
						      <pubDate>Thu, 14 Nov 2024 10:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-Call-for-Evidence-on-Credit-Union-C</guid>
				    </item>
			
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					      <title>Mansion House: Report on Mutuals Sector Landscape Requested from FCA and PRA</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-Report-on-Mutuals-Sector-Landscape-</link>
					      <description><![CDATA[
HM Treasury has published two letters from Tulip Siddiq, Economic Secretary to the Treasury sent to the CEOs of the Financial Conduct Authority and the Prudential Regulation Authority requesting a report on the current mutuals landscape before the end of 2025. Ms. Siddiq explains that the request is part of the government&apos;s commitment to unlock the full potential of the mutual and cooperative sector in the U.K. and the importance of effective and proportional regulation in supporting this. She explains that the reports will aid the government and regulators&apos; consideration of how best to support the mutuals sector to drive inclusive growth across the U.K., a key part of the latest Mansion House reforms. The letters also request a response from the regulators setting out their next steps in engaging with the request.]]></description>
					      
						      <pubDate>Thu, 14 Nov 2024 10:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-Report-on-Mutuals-Sector-Landscape-</guid>
				    </item>
			
					 <item>
					      <title>Mansion House: National Payments Vision</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-National-Payments-Vision</link>
					      <description><![CDATA[
HM Treasury has published the National Payments Vision, outlining the government&apos;s plans for bolstering the U.K. payments sector. The Vision, which is an integral part of the latest Mansion House reforms, responds to the findings of the independent Future of Payments Review 2023, led by Joe Garner, and takes action to address key issues across the landscape.

The Vision aims to &quot;strengthen the foundations of today&quot; by ensuring that the regulatory framework is clear, predictable and proportionate. To support this, the government has outlined its priorities for U.K. payments through a joint remit letter to the Financial Conduct Authority and the Payments Systems Regulator and welcomes the regulators&apos; commitment to revise their existing memorandum of understanding on cooperation in relation to payments regulation. Another significant objective is ensuring infrastructure is resilient. The government has concluded that the New Payments Architecture program is not sufficiently agile. It is therefore establishing a Payments Vision Delivery Committee which will, through work led by the Bank of England and PSR, clarify the upgrades required to the existing Faster Payments System, assess longer-term requirements and the appropriate funding and governance arrangements needed to deliver this—including proposals to reform Pay.UK.

Read more.]]></description>
					      
						      <pubDate>Thu, 14 Nov 2024 10:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-National-Payments-Vision</guid>
				    </item>
			
					 <item>
					      <title>Mansion House: HM Treasury Consults on UK Green Taxonomy</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-HM-Treasury-Consults-on-UK-Green-Ta</link>
					      <description><![CDATA[
HM Treasury has published a consultation on developing a U.K. Green Taxonomy to classify sustainable economic activities, with the aim of increasing sustainable investment and reducing greenwashing risk. Responses to the consultation may be submitted until February 6, 2025.

The consultation seeks views on the use cases for a taxonomy, including complementing the U.K.&apos;s other green initiatives, supporting the development of sustainability-focused financial products and the potential application to investment fund and investment portfolio product disclosures. It further seeks input on whether the taxonomy could support the mobilization of transition finance, following the U.K.&apos;s Transition Finance Market Review (discussed in our blog post, &quot;UK Transition Finance Market Review Publishes Recommendations&quot;). The consultation also sets out proposed design features to maximize the usability of any such taxonomy, including: (i) its interoperability with other international taxonomy regimes; (ii) the environmental objectives and sectoral scope of the U.K. Taxonomy; (iii) the best way to incorporate the &quot;do no significant harm&quot; principle; and (iv) the desired level of governance and oversight to ensure credibility of the regime.]]></description>
					      
						      <pubDate>Thu, 14 Nov 2024 10:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-HM-Treasury-Consults-on-UK-Green-Ta</guid>
				    </item>
			
					 <item>
					      <title>Mansion House: Response to Consultation on Future Regulatory Regime for ESG Ratings Providers</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-Response-to-Consultation-on-Future-</link>
					      <description><![CDATA[
Following its consultation, HM Treasury has published its response to the consultation on the future regulatory regime for ESG ratings providers, along with the draft Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2024. HM Treasury confirms that it will be proceeding with its proposal to bring the provision of ESG ratings within the scope of the U.K. regulatory perimeter. The government welcomes technical comments on the draft regulation by January 14, 2025. The government plans to finalize the legislation in 2025, at which point the Financial Conduct Authority will consult on the specific requirements. HM Treasury expects the overall process of designing, developing and commencing the ESG ratings regulatory regime to take approximately four years.

As part of the design of the future regulatory framework for ESG ratings provision, the FCA is also considering its approach to overseas ESG ratings providers applying for U.K. authorization. This includes exploring whether, according to size, significance, or market impact in the U.K., an ESG ratings provider would be expected to be incorporated in the U.K. HM Treasury is also exploring creating overseas regimes and other access routes into the U.K. market for overseas providers, including a possible market access or overseas regime for ratings issued in overseas jurisdictions.]]></description>
					      
						      <pubDate>Thu, 14 Nov 2024 10:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-Response-to-Consultation-on-Future-</guid>
				    </item>
			
					 <item>
					      <title>Mansion House: Financial Services Growth and Competitiveness Strategy</title>
					      <link>https://finreg.aoshearman.com/Mansion-House-Financial-Services-Growth-and-Compe</link>
					      <description><![CDATA[
HM Treasury has launched a call for evidence on a proposed Financial Services Growth &amp; Competitiveness Strategy, a key part of the latest Mansion House reforms. Once developed, the Strategy will serve as the central guiding framework for the next ten years through which the government aims to deliver sustainable, inclusive growth for the financial services sector and secure the U.K.&apos;s competitiveness as an international financial center. To meet its objectives, the proposed strategy sets out five core policy pillars central to sustainable growth: innovation and technology, regulatory environment, regional growth, skills and access to talent, and international partnerships and trade. The proposed strategy also identified five priority growth areas within the financial services sector: fintech, sustainable finance, capital markets (including retail investment), insurance and reinsurance markets, and asset management and wholesale services. Responses to the call for evidence may be submitted is December 12, 2024. HM Treasury intends to publish the strategy in Spring 2025.

Read more.]]></description>
					      
						      <pubDate>Thu, 14 Nov 2024 10:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mansion-House-Financial-Services-Growth-and-Compe</guid>
				    </item>
			
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					      <title>Financial Stability Board Statement on the Importance of Resolution Planning and Loss-Absorbing Capacity for Banks Systemic in Failure</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Statement-on-the-Import</link>
					      <description><![CDATA[
The Financial Stability Board has published a statement on the importance of resolution planning and loss-absorbing capacity for banks systemic in failure. The FSB aims to clarify the importance of resolution preparedness for all banks, recognising that the principles outlined are already established for G-SIBs. The statement includes considerations to inform jurisdictions&apos; regulatory and policy frameworks for the resolution preparedness of banks:


	authorities should assess which banks may be systemically significant or critical if they fail, including ensuring they have sufficient information to make this assessment in normal times and in a crisis. This includes banks that were not explicitly designated as systemically significant or critical prior to their failure.
	authorities and banks deemed systemic in failure should be prepared for resolution - banks systemic in failure should ensure they are resolvable in a way that protects their critical functions without severe systemic disruption.
	authorities should consider the need for loss-absorbing capacity. The FSB advises that some of the total loss-absorbing capacity principles applicable to G-SIBs are relevant also for other banks. The FSB sets out the TLAC principles that tend to be reflected in existing loss-absorbing capacity jurisdictional frameworks for non-G-SIB banks. The FSB also highlights the importance for considering the cross-border spillover effects of a bank systemic in failure.

]]></description>
					      
						      <pubDate>Wed, 13 Nov 2024 11:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Statement-on-the-Import</guid>
				    </item>
			
					 <item>
					      <title>International Organization of Securities Commissions Publishes Report on Transition Plan Disclosures</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Secu</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published a report on transition plan disclosures. The report sets out how transition plan disclosures can support the objectives of investor protection and market integrity, and shares challenges. The report also discusses key findings, which point towards a series of coordinated actions for IOSCO and other stakeholders to consider in the future, which concern four main aspects: (i) where transition plans are published, encouraging consistency and comparability through guidance on transition plan disclosures; (ii) promoting assurance of transition plan disclosures; (iii) enhancing legal and regulatory clarity and oversight; and (iv) building capacity.

IOSCO&apos;s report welcomes the International Financial Reporting Standards Foundation&apos;s plan to develop educational material on transition plan disclosures and, if needed, application guidance to support transition plans disclosures that provide investors with the information needed to make informed decisions about risks and opportunities. IOSCO encourages the International Sustainability Standards Board to maintain a high level of interoperability of the International Financial Reporting Standards Sustainability Disclosure Standards with key jurisdictional standards as they develop this educational material. To enhance clarity, IOSCO also encourages relevant standard setters to consider providing markers on what would constitute forward-looking information, in accordance with their standards and governance processes. This can support reporting entities in managing potential liability risks while disclosing much needed forward-looking, climate-related, information.]]></description>
					      
						      <pubDate>Wed, 13 Nov 2024 10:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Secu</guid>
				    </item>
			
					 <item>
					      <title>European Commission Guidance on Sustainability Reporting Provisions</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Guidance-on-Sustainability-Re</link>
					      <description><![CDATA[
The European Commission has published a set of FAQs to clarify the interpretation of certain provisions on sustainability reporting introduced by: (i) the Corporate Sustainability Reporting Directive into the Accounting Directive, the Audit Directive, the Audit Regulation, and the Transparency Directive; (ii) the Sustainable Finance Disclosures Regulation; and (iii) the first set of European Sustainability Reporting Standards.]]></description>
					      
						      <pubDate>Wed, 13 Nov 2024 10:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Guidance-on-Sustainability-Re</guid>
				    </item>
			
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					      <title>Bank of England Publishes Updated Enforcement Policy and Procedure</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Publishes-Updated-Enforcement-Pol</link>
					      <description><![CDATA[
The Bank of England has published a policy statement on its approach to enforcement and an updated Statement of Policy And Procedure on its approach to enforcement. The update follows the Financial Services and Markets Act 2023 which expanded existing, as well as introduced new, regulator enforcement powers. A number of changes have been made to policy as consulted on. The updated Statements of Policy And Procedure took effect on November 12, 2024. The BoE (including, where applicable, the Prudential Regulation Authority) will have regard to the policies on exercising its enforcement powers in force at the time of any breach. Consequently, when conduct which would have amounted to a breach under the updated Statement of Policy And Procedure begins before November 12, 2024 and continues after that date, the new regime applies only to the conduct from November 12, 2024 onwards.

The BoE has also published an updated version of its Enforcement Decision Making Committee&apos;s Procedures. The remit of the Enforcement Decision Making Committee&apos;s Procedures encompasses decisions in enforcement cases concerning exercise of those powers. The Enforcement Decision Making Committee&apos;s Procedures were created by the Court of the BoE to help the BoE discharge its responsibilities and strengthen its enforcement processes by ensuring a functional separation between the BoE&apos;s investigation teams and the BoE&apos;s decision makers in contested enforcement. The procedures were first published in 2018.]]></description>
					      
						      <pubDate>Tue, 12 Nov 2024 16:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Publishes-Updated-Enforcement-Pol</guid>
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					      <title>UK Regulators Finalize Rules on Critical Third Parties to the UK Financial Sector</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Finalize-Rules-on-Critical-Third-Pa</link>
					      <description><![CDATA[
The Prudential Regulation Authority and Financial Conduct Authority have published a joint policy statement on operational resilience for critical third parties (CTPs) in the U.K. financial sector, which includes their final rules for CTPs. The overall objective of the final policy is to manage risks to the stability of, or confidence in, the U.K. financial system that may arise due to a failure in, or disruption to, the services that a CTP provides to one or more authorised persons, relevant service providers and/or financial market infrastructure entities.

The rules will take effect from January 1, 2025, but will only apply to individual CTPs from the date their HM Treasury CTP designations come into force. HM Treasury has not yet made any such CTP designations.

Read more.]]></description>
					      
						      <pubDate>Tue, 12 Nov 2024 10:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Finalize-Rules-on-Critical-Third-Pa</guid>
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					      <title>Consultation on Updated Liquidity Risk Management Recommendations for Collective Investment Schemes</title>
					      <link>https://finreg.aoshearman.com/Consultation-on-Updated-Liquidity-Risk-Management</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published a consultation report on its proposed revised recommendations for liquidity risk management for collective investment schemes. The Liquidity Risk Management Recommendations For Collective Investment Schemes were originally published in 2018. The revised recommendations take into consideration the Financial Stability Board&apos;s revised recommendations to address structural vulnerabilities from liquidity mismatch in open-ended funds, published in December 2023. The recommendations also take account of recent market events such as the COVID-19-induced market volatility and the conflict in Ukraine. Responses to the consultation may be submitted until February 11, 2025. IOSCO aims to publish its final report in the first half of 2025.

The proposals consist of 17 recommendations organised into a revised structure with six sections, namely: (i) the collective investment scheme design process; (ii) liquidity management tools and measures; (iii) day-to-day liquidity management practices; (iv) stress testing; (v) governance; and (vi) disclosures to investors and authorities.

The accompanying Implementation Guidance, also for consultation, sets out technical elements focusing on open-ended funds, such as the determination of asset and portfolio liquidity and considerations relating to the calibration and activation of liquidity management tools and other liquidity management measures.]]></description>
					      
						      <pubDate>Mon, 11 Nov 2024 17:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Consultation-on-Updated-Liquidity-Risk-Management</guid>
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					      <title>UK Government Finalizes Near-Term Bank Ring-Fencing Reforms</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Finalizes-Near-Term-Bank-Ring-Fenci</link>
					      <description><![CDATA[
HM Treasury has published a response to its consultation on the near-term reforms relating to the bank ring-fencing regime. Overall, there was widespread support for the proposed reforms. However, a number of policy and legal issues were identified by respondents which the government has sought to address.


	as proposed, the threshold for banks to be within scope of the regime is being raised from &amp;pound;25 billion to &amp;pound;35 billion in &quot;core deposits.&quot;
	HM Treasury is maintaining the proposal that banks that do not have major investment banking operations will be removed from the ring-fencing regime entirely. Retail-focused banks with trading assets of less than ten percent of Tier 1 capital will be exempt from the regime, except where they are part of a Global Systemically Important Bank.
	as proposed, a de minimis threshold is being introduced to allow ring-fenced banks to incur an exposure of up to &amp;pound;100,000 to a single &quot;relevant financial institution&quot; (e.g., another bank, certain insurers or an investment firm) at any one time. HM Treasury is clarifying that where an RFB&apos;s counterparty becomes a relevant financial institution, the twelve-month grace period in article 19B of the FSMA 2000 (Excluded Activities and Prohibitions) Order 2014 (EAPO) only applies where no other exemption applies.


Read more.]]></description>
					      
						      <pubDate>Mon, 11 Nov 2024 12:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Finalizes-Near-Term-Bank-Ring-Fenci</guid>
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					      <title>Updated Draft UK Short Selling Regulations Published</title>
					      <link>https://finreg.aoshearman.com/Updated-Draft-UK-Short-Selling-Regulations-Publis</link>
					      <description><![CDATA[
An updated draft version of the Short Selling Regulations 2024, alongside an explanatory memorandum and de minimis impact assessment, have been laid before Parliament. The draft Regulations establish a new legislative framework for the regulation of short selling, creating designated activities for short selling, giving the Financial Conduct Authority rulemaking powers related to these activities and powers to intervene in exceptional circumstances. The updated draft Regulations do not include any requirements for short positions in sovereign debt or sovereign CDS, including the related reporting requirements. This maintains the policy approach previously announced of revoking the short-selling regime for these instruments, for business-as-usual reporting. Sovereign debt and sovereign CDS will, however, be in scope of the FCA&apos;s powers in exceptional circumstances.

The updated draft Regulations amend some of the provisions in the original draft SSR and add new provisions.

Read more.]]></description>
					      
						      <pubDate>Mon, 11 Nov 2024 11:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Updated-Draft-UK-Short-Selling-Regulations-Publis</guid>
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					      <title>Draft Regulations on the UK Designated Activities Regime</title>
					      <link>https://finreg.aoshearman.com/Draft-Regulations-on-the-UK-Designated-Activities</link>
					      <description><![CDATA[
A draft version of the Financial Services and Markets Act 2000 (Designated Activities) (Supervision and Enforcement) Regulations 2024, together with an explanatory memorandum, have been laid before Parliament. The designated activities regime is a new U.K. concept to give the Financial Conduct Authority rulemaking powers over financial sector activities, such as public offers and listing, which are not necessarily carried out by regulated firms such as banks. We discussed the DAR in our bulletin, &quot;Financial Services and Markets Bill: The Designated Activities Regime in the UK&quot;.

The Regulations will amend the Financial Services and Markets Act 2000 with regard to the FCA&apos;s supervision and enforcement of DAR requirements. They enable the FCA to supervise designated activities by gathering information and launching investigations into persons carrying out designated activities, and to enforce its designated activity rules by publicly censuring or imposing financial penalties on persons that breach them. They also set out the procedures that will apply to the FCA giving directions concerning designated activities. The Regulations have been laid before Parliament and will enter into force on the day after they are made.]]></description>
					      
						      <pubDate>Mon, 11 Nov 2024 10:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-Regulations-on-the-UK-Designated-Activities</guid>
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					      <title>European Commission Guidance for Financial Institutions on Disclosures Delegated Act under Taxonomy Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Guidance-for-Financial-Instit</link>
					      <description><![CDATA[
A European Commission notice has been published in the Official Journal of the European Union on the interpretation and implementation of certain legal provisions of the Disclosures Delegated Act on the reporting of Taxonomy-eligible and Taxonomy-aligned economic activities and assets. The Disclosures Delegated Act supplements the EU Regulation on the establishment of a framework to facilitate sustainable investment, known as the Taxonomy Regulation.

The purpose of this notice is to provide further interpretative and implementation guidance in the form of replies to FAQs to financial undertakings on the reporting of their KPIs under the Disclosures Delegated Act. Through this notice, the Commission intends to facilitate the compliance of stakeholders with the regulatory requirements in a cost-effective way and to ensure the usability and comparability of the reported information for scaling up sustainable finance. The FAQs cover scope of covered entities, scope of the consolidation of disclosures, taxonomy-assessment of exposures to individual undertakings, taxonomy-assessment of groups, taxonomy-assessment of specific exposures, verification/assurance/evidence of compliance with the technical screening criteria, and compliance with minimum safeguards. There are also separate questions related specifically to credit institutions and insurance and reinsurance undertakings.]]></description>
					      
						      <pubDate>Fri, 08 Nov 2024 11:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Guidance-for-Financial-Instit</guid>
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					      <title>UK Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2024 published</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Services-and-Markets-Act-2023-Conseq</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2024 have been published, with an accompanying explanatory memorandum. Regulations 3 to 7 make consequential amendments in connection with the Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024, which bring into force several paragraphs of Schedule 2 to FSMA 2023, granting the Financial Conduct Authority the power to make rules in relation to pre- and post-trade transparency obligations and systematic internalisers.

Read more.]]></description>
					      
						      <pubDate>Thu, 07 Nov 2024 10:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Services-and-Markets-Act-2023-Conseq</guid>
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					      <title>UK Home Office Publishes New Guidance on Failure to Prevent Fraud</title>
					      <link>https://finreg.aoshearman.com/UK-Home-Office-Publishes-New-Guidance-on-Failure-</link>
					      <description><![CDATA[
The U.K.&apos;s Home Office has published guidance on the new corporate criminal offense of failure to prevent fraud under the Economic Crime and Corporate Transparency Act 2023. Under the offense, large organizations may be held criminally liable where an employee, agent, subsidiary, or other &quot;associated person&quot; commits a fraud intending to benefit the organization. In the event of prosecution, an organization would have to demonstrate to the court that it had reasonable fraud prevention measures in place at the time that the fraud was committed. The offense applies to all large, incorporated bodies and partnerships (including partnerships that are not bodies corporate).

Read more.]]></description>
					      
						      <pubDate>Wed, 06 Nov 2024 17:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Home-Office-Publishes-New-Guidance-on-Failure-</guid>
				    </item>
			
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					      <title>The UK Economic Crime and Corporate Transparency Act 2023 (Commencement No. 3) Regulations 2024 Published</title>
					      <link>https://finreg.aoshearman.com/The-UK-Economic-Crime-and-Corporate-Transparency-</link>
					      <description><![CDATA[
The Economic Crime and Corporate Transparency Act 2023 (Commencement No. 3) Regulations 2024 have been published. The Regulations bring into force certain provisions of the Economic Crime and Corporate Transparency Act 2023. Regulation 2 brings measures relating to civil recovery of crypto-assets, which are already in force in England, Wales, and Northern Ireland, but only partially in force in Scotland, fully into force on November 7, 2024. Regulation 3 brings into force measures creating a new offense of failure to prevent fraud on September 1, 2025.

For more information on the issues and developments relating to FinTech, see our blog A&amp;O Shearman on fintech and digital assets.]]></description>
					      
						      <pubDate>Wed, 06 Nov 2024 10:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/The-UK-Economic-Crime-and-Corporate-Transparency-</guid>
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					      <title>UK Financial Conduct Authority Consults on Investment Research Payment Optionality for Fund Managers</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Invest</link>
					      <description><![CDATA[
The Financial Conduct Authority has opened a consultation on extending the new payment optionality for investment research to pooled funds. This proposal will allow asset managers to use the new payment optionality that was confirmed for MiFID firms earlier this year, in line with the recommendation made by the U.K. Investment Research Review. We discussed the new rules for MiFID firms in &quot;UK allows bundled payments for third-party research and trading commissions.&quot;

The proposals apply to UCITS and AIF managers and residual collective investment scheme operators. Managers who take up the option will need to meet various requirements, including: (i) having a written policy on the approach of joint payments; (ii) establishing a research budget based on the expected amount of third-party research; (iii) having a cost allocation structure among research providers; (iv) assessing the price and value of research periodically; (v) allocating cost of research fairly; (vi) responsibility for operating and administering any research payment accounts; and (vii) investor disclosure.

The deadline for comments is December 16, 2024. If the FCA decides to proceed, it aims to publish any rules or guidance in the first half of 2025.]]></description>
					      
						      <pubDate>Tue, 05 Nov 2024 17:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Invest</guid>
				    </item>
			
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					      <title>Network for Greening the Financial System Long-Term Climate Macro-Financial Scenarios for Climate Risks Assessments</title>
					      <link>https://finreg.aoshearman.com/Network-for-Greening-the-Financial-System-Long-Te</link>
					      <description><![CDATA[
The Network for Greening the Financial System has published the fifth phase of its long-term climate macro-financial scenarios for climate risks assessments. The main development is an updated assessment of physical risk. It now incorporates a new damage function, resulting in more substantial physical impacts from climate change. The Network for Greening the Financial System scenarios have been updated with new economic and climate data, policy commitments, and model versions.

Alongside the updated scenarios, the NGFS has published: (i) a high-level overview of the updates in the publication package, with a specific focus on the new damage function used for (chronic) physical risk assessment; (ii) a more detailed explanatory note on the new damage function; and (iii) updated technical documentation that discusses the NGFS modeling framework and assumptions behind the scenarios.]]></description>
					      
						      <pubDate>Tue, 05 Nov 2024 12:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Network-for-Greening-the-Financial-System-Long-Te</guid>
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					 <item>
					      <title>UK Financial Conduct Authority Policy Statement and Discussion Paper for Improving Transparency for Bond and Derivatives markets</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Policy-Statement-a</link>
					      <description><![CDATA[
Following its consultation earlier this year, the Financial Conduct Authority has published a policy statement setting out its final position on the new U.K. bond and derivative transparency regime. In response to feedback, the FCA has made multiple changes to its proposals, including:


	Modifying the post-trade deferral durations for bonds;
	Refining the grouping criteria for bonds; and
	Removing systems relying on negotiation from the scope of pre-trade transparency entirely.


Read more.]]></description>
					      
						      <pubDate>Tue, 05 Nov 2024 12:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Policy-Statement-a</guid>
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					      <title>UK Treasury Committee Call for Evidence on Acceptance of Cash</title>
					      <link>https://finreg.aoshearman.com/UK-Treasury-Committee-Call-for-Evidence-on-Accept</link>
					      <description><![CDATA[
The Treasury Committee has launched a call for evidence as it examines whether rules are needed to govern the acceptance of physical cash in the U.K. The Committee explains that the Bank of England has noted that the decline in cash usage is increasing the infrastructure costs of retaining physical cash as a viable payment method, which could lead to disruption for businesses and consumers. Meanwhile, there is a concern that cash is still being used by and is essential for certain vulnerable groups to make payments, and that the U.K. becoming over reliant on digital payments could have an impact on financial stability.

Questions in the call for evidence include:

	Whether there are groups in society that disproportionately rely on using cash.
	What practical challenges and costs businesses may face from a requirement to accept cash.
	Whether any sectors would face problems by a decline in cash acceptance.


The deadline for responses is December 2, 2024.]]></description>
					      
						      <pubDate>Tue, 05 Nov 2024 08:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Treasury-Committee-Call-for-Evidence-on-Accept</guid>
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					      <title>UK Financial Conduct Authority Seeks Views on Use of AI in UK Financial Services</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Seeks-Views-on-Use</link>
					      <description><![CDATA[
The Financial Conduct Authority has launched a questionnaire on the current and future uses of AI in U.K. financial services and the financial services regulatory framework. The initiative is part of the FCA&apos;s AI Input Zone, which will help shape its future regulatory approach. Views are sought on: (i) what AI use cases firms are considering and what barriers are preventing any current or future adoption; (ii) whether current regulation is sufficient to support firms in embracing the benefits of AI in a safe and responsible way; and (iii) whether there are any specific changes to the regulatory regime or additional guidance that would be useful. The deadline for responses is January 31, 2025.

The FCA has also opened applications for the first AI Sprint, which will be taking place in January 2025.]]></description>
					      
						      <pubDate>Mon, 04 Nov 2024 17:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Seeks-Views-on-Use</guid>
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					      <title>UK Conduct Authority Publishes Guidance on Pre-Contractual Disclosure Under Sustainability Disclosure Requirements and Investment Labels Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Authority-Publishes-Guidance-on-Pre-Co</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has set out good and poor practice examples to assist firms in meeting the pre-contractual disclosure requirements under the Sustainability Disclosure Requirements and investment labels regime. The examples cover a selection of labels, but the FCA considers that much of the practice will be relevant across all investment labels. The SDR and investment labels regime enters into force on December 2, 2024, although firms have been able to use investment labels since July 31, 2024.]]></description>
					      
						      <pubDate>Fri, 01 Nov 2024 11:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Authority-Publishes-Guidance-on-Pre-Co</guid>
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					      <title>UK Regulators Finalize Policy on Prudential Assessment of Acquisitions and Increases in Control</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Finalize-Policy-on-Prudential-Asses</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority and Prudential Regulation Authority have finalized their policy on the prudential assessment of acquisitions and increases of control. The regulators have published a joint policy statement, a PRA supervisory statement, and FCA non-handbook guidance. The documents cover: (i) how the regulators expect firms, acquirers, and increasing controllers to identify controllers for the purposes of the Financial Services and Markets Act 2000; (ii) the regulators&apos; expectations for submitting the change in control notification; (iii) the assessment criteria; and (iv) how the regulators will use their respective statutory powers to impose conditions on an approval.

Read more.]]></description>
					      
						      <pubDate>Fri, 01 Nov 2024 07:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Finalize-Policy-on-Prudential-Asses</guid>
				    </item>
			
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					      <title>UK Prudential Regulation Authority Policy Statement on the April Occasional Consultation Paper</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Policy-Statem</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a policy statement to its occasional consultation paper (CP6/24). The statement provides feedback to responses the PRA received to the consultation paper, as well as the PRA&apos;s final policy, as follows: (i) amendments to the Disclosure (CRR) Part of the PRA Rulebook; (ii) amendments to the Reporting (CRR) Part of the PRA Rulebook; (iii) amendments to the Regulatory Reporting Part of the PRA Rulebook; (iv) amendments to the Glossary of the PRA Rulebook; and (v) the addition of a new Rule 9.5A to the Policyholder Protection Part of the PRA Rulebook (Policyholder Protection).

The statement also provides feedback to responses in relation to a proposal in CP6/24, which was a joint consultation with the FCA (FCA Consultation paper 24/10). It also contains the PRA&apos;s and U.K. Financial Conduct Authority&apos;s final policy in the form of amendments to Binding Technical Standards (BTS) 2016/2251. The regulators are making consequential amendments to the BTS to ensure they reflect the expected changes to the U.K. version of the European Market Infrastructure Regulation that will be made in the Securitisation (Amendment) Regulations 2024. The implementation date for these amendments is November 4, 2024 with the exception of the amendments to U.K. Commission Delegated Regulation (EU) 2016/2251, which will be effective on November 1, 2024, which is when the final Technical Standards instrument by the PRA and FCA comes into force.]]></description>
					      
						      <pubDate>Thu, 31 Oct 2024 16:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Policy-Statem</guid>
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					      <title>Delegated Regulation Amending CRR Postponing Application Date of Own Funds Requirement for Market Risk Published in the OJ</title>
					      <link>https://finreg.aoshearman.com/Delegated-Regulation-Amending-CRR-Postponing-Appl</link>
					      <description><![CDATA[
Commission Delegated Regulation (EU) 2024/2795 amending the EU Capital Requirements Regulation with regard to the date of application of the own funds requirements for market risk has been published in the Official Journal of the European Union. The Delegated Regulation inserts a new Article 520a into the CRR that states, until January 1, 2026, institutions must continue to apply Part Three, Title IV, and the market risk requirements of Articles 430, 430b, 445 and 455 of the CRR. CRR III introduced into the CRR specific disclosure requirements for market risk, tailored to the requirements laid down in the fundamental review of the trading book for the calculation of own funds requirements for market risk. This Delegated Regulation delays the date of application of these provisions to January 1, 2026. For reasons of consistency, the related specific disclosure requirements will also be delayed. The Delegated Regulation will enter into force on November 1, 2024, the day after its publication in the Official Journal, and will apply from January 1, 2025.]]></description>
					      
						      <pubDate>Thu, 31 Oct 2024 16:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Delegated-Regulation-Amending-CRR-Postponing-Appl</guid>
				    </item>
			
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					      <title>Bank of England Speech on Artificial Intelligence and Financial Stability</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Speech-on-Artificial-Intelligence</link>
					      <description><![CDATA[
The Bank of England has published a speech by Sarah Breeden, BoE Deputy Governor, Financial Stability, on AI and financial stability. In the speech, Ms. Breeden explores the novel features of Generative AI, and how financial stability can be upheld whilst harnessing its potential benefits for economic growth.

Read more.]]></description>
					      
						      <pubDate>Thu, 31 Oct 2024 16:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Speech-on-Artificial-Intelligence</guid>
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					      <title>UK Transition Plan Taskforce Publishes Final Report on Progress Achieved and the Path Ahead</title>
					      <link>https://finreg.aoshearman.com/UK-Transition-Plan-Taskforce-Publishes-Final-Repo</link>
					      <description><![CDATA[The Transition Plan Taskforce has published its final report on the progress achieved and the path ahead. The report marks the end of the TPT&apos;s efforts to establish a gold standard for private sector transition plans. The report identifies key opportunities and challenges for the global adoption of transition plans, including building market capabilities, sharing best practices, developing tools for decision-makers, and fostering global consistency in transition planning norms.

The final report reveals that more companies than ever are disclosing their transition plans and aligning their business strategies with net-zero commitments. Financial institutions increasingly leverage these transition plans to direct transition finance, driving investments towards sustainable solutions. Internationally, momentum continues to grow to establish consistent standards and regulations on transition planning. The TPT observes that a growing number of jurisdictions are adopting the International Financial Reporting Standards (IFRS) S1 and S2 Standards. With the IFRS assuming responsibility for the TPT&apos;s disclosure materials, these will be utilized worldwide to support the emergence of a global norm on transition planning. The report also highlights four key areas where collective efforts could be focused in the future, to mainstream effective transition plans across the economy: (i) building market capabilities, practice and sharing experiences; (ii) developing enabling tools and driving thought leadership; (iii) ensuring that transition plans are integrated into decision-making; and (iv) increasing global consistency in transition planning norms and expectations.]]></description>
					      
						      <pubDate>Thu, 31 Oct 2024 11:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Transition-Plan-Taskforce-Publishes-Final-Repo</guid>
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					      <title>Draft Financial Services and Markets Act 2023 (Addition of Relevant Enactments) Regulations 2024 Published</title>
					      <link>https://finreg.aoshearman.com/Draft-Financial-Services-and-Markets-Act-2023-Add</link>
					      <description><![CDATA[
The draft Financial Services and Markets Act 2023 (Addition of Relevant Enactments) Regulations 2024 have been published, together with an explanatory memorandum. The Regulations add to the list of &quot;relevant enactments&quot; for the purposes of sections 13 to 17 of the Financial Services and Markets Act 2023. Under section 13 of FSMA 2023, HM Treasury may make regulations which may modify the effect or application of such relevant enactments for the purpose of testing the efficiency or effectiveness of new technologies or practices in the carrying on of financial markets infrastructure activities, the FMI sandbox. The Regulations will bring the following relevant enactments into scope of the FMI Sandbox powers: (i) the Stock Transfer (Gilt-edged Securities) (CGO Service) Regulations 1985; (ii) the Government Stock Regulations 2004; (iii) the Money Laundering Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017; and (iv) the Prospectus Regulation. The effect is to include new relevant enactments within the list at section 17(3) of FSMA 2023 so that these enactments can be modified by FMI sandboxes. Bringing the Stock Transfer Regulations, the Government Stock Regulations, and the Money Laundering Regulations into scope is intended to facilitate activity in the first FMI Sandbox, the &quot;Digital Securities Sandbox&quot; and relevant amendments will be set out in detail in a later statutory instrument and accompanying explanatory memorandum. Bringing the U.K. Prospectus Regulation into scope of the FMI Sandbox powers is designed to facilitate the creation of PISCES. The Regulations have been laid before Parliament and will come into force the day after the day on which they are made.]]></description>
					      
						      <pubDate>Thu, 31 Oct 2024 09:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-Financial-Services-and-Markets-Act-2023-Add</guid>
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					      <title>HM Treasury Proceeding with Introduction of Reserved Investor Funds</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Proceeding-with-Introduction-of-Reser</link>
					      <description><![CDATA[In the U.K. government&apos;s Autumn Budget published on October 30, 2024 (paragraph 5.117), the government confirmed that it is proceeding with the introduction of the Reserved Investor Fund (Contractual Scheme). Related provisions will also make minor changes to the tax rules in respect of Co-ownership Authorised Contractual Schemes. Secondary legislation will be brought forward before the end of the tax year 2024-25. The date from which these reforms will have effect has not yet been indicated.]]></description>
					      
						      <pubDate>Wed, 30 Oct 2024 15:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Proceeding-with-Introduction-of-Reser</guid>
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					      <title>European Supervisory Authorities Publish Joint Report on Principal Adverse Impacts Disclosures under the EU Sustainable Finance Disclosure Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Joint-Re</link>
					      <description><![CDATA[
The European Supervisory Authorities have published their third annual report on disclosures of principal adverse impacts under the EU Sustainable Finance Disclosure Regulation. The report assesses both entity and product-level PAI disclosures under the SFDR. These disclosures aim to show the negative impact of financial institutions&apos; investments on the environment and people and the actions taken by asset managers, insurers, investment firms, banks and pension funds to mitigate them.

Overall, the report shows that financial institutions have improved the accessibility of their PAI disclosures. There has also been positive progress regarding the quality of the information disclosed by financial products, and, in general, in the quality of the PAI statements although the share of products disclosing SFDR PAI information remains quite low. A few national regulators also reported slight improvements in the compliance with the SFDR disclosures in their national markets. The ESAs state that while the level of compliance with the SFDR provisions, both at Level 1 and implementing measures is not yet fully satisfactory, it is important to recognize that both national regulators and financial market participants have made significant improvements, but additional efforts to achieve full compliance are still needed.

The ESAs conclude the report by making a number of recommendations to the European Commission and to national regulators. They also reiterate the need for national regulators to reduce the frequency of their assessment of the PAI disclosures under the SFDR to every two or three years. The ESAs believe these reports are valuable, but a less frequent reporting timeline would allow the ESAs and national regulators to focus more resources on delivering a more meaningful analysis of the PAI disclosures and to draw lessons from previous exercises.]]></description>
					      
						      <pubDate>Wed, 30 Oct 2024 14:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Joint-Re</guid>
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					      <title>HM Treasury Post-Implementation Reviews on SME Credit Information and Finance Platforms Regulations</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Post-Implementation-Reviews-on-SME-Cr</link>
					      <description><![CDATA[
Alongside the U.K government&apos;s Autumn Budget delivered on October 30, 2024, HM Treasury has published two post-implementation reviews relating to small- and medium-sized enterprise credit.

The first review is of the Small and Medium Sized Business (Credit Information) Regulations 2015. These Regulations established commercial credit data sharing (CCDS), which aimed to lower the barriers to entry in the SME credit market by improving the availability of SMEs&apos; credit data amongst lenders to reduce information asymmetries and therefore enable newer lenders to differentiate high and low risk SME borrowers.

The second review is of the Small and Medium Sized Business (Finance Platforms) Regulations 2015. These regulations established the bank referral scheme, placing an obligation on designated banks to refer SME business customers that they reject for finance to platforms that can match the SME with alternative finance providers.

In both reviews, HMT concludes that the schemes have broadly met their stated objectives, although the reviews identify areas where improvements could be made. In particular, feedback on the CCDS suggests that it may not be sufficiently flexible in responding to market changes such as the introduction of new products and the withdrawal of older products with low take-up. Similarly, feedback on the bank referral scheme suggests that participants in the scheme may experience frictions in the referrals process, which could be the result of significant differences in the way that designated banks have implemented referrals under the bank referral scheme. HMT plans to consult in spring 2025 on how it can further enhance the Credit Information Regulations and the Finance Platforms Regulations.]]></description>
					      
						      <pubDate>Wed, 30 Oct 2024 11:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Post-Implementation-Reviews-on-SME-Cr</guid>
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					      <title>UK Government Announces PISCES Stamp Taxes on Shares Exemption</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Announces-PISCES-Stamp-Taxes-on-Sha</link>
					      <description><![CDATA[
As part of the Autumn Budget delivered on October 30, 2024, the U.K. Government expressed it is committed to delivering the Private Intermittent Securities and Capital Exchange System (PISCES), a new innovative market for trading private company shares. In line with that commitment, the government announced a power-enabling HM Treasury to make Stamp Duty and Stamp Duty Reserve Tax changes in relation to financial market infrastructure sandboxes, as established under the Financial Services and Markets Act 2023. This power will be used to provide an exemption from Stamp Duty and Stamp Duty Reserve Tax for transfers on a PISCES platform and for onward transfers to end purchasers which result from trading on a PISCES platform. The exemption will be introduced on a similar timeline to the legislation establishing the PISCES regulatory framework.]]></description>
					      
						      <pubDate>Wed, 30 Oct 2024 10:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Announces-PISCES-Stamp-Taxes-on-Sha</guid>
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					      <title>European Banking Authority Survey for Entities in Scope of Initial Margin Model Authorization Regime under EMIR 3</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Survey-for-Entities-in</link>
					      <description><![CDATA[
The European Banking Authority has launched, in cooperation with the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority, a survey addressed to entities within the scope of the initial margin model authorization regime introduced by the European Market Infrastructure Regulation 3.

EMIR 3 will introduce new requirements such as: (i) an authorization regime for IM models used by counterparties in the EU; (ii) a new EBA central validation function for pro-forma margin models; and (iii) a supervision of IM models with greater focus on larger counterparties. The survey is seeking general information on entities within the scope of IM model authorization, as well as specific information relevant for fee calculation and on initial margins and IM models used. The information gathered will guide the EBA in the setup of its central validation function and inform the EBA&apos;s response to the European Commission&apos;s July call for advice on a possible Delegated Act on fees. The information will also be used to develop proportionate requirements for entities within the scope of IM model authorization, especially for smaller entities (the so called &quot;Phase 5&quot; and &quot;Phase 6&quot; entities) as part of upcoming mandates under EMIR 3.

The deadline for responses to the survey is November 29. Closer to the EMIR 3 publication, the EBA will publish on its website operational clarifications aimed to ensure a smooth, convergent entry into force of EMIR 3 requirements in the EU.]]></description>
					      
						      <pubDate>Tue, 29 Oct 2024 15:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Survey-for-Entities-in</guid>
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					      <title>Glasgow Financial Alliance for Net Zero Consults on Guidance on Nature in Net-Zero Transition Plans and Index Guidance to Support Real-Economy Decarbonization</title>
					      <link>https://finreg.aoshearman.com/Glasgow-Financial-Alliance-for-Net-Zero-Consults-</link>
					      <description><![CDATA[
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 plans report. The proposed guidance covers opportunities to reduce nature emissions or increase nature sinks (natural climate mitigation), as well as opportunities to support emissions reductions and sequestration through nature-related activities (natural climate enablers). GFANZ explains that collectively, these nature-related levers expand the toolkit for financial institutions to achieve their net-zero commitments and may identify more potential net-zero financing opportunities. GFANZ notes that general impacts on nature from climate change are beyond the scope of the proposed guidance but are discussed in the consultation paper as an area for ongoing consideration, which may lead to integrated transition planning in the future. The deadline for comments is January 27, 2025. GFANZ expects to publish the final supplemental guidance in Q1 2025.

Read more.]]></description>
					      
						      <pubDate>Tue, 29 Oct 2024 11:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Glasgow-Financial-Alliance-for-Net-Zero-Consults-</guid>
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					      <title>European Securities and Markets Authority Consults on Amendments to Markets in Financial Instruments Directive Research Regime</title>
					      <link>https://finreg.aoshearman.com/European-Secu</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation on amendments to the research provisions in the revised Markets in Financial Instruments Directive following changes introduced by the Listing Act. The Listing Act introduces changes that enable joint payments for execution services and research for all issuers, irrespective of the market capitalization of the issuers covered by the research. The consultation paper includes proposals to amend Article 13 of MiFID II to align it with the new payment option offered. The proposals aim to ensure that the annual assessment of research quality is based on robust criteria and that the remuneration methodology for joint payments for execution services and research does not prevent firms from complying with best execution requirements. The deadline for comments is January 28, 2025. ESMA aims to provide its technical advice to the Commission in Q2 2025.]]></description>
					      
						      <pubDate>Mon, 28 Oct 2024 15:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Secu</guid>
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					      <title>European Securities and Markets Authority Consults on Amendments to MiFID Research Regime</title>
					      <link>https://finreg.aoshearman.com/European-Securities-andMarketsAuthorityConsult</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation on amendments to the research provisions in MiFID II following changes introduced by the Listing Act. The Listing Act introduces changes that enable joint payments for execution services and research for all issuers, irrespective of the market capitalisation of the issuers covered by the research.

The consultation paper includes proposals to amend Article 13 of MiFID II to align it with the new payment option offered. The proposals aim to ensure that the annual assessment of research quality is based on robust criteria and that the remuneration methodology for joint payments for execution services and research does not prevent firms from complying with best execution requirements.

The deadline for comments is 28 January 2025. ESMA aims to provide its technical advice to the Commission in Q2 2025.]]></description>
					      
						      <pubDate>Mon, 28 Oct 2024 15:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-andMarketsAuthorityConsult</guid>
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					      <title>European Securities and Markets Authority Consultation on Technical Advice under the Prospectus Regulation and Call for Evidence</title>
					      <link>https://finreg.aoshearman.com/European-Secur</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation paper on draft technical advice under the EU Prospectus Regulation and a call for evidence on prospectus liability. The consultation recommendations aim to facilitate European capital market activity by streamlining and reducing regulatory burden. It also puts forward proposals for non-equity securities that are advertised with ESG features and proposals to update the data reporting requirements to consider the changes introduced by the Listing Act. The Listing Act calls for an analysis of the liability of the information given in a prospectus and an assessment of whether further harmonization is warranted in this regard. It also calls for proposals of amendments to the liability provisions to be presented if relevant. As such the call for evidence on prospectus liability aims to gather input to provide technical advice on whether further harmonization should be considered. The deadline for comments on both publications is December 31, 2024. ESMA aims to publish its final technical advice to the EC in two separate final reports based on feedback received in Q2 2025.]]></description>
					      
						      <pubDate>Mon, 28 Oct 2024 14:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Secur</guid>
				    </item>
			
					 <item>
					      <title>Financial Action Task Force Publishes Consultation on Changes to AML/CFT and Financial Inclusion Standards</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Taskforce-Publishes-Consultation</link>
					      <description><![CDATA[
The Financial Action Task Force 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&apos;s program of work to address the unintended consequences of AML/CFT measures.

The revisions focus on recommendation 1 (assessing ML/TF risks and applying a risk-based approach) and its Interpretive Note, with corresponding changes to recommendations 10 (customer due-diligence) and 15 (new technologies) and related Glossary definitions. The proposed revisions aim to better promote financial inclusion through increased focus on proportionality and simplified measures in the risk-based approach, and to give countries, supervisors, and financial institutions greater confidence and assurance when implementing simplified measures.

Read more.]]></description>
					      
						      <pubDate>Mon, 28 Oct 2024 12:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Taskforce-Publishes-Consultation</guid>
				    </item>
			
					 <item>
					      <title>Financial Services and Markets Act 2023 (Commencement No 8) Regulations 2024 Published</title>
					      <link>https://finreg.aoshearman.com/Financial-Services-and-Markets-Act-2023-Commencem</link>
					      <description><![CDATA[
The U.K. Financial Services and Markets Act 2023 (Commencement No. 8) Regulations 2024 have been made. The Regulations revoke certain pieces of EU law retained in the U.K. post-Brexit as well as bringing into force amendments made by the Financial Services and Markets Act 2023 to other such assimilated law. The regulations also bring into force amendments to FSMA 2000 made by FSMA 2023 giving HM Treasury the power to make regulations about unauthorized co-ownership alternative investment funds.

Revocations include: (i) removing LIBOR as a critical benchmark for the purpose of the U.K. Benchmark Regulations effective October 29, 2024; and (ii) revoking assimilated law versions of Commission Implementing Regulations (EU) 2018/33 and 2018/34 on October 29, 2024, which contain Implementing Technical Standards on the standardized presentation format of the statement of fees and the fee information document and their common symbol. These ITS supplement parts of the Payment Accounts Regulations 2015 that were revoked on January 1, 2024.

Read more.]]></description>
					      
						      <pubDate>Mon, 28 Oct 2024 09:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Services-and-Markets-Act-2023-Commencem</guid>
				    </item>
			
					 <item>
					      <title>Taskforce on Nature-Related Financial Disclosures Publishes Draft Guidance on Nature Transition Planning at COP16</title>
					      <link>https://finreg.aoshearman.com/Taskforce-on-Nature-Related-Financial-Disclosures</link>
					      <description><![CDATA[
The Taskforce on Nature-related Financial Disclosures has published a discussion paper setting out draft guidance on nature transition planning for corporates and financial institutions developing and disclosing a transition plan in line with the TNFD recommended disclosures. The TNFD explains that delivering the transition implied by the Kunming-Montreal Global Biodiversity Framework (GBF) requires significant changes to business practices across all sectors. The guidance covers all aspects of nature apart from climate change and greenhouse gas emissions as drivers of nature loss, and natural carbon stocks. The TNFD explains that transition planning for these topics is covered in guidance from organizations such as GFANZ.

Key focus areas of the discussion paper are: (i) a definition of a nature transition plan; (ii) an overview of related initiatives; (iii) guidance on what a nature transition plan should include; (iv) guidance on how a plan should be presented and disclosed; and (v) areas of further work needed to support development and assessment of nature transition plans. TNFD aims for the discussion paper to inform the development of TNFD guidance on the content and disclosure of nature transition plans, stimulate further work and collaboration to support nature transition plans including on transition pathways and transition finance categories and encourage organizations to pilot test the TNFD draft guidance. The deadline for comments is February 1, 2025 and the Taskforce plans to publish final TNFD guidance on nature transition plans in 2025.]]></description>
					      
						      <pubDate>Sun, 27 Oct 2024 11:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Taskforce-on-Nature-Related-Financial-Disclosures</guid>
				    </item>
			
					 <item>
					      <title>FCA Financial Promotions Quarterly Data 2024 Q3</title>
					      <link>https://finreg.aoshearman.com/FCA-Financial-Promotions-Quarterly-Data-2024-Q3</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published its financial promotions quarterly data for Q3 2024. The FCA summarizes the data collected between July 1 and September 30, 2024 and the action it took against firms breaching financial promotion rules, and referrals and investigations into unregulated activity. The FCA also shows where it is working to improve standards across the market so that consumers are provided with clear and fair financial promotions which are not misleading.

Key messages include:

	the FCA&apos;s interventions in Q3 resulted in 10,593 promotions being amended or withdrawn by authorized firms, including one firm who withdrew 6,792 promotions, many of which were historical promotions withdrawn as a precaution;
	the FCA issued 552 alerts on unauthorized firms and individuals, 12% of which were clone scams;
	the cryptoasset financial promotions regime came into force on October 8, 2023 and has now been live for a year. Over the last year the FCA has issued 1,702 consumer alerts about illegal crypto promotions, which has resulted in the take down of over 900 scam crypto websites and the removal of 56 apps from U.K. apps stores. The FCA are continuing to work with social media companies to remove and block illegal content on their platforms; and
	the FCA is actively engaging with firms who appear to be providing and advertising unauthorized debt advice and debt solutions to consumers via online promotions. The FCA continues to observe trends of aggressive sponsored promotions placed by unauthorized firms, particularly through TikTok and paid-for Google advertisements.

For more information on the issues and developments relating to FinTech, see our blog A&amp;O Shearman on fintech and digital assets.]]></description>
					      
						      <pubDate>Fri, 25 Oct 2024 15:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-Financial-Promotions-Quarterly-Data-2024-Q3</guid>
				    </item>
			
					 <item>
					      <title>Delegated Regulation on Regulatory Technical Standards under Revised European Long-Term Investment Funds Regulation Published in Official Journal of the European Union</title>
					      <link>https://finreg.aoshearman.com/Delegated-Regulation-on-Regulatory-Technical-Stan</link>
					      <description><![CDATA[
Commission Delegated Regulation (EU) 2024/2759 supplementing the European Long-Term Investment Funds Regulation with regard to certain regulatory technical standards was published in the Official Journal of the European Union. It covers RTS on circumstances in which the use of financial derivative instruments for hedging purposes is considered as solely serving the purpose of hedging the risks inherent to the investments of the ELTIF, the requirements for an ELTIF&apos;s redemption policy and liquidity management tools, the circumstances for the matching of transfer requests of units or shares of the ELTIF, certain criteria for the disposal of ELTIF assets, and certain elements of the costs disclosure. The Delegated Regulation entered into force on October 26, 2024, the day after its publication in the Official Journal.]]></description>
					      
						      <pubDate>Fri, 25 Oct 2024 15:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Delegated-Regulation-on-Regulatory-Technical-Stan</guid>
				    </item>
			
					 <item>
					      <title>Outcomes from Financial Action Task Force Plenary: October 2024</title>
					      <link>https://finreg.aoshearman.com/Outcomes-from-Financial-Action-Taskforce-Plenary</link>
					      <description><![CDATA[
The Financial Action Task Force has published the outcomes from its plenary meeting, which took place between October 23 and 25, 2024. Outcomes include:


	the approval of the last two assessment reports in the FATF&apos;s fourth cycle of assessments. FATF will now focus on its new round which will deliver more focused, risk-based mutual evaluations;
	the release for public consultation of proposed revisions to the standards related to FATF&apos;s ongoing focus on financial inclusion (see update above). FATF also approved new guidance on national risk assessments to support countries to understand the illicit finance risks they face;
	discussing standards changes related to cross-border payment systems and progressing work to identify the latest terrorist financing and proliferation financing risks. FATF also commenced a project to review its processes to ensure that countries do not misuse the FATF requirements to restrict the activities of non-profit organizations;
	reporting on the value of the horizontal review of designated non-financial businesses and professional compliance related to corruption to support necessary reforms. FATF decided to continue discussing follow-up on this issue at its next meeting; and
	taking stock of actions taken to improve gender diversity in the FATF, discussing further proposals to strengthen this work. FATF plans to launch a second mentoring program to strengthen inclusivity and diversity within the FATF and Global Network, building on the WFGN initiative under the Singapore Presidency.


The next FATF plenary will be held in February 2025.]]></description>
					      
						      <pubDate>Fri, 25 Oct 2024 12:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Outcomes-from-Financial-Action-Taskforce-Plenary</guid>
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					      <title>UK Financial Conduct Authority Publishes Portfolio Letters Setting Out Key Concerns and Priorities for 2025</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Portfoli</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a series of portfolio letters it has sent to: (i) lifetime mortgage providers, which includes firms that provide lifetime mortgages, home reversion and later life lending products; (ii) non-bank mortgage lenders and mortgage third-party administrators; (iii) retail banks; and (iv) building societies, in each case setting out its key concerns and priorities in respect of each such portfolio in 2025.

The letters explain that the FCA plans to engage with relevant firms on their cultures and controls, focusing on the following consistent priority areas: (a) the Consumer Duty and for non-bank mortgage lenders, mortgage third-party administrators, retail banks and building societies, the treatment of customers in financial difficulty; (b) financial resilience (for non-dual regulated firms); (c) operational resilience; (d) financial crime and fraud; and (e) sustainable finance. For retail banks and building societies, the FCA identifies access as an additional priority; as firms transform their channels, products and services, it is vital that consumers are not unreasonably or unlawfully excluded from payment accounts and banking services.

Read more.]]></description>
					      
						      <pubDate>Fri, 25 Oct 2024 11:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Portfoli</guid>
				    </item>
			
					 <item>
					      <title>UK Financial Conduct Authority Publishes the Findings of Its Culture and Non-Financial Misconduct Survey</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-the-Find</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published the findings from its non-financial misconduct survey. The survey, sent to 1,028 wholesale banks, brokers and insurance firms in February, aimed to examine how firms detect and handle non-financial misconduct incidents. It found that the number of allegations reported increased between 2021 and 2023. The FCA&apos;s findings include:


	the distribution of non-financial misconduct types varied by sector, although bullying and harassment (26%) and discrimination (23%) were the most reported types of non-financial misconduct across all sectors. There were also 41% of non-financial misconduct incidents reported in the &quot;other&quot; category;
	firms identified 50% of incidents through reactive routes such as grievances or similar formal processes, as well as other reporting routes such as whistleblowing;
	disciplinary or &quot;other&quot; actions were taken in 43% of cases; and
	the total number of confidentiality and settlement agreements signed by complainants fell over the three years surveyed, according to the data from the wholesale banks sector. However, the data from other sectors showed no clear trend.


Read more.]]></description>
					      
						      <pubDate>Fri, 25 Oct 2024 11:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-the-Find</guid>
				    </item>
			
					 <item>
					      <title>European Banking Authority Consults on Draft Regulatory Technical Standards on Structural Foreign Exchange Positions under EU Capital Requirements Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Draft-Reg</link>
					      <description><![CDATA[
The European Banking Authority launched a consultation on draft Regulatory Technical Standards on the treatment of structural foreign exchange positions under Article 104c of the EU Capital Requirements Regulation and on reporting on structural foreign exchange positions. The draft RTS largely retain the provisions of the EBA&apos;s 2020 guidelines. The key changes are: (i) the introduction of a clear quantitative threshold for a currency to be considered eligible for the structural FX treatment; (ii) the option for banks to consider only credit risk own funds requirements when determining the position neutralising the sensitivity to the capital ratios, as long as the credit risk own funds requirements are the ones driving the variability of the ratio against FX changes; (iii) clarifications around how institutions should remove the risk position from the own funds requirements for foreign exchange risk; and (iv) provisions relating to institutions&apos; policies on currencies that are particularly illiquid in the market. The changes are not expected to lead to a material capital impact. The consultation also sets out a proposed policy framework for the treatment of structural FX positions. The deadline for comments is February 7, 2025.]]></description>
					      
						      <pubDate>Thu, 24 Oct 2024 16:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Draft-Reg</guid>
				    </item>
			
					 <item>
					      <title>European Commission Adopts Regulatory Technical Standards on Conduct of Oversight Activities under EU Digital Operational Resilience Act</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Adopts-Regulatory-Technical-</link>
					      <description><![CDATA[
The European Commission has adopted a Commission Delegated Regulation supplementing the EU Digital Operational Resilience Act with regard to Regulatory Technical Standards on harmonization of conditions enabling the conduct of the oversight activities. The draft RTS cover: (i) the information to be provided by an ICT third-party service provider in the application for a voluntary request to be designated as critical; (ii) the information to be submitted by the ICT third-party service providers that is necessary for the Lead Overseer to carry out its duties; and (iii) the details of the competent authorities&apos; assessment of the measures taken by critical third party providers based on the recommendations of the Lead Overseer. Separate RTS will be adopted focusing on the criteria for determining the composition of the joint examination team, their designation, tasks, and working arrangements. The Delegated Regulation shall enter into force 20 days after publication in the OJ. DORA will apply as of January 17, 2025.]]></description>
					      
						      <pubDate>Thu, 24 Oct 2024 15:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Adopts-Regulatory-Technical-</guid>
				    </item>
			
					 <item>
					      <title>UK Financial Conduct Authority Speech on Vulnerability in the Wealth Management Sector</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Speech-on-Vulnerab</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a speech by Graeme Reynolds, director of competition on addressing vulnerability in the wealth management sector. Mr Reynolds discusses the good and bad practices that have been observed through its supervisory work. He sets out the FCA&apos;s key expectations for firms with regards to vulnerable customers, which include: (i) to have processes in place to recognize those who may need more help or who are engaging with services which may not meet their needs; (ii) to consider why people are using products and services, what the client&apos;s goals are, and how the &quot;client journey&quot; that firms provide supports the realisation of those goals; (iii) to issue clear, easily understood communications and promotions to enable people to make informed decisions, tailoring them where necessary; (iv) to develop well trained, empathetic client service taking account of the fact that vulnerabilities and circumstances may change and that the firm might need to adapt in response; (v) to think pragmatically and proportionately about what a &apos;good&apos; client outcome is for those using a service; (vi) to use data to test whether clients are, in fact, in the target market, and receiving the service intended; and (vii) to digest FCA publications on how the Consumer Duty and vulnerability guidance is being implemented elsewhere, considering what lessons are relevant.]]></description>
					      
						      <pubDate>Thu, 24 Oct 2024 14:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Speech-on-Vulnerab</guid>
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					      <title>Financial Stability Board Report on Lessons from March 2023 Banking Turmoil</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Report-on-Lessons-from-</link>
					      <description><![CDATA[
The Financial Stability Board has published a report on depositor behaviour and interest rate and liquidity risks in the financial system. The report draws on lessons from the March 2023 banking turmoil which saw the collapse of several banks, triggered by the confluence of interest rate increases and solvency and liquidity risks. The report identifies life insurers, non-bank real estate investors and banks as most vulnerable to solvency and liquidity risks. These entity types typically have a high proportion of interest rate-sensitive assets and liabilities and are affected by higher rates through various solvency and liquidity risk channels. It also observes that social media may have influenced some of the March 2023 bank runs, along with technological advancements that make it easier and quicker to transfer deposits.

The report finds that the speed of the recent runs means that banks and authorities may need to: (i) be able to react much more quickly to deposit outflows than in the past; (ii) find ways to address the liquidity and solvency vulnerabilities that gave rise to such extreme outflows; and (iii) consider whether monitoring of social media could be helpful as an early warning tool to flag potential stress at a bank or wider turmoil that might affect banks. Consideration could also be given to gathering and publishing data on bank deposits and unrealized losses on bank securities portfolios.]]></description>
					      
						      <pubDate>Wed, 23 Oct 2024 16:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Report-on-Lessons-from-</guid>
				    </item>
			
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					      <title>European Commission Adopts Implementing Technical Standards and Regulatory Technical Standards on Notification of Major ICT-Incidents and Cyber Threats under EU Digital Operational Resilience Act</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Adopts-Implementing-Technical</link>
					      <description><![CDATA[
The European Commission has adopted the following legislation supplementing the EU Digital Operational Resilience Act: (i) Commission Delegated Regulation containing Regulatory Technical Standards specifying the content and time limits for the initial notification of, and intermediate and final report on, major ICT-related incidents, and the content of the voluntary notification for significant cyber threats; and (ii) Commission Implementing Regulation laying down Implementing Technical Standards with regard to the standard forms, templates, and procedures for financial entities to report a major ICT-related incident and to notify a significant cyber threat. The Council of the European Union and the European Parliament will now scrutinize the Delegated Regulation. If neither object, it will be published in the Official Journal of the European Union. The Implementing Regulation will be published in the Official Journal without further scrutiny. Both Regulations will enter into force 20 days after publication in the Official Journal of the European Union. DORA will apply as of January 17, 2025.]]></description>
					      
						      <pubDate>Wed, 23 Oct 2024 15:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Adopts-Implementing-Technical</guid>
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					      <title>UK Financial Conduct Authority Multi-Firm Review of Consumer Credit Firms and Non-Bank Mortgage Lenders</title>
					      <link>https://finreg.aoshearman.com/strongUK-Financial-Conduct-Authority-Multi-Firm-R</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published its review of consumer credit firms and other non-bank lenders as the latest chapter in its ongoing supervisory focus on financial resilience. While the review specifically considered financial resilience, it is interesting to note that, where shortcomings were identified, they stem from common systemic issues that can impact a firm&apos;s whole business model, in particular failure to effectively:


	Identify all of the risks to the business;
	Set risk appetite and establish appropriate systems and controls; and
	Undertake adequate stress testing and establish a proper wind down plan.


Read more.]]></description>
					      
						      <pubDate>Wed, 23 Oct 2024 11:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/strongUK-Financial-Conduct-Authority-Multi-Firm-R</guid>
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					      <title>Draft UK Greenhouse Gas Emissions Trading Scheme (Amendment) (No. 2) Order 2024 Published</title>
					      <link>https://finreg.aoshearman.com/Draft-UK-Greenhouse-Gas-Emissions-Trading-Scheme-</link>
					      <description><![CDATA[
The draft U.K. Greenhouse Gas Emissions Trading Scheme (Amendment) (No. 2) Order 2024 have been published, together with an explanatory memorandum. The Order makes changes to the U.K. Emissions Trading Scheme, including the following: (i) to include carbon dioxide venting from installations in the &apos;upstream&apos; oil and gas sector as a regulated activity under the U.K. ETS and to introduce a new activity group for the verification of carbon dioxide venting emissions; (ii) to introduce two new penalties - firstly, where installations and aircraft operators fail to surrender allowances by the relevant deadline, a U.K. ETS regulator will be able to issue a &quot;deficit notice&quot;. Should the operator not comply with the deficit notice, they will be liable to a penalty equivalent to the carbon price for each allowance they are in deficit for, multiplied by a factor of 1.5. Operators who continue not to pay this may be liable for a daily penalty. Secondly, a new penalty of &amp;pound;5000 will be introduced for certain operators failing to provide information in breach of article 27A of the Greenhouse Gas Emissions Trading Scheme Order 2020; and (iii) reducing the U.K. ETS cap on how many allowances can be created over the trading period and in each year (subject to certain exceptions) to bring it in line with the U.K.&apos;s net zero commitments. The number of allowances auctioned from 2024 onwards has already been reduced in line with this new cap through amendments made to Auctioning Regulations in late 2023. The government considers that this reduction of around 30% in the cap for the trading period supports a smooth transition for the scheme&apos;s participants whilst sending a strong signal to decarbonize.]]></description>
					      
						      <pubDate>Tue, 22 Oct 2024 17:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-UK-Greenhouse-Gas-Emissions-Trading-Scheme-</guid>
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					      <title>Financial Stability Board Letter to G20 Finance Ministers and Central Bank Governors - Cyber and Operational Resilience</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Letter-to-G20-Finance-M</link>
					      <description><![CDATA[
The Financial Stability Board has published a letter sent to G20 finance ministers and central bank governors providing an update on various workstreams, including on cyber and operational resilience. The FSB notes that cyber and operational resilience risks continue to pose a threat to financial stability and is therefore delivering, for public consultation, a common Format for Incident Reporting Exchange (FIRE). FIRE is designed to enhance convergence in incident reporting, address operational challenges arising from reporting to multiple authorities and foster better communication amongst authorities. After public consultation, the FSB expects to publish the final version of FIRE by Q2 2025. The FSB&apos;s other publications include: (i) G20 status reports on crypto-asset policy implementation; (ii) a report on the financial stability implications of tokenisation; (iii) G20 roadmap progress reports on cross-border payments; and (iv) a report on lessons learned from the March 2023 banking turmoil.]]></description>
					      
						      <pubDate>Tue, 22 Oct 2024 16:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Letter-to-G20-Finance-M</guid>
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					      <title>UK Critical Benchmarks Regulations 2024 Published</title>
					      <link>https://finreg.aoshearman.com/UK-Critical-Benchmarks-Regulations-2024-Published</link>
					      <description><![CDATA[
The Critical Benchmarks Regulations 2024 have been published, together with an explanatory memorandum. The Regulations come into force on November 13, 2024. The instrument specifies two benchmarks, the WMR Closing Spot Rates and the ICE Swap Rate, as &apos;critical&apos; under Article 20 of the U.K. BMR. A benchmark is recognized as a &apos;critical benchmark&apos; where it meets certain qualitative or quantitative criteria, such as where the value of the contracts referencing the benchmark is at least &amp;euro;500bn, where it has no or very few market-led substitutes if it were to cease being produced, or where it is not reasonably practicable for one or more users to switch to an available market-led substitute. As a result of this specification, the administrators of these benchmarks will become subject to more stringent regulatory requirements and the FCA will have greater powers to intervene to address any potential market disruption.]]></description>
					      
						      <pubDate>Tue, 22 Oct 2024 15:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Critical-Benchmarks-Regulations-2024-Published</guid>
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					      <title>UK Financial Conduct Authority Cracks Down on Illegal Financial Promotions by &apos;finfluencers&apos;</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Cracks-Down-on-Ill</link>
					      <description><![CDATA[
The FCA has announced that it is interviewing 20 &apos;finfluencers&apos; under caution who may be touting financial services products illegally. &apos;Finfluencers&apos; are social media personalities who use their platform to promote financial products and share insights and advice with their followers. Their target audience is often comprised of young people, who are increasingly being drawn into investment scams which may have been promoted on social media. The FCA states that it has also issued 38 alerts against social media accounts operated by finfluencers which may contain unlawful promotions.]]></description>
					      
						      <pubDate>Tue, 22 Oct 2024 15:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Cracks-Down-on-Ill</guid>
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					      <title>UK Prudential Regulation Authority Consults on Large Exposures Framework</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Consults-on-La</link>
					      <description><![CDATA[
The U.K Prudential Regulation Authority began consulting on proposals to amend the prudential framework for large exposures. The proposals include changes to implement the remaining Basel large exposures standards, by: (i) removing the possibility for firms to use internal model methods to calculate exposure values to securities financing transactions; and (ii) introducing a mandatory substitution approach to calculate the effect of the use of credit risk mitigation techniques.

Other changes the PRA is consulting on include: (a) removing the option for firms to exceed LE limits for trading book exposures to third parties; (b) allowing firms to exceed LE limits for trading book exposures to intragroup entities, and simplifying the calculation of the additional capital requirements; (c) allowing firms to apply for higher LE limits to exposures to intragroup entities, and amend the conditions firms need to meet to mitigate the higher concentration risk; (d) removing the exemption from LE limits to firms&apos; exposures to the U.K. deposit guarantee scheme; (e) removing the option for firms to use immovable property as CRM; and (f) removing the stricter requirements on exposures to certain French counterparties.

The deadline for comments is January 17, 2025. The implementation date for the changes would, except for the proposal on SFTs, take effect shortly after publication of the final policy statement. The proposal to remove the possibility for firms to use initial margin methods to calculate exposure values to SFTs would take effect on January 1, 2026. The PRA proposes to offer firms that currently have a modification by consent under rules 2.1 and 2.2 of the Large Exposures Part of the PRA Rulebook a modification by consent to maintain the current position until March 2026.]]></description>
					      
						      <pubDate>Fri, 18 Oct 2024 17:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Consults-on-La</guid>
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					      <title>Revised Eurosystem Cyber Resilience Strategy Published</title>
					      <link>https://finreg.aoshearman.com/Revised-Eurosystem-Cyber-Resilience-Strategy-Publ</link>
					      <description><![CDATA[
The Eurosystem revised its cyber resilience strategy to further address evolving cyber threats. The revised strategy updates the original 2017 Strategy taking account of the evolving threat landscape and leveraging industry best practices, lessons learnt from the original strategy and the practical application of the Cyber Guidance issued by the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions.

Revisions to the strategy include: (i) the incorporation of new non-FMI entities that are overseen under the Eurosystem oversight framework for electronic payment instruments, schemes and arrangements - the PISA framework. These entities are encouraged to use tools developed by the Eurosystem to periodically assess and continuously enhance their cyber resilience; (ii) measures to address threats linked to geopolitical tensions or technological innovation such as artificial intelligence and quantum computing; and (iii) amendments to take into account recent EU regulation, namely the EU Digital Operational Resilience Act, which applies to certain FMIs covered by the strategy including central securities depositories and central counterparties. The strategy also includes a new overarching component for monitoring implementation, which is designed to promote harmonisation.]]></description>
					      
						      <pubDate>Fri, 18 Oct 2024 16:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Revised-Eurosystem-Cyber-Resilience-Strategy-Publ</guid>
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					      <title>European Securities and Markets Authority Survey on Legal Entity Identifiers</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Survey-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a survey on legal entity identifiers to gather evidence on how the optionality in the use of legal identifiers would impact market participants were it to be introduced in future reporting regimes or in the review of existing reporting regimes. ESMA had proposed to mandate the LEI in technical standards under the EU Digital Operational Resilience Act and Markets in Cryptoassets Regulation, in line with G20/Financial Stability Board and European Systemic Risk Board recommendations, which advocate for the use of the LEI to identify all parties involved in financial transactions. However, in response to concerns raised by the European Commission on the mandatory use of LEIs by non-financial entities, the proposals now set the LEI as the default identifier for legal persons, but also allow for the use of alternative identifiers where an entity does not have an LEI. The Commission has advocated for allowing for the use of the European Union Identifier in the context of DORA, which does not contain the same level of information as the LEI.

ESMA&apos;s survey is intended to raise awareness about these recent developments and to collect feedback on the potential impacts of adding alternatives to the LEI. The deadline for responses is November 12, 2024.]]></description>
					      
						      <pubDate>Fri, 18 Oct 2024 15:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Survey-</guid>
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					      <title>Bank of England Consults on Fees Regime for Financial Market Infrastructure Supervision 2024/25</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Fees-Regime-for-Finan</link>
					      <description><![CDATA[
The Bank of England has began consulting on proposals for its supervisory fees for financial market infrastructure firms for 2024/25. The proposals cover: (i) the fee rates to meet the BoE&apos;s 2024/25 funding requirement for its FMI supervisory activity and the policy activity that supports this; (ii) the BoE&apos;s proposed hourly rates for special project fees for 2024/25; and (iii) the fees for the 2023/24 fee year including rebate and recovery rates. The BoE explains that the most significant factor driving fee increases this year are its new FSMA 2023 rule-making powers and responsibilities, which have resulted in increased policy work including the creation of the CCP rulebook. The BoE proposes to spread related one-off costs across the next three years. The deadline for comments is December 18, 2024. The proposed implementation date for the proposals is Q4 of the 2024/25 fee year (December 2024 to February 2025), when invoices will be issued for the 2024/25 fee year.]]></description>
					      
						      <pubDate>Fri, 18 Oct 2024 13:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Fees-Regime-for-Finan</guid>
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					      <title>HM Treasury Consults on Regulating Buy Now Pay Later</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Consults-on-Regulating-Buy-Now-Pay-La</link>
					      <description><![CDATA[
HM Treasury has begun consulting on draft legislation regulating Buy Now Pay Later. HM Treasury is proposing to bring forward secondary legislation that would bring BNPL into Financial Conduct Authority regulation as soon as possible. The consultation sets out HM Treasury&apos;s intended policy approach to regulation along with the draft legislation. HM Treasury explains that the proposed legislation aims to ensure people using BNPL products receive clear information, avoid unaffordable borrowing, and have strong rights when issues arise. 

Read more.]]></description>
					      
						      <pubDate>Thu, 17 Oct 2024 12:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Consults-on-Regulating-Buy-Now-Pay-La</guid>
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					      <title>UK Transition Finance Market Review Publishes Recommendations</title>
					      <link>https://finreg.aoshearman.com/UK-Transition-Finance-Market-Review-Publishes-Rec</link>
					      <description><![CDATA[
The U.K. Transition Finance Market Review published its report for scaling transition finance. The report sets out the TFMR&apos;s recommendations on how to scale a high-integrity transition finance market that can support both U.K. and global net zero ambitions. 

Read more.]]></description>
					      
						      <pubDate>Thu, 17 Oct 2024 11:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Transition-Finance-Market-Review-Publishes-Rec</guid>
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					      <title>G7 Cyber Expert Group Statement on Planning for the Opportunities and Risks of Quantum Computing</title>
					      <link>https://finreg.aoshearman.com/G7-Cyber-Expert-Group-Statement-on-Planning-for-t</link>
					      <description><![CDATA[
HM Treasury has published a statement (dated September) by the G7 Cyber Expert Group on planning for the opportunities and risks of quantum computing. The Cyber Expert Group encourages jurisdictions to monitor developments in quantum computing, to promote collaboration among relevant public and private stakeholders, and to begin planning for the potential risks posed by quantum computing on some current encryption methods. The Cyber Expert Group explains that the development of an operational quantum computer (or hybrid computer) is increasingly possible within a decade, although its capability to undermine existing cryptography, at least initially, remains uncertain. However, as it may take significant time and economic effort for financial entities to coordinate activities to mitigate vulnerabilities in anticipation of a postquantum environment, entities should prepare for the emerging risks as soon as possible. The Cyber Expert Group recommends financial entities consider: (i) developing a better understanding of quantum computing, the risks involved and strategies for mitigating those risks; (ii) assessing quantum computing risks in their areas of responsibility; and (iii) developing a plan for mitigating quantum computing risks.]]></description>
					      
						      <pubDate>Thu, 17 Oct 2024 11:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/G7-Cyber-Expert-Group-Statement-on-Planning-for-t</guid>
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					      <title>UK Financial Conduct Authority Announces Launch of AI Lab</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Announces-Launch-o</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a speech by Jessica Rusu, FCA Chief Data, Information and Intelligence Officer, on ten years of FCA innovation. In the speech, Ms Rusu announced the launch of the AI Lab, which will help the FCA in its mission to facilitate firms overcome challenges in building and implementing AI solutions, as well as supporting the U.K. Government&apos;s work on safe and responsible AI development. Ms Rusu explains that the AI Lab will play a critical role by providing AI-related insights, discussions, and case studies, assisting the FCA to deepen its understanding of potential AI risks and opportunities.

Read more.]]></description>
					      
						      <pubDate>Thu, 17 Oct 2024 11:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Announces-Launch-o</guid>
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					      <title>UK Financial Ombudsman Service Updates Guidance on Handling Complaints Concerning APP Fraud, Scams and Fraud</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Ombudsman-Service-Updates-Guidance-o</link>
					      <description><![CDATA[
The Financial Ombudsman Service has published updated versions of its guidance for businesses on: (i) handling complaints concerning Authorized Push Payment fraud and other scams involving authorized payments or withdrawals; and (ii) handling complaints concerning fraud and scams. The FOS&apos;s updated guidance reflects the new rules introduced, with effect from October 7, 2024, on Faster Payments and CHAPS APP fraud reimbursement.]]></description>
					      
						      <pubDate>Thu, 17 Oct 2024 11:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Ombudsman-Service-Updates-Guidance-o</guid>
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					      <title>European Securities and Markets Authority Updates Guidance Under MiFIR Review</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Updat</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published an updated version of its manual on post-trade transparency and an updated version of its opinion on the assessment of pre-trade transparency waivers for equity and non-equity instruments under the Markets in Financial Instruments package. ESMA is providing further practical guidance on the provisions following the statement from last March on the transition for the application of the MiFID II/MiFIR Review, to reflect the changes introduced. ESMA explains that the amendments are published with the objective of contributing to the smooth transition and consistent application of MiFIR, and complements the clarifications on the applicable MiFIR Review and Technical Standards provisions provided in the Interactive Single Rulebook earlier this year. ESMA also stated that it has updated its Q&amp;As on transparency and market structure issues.]]></description>
					      
						      <pubDate>Wed, 16 Oct 2024 16:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Updat</guid>
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					      <title>EU Announces Next Steps for the Transition to T+1 Settlement</title>
					      <link>https://finreg.aoshearman.com/EU-Announces-Next-Steps-for-the-Transition-to-T1-</link>
					      <description><![CDATA[
The European Commission, the European Central Bank and the European Securities and Markets Authority have published a joint statement on the next steps to support the preparations towards a transition to T+1. Under the EU Central Securities Depositories Regulation, ESMA is required to assess the appropriateness of shortening the settlement cycle in the EU and to propose a detailed roadmap towards a shorter settlement. ESMA plans to deliver its report to the Council of the European Union and the European Parliament in the coming months.

Read more.]]></description>
					      
						      <pubDate>Wed, 16 Oct 2024 11:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Announces-Next-Steps-for-the-Transition-to-T1-</guid>
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					      <title>UK-Switzerland 2024 Joint Statement</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Draft-Update-to-Special-Re</link>
					      <description><![CDATA[
HM Treasury has published a joint statement issued with the Swiss State Secretariat for International Finance on the first U.K.-Switzerland financial dialogue. The statement summarizes what was discussed at the meeting and the key outcomes. The discussions emphasized close, ongoing U.K. and Swiss cooperation in financial services and focused on several key themes, including the economic outlook and financial stability, the Berne Financial Services Agreement, sustainable finance, AI and technological innovation, capital markets. On the Berne Financial Services Agreement, finance ministries updated on the progress of their respective domestic implementation procedures, with the U.K. and Switzerland noting that the ambition is to complete implementation as soon as possible, by the end of 2025 at the latest, and enter the Agreement into force shortly thereafter. U.K. and Swiss supervisors also noted that negotiations of a supervisory cooperation memorandum of understanding supporting the Berne Financial Services Agreement are progressing with a view to reach their concluding stages soon. U.K. and Swiss representatives agreed to reconvene in the second half of 2025, emphasizing the importance of continued open dialogue on shared priorities.]]></description>
					      
						      <pubDate>Tue, 15 Oct 2024 14:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Draft-Update-to-Special-Re</guid>
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					      <title>HM Treasury Publishes Draft Update to Special Resolution Regime Code of Practice</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Draft-Update-to-Special-Res</link>
					      <description><![CDATA[
HM Treasury has published a draft new chapter for the Special Resolution Regime Code of Practice that reflects reforms introduced by the Bank Resolution (Recapitalisation) Bill. This draft chapter sets out how the recapitalization mechanism will be used, including the firms that are in scope, how the Bank of England will determine the funds required from the Financial Services Compensation Scheme and assess the relative costs of using the mechanism compared to insolvency, and the Bank of England&apos;s accountability. It also clarifies certain aspects of the policy, following the U.K. Government&apos;s engagement with industry and Parliament. HM Treasury explains that the draft chapter may change, including as a result of any amendments made to the Bill during the parliamentary process and consultation with the Banking Liaison Panel. The Government intends to issue a finalized version of the Code in full when the Bill comes into force.]]></description>
					      
						      <pubDate>Tue, 15 Oct 2024 14:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Draft-Update-to-Special-Res</guid>
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					      <title>UK Prudential Regulation Authority Consults on Restatement of Remainder of UK Capital Requirements Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Consults-on-Re</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a consultation paper on the restatement of the remaining provisions of the U.K. Capital Requirements Regulation. The consultation paper sets out the PRA&apos;s proposals to restate the relevant provisions in the assimilated CRR in the PRA Rulebook and other policy material such as supervisory statements or statements of policy. The PRA also proposes to update the credit ratings mapping tables in some assimilated Technical Standards and to restate them in the PRA Rulebook. The proposals in the consultation consist primarily of the restatement of assimilated law into PRA rules and policy materials without modifications. There are a few instances where the consultation proposes to modify certain areas as part of their restatement. The PRA notes that more substantive proposals relate to proposed changes to the securitization requirements. The deadline for comments is January 15, 2025.]]></description>
					      
						      <pubDate>Tue, 15 Oct 2024 13:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Consults-on-Re</guid>
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					      <title>UK Resolution Authority Consults on Amendments to Approach for Setting MREL</title>
					      <link>https://finreg.aoshearman.com/UK-Resolution-Authority-Consults-on-Amendments-to</link>
					      <description><![CDATA[
The Bank of England has published a consultation paper on amendments to its statement of policy on setting the minimum requirement for own funds and eligible liabilities. The proposals are designed to ensure that the U.K.&apos;s MREL framework: (i) is simplified and consolidated where possible, to make it easier to navigate and implement; (ii) keeps up to date with, and is responsive to, wider developments in financial regulation and markets; (iii) remains aligned with international standards; and (iv) adapts over time to reflect lessons learnt from its implementation.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Oct 2024 13:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Resolution-Authority-Consults-on-Amendments-to</guid>
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					      <title>Committee on Payments and Market Infrastructures Reports on Interlinking and Interoperability of Payment Systems</title>
					      <link>https://finreg.aoshearman.com/Committee-on-Payments-and-Market-Infrastructures</link>
					      <description><![CDATA[
The Committee on Payments and Market Infrastructures has published two reports to the G20 that offer key insights and recommendations on the interlinking and interoperability of payment systems to enhance cross-border payments. The first report, Linking fast payment systems across borders: governance and oversight, aims to support owners and operators of faster payment services when they are developing the governance and risk management of their faster payment services interlinking arrangement as well as overseers when they are defining their oversight approach. The report discusses the main decisions to be taken by operators in developing the governance approach for faster payment services interlinking arrangements. The report also sets out recommendations that overseers should consider when developing an oversight approach for the respective component faster payment services or a separate entity.

The second report, Promoting the harmonisation of application programming interfaces to enhance cross-border payments: recommendations and toolkit, presents the recommendations of the API Panel of Experts on the prioritization of harmonization. The report makes ten recommendations, divided into four categories: (i) recommendations that aim at facilitating the global API harmonization processes; (ii) recommendations that focus on API design principles and the use of existing international data standards; (iii) recommendations to enhance the developer experience; and (iv) recommendations to promote pre-validation APIs and implementation. Each recommendation is accompanied by a list of potential actions that stakeholders may consider as practical and concrete implementation measures. The recommendations are further supported by a toolkit to assist various stakeholders in assessing their current related practices.]]></description>
					      
						      <pubDate>Tue, 15 Oct 2024 12:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Committee-on-Payments-and-Market-Infrastructures</guid>
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					      <title>UK Draft Regulations Amending Temporary Recognition and Marketing Regimes for CCPs and Collective Investment Schemes</title>
					      <link>https://finreg.aoshearman.com/UK-Draft-Regulations-Amending-Temporary-Recogniti</link>
					      <description><![CDATA[
A draft version of the Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 has been published, alongside a draft explanatory memorandum. The Regulations amend the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 to remove the requirement that a CCP must continue to be recognized in the EU to remain in the temporary recognition regime for overseas CCPs.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Oct 2024 10:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Draft-Regulations-Amending-Temporary-Recogniti</guid>
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					      <title>Draft UK Building Societies Act 1986 (Modifications) Order 2024 Published</title>
					      <link>https://finreg.aoshearman.com/Draft-UK-Building-Societies-Act-1986-Modification</link>
					      <description><![CDATA[
The draft Building Societies Act 1986 (Modifications) Order 2024 has been published, together with an explanatory memorandum. The Order amends Parts 7 and 8 of the Building Societies Act 1986 to assimilate the law relating to building societies and to companies concerning directors&apos; retirement and balance sheet signature following modification of the statutory provisions in force in relation to companies. The draft Order will amend: (i) sections 60 and 61 of the Building Societies Act to remove all references to the normal retirement age or the compulsory retirement age for directors, as stated in the 1986 Act. This will update the 1986 Act in line with the Companies Act 2006, where there are no longer corresponding restrictions for company directors; and (ii) section 80(1) of the 1986 Act so that the current requirement for the balance sheet of a building society to be signed by two directors and the CEO is changed to allow one director to sign the balance sheet on behalf of the board. This amendment aims to modernize the 1986 Act, aligning the provisions with section 414(1) of the Companies Act 2006. This would reduce a small but unnecessary burden for building societies, providing building societies with the equivalent accounts sign-off procedures as to companies. The draft Order will come into force 21 days after the day on which it is made.]]></description>
					      
						      <pubDate>Mon, 14 Oct 2024 14:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-UK-Building-Societies-Act-1986-Modification</guid>
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					      <title>UK Building Societies Act 1986 (Amendment of Small Business Turnover Limit) Order 2024 Published</title>
					      <link>https://finreg.aoshearman.com/UK-Building-Societies-Act-1986-Amendment-of-Small</link>
					      <description><![CDATA[
The Building Societies Act 1986 (Amendment of Small Business Turnover Limit) Order 2024 has been published, together with an explanatory memorandum. The Order amends section 7(10) and (11) of the Building Societies Act 1986 to increase the turnover limit in a relevant financial year for the definition of a small business in section 7(10) of the Act from &amp;pound;1 million to &amp;pound;6.5 million. It also makes a corresponding amendment to the reference to the equivalent limit in any other currency in subsection (11)(c). Under section 7(1) and (2) of the Building Societies Act, subject to some exclusions, building societies are required to raise at least 50 per cent of their funding from members&apos; deposits; the rest can be raised from other sources, known as wholesale funding. Deposits by small businesses with a society, or any subsidiary undertaking of the society, are excluded from the wholesale funding limit by section 7(3)(aa). By amending the definition of a small business in section 7(10) of the Building Societies Act, the Order will exclude a larger range of deposits with building societies by small businesses from the funding limit, thereby providing building societies with greater flexibility in their funding sources. This amendment will also help building societies compete more effectively with ring-fenced retail banks for deposits from small businesses. The proposed new small business turnover limit of &amp;pound;6.5 million is already used to classify the smaller businesses whose deposits must be held within the ringfence. The Order comes into force on November 4, 2024.]]></description>
					      
						      <pubDate>Mon, 14 Oct 2024 14:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Building-Societies-Act-1986-Amendment-of-Small</guid>
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					      <title>HM Treasury Statement on Reforms to Bank Ring-Fencing</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Statement-on-Reforms-to-Bank-Ring-Fen</link>
					      <description><![CDATA[
The House of Commons has published a written statement by Tulip Siddiq, Economic Secretary to HM Treasury, on the status of reforms to the bank ring-fencing regime. Ms Siddiq states that the U.K. Government will implement a package of reforms as soon as parliamentary time allows. The reforms will aim to improve competition and competitiveness in the U.K. banking sector and support economic growth, while maintaining financial stability.

The reforms include:

	The introduction of a secondary threshold to exempt retail-focussed banking groups from the regime—where investment banking activity accounts for less than ten per cent of Tier 1 capital.
	New flexibilities to allow ring-fenced banks to operate globally, subject to the Prudential Regulation Authority&apos;s rules.
	Measures to encourage more investment by ring-fenced banks in U.K. SMEs.
	Measures to reduce the compliance burdens associated with the regime.
	An increase in the primary deposit threshold for ring-fenced banks, from &amp;pound;25bn to &amp;pound;35bn.

]]></description>
					      
						      <pubDate>Mon, 14 Oct 2024 09:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Statement-on-Reforms-to-Bank-Ring-Fen</guid>
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					      <title>Basel Committee on Banking Standards Publishes Progress Report on the 2023 Banking Turmoil and Liquidity Risk</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Standards-Publishes-Pr</link>
					      <description><![CDATA[
The Basel Committee on Banking Standards has published a progress report on the 2023 banking turmoil and liquidity risk. The report, requested by the G20 Brazilian Presidency, provides an update on the Basel Committee&apos;s analytical work on liquidity risk dynamics observed during the turmoil, building on the Committee&apos;s stocktake report published in October 2023. The report includes updated empirical analysis on a range of liquidity-related issues highlighted by the turmoil, including distressed banks&apos; outflow rates, the materiality of different liquidity risk factors, and the role and use of supervisory monitoring tools. Drawing on the findings of this progress report, the Basel Committee plans to pursue a series of follow-up initiatives related to the turmoil, including: (i) prioritizing work to strengthen supervisory effectiveness and identify issues that could merit additional guidance at a global level; and (ii) pursuing additional follow-up analytical work based on empirical evidence to assess whether specific features of the Basel Framework, such as liquidity risk and interest rate risk in the banking book, performed as intended during the turmoil and assess the need to explore policy options over the medium term.]]></description>
					      
						      <pubDate>Fri, 11 Oct 2024 11:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Standards-Publishes-Pr</guid>
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					      <title>UK Technology Working Group and Investment Association report on Artificial Intelligence&apos;s Current and Future Uses in Investment Management</title>
					      <link>https://finreg.aoshearman.com/UK-Technology-Working-Group-and-Investment-Associ</link>
					      <description><![CDATA[
The U.K. Technology Working Group, supported by the Investment Association, published a report on the current and future usage of artificial intelligence in investment management. The U.K. Financial Conduct Authority and HM Treasury are observers on the Group and supportive of the agenda. The report outlines common use cases of AI, examines enablers and barriers for longer-term AI adoption, and makes recommendations for future AI integration in the investment management industry. Key recommendations include:


	establishing regulatory clarity and consistency to enable developers and users of AI to plan and invest with confidence. This would include closer coordination between regulators and the further development of AI standards;
	building a U.K. fintech ecosystem with strong international connections that investment management firms can leverage to gain access to innovative solutions, specialized knowledge, and valuable insights;
	joint public and private sector action on AI-enabled fraud, to combat malicious actors and fight cybercrime and misinformation; and
	managing systemic risk through collective understanding and identifying best practices in risk management. The changing profile of systemic risk in the financial sector should not be a reason to hold back from innovating.

]]></description>
					      
						      <pubDate>Thu, 10 Oct 2024 16:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Technology-Working-Group-and-Investment-Associ</guid>
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					      <title>Draft UK Consumer Composite Investments (Designated Activities) Regulations 2024 Published</title>
					      <link>https://finreg.aoshearman.com/Draft-UK-Consumer-Composite-Investments-Designate</link>
					      <description><![CDATA[
The draft Consumer Composite Investments (Designated Activities) Regulations 2024 have been published, together with an explanatory memorandum. The Regulations establish a proposed new legislative framework for the regulation of Consumer Composite Investments, formerly Packaged Retail and Insurance-based Investment Products. They replace the following assimilated law relating to PRIIPs: (i) the PRIIPs Regulation; (ii) the PRIIPs Regulations 2017; (iii) Commission Delegated Regulation (EU) 2017/653; and (iv) Commission Delegated Regulation (EU) 2016/1904. The Regulations take into account feedback that HM Treasury received on the original version of the draft statutory instrument, which was published for technical comments in November 2023.

Read more.]]></description>
					      
						      <pubDate>Thu, 10 Oct 2024 14:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-UK-Consumer-Composite-Investments-Designate</guid>
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					      <title>UK Climate Financial Risk Forum Publishes Guides on Climate Risk</title>
					      <link>https://finreg.aoshearman.com/UK-Climate-Financial-Risk-Forum-Publishes-Guides-</link>
					      <description><![CDATA[
The U.K. Climate Financial Risk Forum (CFRF) has published three guides to help the financial sector develop its approach to climate-related financial risks and opportunities. The CFRF is a financial services industry forum established jointly by the U.K. Financial Conduct Authority and Prudential Regulation Authority and is comprised of senior representatives from across the financial services industry. The three guides are: (i) Nature-related Risk: Handbook for Financial Institutions - this provides an introduction for financial institutions to help frame nature as a risk, and discusses emerging practices in incorporating nature into financial risk management; (ii) Short-Term Scenarios - this discusses the use cases of short-term scenarios for banks/asset managers/insurers to provide more guidance to firms; and (iii) Mobilising Adaptation Finance to Build Resilience - this provides guidance for the industry to assess the physical risks they face and to facilitate increased levels of investment into climate adaptation to respond to those risks as an opportunity.]]></description>
					      
						      <pubDate>Thu, 10 Oct 2024 11:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Climate-Financial-Risk-Forum-Publishes-Guides-</guid>
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					      <title>European Commission Publishes Targeted Consultation on the Effectiveness of the EU Securitization Framework</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Targeted-Consultati</link>
					      <description><![CDATA[
The Directorate-General for Financial Stability, Financial Services, and Capital Markets Union has launched a targeted consultation on the effectiveness of the EU securitization framework. Feedback gathered in preparation of the European Commission&apos;s report on the functioning of the Securitisation Regulation, and subsequent stakeholder engagement, indicates that issuance and investment barriers remain high in the securitization market, hindering the EU economy from fully reaping the benefits that securitization can offer. Originators and investors argue that issuance and investment barriers are partly driven by the conservativeness of specific aspects of the regulatory framework, such as transparency and due diligence requirements, as well as the capital and liquidity treatment of securitizations. The consultation seeks feedback on a range of issues impacting the EU securitization market, including: (i) the effectiveness of the securitization framework; (ii) the scope of application of the Securitisation Regulation; (iii) due diligence requirements; (iv) transparency requirements and the definition of public securitization; (v) supervision; (vi) the simple, transparent, and standardized standard; (vii) the securitization platform; and (viii) the prudential and liquidity treatment of securitization for banks. The deadline for comments is December 4, 2024.]]></description>
					      
						      <pubDate>Thu, 10 Oct 2024 09:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Targeted-Consultati</guid>
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					      <title>Council of the European Union adopts EU Listing Act legislative package</title>
					      <link>https://finreg.aoshearman.com/Council-of-the-European-Union-adopts-EU-Listing-A</link>
					      <description><![CDATA[
The Council of the European Union has adopted the Listing Act legislative package, marking the final step in the decision-making process. The package consists of: (i) a regulation amending the Prospectus Regulation, Market Abuse Regulation, and Markets in Financial Instruments Regulation; (ii) a directive amending the revised Markets in Financial Instruments Directive and repealing the Listing Directive; and (iii) a directive on multiple vote shares. The regulation and directive amending MiFID and repealing the Listing Directive seek to streamline the rules applicable to companies going through a listing process or companies already listed on EU public markets. The aim is to simplify the process for companies, particularly SMEs, by alleviating administrative burdens and costs, while preserving a sufficient degree of transparency, investor protection, and market integrity. The multiple-vote shares directive creates a minimum harmonization at EU level that removes obstacles for the access of SMEs with multiple-vote structures to SME growth markets and any other multilateral trading facility open to trading of SME shares. The directive protects the rights of shareholders with fewer votes per share by introducing safeguards on how key decisions are taken at general meetings and also helps investors to take decisions by mandating transparency measures for companies with multiple-vote share structures.

Read more.]]></description>
					      
						      <pubDate>Tue, 08 Oct 2024 13:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Council-of-the-European-Union-adopts-EU-Listing-A</guid>
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					      <title>UK Financial Conduct Authority Publishes Dear CEO letter for Financial Advisers and Investment Intermediaries</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Dear-CEO</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Dear CEO Letter setting out its supervisory strategy for financial advisers and investment intermediaries. The FCA&apos;s priorities over the next two years are reducing and preventing serious harm to consumers who rely on financial advice, monitoring and testing higher industry standards under the Consumer Duty, and enabling more consumers to pursue their financial objectives through the Advice Guidance Boundary Review.

Read more.]]></description>
					      
						      <pubDate>Mon, 07 Oct 2024 16:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Dear-CEO</guid>
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					      <title>Draft UK Securitisation (Amendment) (No. 2) Regulations 2024 Published</title>
					      <link>https://finreg.aoshearman.com/Draft-UK-Securitisation-Amendment-No-2-Regulation</link>
					      <description><![CDATA[
The draft Securitisation (Amendment) (No. 2) Regulations 2024 have been published, together with an explanatory memorandum. At present, U.K. investors in U.K.- or EU-origin Simple, Transparent, and Standardized securitizations can benefit from preferential prudential treatment due to a temporary arrangement. The time by which EU STS securitizations can enter the temporary arrangement will expire on December 31, 2024. This instrument extends the time by which such EU-origin STS securitizations can enter the temporary arrangement to June 30, 2026. The U.K. government is aiming to provide continuity and certainty to investors, until a non-time-limited assessment is undertaken. The explanatory memorandum explains that the three EEA-EFTA states will implement the EU Securitisation Regulation in their respective national legislation indicatively during 2025. It is preferable for the U.K. to undertake a single equivalence assessment at such a time when the EU and the three EEA-EFTA states have implemented the EU Securitisation Regulation uniformly, to reach a single assessment outcome for the EEA.]]></description>
					      
						      <pubDate>Mon, 07 Oct 2024 10:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-UK-Securitisation-Amendment-No-2-Regulation</guid>
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					      <title>HM Treasury Publishes Policy Statement on Treatment of Overseas Investment Exchanges Under UK Capital Requirements Regulation</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Policy-Statement-on-Treatme</link>
					      <description><![CDATA[
HM Treasury has published a policy statement on the treatment of overseas investment exchanges for the purposes of the U.K. Capital Requirements Regulation. HM Treasury initially proposed to expand the definition of &apos;recognized exchanges&apos; in the U.K. CRR to include those in the Recognized Overseas Investment Exchange regime and those detailed in the U.K. Prudential Regulation Authority&apos;s technical standards that accompany the U.K. CRR definition. Following feedback that these proposals would be insufficient in restoring competitiveness with other jurisdictions (there are 30 exchanges in the ROIE regime compared to the EU&apos;s list of 108 exchanges), HM Treasury has amended its proposals. HM Treasury will add the link to the ROIE regime as initially proposed, but rather than refer to the PRA&apos;s technical standards, the CRR definition will refer to a set of conditions that will come to be specified in the PRA rulebook for the purpose of identifying recognized exchanges or assets traded on such exchanges. The PRA will therefore formulate new rules for the purposes of identifying recognized exchanges and intends to consult on these as soon as is practicable. Until the rules are made, qualifying exchanges will include those that are domestic U.K. investment exchanges and those in the ROIE regime, once the necessary legislation is made.]]></description>
					      
						      <pubDate>Mon, 07 Oct 2024 10:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Policy-Statement-on-Treatme</guid>
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					      <title>Draft UK Packaged Retail and Insurance-based Investment Products (Retail Disclosure) (Amendment) Regulations 2024 Published</title>
					      <link>https://finreg.aoshearman.com/strongDraft-UK-Packaged-Retail-and-Insurance-base</link>
					      <description><![CDATA[
The draft Packaged Retail and Insurance-based Investment Products (Retail Disclosure) (Amendment) Regulations 2024 have been published, together with an explanatory memorandum. The Regulations make transitional amendments to the onshored Packaged Retail and Insurance-based Investment Products Regulation and Commission Delegated Regulation (EU) 2017/565 (the MiFID Org Regulation), relating to cost disclosure requirements for U.K.-listed closed-ended funds (or &quot;investment trusts&quot;). The single aggregate costs figure currently being supplied to clients is not deemed to give an accurate representation of the actual cost of investment in shares in an investment trust. The draft Regulations therefore exclude investment trusts from the scope of the PRIIPs Regulation, meaning investment trusts (and anyone advising on or selling shares in them) will not be obliged to produce a Key Information Document. The draft Regulations also exclude costs of manufacturing and managing shares in a U.K.-listed investment trust from the aggregated cost disclosure requirements in the MiFID Org Regulation. The Regulations will come into force the day after the day on which they are made.

Read more.]]></description>
					      
						      <pubDate>Mon, 07 Oct 2024 10:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/strongDraft-UK-Packaged-Retail-and-Insurance-base</guid>
				    </item>
			
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					      <title>Draft UK Prudential Regulation of Credit Institutions (Meaning of CRR Rules and Recognised Exchange) (Amendment) Regulations 2024 Published</title>
					      <link>https://finreg.aoshearman.com/Draft-UK-Prudential-Regulation-of-Credit-Institut</link>
					      <description><![CDATA[
The draft U.K. Prudential Regulation of Credit Institutions (Meaning of CRR Rules and Recognised Exchange) (Amendment) Regulations 2024 have been published, together with an explanatory memorandum. The purpose of the Regulations is to ensure that the revocation of the onshored Capital Requirements Regulation under the Financial Services and Markets Act 2023 (which is yet to take effect) will not impact the U.K.&apos;s approach to implementation of Basel 3.1, which has been delegated to the U.K. Prudential Regulation Authority in accordance with the U.K. government&apos;s smarter regulatory framework. Regulation 2 amends the definition of &quot;CRR rules&quot; in the Financial Services and Markets Act 2000 to include rules made by the PRA as part of Basel 3.1 implementation to replace CRR provisions revoked under FSMA 2023. This ensures that the FSMA 2000 accountability framework will continue to apply to the PRA&apos;s new rules. Regulation 3 makes a related amendment to section 5 of the Financial Services Act 2021 to ensure that certain requirements apply to those rules. Regulation 4 expands the definition of a &quot;recognized exchange&quot; in the CRR so that a wider range of instruments can benefit from preferential capital treatment. It does this by allowing overseas investment exchanges to be brought into the definition. This will include those exchanges on the Recognized Overseas Investment Exchanges register, and eventually it will also include exchanges where they meet conditions set by the PRA, which will be consulted on shortly. The instrument will enter into force the day after the day on which it is made. HM Treasury has published a separate policy statement on the treatment of overseas investment exchanges under CRR.]]></description>
					      
						      <pubDate>Mon, 07 Oct 2024 10:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-UK-Prudential-Regulation-of-Credit-Institut</guid>
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					      <title>European Securities and Markets Authority Publishes First Annual Report on EU Carbon Markets</title>
					      <link>https://finreg.aoshearman.com/European-Securi</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its first annual report on EU carbon markets. The report delivers insights into the functioning of the EU Emissions Trading System market. Key findings highlighted by ESMA relate to:


	prices and volatility - the price of EU emission allowances declined in 2023, driven in part by lower demand for emission allowances from weak industrial activity, falling natural gas prices which led to a reduction in coal-based power generation and an increase in renewable energy, along with increased supply following the decision to auction additional allowances to finance the REPowerEU plan;
	auctions - the volume of emission allowances increased in 2023, and the primary emission allowance market remains considerably concentrated, with ten participants buying 90% of auctioned volumes in 2023, reflecting a preference by most EU ETS operators to source allowances from financial intermediaries; and
	trading and positions - the vast majority of emission allowance trading in secondary markets takes place through derivatives, reflecting the annual EU ETS compliance cycle where non-financial sector firms hold long positions (for compliance purposes) while banks and investment firms hold short positions.

The report concludes that no significant issue has been identified in the functioning of EU carbon markets. No major policy issues have been identified, although further analysis may be needed in the future as ESMA will continue to monitor carbon market developments.]]></description>
					      
						      <pubDate>Mon, 07 Oct 2024 10:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securi</guid>
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					      <title>EU Review of RTS on Transaction Reporting and Order Book Data Under MiFIR Review</title>
					      <link>https://finreg.aoshearman.com/U-Review-of-RTS-on-Transaction-Reporting-and-Orde</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation on the review of regulatory technical standards on transaction data reporting and on order book data under the revised Markets in Financial Instruments Regulation. The proposed changes to the RTS stem from the MiFIR Review amendments. We discuss the overall MiFIR Review changes in our bulletin &quot;MiFID II: the EU&apos;s latest adaptations&quot;. The deadline for comments is January 3, 2025. ESMA aims to publish a final report and submit the draft technical standards to the EC by the end of Q2 2025.

Read more.]]></description>
					      
						      <pubDate>Thu, 03 Oct 2024 07:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/U-Review-of-RTS-on-Transaction-Reporting-and-Orde</guid>
				    </item>
			
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					      <title>UK Draft Payment Services (Amendment) Regulations 2024 Published</title>
					      <link>https://finreg.aoshearman.com/UK-Draft-Payment-Services-Amendment-Regulations-2</link>
					      <description><![CDATA[
HM Treasury has published a final draft version of the Payment Services (Amendment) Regulations 2024, enhancing efforts to address authorized push payment fraud. The draft Regulations amend regulation 86 of the Payment Services Regulations which require payment service providers to execute payment transactions within maximum time limits. The amendments give a payer&apos;s PSP the ability to delay the execution of certain payment orders where, within a specified time, provided the PSP establishes reasonable grounds to suspect the order has been made subsequent to fraud or dishonesty perpetrated by a third party (which may include the payee). The purpose of the delay is to enable the PSP to determine whether the order should be executed and must not exceed a specified time limit. Where the PSP exercises the ability to delay, the PSP will be liable for any charges or interest incurred by the payer resulting from the delay. The legislation is due to be laid before parliament shortly after the government&apos;s return from conference recess.]]></description>
					      
						      <pubDate>Wed, 02 Oct 2024 14:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Draft-Payment-Services-Amendment-Regulations-2</guid>
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					      <title>UK Payment Systems Regulator Publishes Policy Statement Confirming the Maximum Level of APP Scam Reimbursement</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Publishes-Policy-</link>
					      <description><![CDATA[
The Payment Systems Regulator has published a policy statement confirming the maximum level of Authorized Push Payment scam reimbursement. The statement follows the PSRs recent announcement confirming its decision to reduce the maximum level that payment service providers will have to reimburse victims of Faster Payments APP scams to &amp;pound;85,000 per claim, in line with the Financial Services Compensation Scheme limit. The statement provides an overview of the responses the PSR received to the consultation, sets out how the PSR has considered and weighed the responses and information received through the consultation in reaching its view and explains the reasons for its decision on the maximum level. The PSR explains that it will keep this level under review and consider it as part of its 12-month evaluation of the reimbursement policy. The Bank of England, as the operator of CHAPS, has also decided to set the maximum level for CHAPS APP scams to &amp;pound;85,000 per claim. The start date for the reimbursement policy is October 7, 2024, and the PSR reminds PSPs to continue the work already underway to prepare and ensure they are ready to implement the requirements.]]></description>
					      
						      <pubDate>Wed, 02 Oct 2024 14:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Publishes-Policy-</guid>
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					      <title>UK Financial Policy Committee Publishes Latest Summary and Record</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Policy-Committee-Publishes-Latest-Su</link>
					      <description><![CDATA[
The Bank of England has published the record of the Financial Policy Committee meeting on September 19, 2024. Headline judgements and policy actions from the meeting: (i) risks to U.K. financial stability are broadly unchanged since the June 2024, although significant financial market and global vulnerabilities remain; (ii) there was a significant spike in volatility across global financial markets in August. Although short-lived, the FPC notes that the extent of the moves, in response to relatively limited economic news, illustrates the potential for vulnerabilities in market-based finance to amplify shocks; (iii) the U.K. banking system remains in a strong position to support households and businesses, even if economic and financial conditions were substantially worse than expected.

The FPC decided to maintain the U.K. countercyclical capital buffer at its neutral rate of 2% and as part of its annual review of the leverage ratio Direction, the FPC confirmed that the U.K. leverage ratio framework remained appropriate. The FPC&apos;s next meeting will be on November 15, and the record will be published on November 29, 2024.]]></description>
					      
						      <pubDate>Wed, 02 Oct 2024 10:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Policy-Committee-Publishes-Latest-Su</guid>
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					      <title>UK Regulators Warn Against Use of Credit Sensitive Rates as Successors to LIBOR</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Warn-Against-Use-of-Credit-Sensitiv</link>
					      <description><![CDATA[
The Bank of England has published a joint press release with the Financial Conduct Authority and the Working Group on Sterling Risk-Free Reference Rates (Working Group) on the end of LIBOR. On September 30, 2024, the remaining synthetic LIBOR settings were published for the last time. All 35 LIBOR settings have now permanently ceased and the Working Group has been wound down effective on October 1, 2024. Moving forward, market participants are encouraged to continue to ensure they use the most robust rates for the relevant currency, such as SONIA for GBP and SOFR for USD. Market participants should ensure their use of term risk-free reference rates, such as term SONIA and term SOFR, are limited and comply with the best practice guidance. Market participants are reminded that credit sensitive rates should not emerge as successor rates, because they are not robust or suitable for widespread use as a benchmark. In particular, USD credit sensitive rates have the potential to reintroduce many of the financial stability risks associated with LIBOR.]]></description>
					      
						      <pubDate>Tue, 01 Oct 2024 15:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Warn-Against-Use-of-Credit-Sensitiv</guid>
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					      <title>Net-Zero Banking Alliance 2024 Publishes Progress Report</title>
					      <link>https://finreg.aoshearman.com/Net-Zero-Banking-Alliance-2024-Publishes-Progress</link>
					      <description><![CDATA[
The United Nations Environment Programme Finance Initiative has published a 2024 progress report produced by the Net-Zero Banking Alliance. Launched in 2021, the NZBA is a bank-led alliance of 144 banks globally voluntarily committed to aligning their financing activities with routes to net zero emissions by 2050. The progress report summarizes information received from 122 member banks and offers insights into members&apos; progress on target setting and transition planning. Overall, the report shows that most NZBA banks are taking significant steps towards meeting their climate goals. In the report, the NBZA identifies areas where more work is required, such as setting decarbonization targets for banks, which remains a challenging exercise due to the quality of client greenhouse gas emissions data, unclear decarbonization pathways, and a lack of a supportive policy environment. Insights gained from the progress will inform the steps NZBA will take to support emerging market banks that need more time to meet milestones. Following the vote earlier this year by member banks to reinforce and update the NZBA target setting guidelines, NZBA banks with significant capital markets activities are due to update their targets to include related emissions by November 2025.]]></description>
					      
						      <pubDate>Tue, 01 Oct 2024 10:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Net-Zero-Banking-Alliance-2024-Publishes-Progress</guid>
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					      <title>UK Policy Statement and Final Guidance on the Digital Securities Sandbox</title>
					      <link>https://finreg.aoshearman.com/UK-Policy-Statement-and-Final-Guidance-on-the-Dig</link>
					      <description><![CDATA[
The Bank of England and Financial Conduct Authority have published a joint policy statement providing feedback to responses received to the Digital Securities Sandbox joint consultation (CP24/5). We discussed the proposals in April in &quot;UK Regulators Consult on Digital Securities Sandbox&quot;. The policy statement covers the following topics: (a) the approach to regulating DSS firms; (b) the scope of the DSS; (c) settlement of the payment leg; (d) operation of the DSS; (e) Gate 2 and end-state rules; (f) supervision of the DSS; and (g) other general issues relating to the DSS. Overall respondents welcomed the regulators proposals, with no respondents explicitly disagreeing with the creation of the DSS.

In response to feedback, the BoE and FCA have made some changes to their proposed approach and guidance, such as: (i) extending the scope of the DSS to include non-GDP (non-pound sterling) denominated assets; (ii) a more flexible approach to firm-specific limits at Gate 2, moving from fixed &apos;go-live&apos; limits to a flexible range; and (iii) reducing the minimum capital requirement for a DSD from nine to six months of operating expenses.

Read more.]]></description>
					      
						      <pubDate>Mon, 30 Sep 2024 15:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Policy-Statement-and-Final-Guidance-on-the-Dig</guid>
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					      <title>Single Resolution Board Adapts MREL Policy to Align with the Daisy Chains Directive</title>
					      <link>https://finreg.aoshearman.com/Single-Resolution-Board-Adapts-MREL-Policy-to-Ali</link>
					      <description><![CDATA[
The Single Resolution Board has published a communication on the changes to its minimum requirements for own funds and eligible liabilities policy to be implemented in line with the &quot;Daisy Chains Directive&quot; (Directive (EU) 2024/1174). That Directive amended the Single Resolution Mechanism Regulation and the Bank Recovery and Resolution Directive. The changes brought in by the Daisy Chains Directive mean that from November 14, 2024, the SRB will not determine the MREL for liquidation entities unless it considers it justifiable to set an amount exceeding the amount sufficient to absorb losses. In addition, provisions of the Capital Requirements Regulation under which resolution authorities may allow, subject to certain conditions being met, institutions to reduce eligible liabilities instruments, will not apply to liquidation entities for which the SRB has not determined MREL. As a result, reporting and disclosure obligations do not apply to the liquidation entities for which the SRB does not determine MREL.

The SRB confirms that the previously adopted decisions setting MREL at the level equal to the loss absorption amount will be repealed with effect as of November 14, 2024. Furthermore, the prior permissions granted to the same liquidation entities under CRR and the related process set out in Delegated Regulation (EU) 241/20146 with validity beyond November 14, 2024 are repealed as of the same date. This means that relevant liquidation entities will no longer be limited by the prior permissions and will be in the position to reduce eligible liabilities instruments without the SRB&apos;s prior permission.]]></description>
					      
						      <pubDate>Mon, 30 Sep 2024 15:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Single-Resolution-Board-Adapts-MREL-Policy-to-Ali</guid>
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					      <title>UK Joint Money Laundering Steering Group Finalizes Amendments to Guidance for Firms Operating in Wholesale Markets</title>
					      <link>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group-Finalize</link>
					      <description><![CDATA[
The Joint Money Laundering Steering Group has published the amended version to Part II Sector 18 (wholesale markets) of its AML/CTF guidance for the financial services sector. Changes to the guidance include: (i) a new section relating to customer due diligence on authorized personnel acting on behalf of the customer. It includes a clarification that the identities of internal personnel who are authorized to sign contractual documents may be collected by a firm for AML/CTF purposes on a risk-based approach; and (ii) a new section on wholesale subscription finance in private capital funds. The revisions have been submitted to HM Treasury for Ministerial approval.]]></description>
					      
						      <pubDate>Mon, 30 Sep 2024 14:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group-Finalize</guid>
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					      <title>EU Markets Authority Announces Next Steps for the Selection of Consolidated Tape Providers</title>
					      <link>https://finreg.aoshearman.com/EU-Markets-Authority-Announces-Next-Steps-for-the</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced the next steps for the selection of Consolidated Tape Providers for bonds, shares and ETFs. ESMA will launch the selection procedure for the CTP for bonds on Friday January 3, 2025, intending to adopt a reasoned decision on the selected applicant within six months of the launch, i.e. by early July 2025. In June 2025, ESMA will launch the selection procedure for the CTP for shares and ETFs with the objective to adopt a reasoned decision on the selected applicant by the end of 2025.

ESMA explains that each selection procedure will be launched with the publication of a contract notice and procurement documents on the EU Funding &amp; Tenders Portal. Prospective applicants are invited to register and familiarize themselves with the Portal. In the coming weeks, ESMA intends to share additional guidance on the assessment of exclusion criteria. ESMA will be available to answer questions throughout the application periods, ESMA also confirms that applicants will be granted as much time as possible, within the boundaries of EU procurement rules, to provide details on their projects. ESMA states that it will publish in December the feedback statement to its proposed technical standards on CTPs and the assessment criteria for the CTP selection procedure. We discussed ESMA&apos;s draft technical standards in &quot;European Securities and Markets Authority Proposes Draft Technical Standards for Consolidated Tape Providers&quot;.]]></description>
					      
						      <pubDate>Mon, 30 Sep 2024 11:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Markets-Authority-Announces-Next-Steps-for-the</guid>
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					      <title>UK Conduct Authority Clarifies Forbearance for Investment Trust Disclosure Requirements Under PRIIPs Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Authority-Clarifies-Forbearance-for-In</link>
					      <description><![CDATA[
The Financial Conduct Authority has updated its statement on forbearance in relation to investment trust disclosure requirements under the U.K.&apos;s current Packaged Retail and Insurance-Based Investment Products Regulation. The Government announced earlier in September its intention to exempt listed investment trusts from the PRIIPs Regulation along with a statement on reforms to the U.K. retail disclosure regime through the introduction of Consumer Composite Investments regime. At the same time, the FCA announced it would immediately apply forbearance until the legislation takes effect. We discussed the earlier announcements by HM Treasury and the FCA in &quot;UK Announces Final Reforms to Financial Services Retail Disclosure Requirements&quot;.

The updated forbearance statement provides great clarity on the implication of the forbearance as regards compliance by firms with other rules and regulations, including the Consumer Duty and communicating to consumers. The FCA confirms that the forbearance applies along the distribution chain to any firm carrying on business relating to the relevant investment trusts, including manufacturing, distribution or marketing. The FCA states that firms across the distribution chain will need to consider what approach will deliver good outcomes for their retail clients, including the product information needed to support retail investors.

The FCA expects firms in the distribution chain for securities issued by investment trusts to work together to determine and share the required information to enable the continued distribution of these products, in compliance with their more general obligations towards retail investors, in particular under the Consumer Duty.]]></description>
					      
						      <pubDate>Mon, 30 Sep 2024 09:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Authority-Clarifies-Forbearance-for-In</guid>
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					      <title>UK Accelerated Settlement Taskforce Technical Group Publishes Draft Recommendations</title>
					      <link>https://finreg.aoshearman.com/UK-Accelerated-Settlement-Taskforce-Technical-Gro</link>
					      <description><![CDATA[
The U.K. Accelerated Settlement Taskforce Technical Group has published a draft recommendation report and consultation. The Taskforce was established to examine the case for the securities settlement cycle to be shortened from its current standard of Trade Date plus 2 days, or &apos;T+2&apos;, to Trade Date plus 1 day or &apos;T+1&apos;. The Taskforce&apos;s initial recommendation was that the U.K. should move to T+1 by the end of 2027, which was accepted by the previous government who asked the newly established Technical Group to make recommendations by the end of 2024 on implementing the move. We discuss that recommendation in &quot;UK To Move to T+1 Settlement by Latest End 2027&quot;.

The Technical Group&apos;s draft report sets out a number of draft recommendations. The main recommendation, referred to as recommendation zero, looks at the scope of instruments that will be covered by the implementation of T+1. There are two scenarios: (a) the U.K. migrates ahead of the EU/Switzerland. In this scenario, some instruments such as ETPs and Eurobonds will be exempted pending a subsequent transition to T+1 of the EU and/or Switzerland; or (b) the U.K., EU and Switzerland migrate to T+1 together, in which case it would be a straight transfer of all instruments currently covered today Central Securities Depositories Regulation.

Read more.]]></description>
					      
						      <pubDate>Fri, 27 Sep 2024 14:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Accelerated-Settlement-Taskforce-Technical-Gro</guid>
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					      <title>UK Financial Conduct Authority Updates Timings on Smarter Regulatory Framework Work</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Updates-Timings-on</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a new webpage on the repeal and replacement of assimilated law. The new webpage predominantly reproduces the FCA webpage on the replacement of retained EU law originally published in July 2023. The timings for the FCA&apos;s work on the following files has been updated:

Consumer Composite Investments
The FCA plans to publish a consultation paper in H2 and a policy statement in H1 2025.

Long Term Investment Funds
The FCA will review responses to its consultation on removing references to LTIF from the Handbook, aiming to implement any changes in Q4.

MiFID II Directive, U.K. MiFIR and Wholesale Market Review reforms
The FCA aims to start a tender process later in 2024 to appoint a single consolidated tape provider for bonds and will update on an equities tape before the end of the year. The FCA will also publish a policy statement on commodity derivatives and a discussion paper on transaction reporting in Q4, followed by a consultation paper in H1 2025. The FCA also plans to publish a consultation paper on the MiFID Organisation Regulation in Q4.

Read more.]]></description>
					      
						      <pubDate>Fri, 27 Sep 2024 10:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Updates-Timings-on</guid>
				    </item>
			
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					      <title>UK Department for Energy Security and Net Zero Publishes Update on Extension of UK Emissions Trading Scheme First Free Allocation Period to 2026</title>
					      <link>https://finreg.aoshearman.com/UK-Department-for-Energy-Security-and-Net-Zero-Pu</link>
					      <description><![CDATA[
The U.K. Department for Energy Security and Net Zero published an update in relation to an extension of the U.K. Emissions Trading Scheme&apos;s first free allocation period. The U.K. ETS Authority is consulting operators in the scheme on a proposal to move the start of the second allocation period from 2026 to 2027, extending the current allocation period to include 2026. Operators will receive the consultation from their scheme regulator and have until October 11, 2024 to submit responses. The change aims to align changes to free allocation with the introduction of the U.K. Carbon Border Adjustment Mechanism in 2027. The Authority received a significant number of responses to the Free Allocation Review consultation indicating a preference for this alignment to ensure a consistent approach to carbon leakage mitigation. The Authority will ensure that any changes made to free allocation rules under the Free Allocation Review will be published by the end of 2025, with implementation in 2027.]]></description>
					      
						      <pubDate>Thu, 26 Sep 2024 15:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Department-for-Energy-Security-and-Net-Zero-Pu</guid>
				    </item>
			
					 <item>
					      <title>European Central Bank Publishes Paper on TIBER-EU and EU Digital Operational Resilience Act Requirements</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Paper-on-TIBER-EU</link>
					      <description><![CDATA[
The European Central Bank has published a paper outlining how the European framework for threat intelligence-based ethical red teaming, the TIBER-EU framework, can help competent authorities and financial entities fulfil their threat-led penetration testing requirements under the EU Digital Operational Resilience Act. TIBER-EU is a common European framework that delivers a controlled, bespoke and intelligence-led red team test of financial entities&apos; critical live production systems. It was established as a tool for testing and improving key elements of the cyber resilience of participating financial entities, while focusing heavily on the learning opportunities provided by the testing. The ECB suggests that guiding and performing threat-led penetration testing on the basis of the DORA regulatory technical standards alone will be challenging given the high standards required by such tests but that TIBER-EU will alleviate these difficulties to a large extent and provides a framework that can be used to fulfil the DORA threat-led penetration testing requirements. The paper considers the benefits of the TIBER-EU framework for authorities and financial entities subject to DORA.]]></description>
					      
						      <pubDate>Thu, 26 Sep 2024 10:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Paper-on-TIBER-EU</guid>
				    </item>
			
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					      <title>UK Payment Systems Regulator Confirms Maximum Reimbursement Limit for Authorized Push Payment Scams Reimbursement</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Confirms-Maximum-Rei</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator has confirmed that the maximum reimbursement limit for victims of Faster Payments Authorized Push Payment scams will be &amp;pound;85,000. The PSR began consulting on reducing the reimbursement limit earlier in September. The PSR will publish a final policy statement to explain the reasoning for the decision next week. The Bank of England, as the operator of CHAPS, has also decided that the maximum reimbursement for CHAPS will be &amp;pound;85,000. In making this decision, the BoE has given weight to the benefits to industry and consumers of having consistency of limits across the two payment systems. The BoE is committed to reviewing this limit within 12 months.]]></description>
					      
						      <pubDate>Wed, 25 Sep 2024 15:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Confirms-Maximum-Rei</guid>
				    </item>
			
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					      <title>UK Financial Conduct Authority Consults on Changes to the Safeguarding Regime for Payments and E-Money Firms</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Chang</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a consultation on proposals to address weaknesses in the safeguarding regime for payments and e-money firms. The FCA explains that there remain poor practices across the industry due to poor implementation of the regulatory framework. For firms that became insolvent between Q1 2018 and Q2 2023, there was an average shortfall of 65% in funds owed to clients (difference between funds owed and funds safeguarded). In developing the safeguarding proposals, the FCA has adapted the approaches in the existing CASS rules to reflect payment services.

Read more.]]></description>
					      
						      <pubDate>Wed, 25 Sep 2024 15:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Chang</guid>
				    </item>
			
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					      <title>Bank of England Establishes Artificial Intelligence Consortium</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Establishes-Artificial-Intelligen</link>
					      <description><![CDATA[
The Bank of England has announced the establishment of an Artificial Intelligence consortium. Its purpose is to provide a platform for public-private engagement to gather input from stakeholders on the capabilities, development, deployment and use of AI in U.K. financial services. Its specific aims are:


	to identify how AI is or could be used in financial services, for example, by considering new capabilities, deployments and use cases as well as technical developments where relevant;
	to discuss the benefits, risks and challenges arising from the use of AI. Such benefits, risks and challenges may be with respect to financial services firms or with respect to the wider financial system; and
	to inform the BoE&apos;s approach to addressing risks and challenges, and promoting the safe adoption of AI.

Membership of the consortium is at the BoE&apos;s invitation following a selection process. A consortium membership call for interest explains that applications to join the consortium can be submitted until November 8, 2024.]]></description>
					      
						      <pubDate>Wed, 25 Sep 2024 11:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Establishes-Artificial-Intelligen</guid>
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					      <title>UK Financial Conduct Authority Speech on Evolving Approach to Enforcement</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Speech-on-Evolving</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a speech by Therese Chambers, FCA Joint Executive Director of Enforcement and Market Oversight, on the FCA&apos;s evolving approach to enforcement.

The FCA is adapting its approach to enforcement to meet evolving threats and maximise the deterrent effect. It has more than doubled its trading data coverage to around 1 billion records per day, and its systems can interrogate data across multiple asset classes quickly. The Cyber Forensics Unit is equipped with the latest technology and expertise to handle complex digital forensic tasks, and the FCA is improving those capabilities all the time. Going forwards, the FCA&apos;s approach will be ever more data and technology driven, and Ms Chambers strongly encourages firms to collaborate with the FCA in this.

Read more.]]></description>
					      
						      <pubDate>Tue, 24 Sep 2024 11:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Speech-on-Evolving</guid>
				    </item>
			
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					      <title>UK Payment Systems Regulator Publishes Policy Statement and Guidance on the Identification of Authorized Push Payment Scams and Civil Disputes</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Publishes-Policy-St</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator has published a policy statement and draft guidance to support payment service providers in assessing whether an authorized push payment scam claim raised by a consumer is not reimbursable under the Faster Payments Scheme and CHAPS reimbursement rules because it is a private civil dispute. By private civil dispute the rules mean a dispute between a consumer and payee which is a private matter between them for resolution in the civil courts, rather than involving criminal fraud or dishonesty. The guidance sets out five high-level factors that PSPs should consider when determining whether a claim is a reimbursable APP scam or a civil dispute.

PSPs should consider all high-level factors and the information provided by the consumer or third party when assessing a claim. Changes to the draft guidance as consulted on include: (i) clarification that the guidance does not set any expectations on consumers; (ii) broadening the guidance where possible to include more detail on peer-to-peer disputes; and (iii) clarification on how to use information from Companies House, as an unverified source of information. The PSR consulted on the draft guidance in July this year.]]></description>
					      
						      <pubDate>Mon, 23 Sep 2024 11:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Publishes-Policy-St</guid>
				    </item>
			
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					      <title>UK Payment Systems Regulator Updates Powers and Procedures Guidance</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Updates-Powers-and-P</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator updated its Powers and Procedures Guidance to reflect recent developments in its processes and structure. The guidance explains: (i) the PSR&apos;s role and its ways of working; (ii) the Financial Services (Banking Reform) Act 2013 legal and regulatory framework under which it operates; (iii) the PSR&apos;s powers to take regulatory action under the FSBRA, how the PSR will decide what, if any, action to take, what processes and procedures it will follow, and how a party can appeal against regulatory action; and (iv) the PSR&apos;s powers to take enforcement action under the FSBRA where it considers that a potential compliance failure has occurred, how it will decide what, if any, enforcement action to take, what processes and procedures it will follow, and how a party can appeal against a decision to impose a penalty or publish details of any compliance failure.

The PSR has also published a response to its October 2023 consultation on the updated guidance. Changes to the guidance include in relation to: (a) the process for opening an investigation; and (b) flexibility for staff deployed on monitoring or enforcement to work across functions. The guidance applies from September 20, 2024.]]></description>
					      
						      <pubDate>Fri, 20 Sep 2024 15:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Updates-Powers-and-P</guid>
				    </item>
			
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					      <title>UK Announces Final Reforms to Financial Services Retail Disclosure Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Announces-Final-Reforms-to-Financial-Services-</link>
					      <description><![CDATA[
Post Brexit, the U.K. Government and Financial Conduct Authority are committed to the ongoing reform programme to reinvigorate the U.K.&apos;s capital markets. As part of this, the Government and FCA are committed to replacing EU-inherited consumer cost disclosure regulation with a new framework tailored to U.K. markets and firms, and removing the legal uncertainties that arose from the EU Packaged Retail and Insurance-Based Investment Products Regulation, particularly as to the scope of instruments captured. HM Treasury and the FCA have announced final plans to reform U.K. retail disclosure rules. HM Treasury plans to replace the EU-inherited PRIIPs Regulation with a new framework for Consumer Composite Investments (CCIs). HM Treasury aims to lay legislation as soon as possible to provide the FCA with the appropriate powers to deliver this reform. The new CCI regime will deliver more tailored and flexible rules which will address concerns across industry with current disclosure requirements, including for costs.

Read more.]]></description>
					      
						      <pubDate>Thu, 19 Sep 2024 15:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Announces-Final-Reforms-to-Financial-Services-</guid>
				    </item>
			
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					      <title>UK Payment Systems Authority Consults on Draft Statement of Policy on its Cost Benefit Analysis Framework</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Authority-Consults-on-Draft-St</link>
					      <description><![CDATA[
The Payment Systems Authority has published a consultation paper on a draft statement of policy on its cost benefit analysis (CBA) framework. The draft statement builds on and replaces the draft CBA framework published earlier this year, and explains the PSR&apos;s approach to CBAs and how the CBA framework in this document helps the PSR develop policies with a positive impact. The draft statement of policy also:


	Sets out the purposes of the PSR&apos;s CBAs and how it sees them being applied in the most useful way.
	Explains the typical circumstances in which the PSR develops and publishes CBAs.
	Presents the scope and high-level methodology of the PSR&apos;s CBAs, including the questions it tries to answer and how the PSR goes about answering them.
	Describes how the PSR develops CBAs.


The deadline for comments is November 3, 2024. The PSR aims to publish its final statement of policy at the end of the year.]]></description>
					      
						      <pubDate>Wed, 18 Sep 2024 14:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Authority-Consults-on-Draft-St</guid>
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					      <title>UK Financial Conduct Authority Review of Implementation of Price and Value Outcome Under Consumer Duty</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Review-of-Implemen</link>
					      <description><![CDATA[
The Financial Conduct Authority has published its findings from the first year of the implementation of the price and value outcome under the Consumer Duty. The specific focus of the price and value outcome rules is to ensure that the price a customer pays for a product or service is reasonable compared to the overall benefits they receive. Firms are expected to think about price when assessing fair value, but it should not be the sole consideration. The FCA rules do not set prices, require prices to be low or require firms to charge the same as competitors. However, the FCA requires firms to assess whether they are providing fair value and act if they are not.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Sep 2024 14:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Review-of-Implemen</guid>
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					      <title>UK Financial Conduct Authority Publishes Update on Cash Savings Market</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Update-o</link>
					      <description><![CDATA[
The Financial Conduct Authority has published an update on progress in the cash savings market. This update provides further detail on how the cash savings market has developed since the FCA&apos;s update in December 2023. Specifically, the update considers the progress that has been made in respect of the points identified by the FCA in its July 2023 Review. In this update, the FCA identifies eight FCA-specific actions that should be helpful for all firms which offer cash savings products and highlights areas where it expects to see further improvements.

Since publication of the review, the FCA has seen improvements in both the rates available to savers and the volume and timing of firms&apos; communications to savings customers. However, despite these improvements, the review of fair value assessments has shown that many firms have found the assessment of value challenging and the largest firms generally continue to pay below the market average for standard easy access products. The FCA reminds firms that they should be carefully reviewing its good and poor practice examples. The FCA also expects firms to improve fair value assessments over time and the FCA will take appropriate action where it considers this is not the case.

The FCA will continue to closely monitor firms&apos; future savings rate changes and will expect a clear explanation where it identifies that a firm has changed its savings rates significantly more quickly and fully in response to interest rate reductions, compared to previous interest rate increases. The FCA explains that while it will continue to monitor how well the savings market is operating, it does not anticipate providing further savings updates unless it identifies further market-wide concerns not addressed within this publication.]]></description>
					      
						      <pubDate>Wed, 18 Sep 2024 14:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Update-o</guid>
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					      <title>UK Prudential Regulation Authority Consults on Restatement of UK Capital Requirements Regulation Rulebook Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a consultation on its proposals to restate, and in some cases modify, the U.K. Capital Requirements Regulation requirements relating to the definition of own funds in its own rulebook. The PRA rules will replace the existing definition of own funds under CRR, which HM Treasury is proposing to revoke under draft legislation published on September 12, 2024 (discussed above).

The PRA proposes to restate in its rules the vast majority of the current U.K. CRR requirements in this area, with some modifications to ensure their operability in the PRA Rulebook, and to omit some provisions that are not necessary or relevant for U.K. firms. The PRA also proposes to make some minor adjustments to enhance the proportionality or transparency of the PRA&apos;s approach covering the following elements of the definition of own funds framework: (i) proportionality in the Pre/Post-Issuance Notification regime; (ii) inclusion of interim profits in Common Equity Tier 1 capital resources; (iii) reduction of Additional Tier 1 and Tier 2 instruments; (iv) clarification of the regulatory capital treatment of non-CET1 shares; (v) a requirement for PRA permission for additional forms of capital reduction; and (vi) permitting the terms governing CET1 instruments to reflect the possibility of (but not commit to) a future capital reduction.

Read more.]]></description>
					      
						      <pubDate>Thu, 12 Sep 2024 17:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority</guid>
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					      <title>UK Prudential Regulation Authority Consults on Streamlining Pillar 2A Capital Framework and Capital Communications Process</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a consultation on streamlining the Pillar 2A capital framework and capital communications process. In addition to PRA-regulated banks, building societies, designated investment firms and PRA-approved or PRA-designated holding companies, the revised rules will also be relevant to Small Domestic Deposit Takers, firms who meet the SDDT criteria and are considering becoming a SDDT and firms that anticipate being subject to the Interim Capital Regime. The deadline for comments is December 12, 2024.

Read more. ]]></description>
					      
						      <pubDate>Thu, 12 Sep 2024 16:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-</guid>
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					      <title>UK Prudential Regulation Authority Publishes Second Near-Final Policy Statement on Implementation of the Basel 3.1 Standards</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Publishes-</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published its second near-final Policy Statement on the implementation of the Basel 3.1 standards. The PRA has decided to move the implementation date by a further six months to January 1, 2026 with a transitional period of 4 years to ensure full implementation by January 1, 2030.

The policy statement provides feedback to responses to the following sections of the PRA&apos;s Consultation Paper 16/22: Chapter 3 - credit risk - standardized approach; Chapter 4 - credit risk - internal ratings based approach; Chapter 5 - credit risk mitigation; Chapter 9 - output floor; Chapter 11 - disclosure (Pillar 3); and Chapter 12 - reporting. The statement also contains feedback to responses on the parts of Pillar 2 relating to the Pillar 2A credit risk methodology, use of IRB approach benchmarks, and the interaction with the output floor.

Read more. 
 ]]></description>
					      
						      <pubDate>Thu, 12 Sep 2024 16:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Publishes-</guid>
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					      <title>UK Prudential Regulation Authority Consults on Simplified Capital Regime for Small Domestic Deposit Takers</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Publishes-Sec</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a consultation on its proposed simplified capital regime and additional liquidity simplifications for small domestic deposit takers. This consultation forms the second phase of the PRA&apos;s simplified prudential regulation for SDDTs, the PRA having already finalised its requirements in relation to non-capital related prudential regulation, along with the criteria that must be met to be a SDDT. Together with the Phase 1 simplifications, the proposals would create a simpler, more certain and less costly capital regime for SDDTs.

Read more. ]]></description>
					      
						      <pubDate>Thu, 12 Sep 2024 16:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Publishes-Sec</guid>
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					      <title>UK Prudential Regulation Authority Consults on Updates to UK Policy Framework for Capital Buffers</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Consults-on-Up</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a consultation on amendments to the U.K. framework on capital buffers under the Capital Requirements (Capital Buffers and Macro-Prudential Measures) Regulations (CBR), which will be revoked. HM Treasury has published a draft statutory instrument that will restate certain of the CBR provisions. Other provisions under the CBR will be transferred to the PRA&apos;s rulebook. The CBR sets out the statutory framework for the Countercyclical Capital Buffer (CCyB), Capital Conservation Buffer (CcoB), Global Systemically Important Institutions (G-SII) buffer, Other Systemically Important Institutions (O-SII) buffer and the Systemic Risk Buffer (SRB).

The PRA&apos;s consultation does not propose changes to its policy approach to capital buffers, but rather streamlines some of its policy materials to enhance usability and clarity. The PRA may make further amendments to its proposals depending on the outcome of HM Treasury&apos;s proposed changes to the CBR. The PRA proposes to: (i) revoke the U.K. Technical Standards on the methodology for the identification of G-SIIs; (ii) introduce a new Statement of Policy (SoP) setting out the PRA&apos;s approach to G-SII identification and buffers, which will replace the aforementioned U.K. Technical Standards and relevant provisions to be revoked in the CBR; (iii) make minor amendments to the PRA&apos;s existing Statements of Policy on O-SII designation and O-SII buffer setting to reflect proposed amendments to the CBR; and (iv) make minor consequential amendments to PRA rules that refer directly to the current CBR.

The deadline for responses to the PRA&apos;s consultation is December 12, 2024. The PRA proposes that the implementation date for the changes will be Q2 2025.]]></description>
					      
						      <pubDate>Thu, 12 Sep 2024 12:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Consults-on-Up</guid>
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					      <title>HM Treasury Publishes Policy Update on Applying the Financial Services and Markets Act 2000 Model to the UK Capital Requirements Regulations</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Policy-Update-on-Applying-t</link>
					      <description><![CDATA[
HM Treasury has published a policy update to confirm its legislative approach for applying the &quot;FSMA model&quot; to the assimilated EU capital requirements regime under the U.K. Capital Requirements Regulation and Capital Buffers Regulations. The application of the Financial Services and Markets Act model, which transfers firm-facing rulemaking powers to the regulators, will take place in three stages. HM Treasury will: (i) revoke articles of the U.K. CRR which the U.K. Prudential Regulation Authority will replace with rules in order to implement the Basel 3.1 package; (ii) revoke any U.K. CRR provisions left on the statute book following Basel 3.1 implementation and revoke and restate (with modifications) the CBR; and (iii) publish new legislation to: (a) restate the U.K. CRR equivalence regimes in legislation (with the exception of the Article 142 regime); (b) restate (with certain modifications) key U.K. CRR definitions which are needed to ensure that the overall framework continues to operate as intended; and (c) make any consequential amendments to other parts of the statute book which will be needed once the U.K. CRR has been completely revoked.

Read more.]]></description>
					      
						      <pubDate>Thu, 12 Sep 2024 12:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Policy-Update-on-Applying-t</guid>
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					      <title>UK Financial Conduct Authority Publishes Guidance on Approach to Recognition of Funds under the Overseas Funds Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published guidance to assist firms in making an application for an overseas investment fund to be recognised under the Overseas Funds Regime. The OFR will allow certain investment funds established outside the U.K. to be promoted in the U.K., including to retail clients. At the outset, the OFR will be available to most funds established in EEA and EU member states that have been authorised under the Undertakings for Collective Investment in Transferable Securities Directive (other than EEA UCITS that have been authorised as money market funds).

The FCA provides details of the application process and sets out the standards required of funds to be eligible for the regime, including that they are managed in the best interests of investors, hold appropriate investments that align with a clear investment objective and policy and demonstrate good governance. The FCA sets out certain features that funds may exhibit that are unlikely to be compatible with its standards. These include: (i) funds with unsuitable names; (ii) funds that have economic exposure to cannabis-related investments; (iii) funds that have exposure to crypto-currency; (iv) funds that have exposure to contingent convertible bonds; and (v) liquid funds that charge permanent redemption/exit charges.

Read more.]]></description>
					      
						      <pubDate>Thu, 12 Sep 2024 11:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes</guid>
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					      <title>UK Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024 Published</title>
					      <link>https://finreg.aoshearman.com/UK-Trade-Aircraft-and-Shipping-Sanctions-Civil-En</link>
					      <description><![CDATA[
The Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024 (together with explanatory memorandum) have been laid in Parliament. The Regulations equip the soon to be launched Office of Trade Sanctions Implementation (OTSI) with its civil enforcement powers. Breach of trade, aircraft and shipping sanctions is already a criminal offence, but it is hoped the introduction of civil penalties will strengthen the U.K. government&apos;s enforcement capability. OTSI will be responsible for the civil enforcement of certain trade sanctions as they relate to U.K. services and overseas trade with a U.K. nexus. The office will be able to impose monetary penalties of up to &amp;pound;1 million, or 50% of the estimated value of the breach, whichever is higher. Where a civil monetary penalty can be imposed, breaches may be determined on a &apos;strict liability&apos; basis. OTSI will also be empowered to make public disclosure of breaches. The Regulations introduce reporting obligations for relevant persons, and powers to request information. Failure to comply with either of these can amount to a criminal offence. The powers will come into effect on 10 October. To assist people in complying with the new regulations, the Department for Business and Trade has published statutory guidance. It covers the prohibitions and requirements imposed by the regulations and provides guidance on compliance, enforcement and the circumstances where they do not apply.]]></description>
					      
						      <pubDate>Thu, 12 Sep 2024 10:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Trade-Aircraft-and-Shipping-Sanctions-Civil-En</guid>
				    </item>
			
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					      <title>UK Financial Conduct Authority Consults on New Regulatory Reporting Return for Consumer Credit Firms</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-New-Re</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a consultation paper on a new regulatory reporting return for consumer credit firms engaging in any one, or more, of the regulated activities of credit broking, providing credit information services, debt adjusting and debt counselling services. If introduced, the new return will replace some of the existing returns for these activities. The return will include the following five mandatory sections of questions for all firms in scope: (i) permissions - regarding the regulated activities firms have undertaken in the past 12 months; (ii) business model - regarding the financial products, goods, and/or services that firms are providing; (iii) marketing - regarding the channels firms are using to target consumers; (iv) revenue - total revenue from credit-related activities and non-credit related activities; and (v) employees - regarding the number of employees and incentive and remuneration arrangements. Firms will then be presented tailored questions specific to the relevant permissions they hold. The FCA hopes to receive more detailed, accurate, and consistent data from firms through the proposed return, as well as simplifying the experience for firms. This should enable the FCA to accurately identify how firms are using their permissions so that it can better understand which firms are engaging in activities with a higher risk of harm to consumers and how these risks are changing over time. The data will also help the FCA to identify earlier firms that aren&apos;t using their permissions and no longer require authorisation. The deadline for comments is October 31, 2024. The FCA intends to publish a final policy statement in Spring 2025. The FCA proposes that the first reporting period will cover January 1 to December 31, 2025. There will be no change to the reporting frequency for firms.]]></description>
					      
						      <pubDate>Thu, 12 Sep 2024 10:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-New-Re</guid>
				    </item>
			
					 <item>
					      <title>UK Office of Financial Sanctions Implementation Annual Frozen Asset Review</title>
					      <link>https://finreg.aoshearman.com/UK-Office-of-Financial-Sanctions-Implementation-</link>
					      <description><![CDATA[
The Office of Financial Sanctions Implementation has published a financial sanctions notice reminding firms of their annual frozen assets reporting requirement. Every year HM Treasury carries out a review to update its records to reflect any changes to these assets during the reporting period. As part of this review, HM Treasury requests all persons that hold or control funds or economic resources belonging to, owned, held, or controlled by a designated person, to provide a report to OFSI with the details of these assets. The deadline for submission is November 11, 2024. The report must include details of all funds or economic resources frozen in the U.K. as well as those overseas where these funds or economic resources are subject to U.K. financial sanctions legislation. Accounts blocked solely by other national authorities (e.g., Office of Foreign Assets Control) do not need to be reported. The report must include the value of all such assets as at close of business on September 30, 2024. Reports therefore must not be submitted before this date. Firms that submitted a report last year (other than a nil return) and no longer hold the frozen assets should submit a nil return.]]></description>
					      
						      <pubDate>Wed, 11 Sep 2024 16:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Office-of-Financial-Sanctions-Implementation-</guid>
				    </item>
			
					 <item>
					      <title>UK Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2024 Published</title>
					      <link>https://finreg.aoshearman.com/UK-Central-Counterparties-Transitional-Provision-</link>
					      <description><![CDATA[
The U.K. Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2024 (together with explanatory memorandum) have been published. The Regulations come into force on November 29, 2024. The SI:


	extends the temporary recognition regime for overseas central counterparties by 12 months, until December 31, 2026. This will allow overseas CCPs in the regime to continue to offer clearing services in the U.K. whilst they wait for their applications for recognition to be determined by the Bank of England; and
	extends the transitional regime for overseas qualifying central counterparties (QCCPs) contained within the U.K. Capital Requirements Regulation for an additional 12 months. The expiry date of the QCCP transitional regime varies between individual CCPs as it is dependent on when a firm has applied for recognition in the U.K., but the explanatory memorandum notes that for a large percentage of firms this currently expires on December 31, 2024. The extension will ensure that U.K. firms with indirect exposures to the QCCPs within the regime will not face a sudden and disruptive increase in their capital requirements on the expiry of the QCCP transitional regime. HM Treasury has previously extended the temporary recognition regime and the QCCP transitional regime twice, by 12 months each time.

]]></description>
					      
						      <pubDate>Tue, 10 Sep 2024 16:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Central-Counterparties-Transitional-Provision-</guid>
				    </item>
			
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					      <title>UK Prudential Regulation Authority Thematic Findings of Internal Audit Review of the Credit Risk Management Framework</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Thematic-Findi</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has sent a letter to lenders&apos; chief risk officers to share the thematic findings from an internal audit review of non-systemic U.K. deposit takers&apos; credit risk management framework. Approximately two-thirds of the findings related to notable breaches of rules around lending. The PRA considers that its observations reinforce the need for some firms to continue to enhance their portfolio management controls and affordability assessments, with consideration of changes in the macroeconomic environment to ensure that new lending is sustainable. The PRA sets out the key improvements that were identified in the following areas (in priority order based on the number of findings): affordability assessment, quality assurance and underwriting process, quality of management information, credit risk appetite, lending policy and collections. The PRA recommends that lenders use the points outlined in the letter as a reference when they next review and assess their credit risk management framework controls and potential areas that might need strengthening.]]></description>
					      
						      <pubDate>Tue, 10 Sep 2024 16:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Thematic-Findi</guid>
				    </item>
			
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					      <title>UK Prudential Regulation Authority Publishes Direction for Modification by Consent for Leverage Ratio Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Publishes-Dire</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has announced that it is reviewing the leverage ratio requirement thresholds and is offering a modification by consent, where certain conditions are met, to disapply the relevant part of the PRA Rulebook until the review is complete. The modification by consent is available to a firm if it: (i) did not meet the criteria set out in 1.1 of the Leverage Ratio - Leverage Ratio - Capital Requirements and Buffers Part of the PRA Rulebook before September 10, 2024; and (ii) expects to meet the criteria after the next accounting reference date or any accounting reference date before December 31, 2025. This modification will cease to have effect at the end of June 30, 2026, however the PRA may revoke the modification earlier, at an appropriate time following the completion of the review.]]></description>
					      
						      <pubDate>Tue, 10 Sep 2024 15:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Publishes-Dire</guid>
				    </item>
			
					 <item>
					      <title>Euopean Commission report on the future of European competitiveness</title>
					      <link>https://finreg.aoshearman.com/EC-report-on-the-future-of-European-competitivene</link>
					      <description><![CDATA[
The European Commission has published a report on the future of European competitiveness, prepared by Mario Draghi, former President of the European Central Bank. The report aims to set out a new industrial strategy for Europe to overcome barriers to the EU&apos;s competitive strength. It sets out priority proposals in the short and medium term in key strategic sectors. For financial regulation, the report focuses on the completion of the Capital Markets Union and the Banking Union.

Read more.]]></description>
					      
						      <pubDate>Tue, 10 Sep 2024 07:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EC-report-on-the-future-of-European-competitivene</guid>
				    </item>
			
					 <item>
					      <title>UK Financial Conduct Authority Publishes Temporary Measures for Firms on Naming and Marketing Sustainability Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Temporar</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has set out temporary measures to offer firms flexibility to comply with the naming and marketing rules under the Sustainability Disclosure Requirements (SDR) regime, which come into force from December 2, 2024. It has taken longer than expected for some firms to make the required changes to comply with the new regime, so the FCA is offering limited temporary flexibility, until 5pm on April 2, 2025, for firms to comply with the naming and marketing rules set out in ESG 4.3.2R to ESG 4.3.8R.

The temporary relief applies in exceptional circumstances in relation to a U.K. authorised investment fund caught by the regime where the firm: (i) has submitted a completed application for approval of amended disclosures in line with ESG 5.3.2R for that fund by 5pm on October 1, 2024; and (ii) is currently using one or more of the terms &apos;sustainable&apos;, &apos;sustainability&apos; or &apos;impact&apos; (or a variation of those terms) in the name of that fund and is intending either to use a label, or to change the name of that fund. Where firms can comply with the rules without requiring this flexibility, they should do so. The FCA also expects firms to comply with the rules as soon as they can, without waiting until April 2, 2025. The FCA has received queries about the authorisation of mergers, wind-ups or terminations before December 2, 2024 and will take a supportive, proportionate and outcomes-based approach in these circumstances. Firms with questions should contact their supervisor or usual supervisory contact to discuss on a case-by-case basis.]]></description>
					      
						      <pubDate>Mon, 09 Sep 2024 16:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Temporar</guid>
				    </item>
			
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					      <title>UK Financial Conduct Authority Findings from Review into Firm Oversight of Appointed Representatives</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Findings-from-Revi</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published its key findings, good practices and areas for improvement following a review of how principal firms are meeting the FCA&apos;s enhanced appointed representative rules that were introduced in December 2022. Examples of good practice from principals included keeping clear documentation to show compliance with the FCA&apos;s enhanced rules, outlining any material deficiencies in the principal&apos;s AR oversight and proposals to address them, and using a broad range of checks and gathering information to oversee and monitor ARs&apos; activities. Firms are expected to consider the examples of good practice when reviewing their own approach to AR oversight. The FCA found some firms were taking a tick-box approach to complying with its rules, relying on basic information like website checks, or using self-declarations from their ARs, to demonstrate effective oversight. The review also found: (i) 1 in 5 principals had not carried out a required self-assessment or annual review of their ARs; (ii) approximately half of principals were not regularly reviewing their AR agreements; (iii) a third of principals were not using data or management information to keep tabs on whether ARs were acting within the scope of AR agreements; and (iv) most firms had not changed their AR onboarding or termination procedures since the rules were introduced. The FCA states that it has followed up directly with firms in the review and will take swift action where it sees principals not meeting its standards in the future.]]></description>
					      
						      <pubDate>Fri, 06 Sep 2024 09:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Findings-from-Revi</guid>
				    </item>
			
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					      <title>UK Listed Investment Companies (Classification etc) Bill Published</title>
					      <link>https://finreg.aoshearman.com/UK-Listed-Investment-Companies-Classification-etc</link>
					      <description><![CDATA[
The Listed Investment Companies (Classification etc) Bill (with explanatory memorandum) has been published on the U.K. Parliament website, following its first reading in the House of Lords on the same day. The Bill seeks to make provisions about listed investment companies, the classification and characteristics of those companies which regulators must take into account when, among other things, making any rules or guidance. It relates to collective investment undertakings of the closed-end type, the shares of which are admitted to trading on any market or venue operated by a U.K.-recognized investment exchange, known as Listed Closed-End Investment Companies and does not relate to collective investment undertakings other than the closed-end type. The Bill is sponsored by Baroness Bowels of Berkhamsted. The date of the Bills second reading has not yet been announced.]]></description>
					      
						      <pubDate>Thu, 05 Sep 2024 16:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Listed-Investment-Companies-Classification-etc</guid>
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					      <title>Financial Conduct Authority Talks about a Targeted and Outcomes-Based Approach to Tackling Financial Crime</title>
					      <link>https://finreg.aoshearman.com/Financial-Conduct-Authority-Talks-about-a-Targete</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a speech by Sarah Pritchard, FCA Executive Director, Markets and International, on taking a targeted and outcomes-based approach to tackling financial crime. Points of interest in the speech include:


	The FCA is using its powers more assertively than ever. In the last financial year, the FCA charged 21 individuals with financial crime offenses; the highest number of charges it has ever achieved in a single year.
	Using data and technology, the FCA has increased its ability to identify illegal financial promotions, including on social media.
	Using the FCA&apos;s own supervisory reach, the FCA has created a dedicated financial crime function within its Consumer Investments department—an area it has seen evolving threats of financial crime and fraud. Over the past 18 months the team has been out on unannounced spot visits, gathering evidence and intervening to prevent harm by, for example, imposing requirements on firm&apos;s permissions, compelling asset restrictions or banning firms from providing financial services.


Read more.]]></description>
					      
						      <pubDate>Thu, 05 Sep 2024 11:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Conduct-Authority-Talks-about-a-Targete</guid>
				    </item>
			
					 <item>
					      <title>European Central Bank Supervisory Board Speech on Banks&apos; Operational Resilience</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Supervisory-Board-Speech-on</link>
					      <description><![CDATA[
The European Central Bank has published a speech by Frank Elderson, ECB Executive Board member and Supervisory Board Vice-Chair, on banks&apos; operational resilience. Operational resilience has become a key priority for regulators globally. Mr Elderson notes that EU&apos;s Digital Operational Resilience Act, which applies from January 17, 2025, will significantly enhance IT and cyber risk management. However, the ECB&apos;s cyber resilience stress test earlier this year illustrated that there is scope for improvement, and the ECB appeals to Eurozone banks to prioritize operational and cyber resilience.

Read more.]]></description>
					      
						      <pubDate>Wed, 04 Sep 2024 17:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Supervisory-Board-Speech-on</guid>
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					 <item>
					      <title>UK Payments Regulator Consults on Reducing Maximum Level of Reimbursement for APP Scams</title>
					      <link>https://finreg.aoshearman.com/UK-Payments-Regulator-Consults-on-Reducing-Maximu</link>
					      <description><![CDATA[
Following feedback from industry and other stakeholders, the Payments Systems Regulator published a consultation paper on reducing the maximum level of reimbursement for the Faster Payments APP fraud reimbursement limit from &amp;pound;415,000 to &amp;pound;85,000. The APP reimbursement requirement obliges payment services providers to reimburse consumers when a payment is executed over the Faster Payments Scheme and the payment was executed following fraud or dishonesty. The PSR proposes to implement the policy with an initial maximum level of reimbursement set at the Financial Services Compensation Scheme reimbursement limit, which is currently &amp;pound;85,000, per each Faster Payments APP scam claim. The previous maximum reimbursement value of &amp;pound;415,000 matched the Financial Ombudsman Service maximum reimbursement limit at that time (the FOS has since raised it to &amp;pound;430,000). The new reimbursement level would come into effect on October 7, 2024 as planned. No other changes to the reimbursement rules are proposed at this stage.

Read more.]]></description>
					      
						      <pubDate>Wed, 04 Sep 2024 17:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payments-Regulator-Consults-on-Reducing-Maximu</guid>
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					      <title>UK Financial Conduct Authority Reports on Payment Account Access and Closures</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Reports-on-Payment</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a report setting out the findings from its follow-up work on payment account access and closures. The report follows on from the FCA&apos;s 2023 report, UK Payment Accounts: Access and Closures, which detailed findings from an initial review of issues relating to payment account access for both individuals and organizations. The 2023 report arose from the &quot;de-banking&quot; of higher risk or less profitable clients by several institutions and scandals in the U.K. involving account terminations of some politicians.

Read more.]]></description>
					      
						      <pubDate>Wed, 04 Sep 2024 11:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Reports-on-Payment</guid>
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					      <title>UK Financial Services and Markets Act 2023 (Commencement No 7) Regulations 2024 Published</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Services-and-Markets-Act-2023-Commen</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2023 (Commencement No 7) Regulations 2024 (SI 2024/891) have been made. The Regulations revoke certain instruments listed in the Financial Services and Markets Act 2023 relating to securitization, specifically: (i) the Securitisation Regulations 2018; (ii) provisions of the retained EU Securitisation Regulation that have not already been revoked; and (iii) the retained instruments that amended or supplemented the Securitisation Regulation and Capital Requirements Regulation. These instruments are to be revoked so that the new U.K. securitization framework, established under the Securitisation Regulations 2024 can come into force on November 1, 2024 as provided for by the Securitisation (Amendment) Regulations 2024.]]></description>
					      
						      <pubDate>Tue, 03 Sep 2024 09:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Services-and-Markets-Act-2023-Commen</guid>
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					      <title>UK Financial Conduct Authority Confirms Date for Opening of Overseas Funds Regime Gateway to New Schemes</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Confirms-Date-for-</link>
					      <description><![CDATA[
The Financial Conduct Authority has updated its webpage on the Overseas Funds Regime to confirm that it will open the gateway to new schemes on September 30, 2024. From that date, new schemes (schemes not in the Temporary Marketing Permissions Regime) will be able to apply for recognition at any time without a landing slot.

For schemes in the TMPR, landing slots will start in October and will be available for operators of stand-alone EEA UCITS. After that, the FCA intends to issue landing slots to operators of umbrella UCITS by alphabetical order of the fund operator&apos;s name. The FCA explains that the sequence of landing slots will then be staggered monthly to help with operational efficiency.

The OFR is a new gateway through which certain collective investment schemes, domiciled in jurisdictions deemed to be equivalent by the Government, will be able to market to U.K. retail investors upon recognition by the FCA. At the outset, the OFR will be available to most funds established in EEA and EU member states that have been authorized under the UCITS Directive following the Government&apos;s decision to grant equivalence in relation to those funds (excluding money-market funds).]]></description>
					      
						      <pubDate>Thu, 22 Aug 2024 14:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Confirms-Date-for-</guid>
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					      <title>EU Guidelines on Funds&apos; Names Using ESG or Sustainability-Related Terms</title>
					      <link>https://finreg.aoshearman.com/EU-Guidelines-on-Funds-Names-Using-ESG-or-Sustain</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published the official translations of its guidelines on funds&apos; names using ESG or sustainability-related terms. The objective of the guidelines is to ensure that investors are protected against unsubstantiated or exaggerated sustainability claims in fund names, and to provide asset managers with clear and measurable criteria to assess their ability to use ESG or sustainability-related terms in fund names.

The guidelines establish that to be able to use these terms, a minimum threshold of 80 percent of investments should be used to meet environmental, social characteristics or sustainable investment objectives. The guidelines will start applying on November 21, 2024. The transitional period for funds existing before the application date is six months after that date, on May 21, 2025. Any new funds created on or after the application date are expected to apply the guidelines immediately.]]></description>
					      
						      <pubDate>Wed, 21 Aug 2024 11:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Guidelines-on-Funds-Names-Using-ESG-or-Sustain</guid>
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					      <title>UK Payment Systems Regulator Publishes Response to Call for Views on Expanding Variable Recurring Payments</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Publishes-Response-t</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator has published a response to its call for views on proposals for the expansion of variable recurring payments. VRPs allow customers to safely connect authorised payment providers to their bank accounts using open banking so that they can initiate recurring payments (which may be made at flexible intervals and in varying amounts). The Competition and Markets Authority has already mandated nine U.K. banks (the &apos;CMA9&apos;) to implement VRPs for payments between accounts belonging to the same person. The PSR&apos;s proposals would enable payments between accounts in different names (so-called &apos;non-sweeping VRPs&apos;). Phase 1 of the expansion would enable the extension of VRPs to low risk use cases, namely regulated financial services, regulated utilities sectors, and local and central government. The PSR sets out its responses to stakeholder feedback on the key changes required to expand VRPs in this way, including: (i) coordinating the expansion of VRPs through a multilateral agreement - the PSR continues to view an MLA as an efficient way of managing relationships between sending firms and payment initiation service providers, but acknowledges concerns regarding Pay.UK&apos;s capacity to deliver the MLA on time. The PSR will work closely with the VRP implementation group to assess which specific rules an MLA should include and who might be best placed to operate it; (ii) mandated participation - the PSR agrees that the &apos;CMA9&apos; concept should not be used to determine participation in the expanded VRPs and will continue to assess the necessity and scope of mandated participation; and (iii) pricing principles and possible price intervention - the PSR will evaluate different approaches to pricing VRP Application Programming Interface access in Phase 1. The PSR aims to share a set of updated proposals in the autumn.]]></description>
					      
						      <pubDate>Thu, 15 Aug 2024 10:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Publishes-Response-t</guid>
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					      <title>European Banking Authority Sets 2025 Priorities for Resolution Authorities and Reports on the Progress Achieved in 2023</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Sets-2025-Priorities-f</link>
					      <description><![CDATA[
The European Banking Authority published its 2025 European Resolution Examination Programme report. The report sets three priorities for resolution authorities and banks for 2025 and looks at the progress achieved in 2023, identifying any areas of improvement. In 2023, convergence increased within the EU with regards to resolution planning practices and objectives: (i) on the minimum requirement for own funds and eligible liabilities, only four banks did not meet their target as of 1 January 2024; (ii) on the operationalization of the bail-in tool, most resolution authorities have now published their bail-in mechanics and consider that certain challenges (e.g., the identification of holders of instruments, suspension of trading and requirements for issuing prospectuses for the new instruments) persist and are particularly prominent in relation to third country stakeholders; (iii) while some progress has been observed in the area of liquidity in resolution, resolution authorities plan to further increase the intensity of their testing and to challenge the severity of banks&apos; scenarios; and (iv) resolution authorities have performed further testing of management information systems for valuation as some banks showed significant gaps in data quality, automation, granularity and timeliness of report delivery.

Read more.]]></description>
					      
						      <pubDate>Tue, 13 Aug 2024 14:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Sets-2025-Priorities-f</guid>
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					      <title>European Banking Authority Publishes Final Draft Regulatory Technical Standards on Market Risk Framework</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final-Dra</link>
					      <description><![CDATA[
The European Banking Authority has published its final amendments to the Regulatory Technical Standards on the market risk framework, also known as the Fundamental Review of the Trading Book. The EU Capital Requirements Regulation III introduced a number of changes to the FRTB, as implemented in the EU via CRR II, and consequently mandated the EBA to review its RTS in areas where the underlying CRR legal basis has been amended, namely on the treatment of foreign-exchange and commodity risk in the banking book, the profit and loss attribution test, and the risk factor modellability assessment. The EBA&apos;s RTS therefore amend the following: (i) Commission Delegated Regulation (EU) 2022/2059, which sets out the details on the profit and loss attribution test. The amending RTS remove the aggregation formula for computing the total own funds requirements for market risk for an institution using the alternative internal model approach as this formula has been now introduced in the CRR III; (ii) Commission Delegated Regulation (EU) 2022/2060, which relates to the risk factors&apos; modellability assessment. The amending RTS ensure that institutions are able to identify how far they rely on a third-party vendor for the purpose of assessing the modellability of a risk factor; and (iii) Commission Delegated Regulation (EU) 2023/1577, which relates to the treatment of foreign exchange and commodity risk in the non-trading book. The amending RTS ensure that translation risk is duly captured by institutions. The EBA will submit the final draft RTS to the European Commission for endorsement.]]></description>
					      
						      <pubDate>Tue, 13 Aug 2024 14:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final-Dra</guid>
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					      <title>UK Financial Conduct Authority Updates on Consolidated Tapes for Equities and Bonds</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Updates-on-Consoli</link>
					      <description><![CDATA[
The FCA has published two new webpages on its work establishing consolidated tapes for equities and bonds. The final FCA framework for the bond CT was published in December 2023, along with a consultation on proposed payments from the bond consolidated tape provider to data providers, as well as responses to the FCA&apos;s discussion paper on the design of the equities CT. Feedback to the FCA&apos;s discussion paper was divided as to whether, and how much, pre-trade data should be included in an equities CT. The FCA has now appointed consultants to analyse the potential impact of including pre-trade data on the stability and resilience of U.K. equity markets and the outcomes for different types of users of the market. The FCA intends to provide a further update before the end of the year. As regards the bonds CT, the FCA published a Handbook Notice in April 2024 confirming that it would not require the bond CTP to make payments to data providers. The FCA is finalising the tender design to appoint a bond CTP and expects to commence the tender before the end of the year. The FCA requests any who are interested in taking part in the tender process to contact them by September 13, 2024 to allow it to be in contact with all relevant parties when making decisions to finalise the tender process.]]></description>
					      
						      <pubDate>Tue, 13 Aug 2024 13:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Updates-on-Consoli</guid>
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					      <title>European Banking Authority Responds to European Commission&apos;s Delegated Act Postponing Application of Market Risk Framework</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Responds-to-European-C</link>
					      <description><![CDATA[
The European Banking Authority has published a no-action letter in response to the European Commission&apos;s postponement of the application of the revised market risk framework, also known as the Fundamental Review of the Trading Book. In the no-action letter, the EBA recommends that competent authorities should not prioritize any supervisory or enforcement action relating to the amendments to the provisions setting the boundary between the banking and trading books, or those defining internal risk transfers between books. The EBA also clarifies that the points it made in its separate no-action letter on the same topic issued in 2023 should remain applicable. The EBA considers that the front-loaded application of the revised provisions on the boundary and internal risk transfers, compared to the rest of the FRTB framework, would subject institutions to an operationally complex, fragmented, and costly two-step implementation. There are also no jurisdictions at the global level that envisage such a two-step implementation of the FRTB framework. This means that a front-loaded application of the boundary provisions would lead to global institutions being subject to very different regulatory requirements depending on where the risk management is performed, leading to a fragmentation of the regulatory framework. In a separate document, the EBA shares some considerations on technical questions and implementation issues arising from the postponement, that were deemed material and relevant with a view to achieving a harmonised implementation of the market risk framework across institutions during the postponement period. The EBA also provides clarity on the supervisory benchmarking exercise. The EBA considers that a legislative proposal to provide the necessary legal certainty should be introduced by the European Commission, under an accelerated adoption procedure by the European Parliament and the Council of the European Union, if possible.]]></description>
					      
						      <pubDate>Mon, 12 Aug 2024 14:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Responds-to-European-C</guid>
				    </item>
			
					 <item>
					      <title>European Banking Authority Amends Implementing Technical Standards Specifying the Data Collection for the 2025 Benchmarking Exercise</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Amends-Implementing-Te</link>
					      <description><![CDATA[
The European Banking Authority has published its final draft Implementing Technical Standards amending the Implementing Regulation on the benchmarking of credit risk, market risk, and IFRS9 models for the 2025 exercise. The EU Capital Requirements Directive requires competent authorities to conduct an annual assessment of the quality of internal approaches used for the calculation of own funds requirements. To assist competent authorities in this assessment, the EBA calculates and distributes benchmark values to competent authorities that allows a comparison of individual institutions&apos; risk parameters. These benchmark values are based on data submitted by institutions as laid out in Commission Implementing Regulation (EU) 2016/2070 which specifies the benchmarking portfolios, templates and definitions to be used as part of the annual benchmarking exercises. Proposed changes for the 2025 benchmarking exercise include the expansion to all asset classes of the alternative standardised approach validation portfolios. Only minor changes are proposed in relation to credit risk. The EBA notes that the templates based on the alternative internal model approach have not been implemented because of the postponed implementation of the Fundamental Review of the Trading Book in the EU. The EBA has submitted the draft ITS to the European Commission for endorsement.]]></description>
					      
						      <pubDate>Fri, 09 Aug 2024 14:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Amends-Implementing-Te</guid>
				    </item>
			
					 <item>
					      <title>UK Financial Conduct Authority Consults on Enhancing the National Storage Mechanism</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Enhanc</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a consultation on proposals to change the requirements for submitting regulated information to the National Storage Mechanism. The NSM is a free-to-use online archive of company information allowing users to access information about issuers. Regulated information is that disclosed by regulated market issuers in accordance with the Disclosure Guidance and Transparency Rules, Listing Rules, and parts of MAR. The FCA proposes to introduce more comprehensive metadata requirements to improve the functionality of the NSM by making it easier for NSM users to find regulated information. This includes expanding the requirements for the filing of legal entity identifiers and to update some of the headline information that is used to categorize regulated information. The FCA also proposes to standardise the way that Primary Information Providers, those firms approved by the FCA to disseminate regulated information on behalf of issuers, submit information to the NSM using the same standard schema and Application Programming Interface. The FCA states that its proposed changes will enable it to implement improved data quality controls and make it easier for NSM users to find regulated information. The deadline for comments is September 27, 2024.]]></description>
					      
						      <pubDate>Fri, 09 Aug 2024 10:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Enhanc</guid>
				    </item>
			
					 <item>
					      <title>European Commission Provides Further Clarifications on EU Corporate Sustainability Reporting Rules</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Provides-Further-Clarificatio</link>
					      <description><![CDATA[
The European Commission has published a draft Commission Notice on the interpretation of certain legal provisions in the Accounting Directive, Audit Directive, Audit Regulation, Transparency Directive, Regulation (EU) 2023/2772 (which contains the first set of European Sustainability Reporting Standards), and the Sustainable Finance Disclosure Regulation as regards sustainability reporting. The notice contains a set of replies to FAQs clarifying the interpretation of certain provisions introduced by the Corporate Sustainability Reporting Directive with the aim of facilitating their implementation by undertakings. They aim to support stakeholders in the implementation of the EU corporate sustainability reporting rules.

The FAQs include (among others) questions addressing:

	sustainability information reporting under Articles 19a and 29a of the Accounting Directive;
	sustainability information reported under Article 40a of the Accounting Directive;
	assurance of sustainability reporting;
	key intangible resources disclosures;
	additional FAQs on requirements for third-country undertakings; and
	the correlation between indicators published under CSRD and those published under SFDR.

]]></description>
					      
						      <pubDate>Wed, 07 Aug 2024 12:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Provides-Further-Clarificatio</guid>
				    </item>
			
					 <item>
					      <title>European Banking Authority Reports on Creditworthiness Assessment Practices of Non-Bank Lenders</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Reports-on-Creditworth</link>
					      <description><![CDATA[
The European Banking Authority has published a report on the fact-finding exercise on creditworthiness assessment practices of non-bank lenders. The exercise is a follow-up to the Consumer Trends Report published in April 2023. The report summarizes the EBA&apos;s key findings from the exercise, with a view to bringing about more insight into the creditworthiness assessment practices of non-bank lenders, on which potential legislative, regulatory and/or supervisory action can also be drawn in the future. Overall, the EBA found that, while during their creditworthiness assessments some non-bank lenders might service segments of the population that may have limited opportunities to access traditional banks for credit, a significant number of the surveyed non-bank lenders appear to apply inadequate practices for information gathering and verification.

Read more.]]></description>
					      
						      <pubDate>Wed, 07 Aug 2024 10:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Reports-on-Creditworth</guid>
				    </item>
			
					 <item>
					      <title>Bank of England Publishes Resolvability Assessment of Major UK Banks 2024</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Publishes-Resolvability-Assessmen</link>
					      <description><![CDATA[
The Bank of England has published the findings from its second assessment of the eight major U.K. banks under the Resolvability Assessment Framework. The assessment finds that the major U.K. banks have continued to make progress in improving their preparations for resolution, including embedding resolution preparations into their everyday business, and in addressing issues outstanding from the first assessment in 2022. The BoE used the second Resolvability Assessment Framework assessment to assess the major U.K. banks&apos; progress against issues outstanding from the first assessment, and for the first time to test how their preparations for resolution work in practice. The assessment focused on one of the three outcomes major U.K. banks need to achieve to be considered resolvable: having adequate financial resources in the context of resolution. In doing so, the BoE has identified new issues, although it notes that none of these new issues are likely to impede its ability to execute a resolution. Banks are expected, as a priority, to address the feedback from this and the previous Resolvability Assessment Framework assessment and continuously maintain and improve their resolvability capabilities.

Read more.]]></description>
					      
						      <pubDate>Tue, 06 Aug 2024 10:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Publishes-Resolvability-Assessmen</guid>
				    </item>
			
					 <item>
					      <title>House of Lords Committee Re-Opens FCA-Related Inquiries</title>
					      <link>https://finreg.aoshearman.com/House-of-Lords-Committee-Re-Opens-FCA-Related-Inq</link>
					      <description><![CDATA[
The House of Lords Financial Services Regulation Committee announced that it has reopened the following inquiries into:


	The Financial Conduct Authority&apos;s enforcement guidance consultation (CP24/2). The deadline for responding to the call for evidence is now October 11, 2024. The Committee also confirmed that it will invite the FCA to provide oral evidence at a later date.
	The secondary international competitiveness and growth objective given to the FCA and the Prudential Regulation Authority under the Financial Services and Markets Act 2023. The deadline for comments to this call for evidence is November 29, 2024.


The calls for evidence were reopened following the Committee&apos;s reappointment on July 29, 2024. The Committee was dissolved on May 30, 2024, following the dissolution of Parliament.]]></description>
					      
						      <pubDate>Mon, 05 Aug 2024 10:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/House-of-Lords-Committee-Re-Opens-FCA-Related-Inq</guid>
				    </item>
			
					 <item>
					      <title>EU Report on Payment Fraud</title>
					      <link>https://finreg.aoshearman.com/EU-Report-on-Payment-Fraud</link>
					      <description><![CDATA[
The European Central Bank and the European Banking Authority have published a joint report on payment fraud data. The report assesses payment fraud reported by the industry across the EEA and covers semi-annual data reported for the three reference periods H1 2022, H2 2022 and H1 2023, with a focus on the payment instruments of credit transfers, direct debits, card payments (from an EU/EEA issuing perspective), cash withdrawals and e-money transactions. Payment fraud amounted to EUR4.3bn in 2022 and EUR2.0bn in H1 2023.

The report examines the total number of payment transactions and the subset of fraudulent transactions in terms of value and volume. In addition to the aggregated values, the report also presents data based on volumes and sorted by type of payment instruments. The data shows that SCA-authenticated transactions featured lower fraud rates than non-SCA transactions, especially for card payments, both in terms of values and volumes. Furthermore, fraud shares for card payments, both in terms of values and volumes, were ten times higher when the counterpart is located outside the EEA, where the application of SCA is not legally required and may therefore not have been requested. The report considers this proof of the beneficial impact of the SCA requirements. The report also finds that losses due to frauds were distributed differently among liability bearers depending on the payment instrument.

The EBA and the ECB will continue to monitor fraud data and going forward will publish the aggregate data on an annual basis.]]></description>
					      
						      <pubDate>Thu, 01 Aug 2024 15:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Report-on-Payment-Fraud</guid>
				    </item>
			
					 <item>
					      <title>Bank of England Discussion Paper on Approach to Innovation in Money and Payments</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Discussion-Paper-on-Approach-to-I</link>
					      <description><![CDATA[
The Bank of England has published a discussion paper on its proposed approach to innovation in money and payments. It explains that innovations in money and payments present risks and opportunities for central banks&apos; monetary and financial stability objective and that central banks must be quick to engage with them and prepare for their implications. The BoE&apos;s proposed approach includes developing additional functionalities for the Real-Time Gross Settlement service such as extending settlement hours and a synchronization interface that would allow RTGS to connect to external ledgers, including those based on programmable platforms, and settle assets in central bank money.

Central bank money could interact with programmable platforms through the use of so-called &quot;wholesale central bank digital currency&quot; (wCBDC) technologies. To inform this work, the BoE proposes a program of experiments to test the use cases, functionalities and prospective designs of both wCBDC and synchronization, and their relative merits. The BoE seeks views on its overall approach and on specific topics including, the benefits and risks of programmable platforms and the likelihood of them being taken up at scale by wholesale markets; the pace of innovation in private money, particularly commercial bank money; and the use of tokenized deposits and stablecoins for wholesale transactions.

Responses to the BoE&apos;s proposed approach may be submitted until October 31, 2024.]]></description>
					      
						      <pubDate>Tue, 30 Jul 2024 15:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Discussion-Paper-on-Approach-to-I</guid>
				    </item>
			
					 <item>
					      <title>UK Prudential Regulation Authority Publishes Policy Statement on Leverage Ratio Treatment of Omnibus Account Reserves</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Publishes-Pol</link>
					      <description><![CDATA[
The Prudential Regulation Authority has published a policy statement on the leverage ratio treatment of omnibus account reserves and minor amendments to the leverage ratio framework. PRA rules require firms to exclude from the leverage ratio any claims on central banks matched by liabilities in the same currency and of identical or longer maturity. The PRA explains that a new model of reserves holding has emerged where the reserves of several firms are co-mingled in a single account held at the central bank—known as an &quot;omnibus&quot; account. Therefore, the PRA is:


	introducing new rules to apply the exclusion consistently across reserves held on omnibus accounts as well as traditionally-held reserves, with the exclusion of the former subject to specific additional conditions; and
	making minor amendments to SS45/15 and the leverage ratio disclosure and reporting instructions to provide clarification about the PRA&apos;s expectations and ensure consistency with PRA rules.


Read more.]]></description>
					      
						      <pubDate>Mon, 29 Jul 2024 15:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Publishes-Pol</guid>
				    </item>
			
					 <item>
					      <title>Financial Conduct Authority Publishes Call for Input on Requirements Following Introduction of the Consumer Duty</title>
					      <link>https://finreg.aoshearman.com/Financial-Conduct-Authority-Publishes-Call-for-In</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Call for Input on the potential for simplification of existing FCA retail conduct rules and guidance in light of the Consumer Duty. The Consumer Duty was required to be fully implemented by firms by July 31, 2024. The Call for Input responds to concerns voiced by industry about the length and complexity of the FCA&apos;s rules and guidance, which in some cases have been found to overlap with the Consumer Duty.

Read more.
 ]]></description>
					      
						      <pubDate>Mon, 29 Jul 2024 10:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Conduct-Authority-Publishes-Call-for-In</guid>
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					      <title>UK Regulator Finalizes Payment Optionality Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Finalizes-Payment-Optionality-Rules</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a policy statement and final rules that introduce payment optionality for research and trading commissions. The unbundling of research costs from execution commissions has been a controversial topic since the requirements were introduced in 2018 by the second Markets in Financial Instruments Directive. It is widely accepted that these measures have led to a substantial decline in research coverage, in particular for small and medium sized companies. Both the U.K. and the EU had tried a quick fix for the issue by introducing an exemption for SME research, however, that did not improve the research market. The unbundling of research and trading commissions also caused major challenges for U.S. broker-dealers who have had to either register under the Advisers Act or take complex operational steps in order to continue providing research to European investment companies. Following the Investment Research Review, the FCA consulted earlier this year on its proposals for introducing payment optionality and, taking account of feedback, has adjusted the details of some of the guardrails that will apply where firms opt to apply joint payments.

Read more.]]></description>
					      
						      <pubDate>Fri, 26 Jul 2024 16:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Finalizes-Payment-Optionality-Rules</guid>
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					      <title>UK Financial Markets Standard Board Publishes Spotlight Review on Pre-Hedging Practices</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Markets-Standard-Board-Publishes-Spo</link>
					      <description><![CDATA[
The Financial Markets Standard Board has published a spotlight review on pre-hedging practices. The FMSB is examining the practice as it considers, in principal markets, that there remains uncertainty as to how and when pre-hedging may be undertaken, the rationale and client benefits deriving from the activity as well as the distinction between inventory management, pre-hedging and front running. The spotlight review considers trading practices, across the size and liquidity spectrum, in fixed income, FX and exchange traded funds. It also considers evolving risk management practices around new issuances.

The spotlight review supplements existing FMSB guidance applicable to pre-hedging deriving from the FMSB&apos;s Standard for the execution of Large Trades in FICC markets with a series of considerations, derived from case studies, debated by FMSB&apos;s Pre-Hedging Working Group. The spotlight review is intended to advance the industry debate on pre-hedging but not codify standards of behavior. In due course, the FMSB will determine if standard-setting would be beneficial in this area, also taking into account international regulatory developments with regard to pre-hedging.]]></description>
					      
						      <pubDate>Fri, 26 Jul 2024 15:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Markets-Standard-Board-Publishes-Spo</guid>
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					      <title>UK Conduct Authority Consults on Changes to the Derivatives Trading Obligation</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Authority-Consults-on-Changes-to-the-D</link>
					      <description><![CDATA[
The Financial Conduct Authority has launched a consultation on three proposed amendments to different aspects of the U.K. derivatives trading obligation. The consultation is part of the Wholesale Markets Review. The Markets in Financial Instruments Regulation imposes a &quot;trading obligation,&quot; requiring mandatory on-venue trading for financial counterparties and non-financial counterparties where they engage in transactions in derivatives that: (i) have been declared subject to the clearing obligation under the U.K.&apos;s European Market Infrastructure Regulation; (ii) are admitted to trading or traded on at least one U.K. trading venue (a regulated market, multilateral trading facility or organised trading facility) or a third-country equivalent trading venue; and (iii) are sufficiently liquid. Responses to the FCA&apos;s consultation may be submitted until September 30, 2024. The FCA intends to publish its direction on the modification of the DTO in Q4.

Read more.]]></description>
					      
						      <pubDate>Fri, 26 Jul 2024 14:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Authority-Consults-on-Changes-to-the-D</guid>
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					      <title>Financial Conduct Authority Consults on Rules for Admission of Securities to UK Trading Platforms</title>
					      <link>https://finreg.aoshearman.com/Financial-Conduct-Authority-Consults-on-Rules-for</link>
					      <description><![CDATA[
The Financial Conduct Authority has opened a consultation on proposed rules for companies seeking to admit securities to a U.K. regulated market or &quot;primary&quot; multilateral trading facility under the new Public Offers and Admissions to Trading Regulations. The Public Offers and Admissions to Trading Regulations, which were published in January, provide a new framework to replace the U.K. Prospectus Regulation. The FCA proposes to create a new Prospectus Rules: Admission to Trading on a Regulated Market sourcebook, removing the Prospectus Regulation Rules sourcebook. The FCA will also add a new chapter to the Market Conduct sourcebook.

Read more.]]></description>
					      
						      <pubDate>Fri, 26 Jul 2024 14:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Conduct-Authority-Consults-on-Rules-for</guid>
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					      <title>Financial Conduct Authority Consults on New Public Offer Platform Regime</title>
					      <link>https://finreg.aoshearman.com/Financial-Conduct-Authority-Consults-on-New-Publi</link>
					      <description><![CDATA[
The Financial Conduct Authority has launched a consultation on proposed rules for a new public offer platform regime, which will allow public offer platforms to facilitate companies making public offers of securities to investors outside public markets when raising more than &amp;pound;5 million. The new regulated activity was created by the Public Offer and Admissions to Trading Regulations 2024, which will replace the current U.K. Prospectus Regulation. This new activity will supplement existing regulation, such as existing investment-based crowd funding that is already regulated. Firms wishing to operate a public offer platform will either need to vary their permissions, or seek authorization from the FCA.

Read more.]]></description>
					      
						      <pubDate>Fri, 26 Jul 2024 14:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Conduct-Authority-Consults-on-New-Publi</guid>
				    </item>
			
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					      <title>Final Technical Standards on Subcontracting ICT Services Under the EU Digital Operational Resilience Act</title>
					      <link>https://finreg.aoshearman.com/Final-Technical-Standards-on-Subcontracting-ICT-S</link>
					      <description><![CDATA[
The European Supervisory Authorities have published a final report on draft regulatory technical standards to specify the elements that a financial entity needs to determine and assess when subcontracting ICT services supporting critical or important functions as mandated by Article 30(5) of the Digital Operational Resilience Act. The draft RTS set out requirements when the use of subcontracted ICT services supporting critical or important functions or material parts thereof by ICT third-party service providers is permitted by financial entities and set out the conditions applying to such subcontracting. In particular, the draft RTS require financial entities to assess the risks associated with subcontracting during the precontractual phase, which includes the due diligence process.

The draft RTS also set out requirements regarding the implementation, monitoring, and management of contractual arrangements regarding the subcontracting conditions for the use of ICT services supporting critical or important functions or material parts thereof ensuring that financial entities are able to monitor the entire ICT subcontracting chain of ICT services supporting critical or important functions. The ESAs will now submit the draft RTS to the European Commission for adoption.]]></description>
					      
						      <pubDate>Fri, 26 Jul 2024 11:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Technical-Standards-on-Subcontracting-ICT-S</guid>
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					      <title>UK Prudential Regulation Authority Policy Statement on its Approach to Rule Permissions and Waivers</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Policy-Stateme</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a policy statement on its approach to rule permissions and waivers. The policy statement provides feedback to responses the PRA received to CP3/24 published in January. Appendix 1 contains the four responses received to the consultation paper and Appendix 2 contains the PRA&apos;s final statement of policy on the same topic. The statement of policy sets out the PRA&apos;s approach to the granting of rule permissions under section 138BA of the Financial Services and Markets Act 2000, as inserted by FSMA 2023. The PRA explains that following the responses it received to its consultation it has made two amendments to the statement of policy: (i) what the PRA generally expects to include in a subject specific statement of policy; and (ii) that there may be exceptional circumstances where it may be appropriate to grant a s138BA FSMA permission for which it has not set out criteria despite the s138A FSMA statutory tests not being met. The PRA expects these changes to be beneficial to persons subject to PRA rules by making its policy on s138BA FSMA permissions clearer and more transparent. The statement of policy takes immediate effect on publication of this policy statement.]]></description>
					      
						      <pubDate>Thu, 25 Jul 2024 10:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Policy-Stateme</guid>
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					      <title>European Commission Adopts Delegated Regulation Amending EU Capital Requirements Regulation Postponing Application Date of Own Funds Requirement for Market Risk</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Adopts-Delegated-Regulation-A</link>
					      <description><![CDATA[
The European Commission has adopted a Delegated Regulation amending the EU Capital Requirements Regulation with regard to the date of application of the own funds requirements for market risk. In addition, alongside the Delegated Regulation, the Commission has published a related Q&amp;A document. Article 461a of the CRR, as amended by CRR III, requires the Commission to monitor the international implementation of the Basel III Fundamental Review of the Trading Book standards across jurisdictions and includes an empowerment to adopt delegated acts to ensure an international level playing field, if there are significant deviations in implementation by third countries.

Read more.]]></description>
					      
						      <pubDate>Wed, 24 Jul 2024 13:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Adopts-Delegated-Regulation-A</guid>
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					      <title>European Securities and Markets Authority Opinion on the Functioning of the Sustainable Finance Framework</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Opinio</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published an Opinion on the sustainable finance regulatory framework, setting out possible long-term improvements. ESMA acknowledges that while the EU sustainable finance framework is already well developed and includes safeguards against greenwashing, it does believe that, in the longer-term, the framework could further evolve to facilitate investors&apos; access to sustainable investments and support the effective functioning of the sustainable investment value chain. The opinion builds on ESMA&apos;s progress report on greenwashing and the joint opinion of the European Supervisory Authorities on the review of the EU Sustainable Finance Disclosure Regulation. The opinion also represents the last component of ESMA&apos;s reply to the Commission&apos;s request for input related to greenwashing, next to the final report on greenwashing.

Read more.]]></description>
					      
						      <pubDate>Wed, 24 Jul 2024 11:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Opinio</guid>
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					      <title>Financial Conduct Authority Policy Statement on Rules for Access to Cash</title>
					      <link>https://finreg.aoshearman.com/Financial-Conduct-Authority-Policy-Statement-on-R</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a policy statement on the final rules and guidance for a new regulatory regime to support access to cash for the consumers and businesses that rely on it, along with a research note setting out empirical analysis of characteristics associated with cash reliance in the U.K. The policy statement also summarizes the responses the FCA received to its December consultation paper (CP23/29). Overall, most respondents supported the need for a new regulatory regime to protect access to cash. However, on certain issues, there were diverging views between consumer groups and different industry respondents, and the FCA received some challenge on specific rules.

In response to the feedback, the FCA has made changes to the rules it consulted on, including extending the period for banks and building societies to carry out cash access assessments and giving local communities more time to make their case. Firms will also be able to review the provision of identified cash services after two years. In addition, the FCA is providing an eight-week implementation period between publishing the policy statement and the new regime coming into force on September 18, 2024. This is designed to give designated entities time to familiarize themselves with the rules and establish the necessary processes to comply with them.

Read more.]]></description>
					      
						      <pubDate>Wed, 24 Jul 2024 10:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Conduct-Authority-Policy-Statement-on-R</guid>
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					      <title>EU Statement on Transition of OTC-Transactions to New Post-Trade Transparency Regime</title>
					      <link>https://finreg.aoshearman.com/EU-Statement-on-Transition-of-OTC-Transactions-to</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a public statement on the transition to the new regime for post-trade transparency of OTC-transactions in light of the revised Markets in Financial Instruments Regulation. According to Article 21a of MiFIR II, Designated Publishing Entities, when they are party to a transaction, are responsible for making the transaction public through an approved publication arrangement. MiFIR II requires ESMA to establish by September 29, 2024, a public register of all Designated Publishing Entities, specifying their identity and the classes of financial instruments for which they act as Designated Publishing Entities. MiFIR II does not provide for a transitional provision for the application of the Designated Publishing Entities regime for post-trade transparency.

Considering the need to ensure an orderly transition to the Designated Publishing Entities regime, ESMA and national competent authorities have agreed on a two-step approach: (i) ESMA starts publishing the Designated Publishing Entities register on September 29, 2024; and (ii) the new Designated Publishing Entities regime for post-trade transparency becomes fully operational on February 3, 2025. Therefore, ESMA expects that as of February 3, 2025, registered Designated Publishing Entities, which are party to a transaction, will make the transaction public through an APA. At the same time, ESMA expects that the current approach relying on systematic internalisers to make transactions public through an APA should stop applying as of this date.

Read more.]]></description>
					      
						      <pubDate>Mon, 22 Jul 2024 11:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Statement-on-Transition-of-OTC-Transactions-to</guid>
				    </item>
			
					 <item>
					      <title>Financial Stability Board Progress Report on Enhancing Resilience of Non-Bank Financial Intermediation</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Progress-Report-on-Enha</link>
					      <description><![CDATA[
The Financial Stability Board has published a progress report to the G20 on enhancing the resilience of non-bank financial intermediation. The aim of policies by the FSB to enhance NBFI resilience has been to reduce excessive spikes in the demand for liquidity, enhance the resilience of liquidity supply in stress, and enhance risk monitoring and the preparedness of authorities and market participants. The report sets out the recent and ongoing work by the FSB, in collaboration with standard-setting bodies, to enhance the resilience of the NBFI sector. The FSB notes that the design and implementation of NBFI policies continues to advance, albeit at an uneven pace across jurisdictions. The report includes a table which provides an overview of the FSB&apos;s medium-term NBFI work program. The report concludes by outlining further work to assess and address systemic risk in NBFI that the FSB, in collaboration with the standard-setting bodies, will carry out. The work is structured in three main areas: (i) in-depth assessment and ongoing monitoring of vulnerabilities in NBFI; (ii) the development of policies to enhance NBFI resilience; and (iii) the monitoring of the implementation and assessment of the effects of NBFI reforms. The FSB explains that this work will help it to determine whether collectively the reforms have sufficiently addressed systemic risk in NBFI, including whether to develop additional tools for use by authorities.

Read more.]]></description>
					      
						      <pubDate>Mon, 22 Jul 2024 10:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Progress-Report-on-Enha</guid>
				    </item>
			
					 <item>
					      <title>UK Regulator Provides Guidance on Operational Impact of Overseas Funds Applying for Recognition</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Provides-Guidance-on-Operational-Imp</link>
					      <description><![CDATA[
The Financial Conduct Authority has updated its webpage on the overseas funds regime providing guidance on the operational impact for operators of funds in the temporary marketing permissions regime. The FCA explains that for operators of funds in the TMPR that make an application to be recognized in the U.K. under the OFR, it is important for the fund population data at the beginning of the landing slot window to be accurate and stable. The FCA requests operators not to make any changes to the fund population data during the allotted landing slot and to plan accordingly.

Read more.]]></description>
					      
						      <pubDate>Fri, 19 Jul 2024 11:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Provides-Guidance-on-Operational-Imp</guid>
				    </item>
			
					 <item>
					      <title>European Commission Adopts Delegated Regulation Under ELTIF Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Adopts-Delegated-Regulation-U</link>
					      <description><![CDATA[
The European Commission has adopted a Delegated Regulation supplementing the European Long-Term Investment Funds Regulation with regard to regulatory technical standards specifying when derivatives will be used solely for hedging the risks inherent to other investments of the ELTIF, the requirements for an ELTIF&apos;s redemption policy and liquidity management tools, the circumstances for the matching of transfer requests of units or shares of the ELTIF, certain criteria for the disposal of ELTIF assets, and certain elements of the costs disclosure.

Among other things, the adopted legislation sets out the:

	circumstances in which the use of financial derivative instruments for hedging purposes is considered as solely serving the purpose of hedging the risks inherent to the investments of the ELTIF;
	circumstances in which the life of an ELTIF is to be considered compatible with the life cycles of each of its individual assets;
	criteria to be used by the ELTIF managers to determine the minimum holding period referred to in Article 18(2), first subparagraph, point (a), of the ELTIF Regulation;
	minimum content requirements to the full or partial matching of transfer requests of units or shares of the ELTIF by existing and new investors where an ELTIF provides for that possibility under Article 19(2a) of the ELTIF Regulation; and
	criteria for the assessment of the market for potential buyers.

]]></description>
					      
						      <pubDate>Fri, 19 Jul 2024 10:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Adopts-Delegated-Regulation-U</guid>
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					 <item>
					      <title>Bank Resolution (Recapitalisation) Bill 2024-25</title>
					      <link>https://finreg.aoshearman.com/Bank-Resolution-Recapitalisation-Bill-2024-25</link>
					      <description><![CDATA[
Following the King&apos; Speech, the Bank Resolution (Recapitalisation) Bill 2025-25 has been introduced to Parliament. The Bill intends to avoid additional upfront financial costs for the financial services sector, by relying on the existing Financial Services Compensation Scheme funding system where industry is only levied to pay for the costs of failure after the event. Specifically, it: (i) expands the statutory functions of the FSCS, requiring it to provide funds to the Bank of England upon request which could be used to meet certain costs arising from the use of the resolution regime to manage the failure of a bank, building society or PRA-authorized investment firm; (ii) allows for the FSCS to use its levy-raising powers to recover any funds provided to the BoE after a failure event through imposing levies on the banking sector; (iii) extends the BoE&apos;s ability, through explicit provision, to require the issuance of shares in connection with a resolution, to facilitate the BoE&apos;s use of the funds provided by the FSCS to meet a failing bank&apos;s recapitalization costs; and (iv) makes a number of minor and consequential amendments to legislation to support the measures outlined above and ensure FSCS funds can be used effectively in a resolution.]]></description>
					      
						      <pubDate>Thu, 18 Jul 2024 15:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-Resolution-Recapitalisation-Bill-2024-25</guid>
				    </item>
			
					 <item>
					      <title>Payment Systems Regulator Proposes Guidance for Supporting Identification of APP Scams and Civil Disputes</title>
					      <link>https://finreg.aoshearman.com/Payment-Systems-Regulator-Proposes-Guidance-for-S</link>
					      <description><![CDATA[
The Payment Systems Regulator has opened a consultation on draft guidance to support payment service providers in their assessment of whether an authorized push payment scam claim raised by a consumer is not reimbursable under the reimbursement requirement because it is a private civil dispute. Private civil disputes are not reimbursable under the mandatory reimbursement requirement. They most often involve situations where the consumer has not received good or services, or they are defective in some way, and there is no indication of an intent to defraud on the part of the alleged scammer. The APP reimbursement requirement, which applies from October 7, 2024, obliges PSPs to reimburse consumers when a payment is executed over the Faster Payments Scheme and the payment was executed following fraud or dishonesty.

The PSR&apos;s draft guidance sets out a proposed non-exhaustive set of factors a PSP should consider in its assessment, including: (i) the communication and relationship between the consumer and the alleged scammer; (ii) the trading status of the alleged scammer; (iii) the alleged scammer&apos;s capability to deliver the goods or services; and (iv) the extent to which the alleged scammer deceived the consumer as to the intended purpose of the payment. The guidance will apply to claims for payments made via Faster Payments and CHAPS.

The PSR expects sending PSPs to take a proportionate approach to validating claims based on the relative complexity and value of the fraud. PSPs are not expected to undertake complex or resource intensive investigations for simple APP fraud claims. Responses to the consultation may be submitted until August 8, 2024.]]></description>
					      
						      <pubDate>Thu, 18 Jul 2024 13:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Payment-Systems-Regulator-Proposes-Guidance-for-S</guid>
				    </item>
			
					 <item>
					      <title>International Stocktake of Regulatory and Supervisory Initiatives on Nature-Related Financial Risks</title>
					      <link>https://finreg.aoshearman.com/International-Stocktake-of-Regulatory-and-Supervi</link>
					      <description><![CDATA[
The Financial Stability Board has published a stocktake of its member financial authorities&apos; initiatives related to the identification and assessment of nature-related financial risks. The stocktake, which will be delivered to the July 25-26 meeting of G20 Finance Ministers and Central Bank Governors, describes both supervisory and regulatory initiatives, and also central banks&apos; and supervisors&apos; analytical work on whether and how nature degradation, including loss of biodiversity, is a financial risk.

The findings include:

	Financial authorities are at different stages of evaluating the relevance of biodiversity loss and other nature-related risks as a financial risk, with approaches varying, in part due to differing mandates.
	Financial authorities categorize nature-related risks into the same two types of risks typically used in climate-related financial risk analysis: physical and transition risks. However, analytical work faces major data and modelling challenges. Authorities&apos; work to date indicates that financial institutions face large exposures to physical risk via their investments and financing activities, but that analytical work needs to be further developed to better translate estimates of financial exposures into measures of risk. Authorities recognize the strong connections between climate risk and nature, and that more needs to be done to develop a more holistic approach that considers interdependencies between climate- and nature-related financial risks.


Read more.]]></description>
					      
						      <pubDate>Thu, 18 Jul 2024 11:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Stocktake-of-Regulatory-and-Supervi</guid>
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					 <item>
					      <title>UK Financial Conduct Authority Consults on Amendments to Guidance on Treatment of Domestic PEPs</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Amendm</link>
					      <description><![CDATA[
The Financial Conduct Authority has published the findings of its multi-firm review into the treatment of Politically Exposed Persons and launched a consultation on proposed amendments to its related guidance. The review was required under the Financial Services and Markets Act 2023, following concerns from U.K. Parliamentarians that firms were not effectively applying the FCA&apos;s guidance. The FCA found that most firms in its review did not subject PEPs to excessive or disproportionate checks and none would deny them an account based on their status. However the FCA has identified areas for improvement and has called on firms to, among other things: (i) ensure their definition of a PEP, family member or close associate is tightened and in line with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (known as the MLRs) and the FCA&apos;s guidance; (ii) review the status of PEPs and their associates promptly once they leave public office; (iii) communicate to PEPs effectively and in line with the Consumer Duty, explaining the reasons for their actions where possible; (iv) effectively consider the actual level of risk posed by the customer, and ensure that information requests are proportionate to those risks; and (v) improve the training offered to staff who deal with PEPs. The FCA has provided detailed feedback to the firms that were reviewed and in a small number of cases, has instigated an independent and more detailed review of firms&apos; practices.

Read more.]]></description>
					      
						      <pubDate>Thu, 18 Jul 2024 10:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Amendm</guid>
				    </item>
			
					 <item>
					      <title>UK Financial Conduct Authority Policy Statement on Implementing the Overseas Funds Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Policy-Statement-o</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a policy statement on its implementation of the Overseas Funds Regime. The OFR will be a new gateway through which certain collective investment schemes, domiciled in jurisdictions deemed to be equivalent by the Government, will be able to market to U.K. retail investors upon recognition by the FCA. The final policy sets out (i) the information that OFR fund operators will need to submit as part of the recognition process; (ii) ongoing change notification requirements for OFR funds; (iii) disclosure requirements for OFR funds to inform investors about compensation and dispute resolution schemes; and (iv) procedures for suspending and revoking recognition of an OFR fund or censuring its operator or depositary.

Following consultation feedback to CP23/26, the FCA has made changes to the final policy, including: (a) removing the proposed 30-day period between notifying the FCA of changes to OFR funds and when those changes could take effect in the U.K.; (b) providing further explanation and clarification as to which categories of changes should be notified; (c) including guidance relating to additional information in disclosures for fund prospectus&apos; and point of sale information; and (d) clarified which U.K. fund prospectus requirements apply to OFR funds. The final rules will come into force on July 31, 2024. The OFR gateway is expected to open later this year. The FCA advises operators with funds currently in the Temporary Permissions Regime to check their landing slot on the FCA website for details of when they can apply for OFR recognition.]]></description>
					      
						      <pubDate>Wed, 17 Jul 2024 16:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Policy-Statement-o</guid>
				    </item>
			
					 <item>
					      <title>Basel Committee Finalizes Standards for Banks&apos; Crypto-Asset Exposures</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-Finalizes-Standards-for-Banks39-C</link>
					      <description><![CDATA[
The Basel Committee on Banking Standards has published its final disclosure framework for banks&apos; crypto-asset exposures and targeted amendments to its standard for banks exposures to crypto-assets to tighten the criteria for certain stablecoins to receive a preferential regulatory treatment. The final disclosure framework, which is based on the disclosure requirements in the final prudential standard on banks&apos; crypto-asset exposures, includes a standardized table and templates covering banks&apos; crypto-asset exposures. These require banks to disclose qualitative information on their crypto-asset-related activities and quantitative information on the capital and liquidity requirements for their crypto-asset exposures. The targeted amendments to the crypto-asset prudential standard aim to further promote a consistent understanding of the standard, particularly regarding the criteria for stablecoins to receive a preferential &quot;Group 1b&quot; regulatory treatment. Various other technical amendments clarify other aspects of the standard. Both standards have an implementation date of January 1, 2026.]]></description>
					      
						      <pubDate>Wed, 17 Jul 2024 15:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-Finalizes-Standards-for-Banks39-C</guid>
				    </item>
			
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					      <title>European Supervisory Authorities Finalize Second Set of Technical Standards and Guidelines Under Digital Operational Resilience Act</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Finalize-Second-</link>
					      <description><![CDATA[
The European Supervisory Authorities have published the final reports for the second collection of policy materials under the Digital Operational Resilience Act. These are the:

	​Final report on draft regulatory technical standards and implementing technical standards on the content, format, templates and timelines for reporting major ICT-related incidents and significant cyber threats under Article 20 DORA.
	Final report on draft RTS on the harmonization of conditions enabling the conduct of the oversight activities under Article 41(1)(c) DORA.
	Final report on draft RTS on the harmonization of conditions enabling the conduct of the oversight activities under Article 41(1)(a), (b) and (d) of DORA.
	Final report on draft RTS specifying elements related to threat-led penetration tests under Article 26(11) DORA.


Read more.]]></description>
					      
						      <pubDate>Wed, 17 Jul 2024 11:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Finalize-Second-</guid>
				    </item>
			
					 <item>
					      <title>King&apos;s Speech 2024</title>
					      <link>https://finreg.aoshearman.com/King39s-Speech-2024</link>
					      <description><![CDATA[
The King&apos;s speech to Parliament sets out the new government&apos;s legislative program. The government has published background briefing notes relating to the King&apos;s Speech, providing a summary of the legislation to be brought forward. The Bills announced, in relation to financial services, include:


	A Bank Resolution (Recapitalisation) Bill, which would aim to enhance the U.K.&apos;s resolution regime, providing the Bank of England with a more flexible toolkit to respond to the failure of small banks. The Bill would expand the statutory function of the Financial Services Compensation Scheme to provide funds to the BoE upon request, to be used where necessary to support the resolution of a failing bank. The FSCS would then recover the funds provided by charging levies on the banking sector, similar to the current arrangements for funding depositor pay-outs in insolvency. Credit unions will not be in scope of this levy. The BoE will also be provided with the power to require a bank in resolution to issue new shares, facilitating the use of FSCS funds to meet a failing bank&apos;s recapitalization costs.


Read more.]]></description>
					      
						      <pubDate>Wed, 17 Jul 2024 11:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/King39s-Speech-2024</guid>
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					      <title>EU Consultation on Firms&apos; Order Execution Policies Under MiFID Review</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Firms-Order-Execution-Policies</link>
					      <description><![CDATA[
The European Securities and Markets Authority has opened a consultation on proposed draft regulatory technical standards specifying the criteria for establishing and assessing the effectiveness of investment firms&apos; order execution policies, accounting for whether the orders are executed on behalf of retail or professional clients. These proposals arise out of the MiFID Review, and the resulting changes to the Markets in Financial Instruments Regulation and Directive, which were published in March. We discuss these in our bulletin, &quot;MiFID II: the EU&apos;s latest adaptations.&quot; The MiFID II best execution requirements oblige investment firms to obtain the best possible result for their clients when executing client orders, and require execution venues and investment firms to make data relating to the quality of execution of transactions publicly available.

Read more.]]></description>
					      
						      <pubDate>Tue, 16 Jul 2024 15:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Firms-Order-Execution-Policies</guid>
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					      <title>Financial Stability Board Consults on Recommendations to Enhance Cross-Border Payments</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Consults-on-Recommendat</link>
					      <description><![CDATA[
The Financial Stability Board has launched two consultations: the first on proposed recommendations to promote greater alignment in data frameworks related to cross-border payments, and the second on consistency in the regulation and supervision of bank and non-bank payment service providers. First, in relation to data frameworks, the FSB&apos;s recommendations aim to address identified frictions that pose significant challenges to improving the cost, speed, transparency, and accessibility of cross-border payments, while maintaining their safety and security and upholding the objective of protecting the privacy of individuals. These frictions include the misalignment of data in payments that interferes with the smooth processing of cross-border payments, restrictions on data sharing that impede the ability to safely process cross-border payments, and increased costs due to data storage and handling requirements. To take forward these recommendations in a coordinated manner and to identify emerging issues that should be addressed, the FSB proposes the establishment of a forum comprised of public-sector stakeholders covering payments, AML/CFT, sanctions, and data privacy and protection.

Read more.]]></description>
					      
						      <pubDate>Tue, 16 Jul 2024 14:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Consults-on-Recommendat</guid>
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					 <item>
					      <title>UK Regulators Issue Call for Information on &apos;Big Tech&apos; and Digital Wallets</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Issue-Call-for-Information-on-39Big</link>
					      <description><![CDATA[
The Payment Systems Regulator and the Financial Conduct Authority have launched a joint call for information on &quot;big tech&quot; and digital wallets. With the increasing use by consumers of digital wallets provided by big tech firms, the regulators are concerned about the potential risks arising from big tech business models, but are aware also of the opportunities for enhanced payment experiences through the use of digital wallets. The regulators are looking to gather focused information and evidence on issues including:


	the range of benefits that digital wallets bring for service users;
	whether there are any features in the supply of digital wallets that mean payments don&apos;t work as well as they could for consumers and/or businesses;


Read more.]]></description>
					      
						      <pubDate>Mon, 15 Jul 2024 15:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Issue-Call-for-Information-on-39Big</guid>
				    </item>
			
					 <item>
					      <title>UK Policy Statement on APP Scams Reimbursement Compliance and Monitoring</title>
					      <link>https://finreg.aoshearman.com/UK-Policy-Statement-on-APP-Scams-Reimbursement-Co</link>
					      <description><![CDATA[
The Payment Systems Regulator has published its policy statement on compliance and monitoring of the authorized push payment scam reimbursement requirement. As the operator of Faster Payments, Pay.UK is responsible for monitoring all directed payment service providers&apos; compliance with the APP reimbursement rules. Where necessary, and where it has the powers to do so, it will take action to manage compliance.

The PSR&apos;s policy statement confirms the requirement for directed PSPs to register with Pay.UK by August 20, 2024. This is one way that PSPs will identify themselves as in-scope of the policy to Pay.UK and will help facilitate a shared FPS Reimbursement Directory. This directory will enable PSPs to find one another&apos;s contact details so that they can meet the requirements in the FPS reimbursement rules and related policy, and communicate in respect of FPS APP scam claims received. The PSR sets out the data under reporting standard A that sending PSPs in-scope of the policy are required to retain and report to Pay.UK monthly in respect of transactions they have sent, to enable it to effectively monitor compliance with the FPS reimbursement rules. In addition, the PSR states the reasonable limits it is placing on Pay.UK in respect of the use and disclosure of the compliance data it receives. Finally, the PSR set out its approach to requiring PSPs to inform consumers of their rights under the policy.

Read more.]]></description>
					      
						      <pubDate>Fri, 12 Jul 2024 14:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Policy-Statement-on-APP-Scams-Reimbursement-Co</guid>
				    </item>
			
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					      <title>Financial Markets Standards Board Consults on Transparency Draft Standard for Sharing of Standard Settlement Instructions</title>
					      <link>https://finreg.aoshearman.com/Financial-Markets-Standards-Board-Consults-on-Tra</link>
					      <description><![CDATA[
The Financial Markets Standards Board has commenced consulting on a transparency draft of a standard for sharing of standards settlement instructions. The standards settlement instructions specify the &quot;where&quot; of delivery/settlement after the execution of any financial transaction. The most significant cause of fails at the settlement stage, after lack of inventory, is incorrect or missing standards settlement instructions. The FSMB is proposing the standard to mitigate increased inefficiency risks as jurisdictions move to T+1 settlement. The standard aims to increase the adoption of electronic solutions that allow for standardization and pre-authentication of settlement instructions, and which facilitate &quot;straight-through-processing&quot; to improve efficiency of standards settlement instructions management by recipient counterparties and reduce settlement fails through incorrect standards settlement instructions. Where such electronic solutions are not legally or operationally feasible, the standard incorporates templates for manual sharing of standards settlement instructions which incorporate an industry-standard taxonomy (based on ISO 20022), which should minimize ambiguity. The proposal is structured in two main parts: (i) the standard, which sets out core principles for the channels, processes, and governance around sharing of standards settlement instructions; and (ii) standardized templates, based on industry-standard taxonomy, for use in residual cases where standards settlement instructions are sent manually. The deadline for comments is October 18, 2024.]]></description>
					      
						      <pubDate>Fri, 12 Jul 2024 14:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Markets-Standards-Board-Consults-on-Tra</guid>
				    </item>
			
					 <item>
					      <title>EU Artificial Intelligence Act Published</title>
					      <link>https://finreg.aoshearman.com/EU-Artificial-Intelligence-Act-Published</link>
					      <description><![CDATA[
Regulation (EU) 2024/1689 laying down harmonized rules on AI (known as the AI Act) has been published in the Official Journal of the European Union. It aims to protect fundamental rights, democracy, the rule of law, and environmental sustainability from high-risk AI, while boosting innovation and establishing Europe as a leader in the field. The AI Act defines four main players in the AI sector—deployers, providers, importers, and distributors—and establishes obligations for AI systems based on their potential risks and level of impact. The AI Act will enter force on August 1, 2024. Most provisions will apply from August 2, 2026, but some rules will apply earlier: (i) prohibited AI systems will be banned from February 2, 2025; and (ii) penalties and the rules on general-purpose AI models will apply from August 2, 2025.]]></description>
					      
						      <pubDate>Fri, 12 Jul 2024 11:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Artificial-Intelligence-Act-Published</guid>
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					      <title>European Central Bank Report on Bank Digitalization Assessment Criteria</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Report-on-Bank-Digitalizati</link>
					      <description><![CDATA[
The European Central Bank has published a report defining bank digitalization assessment criteria and collection of sound practices. Understanding bank digitalisation and the management of related risks is a key priority of the ECB and the criteria are intended to assess how banks shape, steer and implement their digitalisation strategies, focusing closely on risk identification and mitigation. The criteria and sound practices are grouped into three areas: (i) business model; (ii) governance; and (iii) risk management.

The report also outlines the sound practices the ECB has observed in the digital context. The ECB found that banks demonstrating sound practices assess both the opportunities and risks related to their digital strategy, based on a granular assessment of their business environment. The most advanced digital strategies are those embedded in business or IT strategies, translated into digital initiatives driven by business use cases and technological developments which are then consistently evaluated for efficacy during the execution phase. While most banks have adopted digital solutions to transform their back and front office operations, many have not defined sufficiently granular KPIs, including those assessing the impact of their digital strategies on profit and loss. This means they cannot determine the effectiveness of their strategies and whether they have met their objectives. The ECB states that it will expand the focus of its supervisory work to include reviewing the use of specific technologies more broadly, including the deployment of artificial intelligence and related business use cases.]]></description>
					      
						      <pubDate>Thu, 11 Jul 2024 14:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Report-on-Bank-Digitalizati</guid>
				    </item>
			
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					      <title>Financial Conduct Authority Publishes Final UK Listing Rules</title>
					      <link>https://finreg.aoshearman.com/Financial-Conduct-Authority-Publishes-Final-UK-Li</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a policy statement on the primary markets effectiveness review. The statement summarizes the main feedback from the responses to CP23/31 on the proposed reforms and sets out the final U.K. listing rules. The final rules are broadly as consulted on in CP23/31, with certain amendments that are described in the policy statement. They aim to encourage prospective issuers to choose a U.K. listing by streamlining the rules and removing the &apos;premium&apos; and &apos;standard&apos; listing segments in favour of a new commercial companies&apos; category for equity shares. The new rules also remove the need for votes on significant or related party transactions and offer flexibility around enhanced voting rights. The changes are designed to remove frictions to growth once companies are listed, while continuing to place an emphasis on disclosure so that investors can make properly informed investment decisions. The new rules will come into force on July 29, 2024, when the current Listing Rules sourcebook will cease to have effect and will be replaced by the new Listing Rules sourcebook. The rules will also appear in the FCA Handbook on that date.

Read more.]]></description>
					      
						      <pubDate>Thu, 11 Jul 2024 12:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Conduct-Authority-Publishes-Final-UK-Li</guid>
				    </item>
			
					 <item>
					      <title>European Securities and Markets Authority Consults on MiFID II Review Changes</title>
					      <link>https://finreg.aoshearman.com/European-Securit</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation paper on equity transparency, the volume cap, circuit breakers, Systematic Internalisers, the equity consolidated tape provider, and flags for non-equity transparency. The consultation aims to increase transparency and system resilience in financial markets, reducing reporting burden and promoting convergence in the supervisory approach. This package includes:


	amendments to rules on the liquidity assessment for equity instruments, on equity transparency and on the volume cap;
	a draft of the new ITS on Systematic Internalisers;
	a section on the equity CTP in relation to the input/output data, to ensure full alignment between the transparency requirements and the CTP specifications;
	a section on flags to be used in the post-trade transparency reports for non-equity instruments which was missing in the previous consultation; and
	new rules specifying organizational requirements of trading venues, adding new provisions on circuit breakers and with targeted amendments to adapt to the Digital Operational Resilience Act framework.

The deadline for comments on the technical advice, RTS 1, the RTS on input and output data for CTP, and the flags under RTS 2 is September 15, 2024. The deadline for comments on the SI ITS, RTS 3 and RTS 7 is October 15, 2024. ESMA will prepare a final report and submit to the European Commission the technical advice and the draft technical standards for RTS 1, the whole input and output data RTS and RTS 2 in December, and the remaining mandates in March 2025.]]></description>
					      
						      <pubDate>Wed, 10 Jul 2024 12:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securit</guid>
				    </item>
			
					 <item>
					      <title>European Securities and Markets Authority Issues Public Statement on Use of Collateral by Non-Financial Counterparties Acting as Clearing Members</title>
					      <link>https://finreg.aoshearman.com/European-Securiti</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a public statement on deprioritizing supervisory actions linked to the eligibility of uncollateralised public guarantees, public bank guarantees, and commercial bank guarantees for Non-Financial Counterparties acting as clearing members, pending the entry into force of the latest revisions to the European Market Infrastructure Regulation, known as EMIR 3. We discuss EMIR 3, which is anticipated to enter into force in Q4 2024, in our note &quot;EMIR 3 and Clearing in the EU&quot;.

Read more.]]></description>
					      
						      <pubDate>Wed, 10 Jul 2024 11:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securiti</guid>
				    </item>
			
					 <item>
					      <title>Basel Committee Consults on Principles for the Sound Management of Third-Party Risk</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-Consults-on-Principles-for-the-So</link>
					      <description><![CDATA[
The Basel Committee on Banking Standards has published a consultation on principles for the sound management of third-party risk in the banking sector. The principles address banks&apos; increasing reliance on third-party service providers due to the ongoing digitalization and rapid growth in financial technology, establishing a common baseline for banks and supervisors for the risk management of these arrangements. The consultation consists of 12 high-level principles offering guidance to banks and supervisors on effectively managing and supervising risks from third-party arrangements. The principles introduce the concept of a third-party life cycle and emphasise overarching concepts such as criticality and proportionality. They also address supply chain risk and concentration risk and highlight the importance of supervisory coordination and dialogue across sectors and borders.

While primarily directed at large internationally active banks and their prudential supervisors, the principles also offer benefits to smaller banks and authorities in all jurisdictions. They establish a common baseline for banks and supervisors for the risk management of third parties, while providing the necessary flexibility to accommodate evolving practices and regulatory frameworks across jurisdictions. The deadline for comments is October 9, 2024.]]></description>
					      
						      <pubDate>Tue, 09 Jul 2024 14:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-Consults-on-Principles-for-the-So</guid>
				    </item>
			
					 <item>
					      <title>EU Consultation on Rules to Recalibrate and Further Clarify the Framework Under CSDR Refit</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Rules-to-Recalibrate-and-Furth</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published three consultation papers on different aspects of the Central Securities Depositories Regulation Refit. The proposed rules relate to the information to be provided by EU the Central Securities Depositories to their national competent authorities for the review and evaluation process, the information to be notified to ESMA by third-country CSDs, and the scope of settlement discipline.

The draft rules are set out in three separate consultation papers, covering:

	The review and evaluation process of EU CSDs, suggesting a harmonization of the information to be shared by CSDs on their cross-border activities and the risks to be considered by the relevant authorities for the purpose of feeding the overall assessment of the competent authorities.
	Third-country CSDs, where ESMA is proposing to streamline the information to be notified, aiming for an accurate understanding of the provision of notary, central maintenance and settlement services in the Union, limiting the reporting burden.
	The scope of settlement discipline, covering ESMA&apos;s proposals on the underlying cause of settlement fails that are considered as not attributable to the participants in the transaction, and the circumstances in which operations are not considered as trading.


The deadline for comments is September 9, 2024. Following the consultation, the responses will be assessed to finalize the proposals, before submission to the European Commission in Q1 2025. ESMA states that other consultations about other aspects of CSDR will follow in the coming months.]]></description>
					      
						      <pubDate>Tue, 09 Jul 2024 12:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Rules-to-Recalibrate-and-Furth</guid>
				    </item>
			
					 <item>
					      <title>European Banking Authority Consults on Draft Technical Standards on Credit Valuation Adjustment Risk</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Draft-T</link>
					      <description><![CDATA[
The European Banking Authority has published a consultation paper on draft regulatory technical standards to specify the conditions and the criteria to assess whether the credit valuation adjustment risk exposures arising from fair-valued securities financing transactions are material, as well as the frequency of that assessment. The draft RTS support the revised framework for the determination of own funds requirements for CVA risk introduced under CRR 3, which provides that firms should include SFTs in the calculation where the SFTs are fair valued and the firm&apos;s CVA risk exposures arising from those transactions are material. The concept of materiality set out in the draft RTS will therefore determine whether fair-valued securities financing transactions can be exempted from own funds requirements for CVA risk. The draft RTS included in this consultation paper propose to employ a quantitative approach for the determination of the materiality of such CVA risk exposures. In particular, they propose to perform the assessment on the basis of a ratio that quantifies the amount of CVA risk arising from fair valued SFTs relative to the CVA risk of transactions in scope of the own funds requirements for CVA risk. The draft RTS propose to conduct this assessment on a quarterly basis, to ensure consistency with the regular calculation and reporting cycle of own funds requirements by institutions. Comments may be submitted until October 8, 2024.]]></description>
					      
						      <pubDate>Mon, 08 Jul 2024 14:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Draft-T</guid>
				    </item>
			
					 <item>
					      <title>European Securities and Markets Authority Consults on Liquidity Management Tools for Funds</title>
					      <link>https://finreg.aoshearman.com/strongEuropean-Securities-and-Markets-Authority-C</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published for consultation draft regulatory technical standards and guidelines relating to liquidity management tools under the Alternative Investment Fund Managers Directive and the Undertakings for the Collective Investment in Transferable Securities Directive. The draft RTS will apply to Alternative Investment Fund Managers managing open-ended the Alternative Investment Funds and UCITS. In the draft RTS ESMA defines the constituting elements of each LMT, such as calculation methodologies and activation mechanisms.

ESMA is also consulting on guidelines on LMTs of UCITS and open-ended AIFs, which provide guidance on how managers should select and calibrate LMTs in the light of their investment strategy, their liquidity profile and the redemption policy of the fund.

The draft RTS and guidelines are designed to promote convergent application of the Directives for both UCITS and open-ended AIFs and ensure that EU fund managers are better equipped to manage the liquidity of their funds, in preparation for market stress situations. They also intend to clarify the functioning of specific LMTs, such as the use of side pockets, a practice that currently varies significantly across the EU. The deadline for comments is October 8, 2024. ESMA aims to deliver the final RTS and guidelines by April 16, 2025.]]></description>
					      
						      <pubDate>Mon, 08 Jul 2024 13:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/strongEuropean-Securities-and-Markets-Authority-C</guid>
				    </item>
			
					 <item>
					      <title>EU Proposals on Supervisory Expectations for Management Bodies of Firms Directly Supervised by ESMA</title>
					      <link>https://finreg.aoshearman.com/EU-Proposals-on-Supervisory-Expectations-for-Mana</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation paper on supervisory expectations for the management bodies of firms directly supervised by ESMA, namely credit rating agencies, benchmark administrators of EU critical benchmarks and third-country recognized benchmarks, third-country Tier 2 (i.e., systemically important) CCPs, data reporting service providers, securitisation repositories and trade repositories. The consultation paper sets out ESMA&apos;s supervisory expectations in relation to good practice in governance arrangements, such as on the role, operation, and effectiveness of the management bodies of these entities. The expectations set out in this consultation paper are intended to provide all of ESMA&apos;s supervised entities with the same reference point for ESMA&apos;s expectations regarding governance arrangements. ESMA believes that the publication of these expectations will ensure that all ESMA supervised entities are equally aware of ESMA&apos;s expectations in this area. It will also increase transparency for any potential applicant or future supervised entities as to what ESMA expects in this area.

The deadline for comments is October 18, 2024. ESMA will consider the feedback it receives to the consultation with a view to finalising its supervisory expectations in Q1 2025.]]></description>
					      
						      <pubDate>Mon, 08 Jul 2024 12:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Proposals-on-Supervisory-Expectations-for-Mana</guid>
				    </item>
			
					 <item>
					      <title>UK Financial Conduct Authority Sets Overseas Funds Regime Landing Slots for Funds</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Sets-Overseas-Fund</link>
					      <description><![CDATA[
The Financial Conduct Authority has published information regarding landing slots under the incoming overseas funds regime for firms currently operating under the temporary marketing permissions regime. The landing slots specify the dates when overseas funds operating under the TMPR can apply for &apos;recognised scheme&apos; status under the OFR. The OFR is a new gateway introduced as part of the U.K.&apos;s post-Brexit reforms, granting access to the U.K. market for certain categories of investment funds.

Read more.]]></description>
					      
						      <pubDate>Fri, 05 Jul 2024 12:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Sets-Overseas-Fund</guid>
				    </item>
			
					 <item>
					      <title>Corporate Sustainability Due Diligence Directive Published</title>
					      <link>https://finreg.aoshearman.com/Corporate-Sustainability-Due-Diligence-Directive-</link>
					      <description><![CDATA[
The Corporate Sustainability Due Diligence Directive (Directive (EU) 2024/1760) has been published in the Official Journal of the European Union. The Directive aims to ensure that companies operating in the EU internal market contribute to sustainable development and the sustainability transition by identifying, preventing and mitigating actual or potential adverse human rights and environmental impacts connected with companies&apos; operations, the operations of their subsidiaries and of their business partners in their chain of activities. CSDDD imposes obligations upon large EU and non-EU companies which meet certain conditions on turnover and employee thresholds.

The CSDDD will enter into force on July 25, 2024, and member states have until July 26, 2026 to transpose it into national law. Application will then be on a staggered basis, starting from July 26, 2027, for the largest companies.]]></description>
					      
						      <pubDate>Fri, 05 Jul 2024 09:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Corporate-Sustainability-Due-Diligence-Directive-</guid>
				    </item>
			
					 <item>
					      <title>EU Final Report on Guidelines on Enforcement of Sustainability Information</title>
					      <link>https://finreg.aoshearman.com/EU-Final-Report-on-Guidelines-on-Enforcement-of-S</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report on the guidelines on enforcement of sustainability information and a public statement on the first application of the European Sustainability Reporting Standards. The documents aim to support the consistent application and supervision of sustainability reporting requirements introduced under the EU Corporate Sustainability Reporting Directive.

The Guidelines were mandated under the EU Transparency Directive as amended by CSRD and are designed to build convergence on supervisory practices on sustainability reporting. ESMA has aimed to align them with the existing Guidelines on Enforcement of Financial Information, to ensure that enforcement of sustainability information is consistent with enforcement of financial information and is held to be on a par with such information.

The Standards specify the information that firms subject to the EU Accounting Directive, as amended by CSRD, should report in accordance with sustainability reporting requirements. Through the public statement on the first-time application of the Standards, ESMA intends to support large issuers with the implementation of these new reporting requirements. ESMA will continue to monitor the sustainability reporting practices in 2025 as well as the application of the Guidelines. ESMA will translate the Guidelines into all EU languages and make these translations available on its website. In addition, ESMA will release in Q4 recommendations on the sustainability statements of listed companies in its public statement on the 2024 European Common Enforcement Priorities.]]></description>
					      
						      <pubDate>Fri, 05 Jul 2024 09:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Final-Report-on-Guidelines-on-Enforcement-of-S</guid>
				    </item>
			
					 <item>
					      <title>European Commission Report on EU Whistleblowing Directive</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Report-on-EU-Whistleblowing-D</link>
					      <description><![CDATA[
The European Commission has published a report on the implementation and application of the EU Whistleblowing Directive. The Directive aims to guarantee a high level of balanced and effective protection for persons who report information on breaches of EU law in key policy areas where such breaches may cause harm to the public interest.

Read more.]]></description>
					      
						      <pubDate>Wed, 03 Jul 2024 14:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Report-on-EU-Whistleblowing-D</guid>
				    </item>
			
					 <item>
					      <title>European Systemic Risk Board Assessment of Implementation of its Recommendation on Guidance for Setting Countercyclical Buffer Rates</title>
					      <link>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Assessment-of-Implem</link>
					      <description><![CDATA[
The European Systemic Risk Board has published a report on its second assessment of implementing actions taken by EU Member State bodies responsible for setting the countercyclical buffer rate, following the ESRB&apos;s Recommendation on setting countercyclical buffer rates. The report assesses compliance with the Recommendation, which is addressed to the designated EU Member State bodies, as well as the European Central Bank. The report concludes that the overall level of compliance remains high, with all addressees graded as either fully or largely compliant, and that the deficiencies in compliance identified are not sufficiently material to diminish the efficiency of macro-prudential policies or the single market. The next ESRB follow-up assessment is expected to take place in three years&apos; time, starting from the last reporting deadline.]]></description>
					      
						      <pubDate>Wed, 03 Jul 2024 11:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Assessment-of-Implem</guid>
				    </item>
			
					 <item>
					      <title>Network for Greening the Financial System Reports on Nature-Related Risks</title>
					      <link>https://finreg.aoshearman.com/Network-for-Greening-the-Financial-System-Reports</link>
					      <description><![CDATA[
The Network for Greening the Financial System has published two complementary reports on nature-related risks. The first report is the final version of the Conceptual Framework for nature-related financial risks, which aims to guide policies and action by central banks and financial supervisors. The aim of the framework is to create a common science-based understanding of, and language for, nature-related financial risks among NGFS members that provides greater clarity on the meaning of key concepts and the way these interrelate. The report includes two illustrative cases, which demonstrate how this framework can be applied in practice. The NGFS encourages central banks and supervisors to identify, assess and, where relevant, act on material economic and financial risks stemming from dependencies and impacts on nature and their nexus with climate change. The second report outlines the key emerging trends related to nature-related litigation, including cases concerning biodiversity loss, deforestation, ocean degradation, carbon sinks and plastic pollution. This report argues that nature-related legal actions will likely evolve and grow, taking inspiration from successful climate-related litigation cases, and benefiting from an increasing awareness of the nature crisis. The NGFS considers that, in the coming years, two key categories of nature-related litigation might be expected to develop in particular: (i) an increase in the number of rights-based nature cases against states and public entities; and (ii) an increase in the number of cases based on corporate responsibility. The NGFS encourages central banks, supervisors and financial institutions to closely monitor developments in nature-related litigation.]]></description>
					      
						      <pubDate>Tue, 02 Jul 2024 14:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Network-for-Greening-the-Financial-System-Reports</guid>
				    </item>
			
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					      <title>European Commission Adopts Implementing Regulation Amending Implementing Technical Standards on Mapping Credit Assessments of External Credit Assessment Institutions under the EU Capital Requirements Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Adopts-Implementing-Regulatio</link>
					      <description><![CDATA[
The European Commission has adopted the Commission Implementing Regulation amending the Implementing Technical Standards laid down in Commission Implementing Regulation (EU) 2016/1799 as regards the mapping tables specifying the correspondence between the credit risk assessments of external credit assessment institutions and the credit quality steps set out in the EU Capital Requirements Regulation. The mappings need to be updated as: (i) the quantitative and qualitative factors underpinning the credit assessments of some mappings have changed due to the additional quantitative information collected and the qualitative developments registered by some ECAIs; and (ii) some ECAIs have extended their credit assessments to new market segments, resulting in new rating scales and new credit rating types. The Implementing Regulation will enter into force 20 days after it is published in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Mon, 01 Jul 2024 13:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Adopts-Implementing-Regulatio</guid>
				    </item>
			
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					      <title>UK Financial Conduct Authority Update on Notification of Use of Investment Labels Under Sustainability Disclosure Requirements Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Update-on-Notifica</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has provided an update on how firms should notify the FCA when they are using an investment label under the sustainability disclosure requirements and investment labelling regime. Firms must notify the FCA when using an investment label through the form available on Connect. The labels can be displayed from July 31, 2024 and firms must meet the naming and market EU rules from December 2, 2024. The FCA notes that it does not approve labels, but firms are still required to notify it when they use, revise or stop using a label. The FCA provides the specific steps for notification in relation to four scenarios: (i) an authorized fund that the fund manager considers meets the criteria for a label without the need for changes to the pre-contractual disclosures; (ii) an authorized fund that the fund manager considers requires changes to the pre-contractual disclosures to meet the label criteria; (iii) a new fund that the fund manager considers will meet the label criteria; and (iv) an in-scope unauthorized alternative investment fund looking to use an investment label.]]></description>
					      
						      <pubDate>Mon, 01 Jul 2024 11:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Update-on-Notifica</guid>
				    </item>
			
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					      <title>UK Financial Conduct Authority Publishes Handbook Notice No. 120</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Handbook</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published Handbook Notice No. 120. The Notice sets out the changes to the FCA Handbook made by Handbook Administration (No 70) Instrument 2024. The instrument makes only minor changes to the Fees manual, providing clarification and correcting existing provisions. It came into force on June 28, 2024.]]></description>
					      
						      <pubDate>Fri, 28 Jun 2024 12:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Handbook</guid>
				    </item>
			
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					      <title>European Supervisory Authorities update Q&amp;As on EU Packaged Retail and Insurance-Based Investment Products Regulation Key Information Document</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-update-QampAs-on</link>
					      <description><![CDATA[
The European Supervisory Authorities (the European Securities and Markets Authority, European Banking Authority and European Insurance and Occupational Pension Schemes Authority) have updated their Q&amp;As on the EU Packaged Retail and Insurance-based Investment Products Regulation Key Information Document. A new Q&amp;A has been added, under the heading &quot;General topics&quot;, on whether foreign exchange forwards fall within the scope of the PRIIPs Regulation.]]></description>
					      
						      <pubDate>Fri, 28 Jun 2024 11:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-update-QampAs-on</guid>
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					      <title>European Banking Authority Publishes Final Draft Regulatory Technical Standards on Extraordinary Circumstances for Continuing the Use of Internal Models for Market Risk</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final-</link>
					      <description><![CDATA[
The European Banking Authority has published its final draft regulatory technical standards on the conditions and indicators that the EBA shall use to determine whether extraordinary circumstances have occurred for the purposes of Articles 325az(5) and 325bf(6) of the EU Capital Requirements Regulation. Under the CRR, national regulators may permit institutions to soften or waive the application of certain requirements for the use of internal models in accordance with the Fundamental Review of the Trading Book, under extraordinary circumstances. The draft RTS establish a high-level framework for identifying the occurrence of extraordinary circumstances, setting out conditions that need to be met and indicators that could support the identification of extraordinary circumstances. More specifically, they set out that only a situation of cross-border financial market stress, or a regime shift, can qualify as a situation of extraordinary circumstances, and only subject to the additional condition that this stress or regime shift impacts the validity or suitability of the results of the back-testing or the profit and loss attribution test. The draft RTS will be submitted to the European Commission for endorsement following which they will be subject to scrutiny by the European Parliament and the Council of the European Union before being published in the Official Journal of the European Union. The draft RTS will apply from 20 days after their entry into force.]]></description>
					      
						      <pubDate>Fri, 28 Jun 2024 11:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final-</guid>
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					      <title>European Banking Authority Amends Guidelines on Arrears and Foreclosure Following Changes to Mortgage Credit Directive</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Amends-Guidelines-on-A</link>
					      <description><![CDATA[
The European Banking Authority has published amended guidelines on arrears and foreclosure following the changes introduced in the Mortgage Credit Directive. The amendments are as follows:


	deletion of guideline 4 on the resolution process between creditor and borrower. This reflects the amendment made to Article 28 by the Credit Servicers Directive, which inserted wording into new Article 28(1) that was practically identical to guideline 4. The EBA has also made consequential changes to guideline 5;
	deletion of the material in the guidelines concerning the regime for national competent authorities designated as competent under the MCD that are not also national competent authorities under the EBA Regulation. This regime is no longer needed following amendments to the definition of &quot;competent authorities&quot; in the EBA Regulation made by Regulation (EU) 2019/2175; and
	a new guideline 6 on outsourcing that cross-refers to the EBA guidelines on outsourcing arrangements.

The amendments to the guidelines will apply from two months after publication of the translations into the EU official languages.]]></description>
					      
						      <pubDate>Fri, 28 Jun 2024 11:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Amends-Guidelines-on-A</guid>
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					      <title>UK Financial Conduct Authority Publishes Expectations for Principals of Overseas Appointed Representatives</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Expectat</link>
					      <description><![CDATA[
The Financial Conduct Authority has published guidance on the challenges and expectations for principal firms with overseas appointed representatives. The AR regime allows authorized firms to appoint representatives to conduct certain regulated activities on their behalf. The FCA updated its AR rules and expectations at the end of 2022, which included introducing a requirement for principal firms to report additional information about the business conducted by their ARs and amending its rules and guidance on its expectations of principals and their responsibilities, such as the expectation that principals manage their arrangements with ARs so that there are no conflicts of interest and enhance their monitoring of a delegated task or function, and to specify that the principals&apos; activities should not result in undue risk of harm to consumers or market integrity. The new rules also require principals annually to assess the fitness and propriety and competency and capability of individuals at ARs.

Read more.]]></description>
					      
						      <pubDate>Thu, 27 Jun 2024 12:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Expectat</guid>
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					      <title>UK June Financial Stability Report Published</title>
					      <link>https://finreg.aoshearman.com/UK-June-Financial-Stability-Report-Published</link>
					      <description><![CDATA[
The U.K. Financial Policy Committee has published the financial policy summary and record of the FPC meeting on June 11, 2024, as well as its June financial stability report. The FPC considers the overall risk environment to be broadly unchanged from Q1. Markets continue to price mostly for a benign central case outlook, and some risk premia have tightened even further, despite the global risk environment facing several challenges. Some of these challenges have become more concerning and proximate.

Read more.]]></description>
					      
						      <pubDate>Thu, 27 Jun 2024 12:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-June-Financial-Stability-Report-Published</guid>
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					      <title>European Banking Authority Updates on Own Funds and Eligible Liabilities Instruments</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Updates-on-Own-Funds-a</link>
					      <description><![CDATA[
The European Banking Authority has published an updated report on the monitoring of Additional Tier 1, Tier 2 and total loss absorbing capacity as well as the minimum requirement for own funds and eligible liabilities instruments of EU institutions. The update provides new guidance on the prudential valuation of non-CET1 instruments and on other aspects related to the terms and conditions of the issuances. The report builds upon the 2023 update with substantial amendments made.

Read more.]]></description>
					      
						      <pubDate>Thu, 27 Jun 2024 12:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Updates-on-Own-Funds-a</guid>
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					      <title>European Banking Authority Announces Anti-Money Laundering Priorities for 2024/25</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Announces-Anti-Money-L</link>
					      <description><![CDATA[
The European Banking Authority has published a press release welcoming the entry into force of the new EU framework establishing the Anti-Money Laundering and Countering the Financing of Terrorism Authority. The EBA also published a factsheet on how it is preparing for AMLA. Going forward, the EBA will retain its AML/CFT powers and mandates until December 2025 to minimize disruption and provide continuity, and it will also be working closely with AMLA. In particular, after transferring the powers that are specific to AML/CFT to AMLA, the EBA will remain responsible for addressing ML/TF risk across its prudential remit. The EBA will also be providing the European Commission with technical advice on important aspects of the future EU AML/CFT framework to ensure that AMLA can begin to operate efficiently and effectively as of its establishment. The EBA plans to provide this advice in October 2025. In the press release the EBA sets out its AML and CTF priorities for 2024/25, which include: (i) a methodology for selecting financial institutions for direct EU-level AML/CFT supervision; (ii) a common risk assessment methodology; (iii) information necessary to carry out customer due diligence; and (iv) criteria to determine the seriousness of a breach of AML/CFT provisions.]]></description>
					      
						      <pubDate>Wed, 26 Jun 2024 12:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Announces-Anti-Money-L</guid>
				    </item>
			
					 <item>
					      <title>EU Technical Standards on classification of ICT-Related Incidents, Contractual Arrangements Policy and Risk Management Tools Published</title>
					      <link>https://finreg.aoshearman.com/EU-Technical-Standards-on-classification-of-ICT-R</link>
					      <description><![CDATA[
The following three regulatory technical standards supplementing the Digital Operational Resilience Act have been published in the Official Journal of the European Union:

	RTS on the criteria for the classification of ICT-related incidents and cyber threats, setting out materiality thresholds and specifying the details of reports of major incidents (Delegated Regulation 2024/1772).
	RTS specifying the detailed content of the policy regarding contractual arrangements on the use of ICT services supporting critical or important functions provided by ICT third-party service providers (Delegated Regulation 2024/1773).
	RTS specifying ICT risk management tools, methods, processes and policies and the simplified ICT risk management framework (Delegated Regulation 2024/1774).


The Delegated Regulations will enter into force on July 15, 2024, the twentieth day following their publication in the Official Journal.]]></description>
					      
						      <pubDate>Tue, 25 Jun 2024 12:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Technical-Standards-on-classification-of-ICT-R</guid>
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					      <title>European Banking Authority Publishes Final Draft Implementing Technical Standards on Pillar 3 Disclosure Framework under Third Capital Requirements Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final</link>
					      <description><![CDATA[
The European Banking Authority has finalized its draft implementing technical standards on public disclosures by institutions that implement the changes in the Pillar 3 disclosure framework introduced by the third Capital Requirements Regulation, which stem from the latest Basel III reforms. The ITS implement the CRR III prudential disclosure requirements by including new requirements on output floor, credit risk, market risk, credit valuation adjustment risk, operational risk, and a transitional disclosure on exposures to crypto-assets. In addition, they aim to provide institutions with a comprehensive, integrated set of uniform disclosure formats. The ITS repeal the Commission Implementing Regulation (EU) 2021/637 on public disclosures, with a view to enabling the EBA to comply with its mandate to develop IT solutions, making the technical standards more user-friendly for institutions. Later in 2024, the EBA will complement these ITS with the CRR III disclosure requirements that are not directly linked to Basel III implementation, in particular the extension of the disclosure requirements on environmental, social and governance risks to all institutions in accordance with the proportionality principle, and new disclosure requirements on shadow banking.]]></description>
					      
						      <pubDate>Fri, 21 Jun 2024 16:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final</guid>
				    </item>
			
					 <item>
					      <title>European Banking Authority Final Draft Regulatory Technical Standards for Assessing the Materiality of Extensions and Changes to New Market Risk Internal Models</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Final-Draft-Regulatory</link>
					      <description><![CDATA[
The European Banking Authority has finalized its draft regulatory technical standards on the conditions for assessing the materiality of model extensions and changes to the use of alternative internal models and changes to the subset of the modellable risk factors referred to in Article 325bc under Article 325az(8)(a) of the EU Capital Requirements Regulation. The final draft RTS differentiate between material extensions and changes under the internal models approach, to be approved by national regulators, and non-material extensions and changes, to be notified to national regulators four weeks in advance. This last category is further divided into two subcategories: extensions and changes notified with additional information, and extensions and changes with basic information. For the categorization of extensions and changes to the relevant categories and subcategories, the final draft RTS set out a combination of qualitative and quantitative conditions. In particular, the quantitative conditions aim at assessing the effect of the extension or change on the IMA own funds requirements and on the relevant components of the Fundamental Review of the Trading Book IMA, before and after the planned extension or change. The final draft RTS also include guiding principles that institutions should follow in the categorization process, provisions on the implementation of extensions and changes, and documentation requirements. With the submission of these final draft RTS to the Commission for endorsement, the EBA completes its roadmap on market and counterparty credit risk approaches published on June 27, 2019.]]></description>
					      
						      <pubDate>Thu, 20 Jun 2024 16:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Final-Draft-Regulatory</guid>
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					 <item>
					      <title>UK Financial Conduct Authority Research on Digital Engagement Practices in Trading Apps</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Research-on-Digita</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a research note setting out the outcomes of an experiment to investigate the effect of digital engagement practices on trading behavior. The FCA tested an experimental trading app platform with over 9,000 consumers and found that DEPs, such as push notifications and prize draws, can increase trading frequency and risk taking. These features are able to attract consumer attention while conveying no additional information which could improve trading. The FCA has previously warned stock trading apps to review game-like design features in 2022 ahead of the Consumer Duty&apos;s implementation. In its press release, the FCA has confirmed that with the usage and popularity of trading apps growing, it will be keeping them under review to ensure customers can make investment decisions that suit their needs.]]></description>
					      
						      <pubDate>Thu, 20 Jun 2024 16:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Research-on-Digita</guid>
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					      <title>Council of the European Union Agrees Mandate on Proposed Regulation on Simpler Financial Reporting Requirements</title>
					      <link>https://finreg.aoshearman.com/Council-of-the-European-Union-Agrees-Mandate-on-P</link>
					      <description><![CDATA[
The Council of the European Union agreed its negotiating mandate on the proposed Regulation amending the European Systemic Risk Board (ESRB) Regulation (1092/2010), EBA Regulation (1093/2010), EIOPA Regulation (1094/2010), ESMA Regulation (1095/2010), and InvestEU Regulation ((EU) 2021/523) regarding certain reporting requirements in the fields of financial services and investment support. The proposal updates existing rules on data sharing between the European Supervisory Authorities and other financial sector authorities with the aim of reducing the administrative burden for authorities in the financial sector. Changes to the European Commission proposal highlighted by the Council of the European Union include: (i) clarification that responsibility for the exchange of information should lie with the ESAs and the ESRB, which should share the information received from the national regulators with other ESAs and EU and national authorities and that it should concern only data stemming from reporting requirements under EU, not national, law; and (ii) removing the newly created AML/CTF Authority from the scope of the authorities that are allowed to issue a request for data sharing at this stage, with a reassessment of its inclusion within two years. As the European Parliament adopted its negotiating mandate on March 12, 2024, interinstitutional negotiations may now begin.]]></description>
					      
						      <pubDate>Wed, 19 Jun 2024 16:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Council-of-the-European-Union-Agrees-Mandate-on-P</guid>
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					      <title>Council of the European Union Agrees Mandate on Bank Crisis Management and Deposit Insurance Framework</title>
					      <link>https://finreg.aoshearman.com/Council-of-the-European-Union-Agrees-Mandate-on-B</link>
					      <description><![CDATA[
The Council of the European Union has agreed on a negotiating mandate on the review of the crisis management and deposit insurance framework for banks. The proposals consist of three pieces of legislation, the proposed texts of which the Council has also published: (i) a proposed Directive amending the EU Bank Recovery and Resolution Directive regarding early intervention measures, conditions for resolution, and financing of resolution action; (ii) a proposed Regulation amending the Single Resolution Mechanism Regulation regarding early intervention measures, conditions for resolution, and funding of resolution action; and (iii) a proposed Directive amending the EU Deposit Guarantee Scheme Directive as regards the scope of deposit protection, use of deposit guarantee schemes funds, cross-border cooperation, and transparency. In its announcement, the Council highlights its proposals, including in relation to the public interest assessment, using the DGS funds to &quot;bridge the gap&quot; after the minimum requirement for own funds and eligible liabilities, allowing them to subsequently unlock an intervention of the Single Resolution Fund, the hierarchy of claims, preventative and alternative measures, extraordinary public financial support, and SRB governance. As the European Parliament adopted its position in first reading on April 24, 2024, interinstitutional negotiations may now begin.]]></description>
					      
						      <pubDate>Wed, 19 Jun 2024 16:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Council-of-the-European-Union-Agrees-Mandate-on-B</guid>
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					      <title>Directive on Cross-Border Law Enforcement Access to Bank Account Registries Published in Official Journal of the European Union</title>
					      <link>https://finreg.aoshearman.com/Directive-on-Cross-Border-Law-Enforcement-Access-</link>
					      <description><![CDATA[
Directive (EU) 2024/1654 has been published in the Official Journal of the European Union, amending Directive (EU) 2019/1153 regarding access by national regulators to centralized bank account registries through the interconnection system and technical measures to facilitate the use of transaction records. The amending Directive aims to ensure more effective investigations into illicit finance by making it easier to retrieve data across borders from centralized bank registries. It mandates EU Member States to ensure that the information from centralized registries is available through an access point to be developed and operated by the European Commission. The Directive enters into force on July 9, 2024, 20 days after publication in the Official Journal of the European Union. Member states are required to bring into force the laws, regulations, and administrative provisions necessary to comply with the Directive by July 10, 2027, with the exception of Article 1(4) and (5), which relates to the bank account registers interconnection system, in respect of which member states are required to bring into force the necessary measures by July 10, 2029.]]></description>
					      
						      <pubDate>Wed, 19 Jun 2024 16:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Directive-on-Cross-Border-Law-Enforcement-Access-</guid>
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					 <item>
					      <title>Package of EU Anti-Money Laundering Legislation Published</title>
					      <link>https://finreg.aoshearman.com/Package-of-EU-Anti-Money-Laundering-Legislation-P</link>
					      <description><![CDATA[
A package of anti-money laundering legislation has been published in the Official Journal of the European Union, which includes:

	the Regulation on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (Regulation (EU) 2024/1624) (AML Regulation), which enters into force on July 9, 2024, 20 days after publication in the Official Journal of the European Union. It will apply from July 10, 2027, except in relation to football agents and certain transactions conducted by professional football clubs, to which it will apply from July 10, 2029;
	the Regulation establishing the Anti-Money Laundering Authority (Regulation (EU) 2024/1620) (AMLA Regulation), which enters into force on June 26, 2024, seven days after publication in the Official Journal of the European Union. It will apply from July 1, 2025, with the exception of Articles 1, 4, 49, 53 to 55, 57 to 66, 68 to 71, 100, 101, and 107, which will apply from June 26, 2024, and Article 103, which will apply from December 31, 2025.; and
	the Sixth Money Laundering Directive (MLD6) (Directive (EU) 2024/1640), which enters into force on July 9, 2024, 20 days after publication in the Official Journal of the European Union. Member states are required to bring into force the laws, regulations, and administrative provisions necessary to comply with MLD6 by July 10, 2027, with the exception of Article 74, for which the transposition deadline is July 10, 2025; Articles 11 to 13 and 15, for which the transposition deadline is July 10, 2026; and Article 18, for which the transposition deadline is July 10, 2029. MLD4 will be repealed with effect from July 10, 2027.

]]></description>
					      
						      <pubDate>Wed, 19 Jun 2024 14:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Package-of-EU-Anti-Money-Laundering-Legislation-P</guid>
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					      <title>Third Capital Requirements Regulation and Sixth Capital Requirements Directive Published</title>
					      <link>https://finreg.aoshearman.com/Third-Capital-Requirements-Regulation-and-Sixth-C</link>
					      <description><![CDATA[
The EU has published the final legislation implementing revisions to the EU Capital Requirements Regulation and Capital Requirements Directive (commonly referred to as the EU banking package) in the Official Journal of the European Union, namely:

	a Regulation amending the EU Capital Requirements Regulation regarding requirements for credit risk, credit valuation adjustment risk, operational risk, market risk, and the output floor ((EU) 2024/1623) (CRR III). The Regulation enters into force on July 9, 2024, 20 days after publication in the Official Journal of the European Union. CRR III will apply from January 1, 2025, with the exception of certain specified points of Article 1, which will apply from July 9, 2024; and
	a Directive amending the EU Capital Requirements Directive regarding supervisory powers, sanctions, third-country branches, and environmental, social and governance risks ((EU) 2024/1619) (CRD VI). The Directive enters into force on July 9, 2024, 20 days after publication in the Official Journal of the European Union. Member states are required to adopt and publish the laws, regulations, and administrative provisions necessary to comply with CRD VI by January 10, 2026, and to apply those measures from January 11, 2026, with the exception of Article 1(9) and (13), which shall apply from January 11, 2027. A further exception provides for measures necessary to comply with the amendments set out in Article 1(13) regarding Article 48k and 48l of CRD, which shall apply from January 11, 2026, and Article 1(9) regarding Article 21c(5) of CRD, which shall apply from July 11, 2026.

]]></description>
					      
						      <pubDate>Wed, 19 Jun 2024 13:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Third-Capital-Requirements-Regulation-and-Sixth-C</guid>
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					      <title>Second Edition of Network for Greening the Financial System Guide on Climate-Related Disclosure for Central Banks Published</title>
					      <link>https://finreg.aoshearman.com/Second-Edition-of-Network-for-Greening-the-Financ</link>
					      <description><![CDATA[
The Network for Greening the Financial System has updated its guide on climate-related disclosure for central banks. The guide calls on central banks to disclose their climate-related risks and opportunities. The updated guide is organized around the four thematic areas identified by the Task Force on Climate-Related Financial Disclosures—governance, strategy, risk management, and metrics and targets. It builds on and aims to complement the original TCFD recommendations, providing additional guidance for central banks. The updates include: (i) a new chapter on metrics and targets benefits from the NGFS&apos; work on sustainable and responsible investment; (ii) additional support on the disclosure of internal operations, building on work conducted by the NGFS subgroup on greening central banks&apos; corporate operations; and (iii) new sections on the disclosure on institutional functions, i.e. monetary policy, supervision, financial stability. Looking ahead, the NGFS will build upon the guide to further strengthen its role as a forum for central banks to share their practical experiences and support one another in enhancing their climate-related measures.]]></description>
					      
						      <pubDate>Wed, 19 Jun 2024 09:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Second-Edition-of-Network-for-Greening-the-Financ</guid>
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					      <title>European Commission Announces Delay to Basel Fundamental Review of the Trading Book Market Risk Reforms</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Announces-Delay-to-Basel-Fund</link>
					      <description><![CDATA[
Mairead McGuinness, European Commissioner for Financial Services, Financial Stability and Capital Markets Union, made a speech discussing the importance of continuing to make progress on the Banking Union and CMU. Topics on the Commission&apos;s agenda to continue development include analyzing the EU securitization market. The European Commission will launch a public consultation in the autumn on how to make the market more attractive to issuers and investors. Ms. McGuinness also announces a delay to the date of application of the Basel Comittee on Banking Supervision&apos;s Fundamental Review of the Trading Book market risk reforms by one year, until January 1, 2026. Ms. McGuinness explains that it is now clear there will be a delay in the U.S. in implementing the reforms and therefore a delay in the EU is necessary to ensure a global level playing field. The delay will be adopted by way of a delegated act, which will take a minimum of three months.]]></description>
					      
						      <pubDate>Tue, 18 Jun 2024 16:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Announces-Delay-to-Basel-Fund</guid>
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					      <title>Delegated Regulation Published Supplementing EU Capital Requirements Regulation on Identifying Groups of Connected Clients</title>
					      <link>https://finreg.aoshearman.com/Delegated-Regulation-Published-Supplementing-EU</link>
					      <description><![CDATA[
Commission Delegated Regulation (EU) 2024/1728 has been published in the Official Journal of the European Union, supplementing the EU Capital Requirements Regulation with regard to regulatory technical standards specifying in which circumstances the conditions for identifying groups of connected clients are met. The definition of a group of connected clients in the CRR makes it possible to identify two or more natural or legal persons who are so closely linked by idiosyncratic risk factors that it is prudent to treat them as a single risk. Consequently, the purpose of the RTS is to set out clear circumstances where interconnections between clients by means of a control relationship and/or an economic dependency relationship lead to a single risk and thus a requirement to group those clients. The Delegated Regulation enters into force on July 8, 20 days after publication in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Tue, 18 Jun 2024 15:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Delegated-Regulation-Published-Supplementing-EU</guid>
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					      <title>Bank of England Securities Lending Committee Settlement Efficiency Report</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Securities-Lending-Committee-Sett</link>
					      <description><![CDATA[
The Bank of England&apos;s Securities Lending Committee has published its Settlement Efficiency Report. The findings have been collated by a Working Group since H2 2023. The aim was to highlight the issues around settlement efficiency in the U.K., building on the work conducted by the International Securities Lending Association. The report confirms that the persistent level of settlement failure within the U.K. securities lending market would be significantly reduced with: (i) enhanced static data management; (ii) real-time communication of position-impacting data between parties; (iii) consistent trade and lifecycle event instruction discipline; (iv) increased investment in pre- and post-trade automation; and (v) a market-wide adoption of industry best practices. It lists a series of recommendations on ways to alleviate the current level of settlement fails. The Committee considers that the report can be useful to all market participants, given it relates to achieving a robust settlement rate alongside a more transparent, real-time framework to address failing and failed securities transactions.]]></description>
					      
						      <pubDate>Tue, 18 Jun 2024 15:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Securities-Lending-Committee-Sett</guid>
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					      <title>European Commission Consults on Artificial Intelligence in the Financial Sector</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Consults-on-Artificial-Intell</link>
					      <description><![CDATA[
The European Commission has published a consultation on the use of artificial intelligence in the financial sector. The consultation aims to aid the Commission in developing guidance for the financial sector across all market areas in preparation for the expected adoption of the AI Act in July 2024. The survey covers three aspects: (i) general questions on the development of AI, (ii) specific use cases in finance, and (iii) the AI Act in relation to the financial sector, focusing on the industry&apos;s needs in order to implement the upcoming AI framework. The Commission has specifically requested input from those financial services companies that are actively providing or developing AI technology. The deadline for comments is September 13, 2024. Alongside the consultation, the European Supervisory Authorities will run a series of workshops providing a platform for stakeholders to exchange knowledge about the latest industry developments and present their progress on ongoing projects. The workshops will take place during the Autumn with registration closing on July 26, 2024. If sufficient progress is made, the Commission intends to publish a report on the findings and analysis of main trends and issues arising with the use of AI applications in financial services.]]></description>
					      
						      <pubDate>Tue, 18 Jun 2024 15:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Consults-on-Artificial-Intell</guid>
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					      <title>Delegated Regulation Published on Sustainability Impact Disclosures for Simple, Transparent and Standardized Securitizations under the EU Securitization Regulation</title>
					      <link>https://finreg.aoshearman.com/Delegated-Regulation-Published-on-Sustainability-</link>
					      <description><![CDATA[
Commission Delegated Regulation (EU) 2024/1700 has been published in the Official Journal of the European Union, supplementing the EU Securitization Regulation with regard to RTS specifying, for simple, transparent, and standardized non-asset backed commercial papers traditional securitization, and for STS on-balance-sheet securitization, the content, methodologies, and presentation of information related to the principal adverse impacts of the assets financed by the underlying exposures on sustainability factors, was published in the Official Journal of the European Union. The Capital Markets Recovery Package amended the Securitization Regulation to provide originators of STS securitizations with the option to disclose available information related to the principal adverse impacts on sustainability factors of the assets financed by residential loans, auto loans, or leases. The Delegated Regulation aims to standardize the type and presentation of information an originator may opt to disclose about the adverse impacts of assets financed by underlying exposures, on the environment, and other sustainability factors. The Delegated Regulation also seeks to ensure as much consistency as possible with the European Supervisory Authorities&apos; work in respect of sustainability-related disclosures in financial services under the EU Sustainable Finance Disclosure Regulation. The Delegated Regulation will enter into force on July 9, 2024, 20 days following its publication in the Official Journal of the European Union.]]></description>
					      
						      <pubDate>Tue, 18 Jun 2024 09:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Delegated-Regulation-Published-on-Sustainability-</guid>
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					      <title>European Supervisory Authorities Publish Joint Opinion on the Assessment of the EU Sustainable Finance Disclosure Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Joint-Op</link>
					      <description><![CDATA[
The European Supervisory Authorities have published a joint opinion assessing the EU Sustainable Finance Disclosure Regulation. The opinion proposes simplification of product categories under the existing regulation, following confusion among retail investors about SFDR templates and the labelling of products as &quot;Article 8&quot; or &quot;Article 9&quot; as a method of quality assurance, leading to greenwashing risks. It is argued that disclosures should be jargon free, empowering investors to understand the underlying sustainability profile of financial products. The ESAs recommend the introduction of a product classification system based on regulatory categories or sustainability indicators. The ESAs suggest two product categories, &quot;sustainable&quot; and &quot;transition&quot;. The need for an unambiguous definition of &quot;sustainability&quot; that differentiates between &quot;environmentally&quot; and &quot;socially&quot; sustainable categories is noted. The ESAs strongly recommend the European Commission ensures that sustainability disclosures cater to different investor needs and that the Commission implement a sustainability indicator that grades financial products, indicating whether it is environmentally sustainable, socially sustainable, or both.]]></description>
					      
						      <pubDate>Tue, 18 Jun 2024 09:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Joint-Op</guid>
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					      <title>European Commission Report on Extension of Powers to Adopt Delegated Acts under the EU Market Abuse Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Report-on-Extension-of-Powers</link>
					      <description><![CDATA[
The European Commission has published a report, addressed to the European Parliament and the Council of the European Union, on the delegation of power to adopt delegated acts conferred on the Commission under the EU Market Abuse Regulation. Under Article 35(2), the power to adopt delegated acts is conferred on the Commission for an initial period of five years, ending on December 31, 2024. In the report, the Commission explains why it considers that there is a clear need for the extension of this empowerment for a further period of five years. This is due to there being delegated acts that have not yet been adopted by the Commission—those under Articles 6(6) (extending the exemption from MAR to certain third-country designated public bodies that have entered into an agreement under the EU Emissions Trading Scheme Directive) and 38 (adjusting certain thresholds relating to reporting thresholds) of MAR. The Commission provides reasons as to why these have not yet been adopted and refers to the Listing Act legislative proposal for a Regulation containing amendments to MAR, in which co-legislators have agreed to renew the delegation of powers for a period of five years.]]></description>
					      
						      <pubDate>Mon, 17 Jun 2024 16:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Report-on-Extension-of-Powers</guid>
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					      <title>Delegated Regulation Published Supplementing EU Capital Requirements Regulation on Assessments of Internal Models for Market Risk</title>
					      <link>https://finreg.aoshearman.com/Delegated-Regulation-Published-Supplementing-EU-C</link>
					      <description><![CDATA[
Commission Delegated Regulation (EU) 2024/1085 has been published in the Official Journal of the European Union, supplementing the EU Capital RequirementsRegulation with regard to regulatory technical standards on the assessment methodology under which national regulators verify an institution&apos;s compliance with the requirements to use internal models for market risk. The RTS identify all elements that are to be assessed by the national regulator when granting the approval to use an internal model approach to compute the own funds requirements for market risk. They are constituted by three main chapters: (i) assessment of qualitative requirements; (ii) assessment of the internal risk-measurement model used to compute the expected shortfall measure and the stress scenario risk measure; and (iii) assessment of the internal default risk model used to compute the additional own funds requirement for default risk. The Delegated Regulation enters into force on July 7, 2024, 20 days after publication in the Official Journal of the European Union, with the exception of Article 18(1)(a), regarding the environmental risk, Article 18(1)(c)(vii) and Article 18(2)(b)(v), which will apply from January 1, 2025; and Article 21(1)(b), which will apply from January 1, 2026.]]></description>
					      
						      <pubDate>Mon, 17 Jun 2024 16:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Delegated-Regulation-Published-Supplementing-EU-C</guid>
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					      <title>UK Payment Systems Regulator Updates List of Faster Payment Scheme Participants Potentially in Scope of Authorised Push Payment Reimbursement Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Updates-List-of-Fast</link>
					      <description><![CDATA[
The UK Payment Systems Regulator has updated its list of payment service providers that participate in the Faster Payments Scheme, and therefore may fall in scope of Specific Direction 20 and the mandatory authorised push payment fraud reimbursement requirement. The PSR does not guarantee that this is a complete list. Indirect access providers are required to provide monthly updates to the PSR on any changes to the PSPs to which they provide access to FPS.]]></description>
					      
						      <pubDate>Fri, 14 Jun 2024 12:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Updates-List-of-Fast</guid>
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					      <title>Council of the European Union Agrees Negotiating Mandate on Retail Investment Package</title>
					      <link>https://finreg.aoshearman.com/Council-of-the-EuropUnion-Agrees-Negotiating-</link>
					      <description><![CDATA[
The Council of the European Union has announced that it has agreed its negotiating position on the retail investment package and published the relevant texts. The package consists of an amending Directive, known as the Omnibus Directive, which revises existing rules set out in the Markets in Financial Instruments II package, the Insurance Distribution Directive, the Undertakings for the Collective Investment in Transferable Securities Directive, the Alternative Investment Fund Managers Directive, and Solvency II, as well as an amending Regulation, which revises the Packaged Retail and Insurance-based Investment Products Regulation.

Read more.]]></description>
					      
						      <pubDate>Wed, 12 Jun 2024 13:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Council-of-the-EuropUnion-Agrees-Negotiating-</guid>
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					      <title>European Commission Reports on Extending Empowerment to Adopt Delegated Acts Under the Benchmark Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Reports-on-Extending-Empowerm</link>
					      <description><![CDATA[
The European Commission has published a report addressed to the European Parliament and Council of the European Union on the delegation of power to adopt delegated acts conferred on the Commission pursuant to the Benchmark Regulation. Under Article 49(1) of the BMR the Commission was empowered to adopt delegated acts for five years, which could be extended for a further five-year period unless the European Parliament and Council of the European Union oppose it no later than three months before the end of each period. Initially, the five-year period ran from June 30, 2016, until June 30, 2021. Regulation (EU) 2019/2089 amended Article 49(2) of the BMR extending the empowerment to December 10, 2024, and imposed a requirement on the Commission to prepare a report on the delegation of power. The report aims to fulfill that requirement. 

Read more.]]></description>
					      
						      <pubDate>Wed, 12 Jun 2024 10:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Reports-on-Extending-Empowerm</guid>
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					      <title>European Commission Consults on Draft Delegated Regulation for OTC Derivatives Identifying Reference Data</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Consults-on-Draft-Delegated-R</link>
					      <description><![CDATA[
The European Commission has published consultation for a draft Delegated Regulation supplementing the Markets in Financial Instruments Regulation as regards OTC derivatives identifying reference data to be used for the purposes of the transparency requirements laid down in Article 8a(2) and Articles 10 and 21 of MiFIR. Following the MiFIR Review, MiFIR now clarifies that the pre- and post-transparency requirements for non-equity instruments applies to both exchange-traded and OTC derivatives. The post-trade disclosure obligation for investment firms was also amended and that obligation no longer applies to derivatives &quot;traded on a trading venue,&quot; but it does apply to OTC derivatives traded by an investment firm either on its own account or on behalf of clients. The transaction reporting obligation applies to both types of derivatives.

Read more.]]></description>
					      
						      <pubDate>Wed, 12 Jun 2024 10:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Consults-on-Draft-Delegated-R</guid>
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					      <title>Financial Ombudsman Service Announces Continuation of Proactively Settled Complaints Scheme</title>
					      <link>https://finreg.aoshearman.com/Financial-Ombudsman-Service-Announces-Continuatio</link>
					      <description><![CDATA[
The Financial Ombudsman Service has announced that its proactive settlement scheme will continue. The FOS explains that over the last couple of years, it has trialed a new way to help financial businesses and their customers to resolve complaints more quickly. By using &quot;proactive settlement,&quot; financial businesses can make an offer to resolve a complaint before the FOS carries out a full investigation. Following the trial and reviewing feedback from participants, the FOS identified a few ways to improve the process.

From June 24, 2024, the FOS will introduce the following changes:

	For the proactive settlement process to apply, firms must make an offer within 14 days from when the case moves to investigation.
	When the FOS receives an offer, it will assess whether it meets the scheme criteria. If not, the FOS will let the business know why and that it will be investigating the case in the normal way.
	When the FOS communicates the offer to the customer, it will offer them guidance to help them decide whether to accept it.


The FOS has also changed how it works internally to embed the process permanently and ensure it can continue to send offers on to customers promptly. The FOS also updated its webpage on how it handles complaints and its guide on the proactive settlement scheme criteria.]]></description>
					      
						      <pubDate>Wed, 12 Jun 2024 10:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Ombudsman-Service-Announces-Continuatio</guid>
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					      <title>UK Financial Conduct Authority Publishes Mortgage Charter Uptake Data</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Mortgage</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a new webpage on Mortgage Charter Uptake data. The webpage sets out the latest uptake data from firms who have signed the Government&apos;s Mortgage Charter. The Charter was introduced in June 2023 and contains commitments, over and above FCA requirements, made by mortgage lenders. There are 49 signatories, representing around 90% of the mortgage market. Key findings from the data include: (i) data suggesting that a minimum of around 1.1 million mortgages benefited from one or more of the options set out in the Charter, whether explicitly or through a business-as-usual channel; (ii) around 113,000 mortgages have temporarily reduced monthly payments via the new FCA rules; (iii) between July 2023 and April 2024, the monthly payments on around 159,000 mortgages were reduced as people switched to temporarily paying interest-only or extended their mortgage term; and (iv) 91 properties were repossessed within 12 months of missing the first payment; however, firms reported that these were for customer-driven reasons, for example, voluntary possessions or abandoned/vacant properties.

While it continues to ask firms to report on Charter uptake, the FCA plans to continue publishing the data quarterly. The FCA will continue to closely monitor the mortgage market, including through market and consumer level data and firm engagement, using the data on the uptake of the Charter to understand how it has been used and inform its policy and supervisory approach.]]></description>
					      
						      <pubDate>Tue, 11 Jun 2024 10:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Mortgage</guid>
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					      <title>EU Amends Disclosures and Reporting on MREL and TLAC</title>
					      <link>https://finreg.aoshearman.com/EU-Amends-Disclosures-and-Reporting-on-MREL-and-T</link>
					      <description><![CDATA[
Commission Implementing Regulation 2024/1618 amending Implementing Regulation (EU) 2021/763, laying down implementing technical standards on supervisory reporting and public disclosure of MREL and TLAC, has been published in the Official Journal of the European Union. The amending ITS were created in response to changes to the EU Capital Requirements Regulation as well as to clarify requirements in response to the Single Rulebook Q&amp;A process. In particular, the amending ITS adjust the templates and reporting instructions to reflect: (i) the requirement to deduct investments in eligible liabilities instruments of entities belonging to the same resolution group (&quot;daisy chain&quot; framework); (ii) the prior permission regime for buying back eligible liabilities instruments issued by the reporting entities and groups; and (iii) other minor updates to the ITS and the accompanying technical package to address some identified issues. The amending ITS will enter into force on June 27, 2024, and will apply from December 27, 2024.]]></description>
					      
						      <pubDate>Fri, 07 Jun 2024 10:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Amends-Disclosures-and-Reporting-on-MREL-and-T</guid>
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					      <title>EU Consultation on Draft Technical Standards for Operational Risk Loss under Third Capital Requirements Regulation</title>
					      <link>https://finreg.aoshearman.com/EU-sultation-on-Draft-Technical-Standards-for-</link>
					      <description><![CDATA[
The European Banking Authority has opened a consultation on a package of draft regulatory technical standards that aim to standardize the collection and the record of operational risk losses and to provide clarity on the exemptions for the calculation of the annual operational risk loss and on the adjustments to the loss data set that banks must perform in case of merged or acquired entities or activities. The package consists of:


	Draft RTS on establishing a risk taxonomy on operational risk, which provide a list of operational risk event types, categories, and attributes that institutions must use when recording operational risk loss events in line with the current framework and the international standards.
	Draft RTS on the conditions under which it would be unduly burdensome for an institution to calculate the annual operational risk loss. In such cases, the draft RTS allow for a temporary waiver from the requirement to calculate the annual operational risk loss.
	Draft RTS on the adjustments to an institution&apos;s loss data set following the inclusion of losses from merged or acquired entities or activities, which provide indications on the currency and the risk taxonomy to be used when incorporating the loss data set of merged entities or activities.


The deadline for comments is September 6, 2024. The EBA intends to finalize the draft RTS by the end of 2024.]]></description>
					      
						      <pubDate>Thu, 06 Jun 2024 21:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-sultation-on-Draft-Technical-Standards-for-</guid>
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					      <title>UK Prudential Regulation Authority Delays Publication of Second Resolvability Assessment Due to General Election</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Delays-Publica</link>
					      <description><![CDATA[
The Prudential Regulation Authority has published a modification by consent of Rule 4.1 of the Resolution Assessment Part of the PRA Rulebook. The PRA explains that, as with previous general elections, it will be following the Cabinet Office&apos;s election guidance, which includes limiting communications activities until after the election. In line with this approach, the Bank of England and PRA have chosen to delay publication of the second Resolvability Assessment Framework assessment of the major U.K. banks to early August. The publication of the BoE&apos;s assessment was due by June 14, 2024, alongside firms&apos; own public disclosures (as required by Rule 4.1 of the Resolution Assessment Part of the PRA Rulebook). As such, the PRA is offering a modification by consent to delay the deadline for firms to publish their RAF disclosures from the second Friday in June, to the second Friday in August at the latest. Each firm that wishes to take advantage of this modification should consider the terms of the direction.]]></description>
					      
						      <pubDate>Thu, 06 Jun 2024 14:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Delays-Publica</guid>
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					      <title>International Organization of Securities Commissions Report on Trading Venues&apos; Resilience</title>
					      <link>https://finreg.aoshearman.com/International-Orgization-of-Securities-Commissi</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published its final report on market outages. The report examines key findings from recent market outages on listing trading venues in IOSCO jurisdictions and builds on past IOSCO work on operational resilience and business continuity planning to identify good practices for listing trading venues that may enhance market-wide resilience in the event of a market outage.

The good practices include: (a) establishing and publishing an outage plan; (b) implementing a communication plan, which provides, through an appropriate communication channel, initial notice (as soon as practicable) of the outage to market participants and the general public and, thereafter, regular updates to all market participants on the status of the outage and the recovery pathway; (c) communicating information relevant to the reopening of trading in a timely and simultaneous manner to all market participants, providing clarity on the status of orders and ensuring an adequate period of notice before the resumption of trading; (d) ensuring the processes and procedures that trading venues will follow to operate a closing auction and/or to establish alternative closing prices are published in the outage plan and communicated to all market participants during an outage; and (e) conducting and sharing with the relevant regulators a lessons-learnt exercise of the market outage and adopt a post-outage plan, with clearly defined timelines and allocation of responsibilities for remediation, designed to reduce the likelihood of future incidents and to improve the ability of the trading venue to effectively respond to outages.

Read more.]]></description>
					      
						      <pubDate>Wed, 05 Jun 2024 14:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Orgization-of-Securities-Commissi</guid>
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					      <title>European Supervisory Authorities Publish Final Reports on Greenwashing In Financial Sector</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Final-Re</link>
					      <description><![CDATA[
The European Supervisory Authorities have published their final reports on greenwashing in the financial sector. Each ESA provides a stocktake of the current supervisory response to greenwashing risks under its remit and notes that national competent authorities are already taking steps in the area of supervision of sustainability-related claims. The quantitative analysis of greenwashing in the EU shows a clear increase in the total number of potential cases across all sectors.

Each report provides recommendations for market participants, NCAs, the ESAs and the EC in relation to greenwashing. The recommendations include that market participants: (i) take all necessary steps to ensure that sustainability information provided is fair, clear, and not misleading; (ii) review and adapt their governance arrangements and internal processes to build safeguards against greenwashing, take a proactive approach in addressing data challenges, and consider the extent to which external verification and alignment with market guidance would support credibility of green or sustainable products and/or targets; and (iii) take a series of measures at both the entity level and the product level to ensure that sustainability claims are accurate, substantiated, up to date, that they fairly represent the institution&apos;s overall profile or the profile of the product, and are presented in an understandable manner.

While the ESAs&apos; reports focus on the EU&apos;s financial sector, they acknowledge that addressing greenwashing requires a global response, involving close cooperation among financial supervisors and the development of interoperable standards for sustainability disclosures. Building on the preliminary regulatory remediation actions identified in ESMA&apos;s June 2023 progress report, ESMA will publish an opinion with views on how the EU regulatory framework for sustainable finance could further facilitate the investor&apos;s journey.]]></description>
					      
						      <pubDate>Tue, 04 Jun 2024 21:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Final-Re</guid>
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					      <title>EU Discussion Paper on Investment Firms&apos; Prudential Framework</title>
					      <link>https://finreg.aoshearman.com/EU-Discussion-Paper-on-Investment-Firms39-Prudent</link>
					      <description><![CDATA[
The European Banking Authority and European Securities and Markets Authority have published a joint discussion paper on the potential review of the investment firms&apos; prudential framework. The discussion paper aims at gathering early stakeholder feedback to inform the response to the European Commission&apos;s call for advice.

The EBA notes that it is of the overall opinion that the current framework reaches the original general objectives, providing a robust and risk-sensitive prudential framework tailored to the size, activities and complexity of investment firms regulated under the Markets in Financial Instruments package. Nonetheless, it notes that market participants and supervisors highlighted a number of issues or areas of potential improvements of the prudential framework that may lead to changes to either the Investment Firm Regulation and Investment Firm Directive or to the related delegated regulations.

Among other things, the discussion paper considers: (i) the implications of the adoption of the new EU Banking package (known as CRD VI and CRR III) concerning the trading book, the fundamental review of the trading book and credit valuation adjustments; (ii) prudential consolidation and a possible extension to crowdfunding and crypto-asset service providers; (iii) aspects related to compensation, including the scope of application, compensation policies, the requirements on variable remuneration, and their oversight, disclosure, and transparency; (iv) the treatment of firms currently non-prudentially regulated and active in commodity markets; (v) the categorization of investment firms; and (vi) reviewing the existing K‐factors to cover risks currently only addressed under the Pillar 2 framework or as possible alternatives to existing K-factors.

The deadline for comments is September 3, 2024. The EBA and ESMA plan to publish a final report by December 2024.]]></description>
					      
						      <pubDate>Mon, 03 Jun 2024 21:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Discussion-Paper-on-Investment-Firms39-Prudent</guid>
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					      <title>European Central Bank Consults on Draft Guide on Outsourcing Cloud Services</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Draft-Guide-on-</link>
					      <description><![CDATA[
The European Central Bank has opened a consultation on a draft guide on outsourcing cloud services to cloud service providers. The guide aims to clarify both the ECB&apos;s understanding of related legal requirements, including those under the EU&apos;s Digital Operational Resilience Act and the Capital Requirement Directive, and its expectations for the banks it supervises. The guide sets out detailed supervisory expectations, drawing on risks and best practices observed in the context of ongoing supervision and dedicated on-site inspections. It covers topics including: (i) the governance of cloud services; (ii) the availability and resilience of cloud services; (iii) ICT security, data confidentiality and integrity; (iv) exit strategy and termination rights; and (v) oversight monitoring and internal audits. The deadline for comments is July 15, 2024.]]></description>
					      
						      <pubDate>Mon, 03 Jun 2024 14:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Draft-Guide-on-</guid>
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					      <title>Delegated Regulations under the EU Digital Operational Resilience Act Published</title>
					      <link>https://finreg.aoshearman.com/Delegated-Regulations-under-the-EU-Digital-Operat</link>
					      <description><![CDATA[
The following Delegated Regulations supplementing Digital Operational Resilience Act have been published in the Official Journal of the European Union:

	Delegated Regulation (EU) 2024/1502 on the criteria for the designation of ICT third-party service providers as critical for financial entities.
	Delegated Regulation (EU) 2024/1505 determining the amount of the oversight fees to be charged by the Lead Overseer to critical ICT third-party service providers and the way in which those fees are to be paid.


Both Delegated Regulations will enter into force on June 19, 2024, except for the systemic assessment sub-criterion on the ICT third-party service provider&apos;s dependency on subcontractors, which will be effective as of January 16, 2025.]]></description>
					      
						      <pubDate>Thu, 30 May 2024 13:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Delegated-Regulations-under-the-EU-Digital-Operat</guid>
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					      <title>EU Statement on the Use of AI in the Provision of Retail Investment Services</title>
					      <link>https://finreg.aoshearman.com/EU-Statement-on-the-Use-of-AI-in-the-Provision-of</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a public statement on the use of AI in the provision of retail investment services. When using AI, ESMA expects firms to comply with relevant Markets in Financial Instruments package requirements, particularly when it comes to organizational aspects, conduct of business, and their regulatory obligation to act in the best interest of the client.

ESMA reminds firms that although AI technologies offer potential benefits to firms and clients, they also pose inherent risks, such as: (i) algorithmic biases and data quality issues; (ii) opaque decision-making by a firm&apos;s staff members; (iii) overreliance on AI by both firms and clients for decision-making; and (iv) privacy and security concerns linked to the collection, storage, and processing of the large amount of data needed by AI systems.

Read more.]]></description>
					      
						      <pubDate>Thu, 30 May 2024 13:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Statement-on-the-Use-of-AI-in-the-Provision-of</guid>
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					      <title>UK Payment Systems Regulator Publishes Policy Statement on Changes to Card-Acquiring Market Remedies</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Publishes-Policy-Sta</link>
					      <description><![CDATA[
The Payment Systems Regulator has published a policy statement on card-acquiring market remedies. The statement confirms the PSR&apos;s decision to update the list of directed firms and to introduce a new streamlined method for the transfer of legal entities. The PSR consulted on these changes in January, when it proposed a mechanism to automatically move the obligations of Specific Directions 14, 15 and 16 where the relevant business (i.e. the business of a PSP that caused it to be a directed party) moved to another PSP (whether as part of a reorganization of legal entities within the same group or a transfer to a third-party PSP). The PSR&apos;s rationale behind this decision was to provide a mechanism for capturing new entities without having to vary the existing directions. Overall, the PSR received broadly supportive responses to the proposal and is amending the Specific Directions accordingly.]]></description>
					      
						      <pubDate>Wed, 29 May 2024 14:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Publishes-Policy-Sta</guid>
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					      <title>UK Delays Legislation for Amending Ancillary Activities Test</title>
					      <link>https://finreg.aoshearman.com/UK-Delays-Legislation-for-Amending-Ancillary-Acti</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) (Amendment) Order 2024 was published on May 29, 2024 and enters into force on December 31, 2024. The 2024 Amendment Order amends the Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) Order 2023 (S.I. 2023/548) by omitting the provisions relating to the new ancillary activities regime.

The 2023 Order, which enters into force on January 1, 2025, among other things, paved the way for the Financial Conduct Authority to develop a simpler test for determining which firms need to be authorized as investment firms as a result of their commodities and emission allowances trading business, known as the &quot;ancillary activities test&quot;. The ancillary activities test is an exemption from investment firm authorization requirements for firms that trade commodity derivatives or emission allowances as an ancillary activity to their main business, such as energy and other commodity trading firms which are active in both physical trading and financial instrument trading. Under the MiFID II regime, the ancillary activities exemption became based upon a hard-edged test with various financial thresholds. Some of these tests resulted in counterintuitive outcomes for firms, while other issues with the way in which the legislation had been drafted needed resolving via unusually narrow or arguably unnatural interpretations of the text, sometimes supported by regulatory or industry guidance. The 2023 Order simplified the process for determining when a firm satisfies the &quot;ancillary activities&quot; test in the post-Brexit U.K.

Read more.]]></description>
					      
						      <pubDate>Wed, 29 May 2024 13:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Delays-Legislation-for-Amending-Ancillary-Acti</guid>
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					      <title>European Securities and Markets Authority Statement on Good Practices for Pre-Close Calls</title>
					      <link>https://finreg.aoshearman.com/European-SecuritiesMarkets-Authority-Stateme</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a statement on good practice in relation to &quot;pre-close calls&quot; (i.e. communication sessions between an issuer and analysts who generate reports on the issuer&apos;s financial instruments). The statement seeks to remind issuers about the applicable legislative framework for pre-close calls and encourages them to follow good practices when engaging in such calls, with the goal of maintaining fair, orderly, and effective markets. Following recent media reports suggesting a connection between episodes of high volatility in share prices and pre-close calls, ESMA reminds issuers that any disclosure of inside information should only take place in accordance with the EU Market Abuse Regulation. Consequently, issuers should only share non-inside information during these pre-close calls.

Read more.]]></description>
					      
						      <pubDate>Wed, 29 May 2024 12:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-SecuritiesMarkets-Authority-Stateme</guid>
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					      <title>UK Financial Conduct Authority Shares Insights on Firms&apos; Preparations for Operational Resilience</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Shares-Insights-on</link>
					      <description><![CDATA[
The Financial Conduct Authority has set out its observations and insights on the preparations firms have made towards complying with its operational resilience rules ahead of March 31, 2025. The FCA expects firms to use these observations to review their approach and assess their readiness on the following key areas of the policy:


	important business services;
	impact tolerance;
	mapping and third parties;
	scenario testing;
	vulnerabilities and remediation;
	response and recovery plans; and
	governance and self-assessment.


Read more.]]></description>
					      
						      <pubDate>Tue, 28 May 2024 14:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Shares-Insights-on</guid>
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					      <title>EU Final Guidelines on Simple, Transparent And Standardized Criteria for On-Balance Sheet Securitizations</title>
					      <link>https://finreg.aoshearman.com/EU-Final-Guidelines-on-Simple-Transparent-And-Sta</link>
					      <description><![CDATA[
The European Banking Authority has published final guidelines on the simple, transparent, and standardized criteria for on-balance-sheet securitizations. The main objective of the guidelines is to provide a single point of consistent interpretation of those criteria and ensure a common understanding of them by originators, original lenders, securitization special purpose entities, investors, competent authorities, and third-party verification agents verifying STS compliance in accordance with Article 28 of the EU Securitisation Regulation throughout the Union.

The EBA has also published amending guidelines, which make targeted amendments to the existing non-asset-backed commercial paper and asset-backed commercial paper securitisation guidelines, for a specific number of these requirements, to ensure that the interpretation provided by the EBA is consistent across all three guidelines. The guidelines will be applied on a cross-sectoral basis throughout the EU with the aim of facilitating the adoption of the STS criteria for OBS securitization, which is one of the prerequisites for the preferential risk weight treatment under the CRR, supporting further lending to the real economy and thus contributing further to the objectives of the Capital Markets Union.]]></description>
					      
						      <pubDate>Mon, 27 May 2024 13:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Final-Guidelines-on-Simple-Transparent-And-Sta</guid>
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					      <title>UK Payment Systems Regulator Writes to Payment Firms on Implementation of Authorized Push Payment Scams Reimbursement Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Writes-to-Payment-Fi</link>
					      <description><![CDATA[
The Payment Systems Regulator has published a letter it sent to payment service providers on the new authorized push payment scams reimbursement requirement. The letter highlights three key areas where the PSR would like firms to focus their implementation activities over the coming months to ensure effective and timely implementation by October 7, 2024, when the new requirement comes into effect. The three areas of focus are:


	Understanding the new reimbursement requirements—all PSPs participating in the FPS will need to consider whether the requirements apply to them either as a sending PSP or as a receiving PSP providing a relevant account to a service user. The requirements apply to both direct and indirect participants of the system.
	Claim management and data reporting through Pay.UK—Pay.UK has procured a reimbursement claim management system which firms will use to communicate with each other and to manage APP scam claims, as well as to report data to Pay.UK so it can monitor and manage firms&apos; compliance with FPS reimbursement rules. Firms have until August 20, 2024 to register with Pay.UK.
	Consumer awareness—the PSR wants firms to be transparent in communicating the reimbursement requirements to consumers and take proactive steps to notify them of the protections available under the new reimbursement requirement.


Read more.]]></description>
					      
						      <pubDate>Fri, 24 May 2024 14:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Writes-to-Payment-Fi</guid>
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					      <title>European Banking Authority Reports on Virtual IBANs</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Reports-on-Virtual-IBA</link>
					      <description><![CDATA[
The European Banking Authority has published a report on the issuance of virtual IBANs (vIBANs). The report summarizes the EBA&apos;s observations from its fact-finding exercise on the issuance and use by payment service providers of vIBANs. It highlights risks and challenges that vIBANs may present to consumers, financial institutions, national competent authorities and to the integrity of the overall EU financial system, based on the six most common vIBAN use cases in the EU. Uses of vIBANs include the automation of payment reconciliation and overcoming IBAN discrimination by associating the vIBAN with a particular Member State&apos;s IBAN country code.

Read more.]]></description>
					      
						      <pubDate>Fri, 24 May 2024 12:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Reports-on-Virtual-IBA</guid>
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					      <title>HM Treasury Designates Banks Under Access to Cash Framework</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Designates-Banks-Under-Access-to-Cash</link>
					      <description><![CDATA[
HM Treasury has designated a number of firms for the provision of cash access services, including setting the geographic baselines. The Financial Services and Markets Act 2023 introduced various measures to protect access to cash (e.g., via ATMs) for those reliant on it, in particular the elderly and vulnerable. In addition, HMT published the decision notices for those designated as operators of cash access coordination arrangements (i.e., firms which coordinate the provision of cash access services by multiple providers). Designated firms must ensure reasonable access to withdrawal and deposit facilities for individuals and reasonable access to deposit facilities for SMEs. The FCA is responsible for supervising the designated firms and can impose requirements to ensure that designated firms preserve reasonable cash access services. All the designations came into force on May 24, 2024.

The Bank of England oversees the wholesale cash industry to ensure it continues to operate effectively and remains sustainable and resilient. The wholesale cash system consists of a select group of key market participants which facilitate the production and distribution of banknotes and coins.]]></description>
					      
						      <pubDate>Fri, 24 May 2024 12:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Designates-Banks-Under-Access-to-Cash</guid>
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					      <title>European Securities and Markets Authority Proposes Draft Technical Standards for Consolidated Tape Providers</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Auth-Propose</link>
					      <description><![CDATA[
The European Securities and Markets Authority has opened a consultation on draft technical standards related to consolidated tape providers and data reporting service providers, and the assessment criteria for the CTP selection procedure. The Markets in Financial Instruments Regulation envisaged the establishment of a &quot;consolidated tape&quot; for all equity and non-equity transactions. The CTP would collect post-trade information published by trading venues and Approved Publication Arrangements, and consolidate this into a continuous live data stream made available to the public. No consolidated tape has yet been set up in either the EU or the U.K. Following the March publication in the Official Journal of the European Union of the EU&apos;s MiFID Review legislation, the provisions in MiFIR on CTPs and DRSPs have been revised to, among other things, require trading venues and APAs (collectively referred to now as &quot;data contributors&quot;) to submit market data directly and exclusively to the entities appointed by ESMA as the CTP for each asset class.

Read more.]]></description>
					      
						      <pubDate>Thu, 23 May 2024 13:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Auth-Propose</guid>
				    </item>
			
					 <item>
					      <title>EU Consultation on Amendments to Commodity Derivatives Technical Standards</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Amendments-to-Commodity-Deriva</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation paper on proposed changes to the rules for position management controls and position reporting. These proposals arise out of the MiFID Review, and the resulting changes to the Markets in Financial Instruments Regulation and Directive, which were published in March. MiFID II requires national regulators to establish and apply position limits on the size of a net position in commodity derivatives traded on trading venues and economically equivalent OTC contracts. The limits apply to the size of a position that a person can hold, including any other positions held on behalf of that person by group entities. Trading venues are required to apply position management controls, including monitoring of open interest and obtaining information about the size and purpose of a position entered into, beneficial or underlying owners, concert arrangements, and any related assets or liabilities. Trading venues also have powers to require termination or reduction of positions and to require a person to provide liquidity back into the market at an agreed price and volume to mitigate the effect of a large or dominant position. The position reporting regime is intended to support the application and enforcement of position limits.

Read more.]]></description>
					      
						      <pubDate>Thu, 23 May 2024 12:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Amendments-to-Commodity-Deriva</guid>
				    </item>
			
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					      <title>European Commission Consults on Adequacy of Macroprudential Policies for Non-Bank Financial Intermediation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Consults-on-Adequacy-of-Macro</link>
					      <description><![CDATA[
The European Commission has launched a consultation to gather further insight into the markets and business models of non-bank financial intermediation, and the interconnectedness among them and with banks. It also aims to identify gaps in the macroprudential framework and other factors that may contribute to the build-up of systemic risks in NBFI.

The Commission hosted a technical workshop on May 22, 2024 to kickstart the initiative. The focus of the technical workshop was on: (i) the impact of NBFI on financial stability in the EU and how to ensure effective monitoring and risk management for investment funds; (ii) the role of macroprudential authorities in monitoring interconnectedness, deploying macroprudential tools, and ensuring cross-border coordination within the EU; (iii) international cooperation in the regulation and supervision of NBFI; and (iv) international experience and evidence regarding macroprudential policies for NBFI.

The consultation aims at identifying the vulnerabilities and risks of NBFIs and mapping the existing macroprudential framework, and seeks to gather feedback on current challenges to macroprudential supervision and discuss areas for further improvement.
The closing date for responses is November 22, 2024. The Commission will use the information gathered in this consultation to inform the policy planning of the upcoming 2024-2029 College of Commissioners.]]></description>
					      
						      <pubDate>Wed, 22 May 2024 13:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Consults-on-Adequacy-of-Macro</guid>
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					      <title>New UK Securitization Regime Set to Start on November 1, 2024</title>
					      <link>https://finreg.aoshearman.com/New-UK-Securitization-Regime-Set-to-Start-on-Nove</link>
					      <description><![CDATA[
The Securitisation (Amendment) Regulations 2024 were made on May 22, 2024 and come into force for the most part on November 1, 2024. The Amending Regulations supplement the new U.K. securitization regime established under the U.K. Securitisation Regulations 2024, including establishing November 1, 2024 as the commencement date for the Securitisation Regulations 2024. The Amending Regulations do not revoke the onshored EU Securitisation Regulation 2017, which will take effect through commencement regulations. The Securitisation Regulations 2024 designate, under the new designated activities regime, certain securitization activities when undertaken by a firm in the U.K. and introduce a new definition of &quot;institutional investor&quot;, removing overseas Alternative Investment Fund Managers that market or manage AIFs in the U.K. from due diligence requirements.

Read more.]]></description>
					      
						      <pubDate>Wed, 22 May 2024 10:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-UK-Securitization-Regime-Set-to-Start-on-Nove</guid>
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					      <title>European Securities and Markets Authority Launches Consultation on Technical Standards Arising out of MiFIR Review</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Auth-Launche</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched its first consultation on regulatory technical standards arising from the MiFID Review and the resulting changes to the Markets in Financial Instruments Regulation and Directive, which were published in March. The MiFID Review amendments aim to enhance the availability of information on trading and companies for investors. ESMA&apos;s consultation covers:


	Amendments to RTS 2 - the amendments relate to pre- and post-trade transparency requirements for non-equity instruments (bonds, emission allowances and structured products), and aim at ensuring trade information is available to stakeholders by improving, simplifying, and harmonising transparency requirements, and combining the right balance between real-time transparency and the ability to defer publication.
	Amendments to RTS 23 - the amendments relate to the obligation to provide instrument reference data that is fit for both transaction reporting and transparency purposes. ESMA also proposes to align this data with other relevant reporting frameworks and international standards in relation to reference data.
	New draft RTS on the obligation to make pre-and post-trade data available on a &quot;reasonable commercial basis&quot;—this is intended to guarantee that market data is available to data users in an accessible, fair, and non-discriminatory manner. The consultation elaborates on the cost-based nature of fees and the applicable reasonable margin.


Responses to the consultation may be submitted until August 28, 2024. ESMA intends to submit the draft RTS to the European Commission by the end of Q4 2024.]]></description>
					      
						      <pubDate>Tue, 21 May 2024 11:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Auth-Launche</guid>
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					      <title>UK Prudential Regulation Authority Publishes Dear CEO letter on Non-Systemic Firms&apos; Recovery Planning</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Publishes-Dear</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a Dear CEO letter addressed to non-systemic U.K. banks and building societies setting out proposals for improvement on resolvability and recovery planning. The PRA&apos;s proposals are also applicable to PRA-regulated international banking subsidiaries operating in the U.K. The letter follows the PRA&apos;s recent review of the recovery planning capabilities of a sample of such firms, which found that although many firms understood the basics of recovery planning, there were significant areas for improvement, in particular the development of recovery scenarios and calculation of recovery capacity.

In particular, the PRA found that, with respect to recovery scenarios, firms were not using scenarios of sufficient severity. They are encouraged to provide analysis on how they define and calculate their point of non-viability and to ensure their recovery capacity calculation reflects the parameters of the stress. With respect to recovery capacity, firms were found not to be calculating their recovery capacity effectively and are requested to review their methodology for such calculations.

The PRA proposes to engage with firms and trade associations on the substance of the letter in H2 2024. Firms are expected to consider the PRA&apos;s proposals and update their recovery plans to meet expectations in PRA Supervisory Statement 9/17 on Recovery Planning.]]></description>
					      
						      <pubDate>Wed, 15 May 2024 10:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Publishes-Dear</guid>
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					      <title>UK Updates and Expands Equivalence for US Derivatives Trading Venues</title>
					      <link>https://finreg.aoshearman.com/UK-Updates-and-Expands-Equivalence-for-US-Derivat</link>
					      <description><![CDATA[
The Markets in Financial Instruments (Equivalence) (United States of America) (Commodity Futures Trading Commission) Regulations 2024 (SI 2024/638) were made on May 14, 2024 and entered into force on June 4, 2024. In preparation for Brexit, the U.K. onshored the EU&apos;s 2017 equivalence decision for the legal and supervisory framework applicable to designated contract markets and swap execution facilities in the U.S. for the purposes of the trading obligation for derivatives under the Markets in Financial Instruments Regulation. MiFIR requires that derivatives declared subject to the derivatives trading obligation must be traded on U.K. trading venues or third-country trading venues following an equivalence decision by HM Treasury. The onshored 2017 equivalence decision covers designated contract markets and swap execution facilities supervised and authorized by the Commodity Futures Trading Commission, and ensured that, when the U.K. left the EU, U.K. counterparties could continue to satisfy the DTO when they trade derivatives instruments on covered DCMs and SEFs.

HM Treasury has committed to reviewing the U.K.&apos;s equivalence decision under the Smarter Regulatory Framework. In addition, HM Treasury considers that the CFTC&apos;s regime remains equivalent to U.K. MiFIR. The new Regulations therefore revoke and replace the onshored 2017 equivalence decision, updating the list of trading venues to include all current CFTC-authorized DCMs and SEFs.]]></description>
					      
						      <pubDate>Tue, 14 May 2024 13:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Updates-and-Expands-Equivalence-for-US-Derivat</guid>
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					      <title>UK Grants Equivalence to EEA UCITS Under Overseas Funds Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Grants-Equivalence-to-EEA-UCITS-Under-Overseas</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Overseas Funds Regime) (Equivalence) (European Economic Area) Regulations 2024 (SI 2024/635) were made on May 13, 2024 and enter into force on July 16, 2024. Established by the Financial Services Act 2021, the Overseas Funds Regime is an equivalence framework for allowing overseas funds to market into the U.K. The OFR is a new, efficient way for overseas funds to market as it does not require a detailed assessment by the Financial Conduct Authority of each individual fund application, which was the only process available prior to the OFR.

The Financial Services and Markets Act 2000 (Overseas Funds Regime) (Equivalence) (European Economic Area) Regulations 2024 grant equivalence to each EEA state for Undertakings for Collective Investment in Transferable Securities funds, except for those that are authorized as Money Market Funds. The UCITS can be stand-alone schemes or sub-funds.

Currently, EEA funds market into the U.K. using the Temporary Marketing Permissions Regime. The TMPR is due to expire at the end of 2025, subject to legislation extending that date to the end of 2026. Unlike the TMPR, an equivalence decision under the OFR does not have an expiry date. In addition, the TMPR only captures standalone and umbrella UCITS funds that were marketing to U.K. clients using a UCITS passport (while the U.K. was in the EU) and who applied to the FCA to continue doing so.]]></description>
					      
						      <pubDate>Mon, 13 May 2024 13:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Grants-Equivalence-to-EEA-UCITS-Under-Overseas</guid>
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					      <title>UK Financial Conduct Authority Publishes Guidance on Anti-Greenwashing Rule</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Guidance</link>
					      <description><![CDATA[
On April 23, 2024, the U.K. Financial Conduct Authority published guidance on its anti-greenwashing rule, which was introduced into the FCA Handbook&apos;s Environmental, Social and Governance Sourcebook as part of the FCA&apos;s sustainability disclosure and labeling regime in November 2023. The rule requires authorized firms to ensure that references to the sustainability characteristics of products or services which they market to those in the U.K. are fair, clear and not misleading and are consistent with the sustainability characteristics of the product or service in question. The rule is intended to complement and be consistent with existing fair, clear and not misleading requirements found elsewhere in the FCA&apos;s rules (e.g., the Principles for Business and Conduct of Business Sourcebook).

Read more.]]></description>
					      
						      <pubDate>Tue, 23 Apr 2024 09:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Guidance</guid>
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					      <title>UK Financial Conduct Authority Consults on Extending Sustainability Disclosure Requirements Regime to Portfolio Management</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Extend</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority published a consultation paper on April 23, 2024 on the possibility of extending the Sustainability Disclosure Requirements and labeling regime to portfolio management firms. Responses to the consultation should be submitted by June 14, 2024.

The SDR regime was introduced in November 2023, applying a new anti-greenwashing rule to all FCA-authorized firms and a range of disclosure, labeling and naming/marketing requirements to U.K. asset managers.

Read more.]]></description>
					      
						      <pubDate>Tue, 23 Apr 2024 09:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Extend</guid>
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					      <title>UK Financial Conduct Authority Outlines Future of UK Digital Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Outlines-Future-of</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority&apos;s Chief Executive, Nikhil Rathi, gave a speech on April 22, 2024, setting out the priorities of the Digital Regulation Cooperation Forum. The DRCF brings together the FCA, the Competition and Markets Authority, the Information Commissioner&apos;s Office and Ofcom to facilitate collaboration on digital regulation.

Read more.]]></description>
					      
						      <pubDate>Mon, 22 Apr 2024 15:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Outlines-Future-of</guid>
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					      <title>UK Publishes Draft Securitisation (Amendment) Regulations 2024</title>
					      <link>https://finreg.aoshearman.com/UK-Publishes-Draft-Securitisation-Amendment-Regul</link>
					      <description><![CDATA[
The draft Securitisation (Amendment) Regulations 2024 were published on April 22, 2024. In combination with the Securitisation Regulations (S.I. 2024/102), the draft Regulations will provide the U.K.&apos;s new regulatory framework for securitizations as part of HM Treasury&apos;s Smarter Regulatory Framework. The Securitisation Regulations 2024 establish the designated activities relating to securitizations and repeal detailed legislative firm-facing requirements, which will move the rulebooks of the Prudential Regulation Authority and the Financial Conduct Authority. The Securitisation Regulations will enter into force when the existing Securitisation Regulations 2017 are repealed, which will be implemented by commencement regulations. The draft Regulations restate due diligence requirements for Occupational Pension Schemes and restate the prohibition on the establishment of Securitisation Special Purpose Entities (SSPEs) in high-risk jurisdictions, modifying it to apply to institutional investors, as well as originators or sponsors.]]></description>
					      
						      <pubDate>Mon, 22 Apr 2024 13:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Publishes-Draft-Securitisation-Amendment-Regul</guid>
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					      <title>UK Legal Statement on Digital Assets and English Insolvency Law</title>
					      <link>https://finreg.aoshearman.com/UK-Legal-Statement-on-Digital-Assets-and-English-</link>
					      <description><![CDATA[
The UK Jurisdiction Taskforce (UKJT) has published a Legal Statement on Digital Assets and English Insolvency Law. The main findings are that digital assets are within the definition of &quot;property&quot; in the U.K. Insolvency Act 1986. Despite this, because digital assets are not treated as such, it is not possible to serve a valid statutory demand for a digital asset debt. Nevertheless, a claim to digital assets held by a company or bankrupt individual can (in principle) be a claim to recover property, depending on how the assets are held. In addition, where jurisdiction is to be determined by reference to the Centre of Main Interests, the English courts will apply the existing test to establish the COMI of a company dealing in digital assets. There are existing rules that can be applied to allocate any shortfalls where digital assets belonging to different persons have been pooled. Digital assets do not require a fundamental change to the legal analysis of tracing, mixed accounts and shortfalls (although the technical structure of digital assets may be relevant). The rules in the FCA&apos;s Client Assets Sourcebook are unlikely to apply since digital assets are not considered to be money.

The UKJT has previously published two other legal statements relevant to digital assets and cryptocurrencies. The Legal Statement on the Status of Cryptoassets and Smart Contracts was published in November 2019, the analysis of which has been adopted by the courts (e.g., AA v Persons Unknown &amp; Ors, Re Bitcoin [2019] EWHC 3556 (Comm)). The Legal Statement on the Issuance and Transfer of Digital Securities under English private law was published in February 2023.]]></description>
					      
						      <pubDate>Mon, 22 Apr 2024 07:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Legal-Statement-on-Digital-Assets-and-English-</guid>
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					      <title>UK Prudential Regulator Granted Power to Disapply Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Granted-Power-to-Disapply</link>
					      <description><![CDATA[
On April 18, 2024, the Financial Services and Markets Act 2000 (Disapplication or Modification of Financial Regulator Rules in Individual Cases) Regulations 2024 were made. The Financial Services and Markets Act of 2023 (discussed in our client note, &quot;A Boost for UK Financial Services&quot;) provides a framework for the revocation of retained EU law (now known as &quot;assimilated law&quot;) in financial services, much of which will be replaced by rules of the U.K. regulators. Transferring the detailed rules to the U.K. regulator&apos;s rulebooks promotes a more nimble approach by the U.K.&apos;s regulators. The FSM Act 2023 gave new delegated power to the U.K.&apos;s regulators for detailed rulemaking, subject to enhanced oversight by Parliament and HM Treasury, and provided various mechanisms for the operation of the regulatory framework, including granting HM Treasury the power to make regulations bestowing on each of the regulators the ability to disapply or modify its rules.

The Regulations also give the Prudential Regulation Authority the ability to disapply or modify the application of any of its rules made under the Financial Services and Markets Act 2000, where appropriate, and in accordance with the procedural requirements set out in the Regulations. The power will allow the PRA to consider the circumstances and business models of individual firms, further enhancing the agile approach to regulation. The Regulations enter into force on June 30, 2024.]]></description>
					      
						      <pubDate>Fri, 19 Apr 2024 13:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Granted-Power-to-Disapply</guid>
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					      <title>UK Proposes Design of the Future Entity for UK Open Banking</title>
					      <link>https://finreg.aoshearman.com/UK-Proposes-Design-of-the-Future-Entity-for-UK-Op</link>
					      <description><![CDATA[
On April 19, 2024, the U.K.&apos;s Joint Regulatory Oversight Committee published proposals on the design of the future entity for UK Open Banking. The JROC is composed of the Financial Conduct Authority, the Payment Systems Regulator, HM Treasury and the Competition and Markets Authority. Responses to the proposals may be submitted until May 20, 2024.

The U.K. is seeking to enhance its open banking framework so as to promote competition and innovation for the benefit of consumers and businesses. The JROC is seeking feedback on the structure, governance and funding for both its interim and longer-term model, which involves establishing an interim entity (in H2 2024) and then a &quot;Future Entity&quot; (in 2026). The long-term regulatory framework for open banking will be backed by legislation, including the Data Protection and Digital Information Bill. The Bill features the introduction of Smart Data schemes that would enable, at the customer&apos;s request, the secure sharing of data with authorized third parties. The &quot;Future Entity&quot; would replace Open Banking Limited, which was established pursuant to the Retail Banking Market Investigation Order 2017.]]></description>
					      
						      <pubDate>Fri, 19 Apr 2024 07:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Proposes-Design-of-the-Future-Entity-for-UK-Op</guid>
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					      <title>UK Regulators Consult on Digital Securities Sandbox</title>
					      <link>https://finreg.aoshearman.com/strongUK-Regulators-Consult-on-Digital-Securities</link>
					      <description><![CDATA[
On April 3, 2024, the Bank of England and U.K. Financial Conduct Authority published a joint consultation paper on proposed rules for the incoming digital securities sandbox. The Financial Services and Markets Act 2023 (discussed in our client note, A Boost for UK Financial Services) empowered HM Treasury to establish sandboxes to facilitate the use of digital assets in financial markets. HM Treasury confirmed its approach to the DSS, which is the first such sandbox, in December 2023. The DSS will offer eligible firms a modified set of rules and regulations for a period of five years, enabling them to test out services using technology such as distributed ledger technology and give the regulators time to finesse a regulatory regime. It is hoped that digital securities could bring advantages, such as streamlining processes and reducing settlement risk and settlement times.

Read more.]]></description>
					      
						      <pubDate>Mon, 15 Apr 2024 13:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/strongUK-Regulators-Consult-on-Digital-Securities</guid>
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					      <title>Bank of England Consults on Revisions to Statement of Policy on Enforcement</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Revisions-to-St</link>
					      <description><![CDATA[
On March 28, 2024, the Bank of England published a consultation paper on revisions to its Statement of Policy and Procedure on its approach to enforcement, published in January 2024, to reflect enhancements to the BoE&apos;s enforcement powers granted under the Financial Services and Markets Act 2023.

Read more.]]></description>
					      
						      <pubDate>Mon, 15 Apr 2024 10:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Revisions-to-St</guid>
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					      <title>UK To Move to T+1 Settlement by Latest End 2027</title>
					      <link>https://finreg.aoshearman.com/UK-To-Move-to-T1-Settlement-by-Latest-End-2027</link>
					      <description><![CDATA[
The recently published Accelerated Settlement Taskforce report makes several recommendations to the U.K. government for moving to faster settlement of securities trades in the U.K. The main recommendation is that the U.K. should move to T+1 settlement by no later than the end of 2027. India is already on T+1 and the U.S will move to T+1 on May 28 this year (we discuss the U.S. move in our client note, &quot;T+1 Settlement Coming May 28, 2024&quot;). The Taskforce also recommends that the U.K. continues to explore the potential for alignment with the EU and other European jurisdictions (e.g., Switzerland). However, if that is not attainable, the U.K. should proceed in any event. Another recommendation is that certain operational changes be mandated from a date in 2025, including the establishment of market standards.

Read more. ]]></description>
					      
						      <pubDate>Thu, 11 Apr 2024 14:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-To-Move-to-T1-Settlement-by-Latest-End-2027</guid>
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					      <title>UK Conduct Regulator Proposes Payment Optionality for Investment Research</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Proposes-Payment-Optionality</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has opened a consultation setting out proposals for allowing firms to use joint (bundled) payments for third-party research and execution services, subject to certain requirements being met. The proposals follow the recommendations made by the U.K. Investment Research Review in July last year, and which both the U.K. government and FCA accepted. This also follows the removal by the U.S. Securities and Exchange Commission of its temporary exemption on the need for U.S. firms to register as investment advisors if they sell research separately from execution. Responses to the consultation may be submitted until June 5, 2024. Depending on the scope of feedback received, the FCA is aiming to publish its final rules or guidance by the end of June 2024.

The FCA is proposing to introduce a new option that facilitates bundled payments for third-party research and execution services. The new option would be available alongside the existing methods of a firm making direct payments out of its own resources or from a separate research payment account.

Firms that opt to make bundled payments will need to satisfy certain conditions.

Read more.]]></description>
					      
						      <pubDate>Thu, 11 Apr 2024 13:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Proposes-Payment-Optionality</guid>
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					      <title>Court of Justice of the European Union Annuls Sanctions Measures </title>
					      <link>https://finreg.aoshearman.com/European-Court-ofnbsp</link>
					      <description><![CDATA[
The Court of Justice of the European Union has decided that the reasons for the EU sanctions measures designating Mr Fridman and Mr Aven (two of the shareholders of LetterOne) were not sufficiently substantiated and their inclusion on EU sanctions lists was not justified (Judgments T-301/22 and T-304/22). The ECJ has annulled the acts that subjected Mr Fridman and Mr Aven to sanctions for the period from February 28, 2022 to March 15, 2023.

Despite this judgment, these two individuals remain subject to EU sanctions. This is because they have also been sanctioned under Council Decision (CFSP) 2023/572 and Council Implementing Regulation (EU) 2023/571, which are more recent and so were not at issue in these proceedings. The two individuals have now separately challenged their designations under that legislation, but those cases remain to be heard (pending cases, Aven v Council, T-283/23, and Fridman v Council, T-296/23).

This ECJ judgment does not impact the U.K. sanctions regime, under which the two individuals remain sanctioned.]]></description>
					      
						      <pubDate>Thu, 11 Apr 2024 06:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Court-ofnbsp</guid>
				    </item>
			
					 <item>
					      <title>EU MiFID II Review Package Published</title>
					      <link>https://finreg.aoshearman.com/EU-MiFID-II-Review-Package-Published</link>
					      <description><![CDATA[
On March 8, 2024, legislation amending the EU&apos;s Markets in Financial Instruments Directive and Regulation were published in the Official Journal of the European Union. The amending Directive and amending Regulation aim to enhance the availability of information on trading and companies for investors. Some of the proposed changes are similar to those that the U.K. has made or is contemplating making as part of the Wholesale Markets Review.

Read more.]]></description>
					      
						      <pubDate>Thu, 04 Apr 2024 14:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-MiFID-II-Review-Package-Published</guid>
				    </item>
			
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					      <title>New UK Requirements for Payment Account Contract Terminations</title>
					      <link>https://finreg.aoshearman.com/New-UK-Requirements-for-Payment-Account-Contract-</link>
					      <description><![CDATA[
HM Treasury has published a policy note and a draft statutory instrument—The Payment Services and Payment Accounts (Contract Terminations) (Amendment) Regulations 2024—on strengthening requirements in the Payment Services Regulations 2017 on contract terminations. These policy changes follow the furore over the de-banking by NatWest Bank of the prominent U.K. politician Nigel Farage, which led to the resignation of its CEO.

Read more.]]></description>
					      
						      <pubDate>Thu, 04 Apr 2024 14:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-UK-Requirements-for-Payment-Account-Contract-</guid>
				    </item>
			
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					      <title>Draft UK Legislation to Address Push Payment Fraud</title>
					      <link>https://finreg.aoshearman.com/Draft-UK-Legislation-to-Address-Push-Payment-Frau</link>
					      <description><![CDATA[
HM Treasury has published a policy note and a draft statutory instrument—The Payment Services (Amendment) Regulations 2024—on a risk-based approach to payments to mitigate against authorized push payment fraud. HM Treasury confirms its policy for allowing payment service providers to delay payments processing when there are reasonable grounds to suspect fraud or dishonesty. The draft statutory instrument amends the Payment Services Regulations 2017 to allow PSPs to delay executing an outbound payment transaction by up to four business days from receipt of the order where there are reasonable grounds to suspect fraud or dishonesty by someone other than the payer and the payer&apos;s PSP requires the time to contact the payer (its customer) or a third party (e.g., law enforcement) to determine whether to execute the payment.

Read more. ]]></description>
					      
						      <pubDate>Thu, 04 Apr 2024 14:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-UK-Legislation-to-Address-Push-Payment-Frau</guid>
				    </item>
			
					 <item>
					      <title>HM Treasury Consults on Amending the Money Laundering Regulations</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Consults-on-Amending-the-Money-Launde</link>
					      <description><![CDATA[
HM Treasury has launched a consultation with proposals to improve the effectiveness of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (known as the MLRs). The consultation is wide-ranging, covering proposals to:


	Ensure customer due diligence is more proportionate and effective.
	Strengthen system coordination to ensure continued coordination in the face of new and emerging threats, technological change and legislative changes.
	Clarify the scope of the MLRs, including as regards changing thresholds from Euro to Pound Sterling.
	Revise registration requirements for the Trust Registration Service to enhance transparency of higher risk trusts.

Responses to the consultation may be submitted until June 9, 2024.]]></description>
					      
						      <pubDate>Thu, 04 Apr 2024 14:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Consults-on-Amending-the-Money-Launde</guid>
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					      <title>UK Approach to Critical Third-Party Supplier Designation Published</title>
					      <link>https://finreg.aoshearman.com/UK-Approach-to-Critical-Third-Party-Supplier-Desi</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2023 established a framework for the regulation of third parties who provide significant services to financial institutions, giving HM Treasury power to designate an entity as a &quot;critical third party&quot; if its failure would pose financial stability or confidence risk to the U.K. We discussed this in our client note, &quot;The U.K.&apos;s New Regime for Critical Third Party Supervision&quot;. HM Treasury published on March 21, 2024, its policy approach to designation of critical third parties.

When designating CTPs, HM Treasury is required by the FSM Act 2023 to consider the materiality of the third party&apos;s services to the delivery of essential activities, services or operations in the financial sector as well as the number and type of licensed firms to which the services are provided. This is a process where HM Treasury carries out the designation; a &quot;critical third party&quot; is not a status that firms would apply for. The policy paper sets out the process for designation, including receipt of a recommendation from one of the financial regulators and assessment of the basis for making a designation decision. HM Treasury discusses how it will engage with the relevant third-party service provider and the regulators, including communicating its decision. The process for de-designating a critical third party is also described.

Read more.]]></description>
					      
						      <pubDate>Sun, 31 Mar 2024 09:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Approach-to-Critical-Third-Party-Supplier-Desi</guid>
				    </item>
			
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					      <title>HM Treasury Publishes Policy Statement on Next Phase of Smarter Financial Services Regulatory Framework</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Policy-Statement-on-N</link>
					      <description><![CDATA[
On March 21, 2024, HM Treasury published a paper on the next phase of its Smarter Financial Services Regulatory Framework, the U.K.&apos;s program of post-Brexit regulatory reforms for financial services. The original policy statement on the smarter regulatory framework was published in December 2022 as part of the so-called Edinburgh Reforms (discussed in our client note, &quot;UK Government Publishes Edinburgh Reforms for Financial Services&quot;). This described the U.K.&apos;s new model for regulation and set out how the U.K. would prioritize the repeal and reform of retained EU law for financial services. In July 2023, HM Treasury published a further policy statement, dividing the review of REUL into tranches, and detailing anticipated dates for reform. Further details of the U.K.&apos;s future financial regulatory framework can be found on our website, Future of Financial Services Regulation in the UK.

Read more.]]></description>
					      
						      <pubDate>Thu, 21 Mar 2024 13:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Policy-Statement-on-N</guid>
				    </item>
			
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					      <title>UK Public Offers and Admissions to Trading Regulations Published</title>
					      <link>https://finreg.aoshearman.com/UK-Public-Offers-and-Admissions-to-Trading-Regula</link>
					      <description><![CDATA[
On January 29, 2024, the Public Offers and Admissions to Trading Regulations 2024 (SI 2024/105) were published. The Regulations implement the new Public Offers and Admission to Trading Regime, part of the new designated activities regime, and revise the existing prospectus regime inherited from the EU that currently sits in the U.K. Prospectus Regulation. The designated activities regime (DAR) is a new U.K. concept to give the Financial Conduct Authority rulemaking powers over financial sector activities, such as public offers and listing, which are not necessarily carried out by regulated firms such as banks (we discussed the DAR in our client note, &quot;A Boost For UK Financial Services&quot;). The new Regulations introduce a general prohibition on public offers of securities, coupled with a collection of exceptions from this prohibition. Many of the existing exemptions in the U.K. Prospectus Regulation, such as offers solely to qualified investors and offers made to fewer than 150 persons, are retained. Certain provisions, such as those establishing the new designated activities and provisions enabling the FCA to make rules, came into force on January 30, 2024. Most of the other provisions will enter into force once the U.K. Prospectus Regulation is revoked using powers under the Financial Services and Markets Act 2023. The FCA has engaged with stakeholders regarding many of the changes that will be housed in its rulebook in the future. It is expected to publish a consultation paper in Summer 2024 on its detailed proposals.

Read more. ]]></description>
					      
						      <pubDate>Wed, 06 Mar 2024 14:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Public-Offers-and-Admissions-to-Trading-Regula</guid>
				    </item>
			
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					      <title>UK Securitisation Regulations Published</title>
					      <link>https://finreg.aoshearman.com/UK-Securitisation-Regulations-Published</link>
					      <description><![CDATA[
The Securitisation Regulations 2024 (SI 2024/102) were made on January 29, 2024, and will come into force for the most part when the Securitisation Regulation 2017 is revoked. This is part of HM Treasury&apos;s Smarter Regulatory Framework. The Securitisation Regulations 2024 designate, under the incoming designated activities regime, certain securitization activities when undertaken by a firm in the U.K. These are:


	Acting as originator, sponsor, original lender or securitisation special purpose entity in a securitization.
	Selling a securitization position to a U.K. retail client.


The Securitisation Regulations 2024 introduce a new definition of &quot;institutional investor,&quot; removing non-U.K. Alternative Investment Fund Managers that market or manage AIFs in the U.K. from due diligence requirements.

In addition, the Securitisation Regulations 2024 repeal detailed legislative firm-facing requirements. These requirements will be moved to the regulator rulebooks. Both the Prudential Regulation Authority and the Financial Conduct Authority consulted last year on their proposed approach and rules, and are expected to publish their final rules in Q2 this year.]]></description>
					      
						      <pubDate>Mon, 04 Mar 2024 14:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Securitisation-Regulations-Published</guid>
				    </item>
			
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					      <title>UK Fifth Commencement Regulations Under the Financial Services and Markets Act 2023 Published</title>
					      <link>https://finreg.aoshearman.com/UK-Fifthnbsp</link>
					      <description><![CDATA[
The Fifth Commencement Regulations - the Financial Services and Markets Act 2023 (Commencement No. 5) Regulations 2024 (SI 2024/250)- under the Financial Services and Markets Act 2023 were made on February 29, 2024. One of the major reforms in the Financial Services and Markets Act 2023 related to regulatory accountability, especially of the Financial Conduct Authority and Prudential Regulation Authority. The Fifth Commencement Regulations now provide, among other things, for the coming into effect of certain provisions relating to the accountability of the Payment Systems Regulator, including:


	Starting March 1, 2024, a requirement on the PSR to take certain steps in advance of taking an action where there is a material risk such action would be incompatible with the U.K.&apos;s international trade obligations.
	Starting August 1, 2024, requirements for the PSR&apos;s consultations, requiring the PSR to keep general requirements under review, HM Treasury&apos;s powers to require the PSR to impose a requirement for a specified activity or for specific firms, detailing the cost-benefit analysis obligations and panel appointment statements of policy.
	Starting January 1, 2025, the remaining provisions on the PSR&apos;s accountability that are not already in force.

]]></description>
					      
						      <pubDate>Mon, 04 Mar 2024 10:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Fifthnbsp</guid>
				    </item>
			
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					      <title>UK Conduct Authority Consults on New Approach to Enforcement and Publication of Enforcement Investigations</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Authority-Consults-on-New-Approach-to-</link>
					      <description><![CDATA[
On February 27, 2024, the U.K. Financial Conduct Authority published a consultation on revisions to its Enforcement Guide, setting out proposals which aim to simplify the guidance and increase transparency around the FCA&apos;s enforcement actions. Responses to the consultation may be submitted until April 30, 2024.

Read more.]]></description>
					      
						      <pubDate>Tue, 27 Feb 2024 11:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Authority-Consults-on-New-Approach-to-</guid>
				    </item>
			
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					      <title>Law Commission Publishes Consultation on Digital Assets as Personal Property</title>
					      <link>https://finreg.aoshearman.com/Law-Commission-Publishes-Consultation-on-Di</link>
					      <description><![CDATA[The Law Commission, a U.K. body which makes suggestions for legislative reform, is consulting on wording for a possible draft piece of legislation establishing a third category of personal property that would encompass &quot;digital assets&quot;. English law currently recognizes &quot;things in possession&quot; (i.e., physical assets) and &quot;things in action&quot; (i.e., intangible assets). In case law to date, for example AA v Persons Unknown [2019] EWHC 3556 (Comm) and at least 23 other cases, the English courts have had no trouble in identifying, or accepting, various kinds of crypto-assets as constituting property, despite the fact they are neither things in possession nor things in action. However, coverage for asset classes is somewhat patchy, leading to some legal uncertainties. The Law Commission consulted on potential reforms to the law surrounding digital assets in July 2022, publishing a final report in June 2023 which found that, while the common law should be the primary forum for law reform in this area, it should be supplemented with legislation confirming that digital assets are capable of attracting personal property rights. This follows the approach in certain other jurisdictions, which have legislated on the topic - Japan, for example, has arguably brought crypto-tokens within the sphere of property law via amendments to its Payment Services Act, while Liechtenstein has enshrined tokens in legislation as a new form of legal object. A number of other jurisdictions, including Hong Kong, Singapore and New Zealand, have developed case law finding digital assets can attract property rights but have not so far confirmed this in legislation.

Read more.]]></description>
					      
						      <pubDate>Thu, 22 Feb 2024 09:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Law-Commission-Publishes-Consultation-on-Di</guid>
				    </item>
			
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					      <title>Law Commission Publishes Call for Evidence on Digital Assets and Electronic Trade Documents in Private International Law</title>
					      <link>https://finreg.aoshearman.com/Law-Commission-Publishes-Call-for-Evidence-on-Dig</link>
					      <description><![CDATA[
The Law Commission, a U.K. body which makes suggestions for legislative reform, has published a call for evidence on the operation of English private international law (conflicts of law rules) in relation to digital assets and &quot;electronic trade documents&quot; (trade documents like bills of lading and bills of exchange that are in electronic form).

Read more.]]></description>
					      
						      <pubDate>Thu, 22 Feb 2024 09:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Law-Commission-Publishes-Call-for-Evidence-on-Dig</guid>
				    </item>
			
					 <item>
					      <title>EU Eases EMIR 3 Clearing Mandate</title>
					      <link>https://finreg.aoshearman.com/EU-Eases-EMIR-3-Clearing-Mandate</link>
					      <description><![CDATA[
The Council of the European Union and European Parliament have reached provisional political agreement on the latest revisions to the European Market Infrastructure Regulation, publishing on February 14, 2024, the agreed text of the EMIR 3 Regulation and EMIR 3 Directive. The controversial mandate for EU counterparties to hold &quot;active accounts&quot; at EU CCPs for all products, and to use such accounts for some products, has been substantially watered down from the European Commission&apos;s December 2022 proposal (we discussed the Commission&apos;s proposals in our client note, &quot;Clearing in the EU After EMIR 3&quot;).

According to the final draft text, in-scope counterparties for the new &quot;active account&quot; requirement will be required to open and maintain accounts with EU CCPs and clear some transactions through EU CCPs for in-scope products. However, the Commission&apos;s (and some member states&apos;) ambitious and misguided attempt to force market relocations into Europe seem to have faltered. Even the largest EU derivatives traders (with EUR 6 billion + of open positions) need only clear a minimum of five (5) trades per annum for sub-categories each of the in-scope categories of products. In-scope products are interest rate derivatives denominated in euro and Polish zloty; and Short-Term Interest Rate Derivatives (STIR) denominated in euro. It had previously been proposed for CDS denominated in euro to be included, but this product is no longer in scope. 

Read more. ]]></description>
					      
						      <pubDate>Mon, 19 Feb 2024 15:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Eases-EMIR-3-Clearing-Mandate</guid>
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					      <title>UK Data Reporting Services Regulations 2024 Published</title>
					      <link>https://finreg.aoshearman.com/UK-Data-Reporting-Services-Regulations-2024-Publi</link>
					      <description><![CDATA[
On January 29, 2024, the Data Reporting Services Regulations 2024 (SI 2024/107) were made. The Data Reporting Services Regulations 2024 will enter into force on the same day that the Data Reporting Services Regulations 2017 are revoked, which is April 5, 2024, according to the Financial Services and Markets Act 2023 (Commencement No. 4 and Transitional and Saving Provisions) (Amendment) Regulations 2023. The Data Reporting Services Regulations 2024 will replace the Data Reporting Services Regulations 2017, restating with modifications some of the 2017 content.

The Financial Services and Markets Act 2023 granted the FCA power to make rules for data reporting service providers (DRSPs), of which there are three types- Approved Publication Arrangements, Approved Reporting Mechanisms and Consolidated Tape Providers. DRSPs generally facilitate compliance by investment firms of their regulatory reporting obligations, ensuring that market data is accessible and supporting effective price formation and best execution.

The Data Reporting Services Regulations 2024 set the regulatory perimeter of the U.K.&apos;s regime for DRSPs, set out the authorization regime for providing a data reporting service, and restate the FCA&apos;s supervisory and enforcement powers. The FCA is also given powers to run a tender process to select U.K. CTPs for a particular asset class. No CTP is yet established in the U.K. or the EU. The FCA published its final framework for a consolidated tape for bonds in December 2023, and the tender process for the bond CTP will progress through 2024.]]></description>
					      
						      <pubDate>Mon, 19 Feb 2024 14:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Data-Reporting-Services-Regulations-2024-Publi</guid>
				    </item>
			
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					      <title>UK Prudential Regulation Authority Publishes Review of Bank Ring-Fencing Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Publishes-Revi</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a Review of the PRA ring-fencing rules for U.K. banks. The ring-fencing regime came into force in 2019 and the PRA is required to review the rules it has made under the regime every five years. This is the PRA&apos;s first such review. The PRA found that most rules have performed satisfactorily and are generally well understood by industry. Some areas for improvement include:


	Better aligning the rules relating to the provision of services to ring-fenced banks from non-ring-fenced parts of a group with other PRA rules on operational continuity in resolution and operational resilience.
	Reducing the frequency with which banks must review their internal policies on arm&apos;s length transactions.
	Potentially extending the duration of modifications to rules relating to governance arrangements for individual RFBs, where needed.
	Removing the requirement for RFBs to deliver annual regulatory reports on certain tax exposures, given the immateriality of the amounts reported so far.


The PRA plans to consult on potential changes to its rules after more detailed analysis.

Read more.]]></description>
					      
						      <pubDate>Thu, 08 Feb 2024 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Publishes-Revi</guid>
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					      <title>European Securities and Markets Authority Consults on Guidelines on Reverse Solicitation and Cryptoassets as Financial Instruments under the EU Markets in Crypto Assets Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Securitie</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published two consultation papers on proposed guidelines under the EU Markets in Crypto Assets Regulation, one on reverse solicitation and the other on the classification of crypto-assets as financial instruments. Responses to the consultation papers should be submitted by April 29, 2024. ESMA plans to publish final reports on each of the guidelines by the end of 2024 at the latest.

Read more.]]></description>
					      
						      <pubDate>Thu, 08 Feb 2024 10:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securitie</guid>
				    </item>
			
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					      <title>Amendments Proposed to Global Standard for Banks&apos; Exposures to Crypto-Assets</title>
					      <link>https://finreg.aoshearman.com/Amendments-Proposed-to-Global-Standard-for-Banksr</link>
					      <description><![CDATA[
Following publication of the final bank prudential requirements for exposures to crypto-assets, the Basel Committee on Banking Supervision is consulting on proposed amendments to the requirements for exposures to stablecoins. The consultation closes on March 28, 2024. The Basel Committee does not state whether these proposals, if they proceed, would need to be implemented by January 1, 2025, which is the implementation date for the final standard for banks&apos; exposures to crypto-assets.

The Basel Committee&apos;s final requirements for exposures to crypto-assets apply different prudential approaches depending on whether a crypto-asset meets certain conditions. Crypto-assets that meet all of the conditions are referred to as &quot;Group 1 crypto-assets&quot; and, within that group, stablecoins fall within Group 1b. The Basel Committee is proposing changes to the requirements that determine whether a bank can include a stablecoin exposure in the Group 1b category. First, the Committee is proposing changes to the composition of reserve assets of stablecoins that will enhance the asset quality criteria for reserve assets under the redemption risk test and provide additional safeguards for reserve assets. Secondly, the Committee proposes that banks should be required to perform due diligence, at the point of acquisition and regularly thereafter, that provides the bank with an adequate understanding of the stabilization mechanism and its effectiveness. Statistical tests will be required as part of the due diligence. A regulator would be capable of overriding a bank&apos;s categorization of its exposure on the basis of those test results.

Read more.]]></description>
					      
						      <pubDate>Thu, 25 Jan 2024 16:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Amendments-Proposed-to-Global-Standard-for-Banksr</guid>
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					      <title>Fourth Commencement Regulations Under Financial Services and Markets Act 2023 Published</title>
					      <link>https://finreg.aoshearman.com/Fourth-Commencement-Regulations-Under-Financial-S</link>
					      <description><![CDATA[
The Fourth Commencement Regulations - the Financial Services and Markets Act 2023 (Commencement No. 4 and Transitional and Saving Provisions) (Amendment) Regulations 2023 - under the Financial Services and Markets Act 2023 were made on December 14, 2023. 

Read more.]]></description>
					      
						      <pubDate>Thu, 18 Jan 2024 10:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Fourth-Commencement-Regulations-Under-Financial-S</guid>
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					      <title>UK Seeks to Enhance Resolution Regime for Small Banks Following SVB Failure</title>
					      <link>https://finreg.aoshearman.com/UK-Seeks-to-Enhance-Resolution-Regime-for-Small-B</link>
					      <description><![CDATA[
HM Treasury has launched a consultation that sets out proposals for enhancing the Special Resolution Regime by introducing a new means for the Bank of England, as the U.K. resolution authority, to use stabilization powers to manage the failure of a smaller bank. The proposal arises from the lessons learned from the failure of SVB, which resulted in its U.K. subsidiary, SVB UK, becoming unviable. SVB UK was transferred to HSBC using the resolution powers of the Bank of England.

The government does not intend to remove the Bank Insolvency procedure from the SRR. However, it is believed that the SRR could be enhanced to better manage the failure of smaller banks which are not identified as systemically important but which may be collectively impacted so as to create a systemic risk for the U.K. financial markets.

Instead of insolvency, the current regime allows for a failing bank to be transferred to a bridge bank or a private owner. However, there is concern about the potential risk to taxpayers as the bank may need to be recapitalized. HM Treasury is proposing that the Bank of England should be permitted to use funds provided by the banking sector to cover the costs linked to a resolution, including those related to recapitalizing and operating the failed bank. The funds would be levied on the banking sector.

Responses to the consultation may be submitted until March 7, 2024. The government will issue its response once it has analyzed feedback to the proposals and, if appropriate, legislate to bring the proposals into effect. If the proposal proceeds, changes will also be made to the Special Resolution Regime Code of Practice.]]></description>
					      
						      <pubDate>Thu, 18 Jan 2024 10:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Seeks-to-Enhance-Resolution-Regime-for-Small-B</guid>
				    </item>
			
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					      <title>HM Treasury Publishes Special Resolution Regime Code of Practice for Central Counterparties</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Special-Resolution-Regime-C</link>
					      <description><![CDATA[
HM Treasury has published the Central Counterparties Special Resolution Regime Code of Practice, setting out guidance on the operation of the expanded resolution regime for CCPs established under the Financial Services and Markets Act 2023 (discussed in our client note, A Boost for UK Financial Services). The FSM Act 2023 replicates some, but not all, aspects of the EU&apos;s CCP Recovery and Resolution Regulation (which came into effect post-Brexit), granting powers to the Bank of England, as the U.K. resolution authority, to safely resolve a CCP. The expanded U.K. regime came into effect on December 31, 2023 (by virtue of The Financial Services and Markets Act 2023 (Commencement No. 4 and Transitional and Saving Provisions) (Amendment) Regulations 2023), applying to any resolution that commences from that date. The Code applies to the Bank of England as well as HM Treasury, the Prudential Regulation Authority and the Financial Conduct Authority (all of which have roles in the operation of the special resolution regime).

Read more.]]></description>
					      
						      <pubDate>Tue, 16 Jan 2024 16:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Special-Resolution-Regime-C</guid>
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					      <title>UK Financial Conduct Authority Publishes Rule Review Framework</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Rule-Rev</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published its Rule Review Framework, setting out how it will set, measure and monitor the outcomes of its Handbook rules. The Rule Review Framework was mandated under the Financial Services and Markets Act 2023 (discussed in our client note, A Boost for UK Financial Services). The FSM Act 2023 transferred responsibility for making detailed rules to the U.K.&apos;s regulators, significantly increasing their powers. To ensure proper oversight of the use of those powers, the FSM Act 2023 provides for an enhanced regulatory accountability framework, which includes requiring the FCA (and the Prudential Regulation Authority, which consulted on its proposed in 2023) to keep their rules under review and publish a statement of policy on how they conduct those reviews.

Read more.]]></description>
					      
						      <pubDate>Tue, 16 Jan 2024 14:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Rule-Rev</guid>
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					      <title>UK Legislates to Implement the Digital Securities Sandbox</title>
					      <link>https://finreg.aoshearman.com/UK-Legislates-to-Implement-the-Digital-Securities</link>
					      <description><![CDATA[
Legislation implementing the U.K.&apos;s first digital sandbox - the Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023 - came into force on January 8, 2024. The DSS Regulations enable the Digital Securities Sandbox to be established. The regulators are expected to consult soon on the proposed application process and rule changes.

U.K. recognized investment exchanges, recognized central securities depositories and investment firms that are licensed to operate a multilateral trading facility or organised trading facility, as well as any other U.K. firms identified by the Financial Conduct Authority or Prudential Regulation Authority, may participate in the FMI sandbox as a &quot;sandbox entrant&quot;. Sandbox arrangements carried out by a sandbox entrant must relate to either the activity of operating a trading venue or carrying on maintenance, notary or settlement functions in relation to in-scope instruments, or be ancillary to those activities. In addition to the ability of the primary sandbox entrant to carry out those activities within the sandbox, the following classes of firms may participate in FMI sandbox arrangements: firms using the services provided by the sandbox entrant; firms providing services to the sandbox entrant or its users; and firms carrying on activities or providing services in connection with an in-scope instrument used in connection with the FMI sandbox arrangements. By including this third class of firms, firms would be allowed to provide services that are ancillary or complementary to trading and settlement activities, such as clearing, within the sandbox.

Read more.]]></description>
					      
						      <pubDate>Fri, 12 Jan 2024 14:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Legislates-to-Implement-the-Digital-Securities</guid>
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					      <title>UK Payment Systems Regulator Publishes New Rules for Mandatory Reimbursement of Authorized Push Payment Scams</title>
					      <link>https://finreg.aoshearman.com/Payment-Systems-Regulator-Publishes-New-Rules-for-Mandatory</link>
					      <description><![CDATA[
The Payment Systems Regulator has published its Final Policy Statement on its new regime for fighting authorized push payment scams. The Financial Services and Markets Act 2023 (discussed in our client note, &quot;A Boost for UK Financial Services&quot;) imposed a new obligation on the PSR to require payment service providers to reimburse consumers when a payment is executed over the Faster Payments Scheme and the payment was executed following fraud or dishonesty.

Read more.]]></description>
					      
						      <pubDate>Thu, 11 Jan 2024 15:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Payment-Systems-Regulator-Publishes-New-Rules-for-Mandatory</guid>
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					      <title>UK Conduct Authority Sets Out Detailed Changes to Listing Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Authority-Sets-Out-Detailed-Changes-to</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority is consulting on detailed proposals to reform its listing rules which are focused on a single listing segment, a more disclosure-based regime and changes to the sponsor regime. The FCA is proceeding with its original proposal to introduce a single listing segment, which it put forward in its consultation last year, discussed in our client note, &quot;FCA Moves Ahead with a Single Equity Listing Category&quot;. Taking into account feedback to its consultation, the FCA sets out how the proposed &apos;commercial companies&apos; equity share listings framework would work, including eligibility, significant and related party transactions, dual/multiple class share structures and sponsors. The &apos;commercial companies&apos; category would replace the existing &apos;premium&apos; and &apos;standard&apos; listing segments. The FCA also describes details of the other listing segments changes it is proposing to make.

Read more.]]></description>
					      
						      <pubDate>Thu, 11 Jan 2024 14:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Authority-Sets-Out-Detailed-Changes-to</guid>
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					      <title>International Organization of Securities Commissions Publishes Recommendations on Decentralized Finance</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Securi</link>
					      <description><![CDATA[
Following its consultation in 2023, the International Organization of Securities Commissions published its Policy Recommendations for Decentralized Finance on December 19, 2023. The nine recommendations are intended to promote consistency of global regulatory frameworks for DeFi in the interests of market integrity and investor protection.

Read more.]]></description>
					      
						      <pubDate>Wed, 10 Jan 2024 13:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Securi</guid>
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					      <title>UK Conduct Regulator Consults on Bond and Derivatives Markets Transparency Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Bond-and-Derivat</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has opened a consultation on proposals for improving transparency for bond and derivatives markets. Following the Wholesale Markets Review, the Financial Services and Markets Act 2023 grants powers to the FCA to make rules which will replace the current pre-trade and post-trade disclosure rules for bonds, structured finance products, emission allowances and derivatives set out in the U.K. Markets in Financial Instruments Regulation. The FCA&apos;s rules must ensure efficient price formation and the fair evaluation of financial assets. This consultation sets out the FCA&apos;s proposed approach to those rules. Responses to the FCA&apos;s consultation may be submitted until March 6, 2024.

The FCA is proposing that trading venues and investment firms dealing OTC will be subject to minimum harmonized transparency requirements for sovereign bonds, corporate bonds and certain derivatives subject to the clearing obligation. For these financial instruments, there will be large in scale thresholds. Pre-transparency waivers will be available for orders above the threshold and deferrals for post-trade requirements. For other financial instruments, the FCA is proposing to set the standards and criteria to which trading venues should refer in order to meet the FCA&apos;s transparency expectations. Investment firms dealing in other financial instruments will not be required to report their transactions to the public.

Read more.]]></description>
					      
						      <pubDate>Mon, 08 Jan 2024 14:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Bond-and-Derivat</guid>
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					      <title>International Organization of Securities Commissions Publishes Recommendations for Crypto and Digital Assets Markets</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions-Publishes-Recommendations-for-Crypto</link>
					      <description><![CDATA[Following its consultation in 2023, the International Organization of Securities Commissions published its Policy Recommendations for Crypto and Digital Asset Markets on November 16, 2023. The 18 recommendations are intended to promote consistency of regulatory frameworks for cryptoasset service providers. The recommendations apply to both cryptoassets and stablecoins, although regulators are encouraged to consider any particular issues posed by stablecoin arrangements when applying the recommendations.

Read more. ]]></description>
					      
						      <pubDate>Mon, 08 Jan 2024 13:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions-Publishes-Recommendations-for-Crypto</guid>
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					      <title>UK Finalizes Framework for Consolidated Tape for Bonds</title>
					      <link>https://finreg.aoshearman.com/UK-Finalizes-Framework-for-Consolidated-Tape-for-</link>
					      <description><![CDATA[
Following its consultation last year, the U.K. Financial Conduct Authority has published its final framework for a consolidated tape for bonds. MiFID II introduced requirements for a CT for transactions in equity and non-equity instruments. It requires a consolidated tape provider to collect post-trade information published by trading venues and approved publication arrangements and to consolidate this into a continuous live data stream made available to the public. No consolidated tape has yet been set up in either the U.K. or the EU. The Financial Services and Markets Act 2023 gave the FCA rule-making powers for Data Reporting Service Providers, enabling it to set a framework for the development of a CT.

The FCA&apos;s policy statement sets out its rules and guidance on the bond CT, which are due to come into force on April 5, 2024, which is the anticipated date that the draft Data Reporting Services Regulations 2023 are expected to enter into force, subject to Parliamentary process. The DRSRs 2023 will replace the Data Reporting Services Regulations 2017, restating with modifications some of the 2017 content. The tender process for the bond CTP will kick-off in 2024.

The FCA&apos;s final policy is set out in a paper that also gives the FCA&apos;s response to feedback on a CT for equities and sets out proposals on payments to data providers by the bond CTP and forms for a Data Reporting Service Provider, adapted to reflect the DRSRs 2023 and the FCA&apos;s Handbook amendments. Responses to the FCA&apos;s proposals may be submitted until February 9, 2024. The FCA is aiming to finalize those rules and forms for April 5, 2024 too.]]></description>
					      
						      <pubDate>Mon, 08 Jan 2024 09:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Finalizes-Framework-for-Consolidated-Tape-for-</guid>
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					      <title>UK Extends Transitional Period for Third-Country Benchmarks</title>
					      <link>https://finreg.aoshearman.com/UK-Extends-Transitional-Period-for-Third-Country-</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2023 (Benchmarks and Capital Requirements) (Amendment) Regulations 2023 were enacted on December 19, 2023. The Regulations amend two pieces of legislation that are set to be repealed by the Financial Services and Markets Act 2023, both of which are subject to a transitional period until that repeal takes place. HM Treasury is able to amend the legislation during the transitional period to ensure that it remains up to date.

The Regulations amend the U.K. Capital Requirements Regulation to reintroduce the inadvertently removed &quot;discount factor&quot; that reduces the amount of capital that small- and medium-sized firms must hold for their trading and derivative activities. The amendment took effect on December 20, 2023. This move is in line with the approach of other leading jurisdictions and aligns with the government&apos;s policy to enhance the competitiveness of the U.K. markets. It also accords with the Prudential Regulation Authority&apos;s introduction of a simpler prudential regime for Small Domestic Deposit Takers.

The Regulations also amend the U.K. Benchmarks Regulation to extend the transitional period for third-country benchmarks from the end of 2025 to the end of 2030. This change is in line with HM Treasury&apos;s policy announced in November 2023. The extension took effect on January 1, 2024.]]></description>
					      
						      <pubDate>Mon, 08 Jan 2024 09:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Extends-Transitional-Period-for-Third-Country-</guid>
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					      <title>UK Consultation on the Emissions Trading Scheme&apos;s Free Allocation Methodology</title>
					      <link>https://finreg.aoshearman.com/UK-Consultation-on-the-Emissions-Trading-Schemers</link>
					      <description><![CDATA[
The U.K. Emissions Trading Scheme Authority has launched a consultation on its approach to free allocations. The ETS is proposing options to amend the free allocation methodology, focusing on its approach to accounting for activity levels, benchmarking and the manner in which carbon leakage risk is assessed. Carbon leakage occurs when production and associated emissions are transferred from one country to another by a business in order to benefit from lower carbon pricing and climate regulation in other jurisdictions. The free allocation policy is intended to reduce a firm&apos;s exposure to the carbon price in the U.K.

Responses to this consultation may be submitted until March 11, 2024. A government response is expected to be published in 2024, with changes implemented in the lead up to the next free allocation period in 2026. The ETS Authority is also consulting on changes to the U.K. ETS markets policy.]]></description>
					      
						      <pubDate>Mon, 08 Jan 2024 08:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Consultation-on-the-Emissions-Trading-Schemers</guid>
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					      <title>UK Consultation on Revisions to Emissions Trading Scheme Markets Policy</title>
					      <link>https://finreg.aoshearman.com/UK-Consultation-on-Revisions-to-Emissions-Trading</link>
					      <description><![CDATA[
The U.K. Emissions Trading Scheme Authority has launched a second consultation on the review of the ETS markets policy. Feedback to the first consultation has been taken into account to prepare the proposals discussed in this second consultation. Responses to this second consultation may be submitted until March 11, 2024. The ETS Authority is also consulting on changes to the U.K. ETS free allocation framework.

The ETS Authority identifies the most significant risks to effective market functioning and proposes various policy options to address those risks as well as how individual market stability policies could address market risks while minimizing intervention and disruption in the market. The ETS Authority is proposing to: (i) introduce a quantity-triggered Supply Adjustment Mechanism to mitigate the risk of demand shift with long-term market impacts; (ii) retain a re-designed Auction Reserve Price, as well as possible additional mechanisms, to alleviate the risk of sudden, significant and sustained price decreases; and (iii) retain the Cost Containment Mechanism to mitigate against sudden, significant and sustained price increases, including whether to maintain the use of discretion to act upon the trigger or whether some automation could be introduced.]]></description>
					      
						      <pubDate>Mon, 08 Jan 2024 08:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Consultation-on-Revisions-to-Emissions-Trading</guid>
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					      <title>UK Statutory Instrument Made to Ensure Legislation Remains Consistent with Latest Repeals</title>
					      <link>https://finreg.aoshearman.com/UK-Statutory-Instrument-Made-to-Ensure-Legislatio</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 make consequential amendments to various pieces of legislation arising from the repeal by the Financial Services and Markets Act 2023 of certain retained EU financial services laws. The Regulations took effect on January 1, 2024. The Financial Services and Markets Act 2023 (Commencement No. 1) Regulations 2023 provided for the repeal of 98 statutory instruments on August 29, 2023, and further revocations from January 1, 2024, including the European Long-Term Investment Funds Regulation (and related SI and tertiary legislation) and a provision from the Capital Requirements Regulation so as to allow the Bank of England more flexibility to set internal Minimum Requirements for Own Funds and Eligible Liabilities for U.K. subsidiaries of non-U.K. global systemically important banks. These latest Regulations make consequential amendments to ensure that legislation remains consistent with the January 2024 repeals.

Consequential amendments are also made to account for the removal of the double volume cap from the U.K.&apos;s Markets in Financial Instruments regime. The DVC limited the level of dark trading to a certain proportion of total trading in an equity. Instead, the Financial Conduct Authority must monitor trading and has new powers to direct that transparency waivers should be suspended if the ongoing use of the waiver would impact market integrity. In addition, consequential amendments are made following the Electronic Money, Payment Card Interchange Fee and Payment Services (Amendment) Regulations 2023 which amended payments-related REUL.]]></description>
					      
						      <pubDate>Mon, 08 Jan 2024 08:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Statutory-Instrument-Made-to-Ensure-Legislatio</guid>
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					      <title>UK Finalizes Amendments to Financial Promotions Regime High-Net-Worth and Sophisticated Investors Exemptions</title>
					      <link>https://finreg.aoshearman.com/UK-Finalizes-Amendments-to-Financial-Promotions-R</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) (No. 2) Order 2023 implements the governments&apos; policy to reform the high-net-worth and sophisticated investor exemptions under the financial promotions regime. The changes are brought in to mitigate the misuse of the exemptions by some firms marketing inappropriate products to ordinary retail customers and to update certain aspects that were introduced about 20 years ago. The Treasury Select Committee&apos;s report on the failure of London Capital &amp; Finance recommended that the exemptions be rethought to ensure greater consumer protection.

The Financial Services and Markets Act 2000 restricts the communication of an &quot;invitation or inducement to engage in investment activity&quot; either in the U.K. or in a way that could have an effect in the U.K., such that these can be made only by regulated firms, subject to certain exemptions. The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 provides for exemptions from the restriction, including exemptions for financial promotions of unlisted companies to be made to high-net-worth individuals and self-certified sophisticated investors. The Order makes several changes to the FPO exemptions, including increasing the financial thresholds for high-net-worth individuals, amending the eligibility criteria for the self-certified sophisticated investor exemption and requiring businesses to provide details of themselves in communications made in reliance on the exemptions.

Read more.]]></description>
					      
						      <pubDate>Mon, 08 Jan 2024 08:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Finalizes-Amendments-to-Financial-Promotions-R</guid>
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					      <title>Bank of England Publishes Policy Statement on Implementation of Basel 3.1 Standards</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Publishes-Policy-Statement-on-Imp</link>
					      <description><![CDATA[
The Bank of England has published a Policy Statement on the Implementation of the Basel 3.1 standards in the U.K., taking account of responses to its Consultation Paper 16/22 published in November 2022. The Basel 3.1 changes introduce the as yet unimplemented Basel reforms to banks&apos; regulatory capital frameworks, intended to restore credibility in the calculation of risk-weighted assets and improve the comparability of banks&apos; capital ratios.

Read more. ]]></description>
					      
						      <pubDate>Wed, 03 Jan 2024 15:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Publishes-Policy-Statement-on-Imp</guid>
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					      <title>UK Government Signs Agreement with Switzerland on Mutual Recognition for Wholesale Financial Services</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Signs-Agreement-with-Switzerl</link>
					      <description><![CDATA[
The U.K. Government has signed the Berne Financial Services Agreement with Switzerland, confirming mutual recognition of aspects of the financial services regulatory and supervisory regimes in each jurisdiction. The Agreement permits specified financial services providers in one jurisdiction to supply specified services to wholesale or sophisticated clients in the other jurisdiction in various sectors (including asset management, banking, investment services activities and insurance) on the basis of deference, domestic law or other arrangements.

Read more. ]]></description>
					      
						      <pubDate>Wed, 03 Jan 2024 15:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Signs-Agreement-with-Switzerl</guid>
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					      <title>Retained EU Law and EU Interpretive Principles Revoked from UK Statute Book</title>
					      <link>https://finreg.aoshearman.com/Retained-EU-Law-and-EU-Interpretive-Princip</link>
					      <description><![CDATA[
The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (with related Explanatory Memorandum) came into force on January 1, 2024, clarifying that certain changes provided for under the Retained EU Law (Revocation and Reform) Act 2023 have come into effect.

Read more.]]></description>
					      
						      <pubDate>Wed, 03 Jan 2024 15:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Retained-EU-Law-and-EU-Interpretive-Princip</guid>
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					      <title>UK Legislates on Differentiating Risk of Domestic Politically Exposed Persons</title>
					      <link>https://finreg.aoshearman.com/UK-Legislates-on-Differentiating-Risk-of-Domestic</link>
					      <description><![CDATA[
The Money Laundering and Terrorist Financing (Amendment) Regulations 2023, which amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (known as the MLRs), come into force on January 10, 2024. The Financial Services and Markets Act 2023 imposed on HM Treasury a duty to use its powers under the Sanctions and Anti-Money Laundering Act 2018 to amend the MLR customer due diligence measures required where a customer is a domestic (U.K.) politically exposed person (i.e., a PEP entrusted with prominent public functions by the U.K. government, as opposed to a foreign government). The Amendment Regulations fulfil that obligation, providing that unless there are other enhanced risk factors, the due diligence measures applicable to a domestic PEP are reduced compared to those applicable to a non-domestic PEP. The change follows concerns by many members of Parliament that banks and other financial institutions were imposing overly burdensome requirements for information and, in some instances, denying accounts to U.K. politicians and their family members, and also follows the furore over the de-banking by NatWest Bank of the prominent U.K. politician Nigel Farage, which led to the resignation of its CEO.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 Dec 2023 09:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Legislates-on-Differentiating-Risk-of-Domestic</guid>
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					      <title>UK Prudential Regulator&apos;s Rules for Small Banks Coming at Start of 2024</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator39s-Rules-for-Small-Banks-</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a policy statement and rules for implementing the Strong and Simple Framework. The framework is intended to simplify the prudential regulation of non-systemic banks and building societies that are not internationally active, reducing costs for firms, but maintaining their resilience. Up until now, the regulatory approach has broadly applied the same requirements to all banks and building societies, irrespective of their size and activities. Certain prudential rules are simplified for smaller banks and building societies, but to a lesser extent than in some other jurisdictions.

The policy statement sets out the scope criteria, liquidity and disclosure requirements, and confirms certain timings. The PRA has decided to rename Simpler-regime Firms to Small Domestic Deposit Takers (SDDTs), and Simpler-regime consolidation entities to SDDT consolidation entities. The rules providing for eligible firms to become SDDTs, definitions and disclosure requirements take effect on January 1, 2024. The other rules covered by the policy statement will apply from July 1, 2024. The PRA will consult in Q2 2024 on amending the Pillar 2 and buffer requirements for SDDTs.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 Dec 2023 08:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator39s-Rules-for-Small-Banks-</guid>
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					      <title>HM Treasury Confirms Equivalence of US Commodity Futures Trading Commission Regime for Central Counterparties</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Confirms-Equivalence-of-US-Comm</link>
					      <description><![CDATA[
A U.K. statutory instrument has been published specifying that the US Commodity Futures Trading Commission regime for central counterparties is equivalent to the U.K. regime (which is set out under the U.K. European Market Infrastructure Regulation). The new SI — The Central Counterparties (Equivalence) (United States of America) (Commodity Futures Trading Commission) Regulations 2023 (with accompanying explanatory note) — will take effect from December 28, 2023. The CFTC equivalence decision will only apply to CCPs that are registered with the CFTC and have either been classified as systemically important by the CFTC or otherwise voluntarily comply with the CFTC requirements for systemically important CCPs.

Read more.]]></description>
					      
						      <pubDate>Mon, 18 Dec 2023 15:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Confirms-Equivalence-of-US-Comm</guid>
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					      <title>New UK Retail Disclosure Framework for Consumer Composite Investments</title>
					      <link>https://finreg.aoshearman.com/New-UK-Retail-Disclosure-Framework-for-Consumer-C</link>
					      <description><![CDATA[
Following its July response to its consultation, HM Treasury has published a draft of the statutory instrument that will implement the U.K.&apos;s revised retail disclosure framework. The draft Consumer Composite Investments (Designated Activities) Regulations 2024 will replace the existing onshored Packaged Retail and Insurance-Based Investment Products Regulation which contains rules on disclosures for complex retail investment and insurance products. The PRIIPs Regulation is often cited as an example sine qua non of EU legislation with unintended consequences. In particular, it is aimed at packaged retail products, such as FTSE-trackers and insurance-wrapped investments, but was drafted so as to impose unintended onerous and unnecessary disclosure rules on bonds and other standardized securities, effectively foreclosing retail activity in a broad range of &quot;vanilla&quot; investments in the EU (and, when it was in the EU, the U.K.), as well as largely frustrating the EU&apos;s &quot;capital markets union&quot; project. These issues are discussed in our client note, &quot;PRIIPS and Capital Markets Transactions: A Better Way Forward?&quot;. Replacing the PRIIPs Regulation was therefore identified as a post-Brexit U.K. priority under HM Treasury&apos;s Smarter Regulatory Framework. The new rules will allow for a revised U.K. retail disclosure regime that is applicable only to more complex products, suitable to the U.K.&apos;s capital markets and encourages informed retail investor participation in those markets.

Read more.]]></description>
					      
						      <pubDate>Wed, 13 Dec 2023 14:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-UK-Retail-Disclosure-Framework-for-Consumer-C</guid>
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					      <title>HM Treasury Confirms Approach to Digital Securities Sandbox</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Confirms-Approach-to-Digital-Securiti</link>
					      <description><![CDATA[
Following its consultation earlier this year, HM Treasury has published a response to its consultation on the Digital Securities Sandbox, confirming that it will mostly adopt the approach consulted on to establish the DSS. The DSS, which will be the first sandbox to be established using new powers granted by the U.K. Financial Services and Markets Act 2023, is intended to facilitate the use of digital assets in financial markets. The DSS is designed to allow firms to: (i) establish and operate FMIs using digital asset technology; and (ii) perform the activities of central securities depositories and trading venues in relation to existing security classes.

HM Treasury intends to lay before Parliament draft legislation to implement the DSS, which will be run by the Financial Conduct Authority and the Bank of England. The regulators will be consulting soon on their proposed approaches to the DSS, including the application process and proposed rule changes.

Read more.]]></description>
					      
						      <pubDate>Tue, 12 Dec 2023 14:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Confirms-Approach-to-Digital-Securiti</guid>
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					      <title>UK Regulators Propose Rules for Supervising Critical Third Parties</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Propose-Rules-for-Supervising-Criti</link>
					      <description><![CDATA[
Following feedback to their July discussion paper, the U.K. regulators—the Bank of England, Prudential Regulation Authority and Financial Conduct Authority—have launched a joint consultation proposing rules and regulatory expectations for critical third parties. This follows concerns that the financial sector relies heavily on unregulated service providers, particularly in the IT sector, for critical infrastructure whose failure could cause systemic issues or customer issues. The Financial Services and Markets Act 2023 gave HM Treasury powers to designate an entity as a &quot;critical third party&quot; if its failure would pose financial stability or confidence risk to the U.K. and the regulators will have new direct powers over third parties that provide critical services to authorized firms, their service providers and financial market infrastructures. The regulators&apos; rules would only apply to the services provided by a CTP to one of those firms. Responses to the consultation may be submitted until March 15, 2024.

Read more.]]></description>
					      
						      <pubDate>Tue, 12 Dec 2023 10:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Propose-Rules-for-Supervising-Criti</guid>
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					      <title>First Commencement Regulations under UK&apos;s REUL Act Published</title>
					      <link>https://finreg.aoshearman.com/First-Commencement-Regulations-under-UK39s-REUL-A</link>
					      <description><![CDATA[
The Retained EU Law (Revocation and Reform) Act 2023 (Commencement No. 1) Regulations 2023 were made on December 12, 2023. These Regulations brought into force from January 1, 2024, provisions of the Retained EU Law (Revocation and Reform) Act to the effect that:


	From January 1, 2024, the legislation set out in Schedule 1 of the REUL Act 2023 is revoked. The revocation of financial services legislation is being implemented under the Financial Services and Markets Act 2023. 
	All remaining references to &quot;retained EU law&quot; (and related terms) are replaced with the term &quot;assimilated law&quot; (or a similar term). Assimilated law is U.K. law that was previously retained EU law or &quot;REUL&quot;. The REUL Act provides that from January 1, 2024, REUL (and related terms) will be known as assimilated law.
	References to the recognition of EU rights that were retained under the European Union (Withdrawal) Act 2018 are removed. The REUL Act repealed the principle of the supremacy of EU law from January 1, 2024, meaning there is no supremacy for assimilated law over other pieces of U.K. statute.
	References to general principles of EU law (established by the Court of Justice of the European Union) are removed.

]]></description>
					      
						      <pubDate>Tue, 12 Dec 2023 09:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/First-Commencement-Regulations-under-UK39s-REUL-A</guid>
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					      <title>UK Regulator Consults on Proposed Reforms to the Commodity Derivatives Regulatory Framework</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Proposed-Reforms-to-the-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation on proposals for reforming the commodity derivatives regulatory framework, which covers position limits, the exemptions from those limits, position management controls, the reporting regime and the ancillary activities test. Responses to the consultation may be submitted until February 16, 2024.

The Financial Services and Markets Act 2023 has already made several reforms to the U.K.&apos;s commodity derivatives regulatory regime. The MiFID II requirement for commodities position limits to be applied to all exchange-traded contracts and over-the-counter, or non-venue traded (&quot;OTC&quot;), contracts that are economically equivalent to exchange-traded commodity derivatives was revoked. Instead, the FCA will decide the scope of the commodity derivates to which position limits will apply. In addition, the powers for setting position controls were transferred from the FCA to the operators of trading venues. This contrasts with the EU approach, where position limits are not just set by the regulators, but actually in formulae in legislation, which have proven ill-thought-through and problematic for numerous markets. The FCA has retained the power to set position limits if certain conditions are satisfied, and has new rulemaking powers to establish how trading venues should set and apply position limits and what position management controls they should operate. Generally, the reversion of position limit controls to exchanges as self-regulatory organisations reflects the U.K.&apos;s status quo ante, i.e., prior to MiFID II.

Read more.]]></description>
					      
						      <pubDate>Fri, 08 Dec 2023 18:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Proposed-Reforms-to-the-</guid>
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					      <title>UK Future of Payments Review Report Published</title>
					      <link>https://finreg.aoshearman.com/UK-Future-of-Payments-Review-Report-Published</link>
					      <description><![CDATA[
HM Treasury has published the Future of Payments Review report, setting out the Review&apos;s recommendations for HM Treasury, the regulators and industry that aim to improve the U.K.&apos;s existing payments landscape for consumers. The report follows the July 2023 call for evidence. The main recommendation is for the government to develop a National Payments Vision and Strategy, which will provide high-level guidance on priorities and define guiding principles on safety, simplification, coordination, responsiveness, inclusivity and accountability.

The Review makes several other recommendations.

Read more. ]]></description>
					      
						      <pubDate>Wed, 29 Nov 2023 13:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Future-of-Payments-Review-Report-Published</guid>
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					      <title>UK Acts to Extend Transitional Period for Third-Country Benchmarks</title>
					      <link>https://finreg.aoshearman.com/UK-Acts-to-Extend-Transitional-Period-for-Third-C</link>
					      <description><![CDATA[
HM Treasury has published a policy paper and draft legislation for extending the transitional period for third-country benchmarks under the U.K. Benchmarks Regulation. The transitional period will be extended from the end of 2025 to the end of 2030.

The U.K. Benchmarks Regulation provides that no financial instruments and financial contracts in the U.K. may start to reference a benchmark provided by a third-country benchmark administrator unless that benchmark administrator has approval through equivalence, recognition or endorsement. However, the applicability of these provisions to third-country benchmark providers has been extended numerous times. The government will consider whether the third-country benchmarks regime should be revised as part of the Smarter Regulatory Framework. The extension to 2030 is intended to provide certainty to market participants while that assessment and related work is carried out. The draft legislation is intended to come into force on January 1, 2024.

In October this year, the EU extended to the end of 2025 the transitional period for third-country benchmarks under the EU Benchmarks Regulation.]]></description>
					      
						      <pubDate>Wed, 29 Nov 2023 09:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Acts-to-Extend-Transitional-Period-for-Third-C</guid>
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					      <title>HM Treasury Seeks Views on Clearing Exemption for Pension Schemes</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Seeks-Views-on-Clearing-Exemption-for</link>
					      <description><![CDATA[
U.K. EMIR (the onshored European Market Infrastructure Regulation) generally requires the clearing at a central counterparty of all interest rate swaps and credit default swaps. As announced earlier this year, HM Treasury has launched a review of an applicable exemption for pension funds, with the publication of a call for evidence. Currently, pension schemes meeting certain requirements are exempt from the clearing obligation for a temporary period. The exemption was included in EMIR due to the difficulty that pension funds would find in funding margin calls; nominally, to provide CCPs with time to develop solutions for the transfer of non-cash collateral by pension schemes to meet variation margin calls. CCPs require highly liquid collateral, mostly cash, as variation margin, but pension schemes are not set up to hold large amounts of cash and would have to amend their business model at high costs to do so. In June, the Pension Fund Clearing Obligation Exemption and Intragroup Transaction Transitional Clearing and Risk-Management Obligation Exemptions (Extension and Amendment) Regulations 2023 extended the temporary exemption for pension schemes to June 18, 2025.

Read more.]]></description>
					      
						      <pubDate>Wed, 29 Nov 2023 09:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Seeks-Views-on-Clearing-Exemption-for</guid>
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					      <title>UK Draft Short Selling Regulations Published</title>
					      <link>https://finreg.aoshearman.com/UK-Draft-Short-Selling-Regulations-Published</link>
					      <description><![CDATA[
The U.K. government has published a draft version of the Short Selling Regulations 2024. The draft SSR 2024 will replace the existing U.K. Short Selling Regulation, which was onshored from the EU and which is being repealed under the Financial Services and Markets Act 2023. Alongside the draft legislation, HM Treasury has published a Policy Note, which sets out the final policy following the consultations on the short selling regime and on the regulation of sovereign debt and credit default swaps. The response to the first consultation was published in July this year, and the response to the second consultation was published in November 2023.

The draft SSR 2024 provides that the following are designated activities under the Financial Services and Markets Act 2000 (and so fall under the Financial Conduct Authority&apos;s remit whenever any regulated or unregulated person carries them out):

	Entering into a short sale of a share.
	Entering into a transaction which creates or relates to a financial instrument other than a share, where an effect of the transaction is to confer a financial advantage on the person entering into that transaction in the event of a decrease in the price or value of a share.

In line with the government&apos;s policy of placing the more detailed firm-facing requirements in the regulator&apos;s rulebooks, the draft SSR 2024 grants the FCA power to make designated activity rules relating to the above designated activities.

Read more.]]></description>
					      
						      <pubDate>Wed, 29 Nov 2023 08:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Draft-Short-Selling-Regulations-Published</guid>
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					      <title>UK Financial Conduct Authority Publishes Policy Statement on Sustainability Disclosure and Labeling Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Policy</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority published on November 28, 2023 its final policy statement on its new sustainability disclosure requirements and investment labels. The regime is intended to improve the integrity of the market and enhance consumer protection. It forms part of the U.K.&apos;s broader strategy for enhancing protections around sustainability-related products and services, which includes guiding principles for sustainable investment funds, a Roadmap to Sustainable Investing and the 2023 Green Finance Strategy. The new rules enter into force on a staggered basis, as described below.

Read more.]]></description>
					      
						      <pubDate>Tue, 28 Nov 2023 10:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Policy</guid>
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					      <title>Bank of England Proposes Regulatory Regime for Systemic Payment Systems Using Stablecoins</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Proposes-Regulatory-Regime-for-Sy</link>
					      <description><![CDATA[
The Bank of England has published a discussion paper on its proposed approach to developing a regulatory regime for systemic payment systems using stablecoins and related service providers. The BoE&apos;s paper follows the government&apos;s recent Policy Paper on Plans for the Regulation of Fiat-backed Stablecoins which confirmed that these types of stablecoins will be brought into the U.K. regulatory perimeter.

This is part of HM Treasury&apos;s plan to regulate cryptoassets, focusing first on fiat-backed stablecoins. The BoE will be responsible for the financial stability of systemic payment systems using stablecoins. The Financial Conduct Authority will supervise non-systemic fiat backed stablecoins for prudential and conduct of business purposes, and systemic fiat-backed stablecoins for conduct purposes only, and has published a discussion paper alongside the BoE&apos;s discussion paper. Responses to both discussion papers may be submitted until February 6, 2024. The Prudential Regulation Authority will supervise banks&apos; activities in tokenized deposits. The PRA has written to banks stating that any business in fiat-backed stablecoins will, among other things, need to be conducted from a separate legal entity under branding that is different to the bank&apos; branding. The Payment Systems Regulator will supervise the competition aspects relating to systemic payment systems using fiat backed stablecoins.

Read more. ]]></description>
					      
						      <pubDate>Mon, 27 Nov 2023 16:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Proposes-Regulatory-Regime-for-Sy</guid>
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					      <title>UK Prudential Regulator Sets Out Expectations for Banks Innovating in Digital Money</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Sets-Out-Expectations-for</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a Dear CEO letter, addressed to CEOs of banks, setting out its expectations of banks (deposit-takers) regarding the risks that arise from innovations in digital money and money-like instruments available to retail customers. The letter focuses on innovations in the use of deposits (and tokenized deposits), e-money and regulated stablecoins used for payment (which are being brought into the regulatory perimeter).

The PRA sets out how banks are expected to limit contagion arising from confusion regarding the different protections available to retail holders of bank deposits, e-money and regulated stablecoins. Where a bank or its group want to issue e-money or regulated stablecoins, that activity should be carried out from an insolvency-remote entity that is separate to the bank, with different branding from the bank to ensure that any failure of the e-money or stablecoin issuer would not impact the bank and the continuity of its deposit-taking services. The PRA also expects any tokenized deposit-taking to be undertaken in a way that ensures protection under the Financial Services Compensation Scheme. An e-money or stablecoin issuer that decides to accept traditional deposits would first need to establish a separate entity to obtain permission to operate as a bank.

Read more. ]]></description>
					      
						      <pubDate>Mon, 27 Nov 2023 16:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Sets-Out-Expectations-for</guid>
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					      <title>UK Conduct Authority Consults on Regulating Fiat-Backed Stablecoins</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Authority-Consults-on-Regulating-Fiat-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a discussion paper regarding potential future proposals for regulating fiat-backed stablecoins, including when used as a means of payment. The FCA&apos;s paper follows the government&apos;s recent Policy Paper on Plans for the Regulation of Fiat-backed Stablecoins, which confirmed that changes to legislation would bring these types of stablecoins into the U.K. regulatory perimeter. This is part of HM Treasury&apos;s plan to regulate cryptoassets, focusing first on fiat-backed stablecoins.

The FCA will supervise non-systemic fiat-backed stablecoins for prudential and conduct of business purposes, and systemic fiat-backed stablecoins for conduct purposes only. The Bank of England is responsible for the financial stability of systemic payment systems using fiat-backed stablecoins and has published a discussion paper alongside the FCA&apos;s discussion paper. Responses to both discussion papers may be submitted until February 6, 2024. The Prudential Regulation Authority will supervise banks&apos; activities in tokenized deposits. The PRA has written to banks stating that any business in fiat-backed stablecoins will, among other things, need to be conducted from a separate legal entity under branding that is different to the banks&apos; branding. The Payment Systems Regulator will supervise the competition aspects relating to systemic payment systems that use fiat-backed stablecoins.

Read more.]]></description>
					      
						      <pubDate>Mon, 27 Nov 2023 16:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Authority-Consults-on-Regulating-Fiat-</guid>
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					      <title>HM Treasury Publishes Consultation Response on Financial Promotions Regime High Net Worth and Sophisticated Investors Exemptions</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Consultation-Response-on-Fi</link>
					      <description><![CDATA[
HM Treasury has published a consultation response and draft statutory instrument on reforms to the high net worth and sophisticated investor exemptions under the financial promotions regime. The Financial Services and Markets Act 2023 (which we discuss in our client note, &quot;A Boost for UK Financial Services&quot;) made amendments to the Financial Promotion Restriction, banning authorized firms from approving the financial promotions of unauthorized firms unless they have received approval from the FCA to have the prohibition removed in whole or in part. The gateway will apply from February 7, 2024. However, the restriction does not apply where exemptions exist, such as those for high net worth or sophisticated investors.

Read more.]]></description>
					      
						      <pubDate>Wed, 08 Nov 2023 12:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Consultation-Response-on-Fi</guid>
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					      <title>HM Treasury Publishes Response to Cryptoasset Regulatory Regime Consultation</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Response-to-Cryptoasset-Reg</link>
					      <description><![CDATA[
HM Treasury has published a response to its consultation on cryptoasset regulation, setting out its final proposals for the U.K.&apos;s cryptoasset regulatory regime. The U.K. plans to make cryptoassets a new category of &quot;specified investment&quot; under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 and regulate certain activities conducted in relation to them. Under the new regime:


	Firms conducting relevant activities and offering their services in or to the U.K. by way of business would need to apply for authorization by the U.K. Financial Conduct Authority. The relevant activities are: issuing or admitting cryptoassets to trading; operating cryptoasset trading venues; dealing as principal or arranging deals in cryptoassets; operating a cryptoasset lending platform; and safeguarding or safeguarding and administering cryptoassets (or arranging the same). Overseas firms offering their services into the U.K. may need to obtain FCA permission (although HM Treasury envisages equivalence/deference-type arrangements in the future and is considering alternative approaches to full authorization in the interim).
	Firms that are already authorized to conduct other activities will need to apply for a Variation of Permission if they wish to conduct regulated cryptoasset activities.
	Authorization under the new regime will not be automatically granted to cryptoasset firms registered with the U.K. Financial Conduct Authority for money laundering purposes, although the FCA will consider applicants&apos; regulatory history when determining authorization applications.


Read more.]]></description>
					      
						      <pubDate>Fri, 03 Nov 2023 16:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Response-to-Cryptoasset-Reg</guid>
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					      <title>HM Treasury Publishes Plan for Regulation of Fiat-backed Stablecoins</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Plan-for-Regulation-of-Fiat</link>
					      <description><![CDATA[
HM Treasury has published a Policy Paper on Plans for the Regulation of Fiat-backed Stablecoins, setting out the next steps for the implementation of stablecoin regulation in the U.K. Fiat-backed stablecoins are (under HM Treasury&apos;s proposed definition) those which seek or purport to maintain a stable value by reference to a fiat currency, and hold that currency, in whole or in part, as backing.

The Financial Services and Markets Act 2023 (discussed in our client note, A Boost for UK Financial Services) empowers HM Treasury to bring certain activities related to the use of &quot;digital settlement assets&quot; (which may include fiat-backed stablecoins), within the regulatory perimeter and to establish a regime for the supervision of stablecoin issuers. DSAs are defined broadly under the FSM Act as digital assets that can be used for payment, can be transferred, stored or traded electronically and use technology (e.g., distributed ledger technology) to record or store data. HM Treasury plans to bring certain activities related to fiat-backed stablecoins within the scope of regulation ahead of other types of cryptoasset, due to their potential to become a widespread means of retail payment.

Read more.]]></description>
					      
						      <pubDate>Fri, 03 Nov 2023 16:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Plan-for-Regulation-of-Fiat</guid>
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					      <title>HM Treasury Publishes Response to Consultation on Managing Failure of Systemic Digital Settlement Asset Firms</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Response-to-Consultation-o</link>
					      <description><![CDATA[
HM Treasury has published a response to its consultation on managing the failure of systemic digital settlement asset firms. DSAs are defined broadly under the Financial Services and Markets Act 2023 as digital assets that can be used for payment, can be transferred, stored or traded electronically and use technology (e.g., distributed ledger technology) to record or store data. The FSM Act (discussed in our client note, A Boost for UK Financial Services) granted HM Treasury powers to supervise certain activities related to DSAs. This included the power to apply the Financial Market Infrastructure Special Administration Regime to systemic DSA firms (other than banks, which are covered by existing regulatory frameworks).

Read more.]]></description>
					      
						      <pubDate>Fri, 03 Nov 2023 14:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Response-to-Consultation-o</guid>
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					      <title>EU Proposes Reducing Scope of the EU Benchmark Regulation</title>
					      <link>https://finreg.aoshearman.com/EU-Proposes-Reducing-Scope-of-the-EU-Benchmark-Re</link>
					      <description><![CDATA[
The European Commission has published a legislative proposal for reducing the scope of the EU Benchmark Regulation. The EU BMR provides the authorization and registration requirements for benchmark administrators, including third-country entities, and the requirements for governance and control of administrators. It provides for different categories of benchmarks depending on the risks involved, imposes additional requirements on benchmarks considered to be &quot;critical&quot; and gives powers to national regulators to mandate, under certain conditions, contributions to or the administration of critical benchmarks.

The Commission&apos;s proposal, designed to ease the burdensome requirements for smaller benchmark administrators, is to change the scope of the BMR by removing the requirement for non-significant benchmark administrators to obtain authorization or registration (EU administrators) or endorsement or recognition (third-country administrators). This will mean that the requirements for governance and control of administrators would no longer apply to these benchmark administrators.

The approval and governance requirements would continue to apply to significant benchmark administrators, critical benchmark administrators and, irrespective of significance, to administrators of the EU Paris-aligned Benchmark or EU Climate Transition Benchmarks.

Read more.]]></description>
					      
						      <pubDate>Wed, 01 Nov 2023 16:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Proposes-Reducing-Scope-of-the-EU-Benchmark-Re</guid>
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					      <title>UK Regulators Confirm Bonus Cap Being Scrapped</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Confirm-Bonus-Cap-Being-Scrapped</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority and Financial Conduct Authority have published a joint policy statement confirming the &quot;bonus cap&quot; will be removed. Banks are subject to compensation requirements for staff who have a material impact on the bank&apos;s risk profile, and there is a cap on the ratio of variable to fixed compensation for identified staff - known as the bonus cap.

The changes are relevant to banks, building societies, and PRA-designated investment firms, including third-country branches that are subject to the Remuneration Part of the PRA Rulebook and to the FCA Remuneration Code for dual-regulated firms. The amendments will take effect from October 31, 2023, applying to a firm&apos;s performance year which is ongoing on that date, and to future performance years. Firms have flexibility as to when to make changes to compensation structures.

In their policy statement, the regulators remind firms of the existing rules that will continue to apply to a firm&apos;s compensation structure to ensure prudent risk-taking, such as the requirements that all variable compensation must be subject to risk adjustment and that the fixed and variable components of total remuneration must be appropriately balanced. The regulators have added guidance on how firms can set an appropriate ratio between the fixed and variable components.]]></description>
					      
						      <pubDate>Wed, 01 Nov 2023 12:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Confirm-Bonus-Cap-Being-Scrapped</guid>
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					      <title>EU Extends Use of Third-Country Benchmarks Until End 2025</title>
					      <link>https://finreg.aoshearman.com/EU-Extends-Use-of-Third-Country-Benchmarks-Until-</link>
					      <description><![CDATA[
A Commission Delegated Regulation extending the transitional period laid down for third-country benchmarks has been published in the Official Journal of the European Union.

The EU Benchmark Regulation limits the use by EU supervised entities of benchmarks provided by third-country benchmark administrators. Under transitional provisions, no financial instruments and financial contracts in the EU may start to reference a benchmark provided by a third-country administrator on or after December 31, 2023 (extended in 2022 from January 1, 2021), unless the benchmark and administrator are included in the register maintained by the European Securities and Markets Authority following an equivalence decision by the European Commission, or recognition or endorsement by a national regulator. However, a benchmark provided by a third-country administrator that is already being referenced in financial instruments and financial contracts in the EU on January 1, 2024, may continue to be referenced in those contracts and financial instruments.

The Delegated Regulation, which takes effect on October 26, 2023, extends the transitional date from December 31, 2023 to December 31, 2025. The transitional provision does not apply to any EU benchmark whose administrators relocate to a third country during the transitional period.]]></description>
					      
						      <pubDate>Wed, 01 Nov 2023 07:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Extends-Use-of-Third-Country-Benchmarks-Until-</guid>
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					      <title>Basel Committee Report on 2023 Banking Turmoil</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-Report-on-2023-Banking-Turmoil</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision published a press release in early October in which it announced:


	That it would consult on disclosure frameworks for climate-related financial risks (in November 2023) and banks&apos; cryptoasset exposures (soon).
	The publication of its report on the banking turmoil of 2023, which assesses the causes of the turmoil, the regulatory and supervisory responses, and the initial lessons learnt. The Basel Committee states that it will be undertaking some follow-up work, including prioritizing work to bolster supervisory effectiveness globally and assessing whether any aspects of the Basel Framework did not function as intended during the turmoil.
	That by mid-2024 it would publish a report on developments in the digitalisation of finance and their implications for banks and supervisors.

]]></description>
					      
						      <pubDate>Fri, 20 Oct 2023 14:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-Report-on-2023-Banking-Turmoil</guid>
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					      <title>UK Government Publishes Draft Regulations on CCP Recovery &amp; Resolution</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Publishes-Draft-Regulations-on-CCP-</link>
					      <description><![CDATA[
The draft Resolution of Central Counterparties (Modified Application of Corporate Law and Consequential Amendments) Regulations 2023 were laid in Parliament on October 16, 2023. The draft Regulations provide for corporate law modifications and other amendments to ensure that the U.K. CCP resolution regime functions effectively. The Financial Services and Markets Act 2023 (discussed in our client note, &quot;A Boost for U.K. Financial Services&quot;) expanded the CCP resolution regime, giving the Bank of England, as resolution authority, additional powers to safely resolve a failing CCP. Most of the provisions of the expanded regime entered into force on August 29, 2023, under the first commencement regulations made under the FSM Act. Using powers conferred by the FSM Act, HM Treasury, through the draft Regulations, aims to ensure legal certainty and coherence by amending provisions of existing legislation, such as the Companies Act 2006 and the Bank Recovery and Resolution (No.2) Order 2014. The draft Regulations are intended to enter into force on December 31, 2023.]]></description>
					      
						      <pubDate>Fri, 20 Oct 2023 13:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Publishes-Draft-Regulations-on-CCP-</guid>
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					      <title>Draft Legislation Published for Implementing UK&apos;s Retained EU Law (Revocation and Reform) Act 2023</title>
					      <link>https://finreg.aoshearman.com/Draft-Legislation-Published-for-Implementing-UK39</link>
					      <description><![CDATA[
The draft Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023, laid before Parliament on October 16, 2023, will implement certain aspects of the Retained EU Law (Revocation and Reform) Act 2023 (which we discuss in our client note, &quot;UK Government Publishes Brexit Freedoms Bill Setting Deadline for Revocation of EU Law&quot;). The aim of the draft Regulations is to provide enhanced legal certainty in U.K. statutes.

The draft Regulations make provision for amending U.K. primary legislation (listed in the schedule to the draft Regulations) by replacing references to &quot;retained EU law&quot; with the term &quot;assimilated law.&quot; This implements section 5 of the REUL Act, which provides that in-force REUL will become &quot;assimilated law&quot; or &quot;assimilated case law&quot; from January 1, 2024.

Read more.]]></description>
					      
						      <pubDate>Fri, 20 Oct 2023 10:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-Legislation-Published-for-Implementing-UK39</guid>
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					      <title>UK Jurisdiction Taskforce Publishes Consultation on Digital Assets and Insolvency Law</title>
					      <link>https://finreg.aoshearman.com/UK-Jurisdiction-Taskforce-Publishes-Consultation-</link>
					      <description><![CDATA[
The U.K. Jurisdiction Taskforce has published a consultation relating to its proposed Legal Statement offering guidance on the application of English insolvency law principles to digital assets. The proposed Legal Statement will cover a range of areas which are listed in an Annex to the paper. Respondents are invited to submit comments on these areas, which include: (i) whether digital assets would constitute &quot;property&quot; under English insolvency legislation; (ii) which jurisdictional rules apply to determine the location of digital assets; and (iii) whether any difficulties can be perceived in applying English insolvency legislation to the avoidance of prior transactions to pre-insolvency dealings with digital assets. In addition, respondents are encouraged to inform the UKJT of any material issues of concern to stakeholders in relation to the application of English insolvency law to digital assets, other than those listed in the paper&apos;s Annex. Responses should be submitted by December 4, 2023.

The consultation paper follows a series of other publications by the UKJT on legal issues surrounding digital assets, including its Statement on the Issuance and Transfer of Digital Securities under English Law, published in February 2023.]]></description>
					      
						      <pubDate>Fri, 20 Oct 2023 09:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Jurisdiction-Taskforce-Publishes-Consultation-</guid>
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					      <title>EU Authority Seeks Feedback on Potential Shorter EU Settlement Cycle</title>
					      <link>https://finreg.aoshearman.com/EU-Authority-Seeks-Feedback-on-Potential-Shorter-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has opened a call for evidence on shortening the settlement cycle in the EU. The existing EU settlement cycle for trades in transferable securities executed on trading venues is by no later than the second business day after the trade takes place, known as T+2. Responses to the call for evidence may be submitted by December 15, 2023. ESMA will report to the European Commission during 2024, although an earlier report may be produced if ESMA considers that regulatory action is needed in response to the move to T+1 or T+0 in other jurisdictions.

ESMA is asking for feedback from financial market participants on the impact on their operations of a reduced securities settlement cycle to T+1 or T+0, what benefits and costs it would bring, and how and when a shorter settlement cycle could be achieved. ESMA considers that the EU landscape is more complex than that in other jurisdictions because there is no centralized EU post-trade financial markets infrastructure and no harmonized securities law. Finally, ESMA seeks input on the impact of developments in other jurisdictions, such as the intended move by the U.S. and Canada to T+1 in mid-2024 and the U.K.&apos;s assessment of changing to T+1 or T+0, an initial report on which is expected by the end of this year (announced as part of the Edinburgh Reforms which are discussed in our client note, &quot;UK Government Publishes Edinburgh Reforms for Financial Services&quot;).]]></description>
					      
						      <pubDate>Mon, 16 Oct 2023 16:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Authority-Seeks-Feedback-on-Potential-Shorter-</guid>
				    </item>
			
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					      <title>Draft UK Legislation on Revised Payment Service Contract Termination Rules Expected Before 2024</title>
					      <link>https://finreg.aoshearman.com/Draft-UK-Legislation-on-Revised-Payment-Service-C</link>
					      <description><![CDATA[
HM Treasury has published a further policy statement on payment service contract termination rule changes, setting out its approach to implementation, timing and next steps. This latest policy statement follows the government&apos;s July policy statement in which it confirmed that it would bring forward legislation to enhance the requirements governing payment account terminations. This issue has become topical in light of the &quot;de-banking&quot; of higher risk or less profitable clients by several institutions and recent scandals in the U.K. involving account terminations of some politicians. The main changes being brought forward are:


	A requirement for payment account providers to provide clear and tailored explanatory reasons to an account user for the termination. The requirement would not apply where it would be unlawful to provide such information, for example, under U.K. financial crime and anti-money laundering legislation.
	A 90-day notice period before a payment account is terminated by a provider, subject to situations where there is a serious and uncorrected breach by the payment user of the terms applying to the account. It would also be clarified that reasons such as brand protection would not be sufficient justification for a shorter notice period.


Read more.]]></description>
					      
						      <pubDate>Fri, 13 Oct 2023 16:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-UK-Legislation-on-Revised-Payment-Service-C</guid>
				    </item>
			
					 <item>
					      <title>UK Regulator Consults on Rules for Ring-Fenced Banks to Establish Overseas Entities</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Rules-for-Ring-Fenced-Ba</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority is consulting on a proposed rule and policy changes relating to the establishment and maintenance of third-country branches and subsidiaries within ring-fenced banking groups. The PRA&apos;s consultation comes out of HM Treasury&apos;s Smarter Ring-Fencing Regime consultation, in which it is proposing, among other things, to remove the ban on RFBs that prevents them from operating in or servicing customers outside the U.K. and European Economic Area. Responses to the PRA&apos;s consultation may be submitted until November 27, 2023.

The PRA is proposing to require an RFB to ensure that risks from its overseas subsidiary or branch are not material to its safety and soundness, including its ability to continue to provide core services in the U.K. and its resolvability. It also proposes to update its existing Supervisory Statement on RFBs to set out its proposed approach to assessing compliance with the new rule and determining whether there is a material risk to a RFB&apos;s stability.]]></description>
					      
						      <pubDate>Tue, 10 Oct 2023 15:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Rules-for-Ring-Fenced-Ba</guid>
				    </item>
			
					 <item>
					      <title>Consultation on Near-Term UK Ring-Fencing Regime Reforms</title>
					      <link>https://finreg.aoshearman.com/Consultation-on-Near-Term-UK-Ring-Fencing-Regime-</link>
					      <description><![CDATA[
HM Treasury has launched a consultation on proposed near term reforms to the U.K. ring-fencing regime—&quot;A Smarter Ring-Fencing Regime&quot;—and published its response to its call for evidence on the practicalities of aligning the ring-fencing and resolution regimes for banks. These potential changes to the four-year-old ring-fencing regime were announced in the government&apos;s Edinburgh Reforms, which we discuss in our client note: &quot;UK Government Publishes Edinburgh Reforms for Financial Services.&quot;

Read more.]]></description>
					      
						      <pubDate>Tue, 10 Oct 2023 09:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Consultation-on-Near-Term-UK-Ring-Fencing-Regime-</guid>
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					      <title>UK Extends Temporary Recognition Regime for Third Country Central Counterparties and Transitional Regime for Qualifying Central Counterparties</title>
					      <link>https://finreg.aoshearman.com/UK-Extends-Temporary-Recognition-Regime-for-Third</link>
					      <description><![CDATA[
The Central Counterparties (Transitional Provision) (Extension and Amendment) Regulations 2023 were made on September 13, 2023 and will enter into force on November 1, 2023, extending the U.K.&apos;s temporary recognition regime for third-country CCPs to December 31, 2025. The TRR allows third-country CCPs to continue offering clearing services in the U.K., pending full recognition or equivalence decisions being granted. The Financial Services and Markets Act 2023 (which we discuss in our client note, &quot;A Boost for U.K. Financial Services&quot;) granted the Bank of England new rulemaking powers over CCPs and provides for the future framework for market access for overseas CCPs. The extended TRR will enable the current regime for overseas CCPs to continue while the U.K.&apos;s new regime is developed, and ensures that certain overseas CCPs for whom recognition decisions have not yet been granted can continue to offer services in the U.K.

Read more.]]></description>
					      
						      <pubDate>Thu, 21 Sep 2023 17:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Extends-Temporary-Recognition-Regime-for-Third</guid>
				    </item>
			
					 <item>
					      <title>UK Financial Conduct Authority Publishes Policy Statement on Financial Promotions Gateway</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Policy-S</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority published a Policy Statement on 12 September 2023 setting out how it intends to implement the new regulatory gateway for financial promotions. The Financial Services and Markets Act 2023 (which we discuss in our client note, &quot;A Boost for U.K. Financial Services&quot;) amends the Financial Promotion Restriction, banning authorized firms from approving financial promotions of unauthorized firms unless they have received approval from the FCA to have the prohibition removed in whole or part. The gateway will apply from February 7, 2024, with authorized firms able to apply to the FCA for permission from November 6, 2023 until February 6, 2024. There are exemptions from the gateway, entering into force on September 27, 2023, which permit the approval of financial promotions by authorized firms, for communication by unauthorized firms, in certain circumstances.

Read more.]]></description>
					      
						      <pubDate>Wed, 20 Sep 2023 09:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Policy-S</guid>
				    </item>
			
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					      <title>UK Joint Money Laundering Steering Group Publishes Guidance on Travel Rule for Cryptoasset Exchange Providers and Custodian Wallet Providers</title>
					      <link>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group-Publi</link>
					      <description><![CDATA[
The Joint Money Laundering Steering Group has published revisions to its Sector 22 Guidance on Cryptoasset exchange providers and custodian wallet providers along with a new Annex I, setting out guidance on the U.K. Travel Rule for cryptoassets. The Travel Rule was introduced under the Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022, amending the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and requires certain identification information on the sender and recipient to accompany a transfer of a cryptoasset. The Travel Rule requirements have applied since September 1, 2023.

Read more.]]></description>
					      
						      <pubDate>Thu, 14 Sep 2023 17:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group-Publi</guid>
				    </item>
			
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					      <title>FCA Reviews Treatment of Politically Exposed Persons</title>
					      <link>https://finreg.aoshearman.com/FCA-Reviews-Treatment-of-Politically-Exposed-Pers</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a review of the treatment by regulated financial services firms of Politically Exposed Persons based in the U.K. Firms are currently obliged, under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, to conduct enhanced due diligence when dealing with PEPs. The FCA has existing Guidance on the treatment of PEPs for these purposes, which makes clear (amongst other things) that firms should adopt a proportionate and risk-based approach to the application of the MLRs. The FCA has been mandated to review this guidance under the Financial Services and Markets Act 2023, including an investigation into how firms are applying the guidance and consideration as to whether any amendments are needed. We discuss this mandate and the FSMA 2023 more generally in our client note, A Boost for UK Financial Services: The UK Financial Services and Markets Act 2023. 

Read more.]]></description>
					      
						      <pubDate>Thu, 14 Sep 2023 15:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-Reviews-Treatment-of-Politically-Exposed-Pers</guid>
				    </item>
			
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					      <title>Revocation of the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 is Postponed</title>
					      <link>https://finreg.aoshearman.com/Revocation-of-the-Collective-Investment-in-Transf</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2023 (Commencement No. 3) (Amendment) Regulations 2023 were made on August 25, 2023, postponing the revocation of the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013.

The Commencement No. 3 Regulations amend the Financial Services and Markets Act 2023 (Commencement No. 1) Regulations 2023, which were made on July 10, 2023 and provide for the entry into force of certain provisions of the Financial Services and Markets Act 2023 (which we discuss in our client note, A Boost for UK Financial Services: The UK Financial Services and Markets Act 2023). This included provisions revoking retained EU legislation relating to financial services, including the CITS Regulations. The CITS Regulations establish a fund vehicle for the U.K. investment management industry which makes U.K. domiciled funds for collective investment in transferable securities more competitive. The CITS Regulations will now be revoked on a day appointed by the Treasury in a later instrument.]]></description>
					      
						      <pubDate>Thu, 14 Sep 2023 13:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Revocation-of-the-Collective-Investment-in-Transf</guid>
				    </item>
			
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					      <title>Proposed Global Policy Recommendations for Decentralized Finance</title>
					      <link>https://finreg.aoshearman.com/Proposed-Global-Policy-Recommendations-for-Decent</link>
					      <description><![CDATA[
On September 7, 2023, the International Organisation of Securities Commissions launched a consultation on proposed policy recommendations on market integrity and investor protection issues in decentralized finance (DeFi). IOSCO is proposing that the final recommendations, which it aims to finalize before the end of 2023, will help IOSCO members to establish compliant markets. Responses to the consultation may be submitted until October 19, 2023.

Read more.]]></description>
					      
						      <pubDate>Wed, 13 Sep 2023 16:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Proposed-Global-Policy-Recommendations-for-Decent</guid>
				    </item>
			
					 <item>
					      <title>UK Conduct Regulator Offers Small Reprieve for Cryptoasset Marketing</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Offers-Small-Reprieve-for-Cr</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority announced on September 7, 2023, that firms may avail themselves of a delay to the application of some rules applying to cryptoasset financial promotions. The FCA published rules for cryptoasset financial promotions in June this year, which will apply from October 8, 2023 (the same date that the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 brings the promotion of cryptoassets within scope of the U.K. regulatory regime). The reprieve is available, on application, to:


	firms registered with the FCA under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 that intend to communicate cryptoasset financial promotions; and
	authorized firms that intend to communicate or approve cryptoasset financial promotions.


Read more.]]></description>
					      
						      <pubDate>Wed, 13 Sep 2023 13:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Offers-Small-Reprieve-for-Cr</guid>
				    </item>
			
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					      <title>Exemptions from UK Financial Promotions Gateway Published</title>
					      <link>https://finreg.aoshearman.com/Exemptions-from-UK-Financial-Promotions-Gateway-P</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Exemptions from Financial Promotion General Requirement) Regulations 2023, which come into force on September 27, 2023, set out the exemptions to the new U.K. regulatory gateway for the approval by authorized firms of financial promotions of unauthorized firms. The Financial Services and Markets Act 2023 (which we discuss in our client note, &quot;A Boost for U.K. Financial Services: The U.K. Financial Services and Markets Act 2023&quot;) amends the Financial Promotion Restriction, banning authorized firms from approving financial promotions of unauthorized firms unless they have received approval from the Financial Conduct Authority to have the prohibition removed in whole or part. The prohibition will apply from February 7, 2024, according to the Financial Services and Markets Act 2023 (Commencement No. 2 and Transitional Provisions) Regulations 2023, which also set out the following timeline for the new regime to come into effect:


	September 6, 2023: provisions will apply that enable the FCA to give directions and guidance and to make rules.
	November 6, 2023: provisions will apply that allow the FCA to receive (but not determine) applications to approve financial promotions that are made during the application period (November 6, 2023 to February 6, 2024).


Read more.]]></description>
					      
						      <pubDate>Mon, 11 Sep 2023 13:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Exemptions-from-UK-Financial-Promotions-Gateway-P</guid>
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					      <title>UK Regulatory Gateway for Financial Promotions Applies from February 2024</title>
					      <link>https://finreg.aoshearman.com/UK-Regulatory-Gateway-for-Financial-Promotions-Ap</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2023 (Commencement No. 2 and Transitional Provisions) Regulations 2023, made on August 22, 2023, bring into force certain provisions of the Financial Services and Markets Act 2023 and create a number of transitional regimes. We discuss the FSM Act in our client note, &quot;A Boost for U.K. Financial Services: The U.K. Financial Services and Markets Act 2023.&quot;

Read more.]]></description>
					      
						      <pubDate>Tue, 29 Aug 2023 08:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulatory-Gateway-for-Financial-Promotions-Ap</guid>
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					      <title>UK Joint Money Laundering Steering Group Proposed Cryptoasset Travel Rule Guidance</title>
					      <link>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group-Proposed</link>
					      <description><![CDATA[
The U.K. Joint Money Laundering Steering Group opened a consultation on July 28, 2023 on guidance on the U.K. travel rule for cryptoasset transfers. The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 introduced the cryptoasset travel rule by amending the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, and firms will need to comply with the requirements from September 1, 2023. The travel rule requires certain identification information on the sender (originator) and recipient (beneficiary) to accompany a transfer of a cryptoasset. The JMLSG is proposing to add a new annex setting out guidance on the U.K. travel rule for cryptoassets, covering scope, information requirements, batch transfers, returns, unhosted wallet transfers, wallet attribution, linked transactions and use of a layer-2 solution such as the Lightning Network. The guidance also states that firms should consider communications from the Financial Conduct Authority on the sunrise issue, which refers to the impact of jurisdictions implementing the travel rule at different times. Firms may encounter issues when dealing with counterparties in jurisdictions that have not implemented the travel rule for cryptoassets, for example, when dealing with EU counterparties for which the EU travel rules for cryptoasset transfers will only apply from December 30, 2024. Responses to the JMLSG consultation may be submitted until August 25, 2023.]]></description>
					      
						      <pubDate>Mon, 14 Aug 2023 11:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group-Proposed</guid>
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					      <title>Financial Stability Board Issues Recommendations for Regulating Cryptoasset Activities and Markets</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Issues-Recommendations-</link>
					      <description><![CDATA[
The Financial Stability Board has finalized its global regulatory framework for cryptoasset activities and markets and revised the framework for global stablecoin arrangements. Both frameworks, based on the principle of &quot;same activity, same risk, same regulation&quot; aim to provide a basis for consistent regulation across the globe that is proportionate to the risks.

Comprising nine high-level recommendations for the regulation, supervision and oversight of cryptoasset activities and markets, the cryptoasset framework sets out the key objectives for implementation of an effective regulatory and supervisory regime for mitigating the risks posed by cryptoassets. The recommendations are:

Read more]]></description>
					      
						      <pubDate>Mon, 14 Aug 2023 10:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Issues-Recommendations-</guid>
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					 <item>
					      <title>HM Treasury Publishes Response to Payments Regulation and Systemic Perimeter Consultation</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Response-to-Payments-Regula</link>
					      <description><![CDATA[
HM Treasury has published a response to its consultation on payments regulation and the systemic perimeter. The consultation was prompted by the U.K. government&apos;s Payments Landscape Review and HM Treasury&apos;s concern that some payments services operators were not subject to systemic supervision but may pose systemic risks to the U.K. financial system.

Read more]]></description>
					      
						      <pubDate>Mon, 14 Aug 2023 09:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Response-to-Payments-Regula</guid>
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					      <title>UK Financial Conduct Authority Consults on Securitization Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Securi</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority is consulting on its proposed rules for securitization markets, which will replace many of the firm-facing requirements under the existing U.K. Securitization Regulation. The U.K. Prudential Regulation Authority is separately consulting on its own equivalent rules for PRA-authorized firms, which together with the FCA&apos;s rules will create a coherent regime for securitizations. The regulators are being handed the power to make these rules under HM Treasury&apos;s proposed reforms to the U.K. securitization regime, which will repeal the existing U.K. Securitization Regulation, keeping part of the regime in new legislation and the remainder in the regulators&apos; rulebooks.

Read more]]></description>
					      
						      <pubDate>Mon, 14 Aug 2023 09:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Securi</guid>
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					      <title>HM Treasury Consults on First Financial Market Infrastructure Sandbox - the Digital Securities Sandbox</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Consults-on-First-Financial-Market-In</link>
					      <description><![CDATA[
HM Treasury has published a consultation on the establishment of a financial market infrastructure sandbox, known as the Digital Securities Sandbox. The sandbox will be established using new powers granted by the U.K. Financial Services and Markets Act 2023 (which we discuss in our client note, &quot;A Boost for UK Financial Services&quot;), empowering HM Treasury to set up individual FMI sandboxes. The sandboxes are designed to enhance understanding of the use cases for emerging digital asset technologies, including distributed ledger technology. HM Treasury can modify or disapply legislation and rules within the sandbox to permit different technologies to be tested that would not be possible under the existing legislative and regulatory framework, with the potential to make permanent changes to legislation based on the findings of the sandbox.

Read more.]]></description>
					      
						      <pubDate>Mon, 07 Aug 2023 10:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Consults-on-First-Financial-Market-In</guid>
				    </item>
			
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					      <title>HM Treasury Publishes Response on UK Retail Disclosure Consultation</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Response-on-UK-Retail-Discl</link>
					      <description><![CDATA[
HM Treasury has published a response to its consultation on the future of U.K. retail disclosures. HM Treasury&apos;s consultation (which we discussed in our client note, &quot;UK Government Publishes Edinburgh Reforms for Financial Services&quot;) identified various problems with the Packaged Retail and Insurance-Based Investment Products Regulation which currently governs disclosures for complex retail investment products. These included that the PRIIPs regime could be overly prescriptive and potentially misleading in its attempts to make PRIIPs products comparable and that the rules were spread across a mixture of legislation and regulatory rules which led to a complex environment for firms.

Read more.]]></description>
					      
						      <pubDate>Mon, 07 Aug 2023 09:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Response-on-UK-Retail-Discl</guid>
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					      <title>UK Regulators Publish Revised Complaints Scheme</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Publish-Revised-Complaints-Scheme</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority, Prudential Regulation Authority and Bank of England have jointly published their revised Complaints Scheme, which governs how complaints against the U.K. regulators should be made and handled. The changes include:


	The introduction of specific discretionary compensation bands for non-financial loss arising from the regulators&apos; actions or inactions. The bands range from &amp;pound;100 for a relatively low level of stress or inconvenience, up to over &amp;pound;2,500 in exceptional circumstances, for example, where the consequences of the regulators&apos; failings are particularly severe.

Read more]]></description>
					      
						      <pubDate>Fri, 04 Aug 2023 10:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Publish-Revised-Complaints-Scheme</guid>
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					      <title>HM Treasury Consults on UK Future of Payments Review</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Consults-on-UK-Future-of-Payments-Rev</link>
					      <description><![CDATA[
HM Treasury has published a Call for Input on the U.K. Future of Payments Review, an investigation into how future payments are likely to be made and how the U.K. can offer world-leading retail payments. The review is focused on consumer needs — specifically, those of individuals and businesses processing retail payments. Input is sought on the following issues:


	What are the most important consumer retail payment journeys, both today and in the next five years?
	How does the experience of these journeys by U.K. consumers (individuals and businesses) compare with those of other leading countries?
	How likely are the existing plans and initiatives across the payments landscape to deliver world-leading payment journeys for U.K. consumers?

The Call for Input is open until September 1, 2023.]]></description>
					      
						      <pubDate>Fri, 04 Aug 2023 10:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Consults-on-UK-Future-of-Payments-Rev</guid>
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					      <title>UK Government Consults on Revised Securitization Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Consults-on-Revised-Securitization-</link>
					      <description><![CDATA[
HM Treasury has published a near-final draft statutory instrument and related Policy Note setting out its proposed reforms to the U.K. securitization regime. Comments on the draft S.I. can be submitted until August 21, 2023. The final S.I. will be laid before Parliament before the end of 2023.

The PRA is separately consulting on proposed rules to replace its retained EU law securitization requirements for PRA-authorized firms. Responses to the PRA&apos;s consultation should be submitted by October 30, 2023. The FCA will publish a consultation on its securitization rules on August 7, 2023.

Read more]]></description>
					      
						      <pubDate>Fri, 04 Aug 2023 10:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Consults-on-Revised-Securitization-</guid>
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					      <title>UK Regulatory Guidance on Trading Venue Regulatory Perimeter</title>
					      <link>https://finreg.aoshearman.com/UK-Regulatory-Guidance-on-Trading-Venue-Regulator</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has issued final guidance to clarify the scope of the regulatory perimeter for trading venues and the regulatory approvals needed to conduct their business. The guidance caters for new platforms emerging from technological developments. The guidance is one of the outcomes of HM Treasury&apos;s Wholesale Markets Review (which we discuss in our client note, &quot;UK Wholesale Markets Review&quot;). Other aspects of the Review are being implemented through the Financial Services and Markets Act 2023 (which we discuss in our client note, &quot;A Boost for U.K. Financial Services: The U.K. Financial Services and Markets Act 2023&quot;) or by amendments to FCA rules.

Read more]]></description>
					      
						      <pubDate>Fri, 04 Aug 2023 08:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulatory-Guidance-on-Trading-Venue-Regulator</guid>
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					      <title>UK Regulator Issues Statement on New Growth and International Competitiveness Objective</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Issues-Statement-on-New-Growth-and-I</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a statement setting out how its work to support the &apos;key drivers&apos; of productivity will facilitate delivery of its new secondary objective and how it intends to report on progress embedding the new objective. The Financial Services and Markets Act 2023 (which we discuss in our client note, &quot;A Boost for U.K. Financial Services: The U.K. Financial Services and Markets Act 2023&quot;) introduces a new secondary statutory objective, obliging the FCA and U.K. Prudential Regulation Authority in carrying out their functions to support the long-term growth and international competitiveness of the U.K.&apos;s economy in the medium and long term. This obligation enters into force on August 29, 2023, under Commencement Regulations made on July 10, 2023. Each regulator must report at two intervals to HM Treasury setting out how it has complied with its duty to advance the new objective. The reports are due 12 and 24 months after the new objective applies (August 29, 2024 and August 29, 2025 respectively).]]></description>
					      
						      <pubDate>Thu, 03 Aug 2023 10:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Issues-Statement-on-New-Growth-and-I</guid>
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					      <title>First Commencement Regulations Under UK Financial Services and Markets Act 2023</title>
					      <link>https://finreg.aoshearman.com/First-Commencement-Regulations-Under-UK-Financial</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2023 (Commencement No. 1) Regulations 2023 were made on July 10, 2023 and will bring into force provisions under the Financial Services and Markets Act 2023 (which we discuss in our client note, &quot;A Boost for U.K. Financial Services: The U.K. Financial Services and Markets Act 2023&quot;) from either July 11, 2023, August 29, 2023 or January 1, 2024.

Read more]]></description>
					      
						      <pubDate>Thu, 03 Aug 2023 10:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/First-Commencement-Regulations-Under-UK-Financial</guid>
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					      <title>UK Regulator Proposes Framework for a Consolidated Tape</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Proposes-Framework-for-a-Consolidate</link>
					      <description><![CDATA[
On July 5, 2023, the U.K. Financial Conduct Authority launched a consultation on a proposed U.K. consolidated tape for bonds. MiFID II introduced requirements for a &quot;consolidated tape&quot; for transactions in equity and non-equity instruments. It requires a consolidated tape provider to collect post-trade information published by trading venues and approved publication arrangements and to consolidate this into a continuous live data stream made available to the public. No consolidated tape has yet been set up in either the U.K. or the EU. The EU announced at the end of June 2023 that political agreement had been reached on the proposals to introduce an EU consolidated tape.

Read more]]></description>
					      
						      <pubDate>Thu, 03 Aug 2023 09:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Proposes-Framework-for-a-Consolidate</guid>
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					      <title>UK Government Sets Out Plan for Revoking EU Financial Services Laws</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Sets-Out-Plan-for-Revoking-EU-Finan</link>
					      <description><![CDATA[
Following finalization of the Financial Services and Markets Act 2023 (which we discuss in our client note, &quot;A Boost for U.K. Financial Services: The U.K. Financial Services and Markets Act 2023&quot;), HM Treasury published a Delivery Plan for the Building a Smarter Financial Services Regulatory Framework for the UK. The Delivery Plan compliments the Policy Paper published as part of the Edinburgh Reforms (discussed in our client note, &quot;UK Government Publishes Edinburgh Reforms for Financial Services&quot;).

Read more]]></description>
					      
						      <pubDate>Wed, 02 Aug 2023 14:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Sets-Out-Plan-for-Revoking-EU-Finan</guid>
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					      <title>UK Investment Research Review Signifies Further EU-UK Divergence on Unbundling Research Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Investment-Research-Review-Signifies-Further-E</link>
					      <description><![CDATA[
The report and recommendations of the UK Investment Research Review were published on July 10, 2023. The recommendations have been accepted by the government and the Financial Conduct Authority has committed to prioritizing consulting on proposed rule changes with a view to revised rules applying in H1 2024.

Read more]]></description>
					      
						      <pubDate>Wed, 02 Aug 2023 14:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Investment-Research-Review-Signifies-Further-E</guid>
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					      <title>UK Prudential Regulation Authority Consults on Approach to Reviewing Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Consults-on-Ap</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority opened a consultation on June 30, 2023, on its proposed approach to reviewing its rules, including a proposed statement of policy. The Financial Services and Markets Act 2023 transfers responsibility for making detailed rules to the U.K.&apos;s regulators, significantly increasing their powers, and provides for an enhanced regulatory accountability framework, subjecting the regulators to additional oversight by Parliament and HM Treasury. One of those regulatory accountability measures requires the PRA and Financial Conduct Authority to keep their rules under review and to publish a statement of policy on how they conduct such reviews.

The PRA&apos;s consultation sets out its proposed framework for conducting rule reviews, stakeholder engagements, transparency and communicating the outcomes of reviews. Responses to the consultation may be submitted until September 29, 2023.

The FCA has also published a draft Rule Review Framework, for which feedback may be submitted until September 15, 2023.



]]></description>
					      
						      <pubDate>Wed, 02 Aug 2023 11:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Consults-on-Ap</guid>
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					      <title>UK Financial Conduct Authority Seeks Comment on Draft Rule Review Framework</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Seeks-Comment-on-D</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority launched a consultation on July 14, 2023, on its proposed Rule Review Framework. The Financial Services and Markets Act 2023 transfers responsibility for making detailed rules to the U.K.&apos;s regulators, significantly increasing their powers. To ensure proper oversight of the use of those powers in practice, the FSM Act provides for an enhanced regulatory accountability framework, subjecting the regulators to additional oversight by Parliament and HM Treasury. Among other things, the FCA and Prudential Regulation Authority must keep their rules under review and publish a statement of policy on how they conduct such reviews.

The FCA is proposing a draft Rule Review Framework based on the use of data to assess the effects of a rule change. The draft Framework sets out three types of review that the FCA could conduct, describing their purpose. The three types of review are an evidence assessment, a post-implementation review and an ex post impact evaluation. The FCA&apos;s draft Framework also describes the steps it could take if the data shows that a rule is not working as had been intended. Comments on the FCA&apos;s draft Rule Review Framework may be submitted until September 15, 2023.

The PRA is also consulting on its proposed approach to reviewing its rules, including a proposed statement of policy. Responses to the PRA&apos;s consultation may be submitted until September 29, 2023.]]></description>
					      
						      <pubDate>Wed, 02 Aug 2023 11:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Seeks-Comment-on-D</guid>
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					      <title>UK Government Consults on Revised UK Short Selling Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Consults-on-Revised-UK-Short-Sellin</link>
					      <description><![CDATA[
HM Treasury has published its response to the Short Selling Regulation Review, which sought views on the proposed U.K. short selling regime. Once the new U.K. regime for short selling is finalized, the retained EU Short Selling Regulation will be revoked under the revocation framework established by the U.K. Financial Services and Markets Act 2023 (which we discuss in our client note, &quot;A Boost for U.K. Financial Services: The U.K. Financial Services and Markets Act 2023&quot;). A draft statutory instrument for the new U.K. regime is expected to be published before the end of 2023, with the final S.I. being delivered during the course of 2024. The U.K. Financial Conduct Authority will also consult on proposed rules for the new framework in 2024.
 
The proposed regime is intended to represent a &quot;lighter-touch&quot; approach that will facilitate short selling and its benefits while managing the associated risks. The changes will: (i) increase the net short position disclosure threshold from 0.1% to 0.2%; (ii) replace the current requirement to disclose all short positions over 0.5% with a new disclosures model, whereby the FCA will publish aggregated short positions in each company&apos;s shares (removing the need to reveal the identity of individual sellers); and (iii) empower the FCA to make rules on areas such as exempt share arrangements, the market maker exemption requirements and prohibitions on uncovered short selling.

Read more.]]></description>
					      
						      <pubDate>Wed, 02 Aug 2023 11:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Consults-on-Revised-UK-Short-Sellin</guid>
				    </item>
			
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					      <title>UK Financial Services and Markets Act 2023</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Services-and-Markets-Act-2023</link>
					      <description><![CDATA[
Following rigorous debate in Parliament, the U.K.&apos;s latest Financial Services and Markets Act (FSM Act) received royal assent on June 29, 2023. The FSM Act significantly changes the U.K.&apos;s regulatory framework for financial services, implementing the government&apos;s post-Brexit Future Regulatory Framework Review and the Edinburgh Reforms. The existing regulatory model under the Financial Services and Markets Act 2000 has been enhanced with the introduction of a new &quot;Designated Activities Regime&quot; for the regulation of activities related to the financial markets, transfer to the U.K. regulators of responsibility for making and reviewing detailed firm rules, subject to enhanced oversight by Parliament and HM Treasury, and the establishment of a regulatory framework for oversight of third parties that provide critical services to financial institutions.

Read more.]]></description>
					      
						      <pubDate>Wed, 02 Aug 2023 10:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Services-and-Markets-Act-2023</guid>
				    </item>
			
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					      <title>UK Government and Regulators Consult on Revised UK Prospectus Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Government-and-Regulators-Consult-on-Revised-U</link>
					      <description><![CDATA[
HM Treasury has published a near-final draft statutory instrument and related Policy Note setting out its proposed reforms to the U.K. prospectus regime. The U.K. Financial Conduct Authority has also published a series of six Engagement Papers seeking views on its proposed rules under the new regime.

Once the new U.K. regime is finalized, the retained EU Prospectus Regulation will be repealed under the revocation framework established by the U.K. Financial Services and Markets Act 2023 (which we discuss in our client note, &quot;A Boost for U.K. Financial Services: The U.K. Financial Services and Markets Act 2023&quot;).

Read more]]></description>
					      
						      <pubDate>Wed, 02 Aug 2023 08:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-and-Regulators-Consult-on-Revised-U</guid>
				    </item>
			
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					      <title>EU and UK Sign Memorandum of Understanding on Financial Services Cooperation</title>
					      <link>https://finreg.aoshearman.com/EU-and-UK-Sign-Memorandum-of-Understanding-on-Fin</link>
					      <description><![CDATA[
On June 27, 2023, the EU and U.K. signed a Memorandum of Understanding on Financial Services Cooperation, a high-level agreement on future cooperation in the regulation of financial services. The MoU provides for:


	exchange of views between the EU and U.K. on regulatory developments and other issues of common interest;
	transparency and communication in adopting, suspending and withdrawing equivalence decisions;
	exchange of views between the EU and U.K. on market developments and financial stability; and
	enhanced cooperation and coordination, including in international bodies.


Read more.]]></description>
					      
						      <pubDate>Tue, 11 Jul 2023 15:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-and-UK-Sign-Memorandum-of-Understanding-on-Fin</guid>
				    </item>
			
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					      <title>EU Publishes New Sustainable Finance Package</title>
					      <link>https://finreg.aoshearman.com/EU-Publishes-New-Sustainable-Finance-Package</link>
					      <description><![CDATA[
The EU published a new Sustainable finance package 2023 on June 13, 2023. The package includes:


	A Proposed Regulation on the transparency and integrity of ESG rating activities, which aims to enhance the quality of ESG ratings. The Regulation will introduce an authorization and ongoing supervision regime for ESG rating providers along with certain obligations, e.g., disclosures on ratings methodologies. The proposal does not intend to harmonize the methodologies for the calculation of ESG ratings, but to increase their transparency. Third-country ESG rating providers may be able to offer their services in the EU under either equivalence, endorsement or recognition. The U.K. is currently consulting on making the provision of ESG ratings a regulated activity.


Read more.]]></description>
					      
						      <pubDate>Tue, 11 Jul 2023 11:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Publishes-New-Sustainable-Finance-Package</guid>
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					      <title>Law Commission Publishes Final Report on Digital Assets</title>
					      <link>https://finreg.aoshearman.com/Law-Commission-Publishes-Final-Report-on-Digital-</link>
					      <description><![CDATA[The Law Commission, a U.K. body which makes suggestions for legislative reform, has published a final report in response to its July 2022 consultation on potential digital asset law reforms.

Read more.]]></description>
					      
						      <pubDate>Wed, 28 Jun 2023 17:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Law-Commission-Publishes-Final-Report-on-Digital-</guid>
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					      <title>UK Statutory Instrument Published to Bring Cryptoassets Within Financial Promotions Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Statutory-Instrument-Published-to-Bring-Crypto</link>
					      <description><![CDATA[
On June 7, 2023, the U.K. government published a statutory instrument (the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (FP (Amendment) Order) and related explanatory memorandum) amending the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (FPO). The amendments broadly reflect HM Treasury&apos;s final proposals on cryptoasset financial promotions, published in January 2022. The expanded financial promotions regime will apply from October 8, 2023, an implementation period of four months as opposed to the originally proposed six, given recent market volatility. The new regime will capture promotions for &quot;qualifying cryptoassets&quot; with respect to the following (existing) controlled activities:


	dealing in securities and contractually based investments;
	arranging deals in investments;
	managing investments;
	advising on investments; and
	agreeing to carry on any of the above activities.


Read more.]]></description>
					      
						      <pubDate>Mon, 12 Jun 2023 11:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Statutory-Instrument-Published-to-Bring-Crypto</guid>
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					      <title>UK Financial Conduct Authority Publishes Final Rules on Cryptoasset Financial Promotions</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Final-Ru</link>
					      <description><![CDATA[
On June 8, 2023, the U.K. Financial Conduct Authority published its final Policy Statement setting out detailed rules for the U.K.&apos;s cryptoasset financial promotions regime. The Policy Statement follows the publication on June 7, 2023 of the Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023 (FP (Amendment) Order), which will bring the promotion of certain cryptoasset activities within the U.K.&apos;s financial promotions regime. The FCA&apos;s rules will apply from October 8, 2023 (the same date that cryptoassets are brought within the financial promotions regime under the FP (Amendment) Order).

Read more.]]></description>
					      
						      <pubDate>Mon, 12 Jun 2023 09:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Final-Ru</guid>
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					      <title>Proposed Policy Recommendations for Crypto and Digital Asset Markets</title>
					      <link>https://finreg.aoshearman.com/Proposed-Policy-Recommendations-for-Crypto-and-Di</link>
					      <description><![CDATA[
On May 23, 2023, the International Organisation of Securities Commissions launched a consultation on proposed policy recommendations for crypto and digital asset markets. IOSCO is proposing that the final recommendations, which it expects to publish in Q4 2023, will help IOSCO members to apply the IOSCO Objectives and Principles for Securities Regulation to crypto asset activities. Responses to the consultation may be submitted until July 31, 2023.

IOSCO is proposing 18 recommendations that cut across the following areas:

	Conflicts of interest arising from vertical integration of activities and functions.
	Market manipulation, insider trading and fraud.
	Cross-border risks and regulatory cooperation.
	Custody and client asset protection.
	Operational and technological risk.
	Retail access, suitability and distribution.


The proposed recommendations do not cover decentralized finance activities, products or services. IOSCO will consult on recommendations for DeFi activities later this year.]]></description>
					      
						      <pubDate>Mon, 05 Jun 2023 13:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Proposed-Policy-Recommendations-for-Crypto-and-Di</guid>
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					      <title>European Commission Publishes Retail Investment Strategy</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Retail-Investment-S</link>
					      <description><![CDATA[
On May 24, 2023, the European Commission published a Retail Investment Strategy package aimed at enhancing retail investor protections across the EU and encouraging participation in the EU capital markets. The package comprises an amending Directive, which makes changes across a range of EU legislation, and an amending Regulation, which revises the EU&apos;s Packaged Retail and Insurance-based Investment Products Regulation.

Read more.]]></description>
					      
						      <pubDate>Mon, 05 Jun 2023 12:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Retail-Investment-S</guid>
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					      <title>UNIDROIT Publishes Principles on Digital Assets and Private Law</title>
					      <link>https://finreg.aoshearman.com/UNIDROIT-Publishes-Principles-on-Digital-Assets-a</link>
					      <description><![CDATA[
On May 18, 2023, the International Institute for the Unification of Private Law (UNIDROIT), the intergovernmental organization for modernizing and coordinating private law, published a set of draft Principles on Digital Assets and Private Law. The 19 Principles provide high-level guidelines with which States (including UNIDROIT Member States) would be encouraged to align their own legislation on digital assets. The U.K., U.S. and EU Member States are among the members of UNIDROIT. The Principles have been designed to be neutral as to jurisdiction, technology and their manner of implementation, making them flexible and easy to incorporate into national legal systems. If the draft Principles are accepted by UNIDROIT&apos;s Governing Council, they are expected to be finalized and published in 2023.

Read more.]]></description>
					      
						      <pubDate>Mon, 05 Jun 2023 10:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UNIDROIT-Publishes-Principles-on-Digital-Assets-a</guid>
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					      <title>UK Publishes Insider Dealing Offence Legislation</title>
					      <link>https://finreg.aoshearman.com/UK-Publishes-Insider-Dealing-Offence-Legislation</link>
					      <description><![CDATA[
On May 25, 2023, the final Insider Dealing (Securities and Regulated Markets) Order 2023 and its related explanatory memorandum were published. The Order will enter into force on June 15, 2023.

The legislation aligns the scope of trading venues covered by the U.K.&apos;s criminal insider dealing regime under the Criminal Justice Act 1993 with the civil regime under the U.K.&apos;s Market Abuse Regulation, and updates the criminal regime. Details of the amendments are discussed in our separate blog.]]></description>
					      
						      <pubDate>Mon, 05 Jun 2023 08:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Publishes-Insider-Dealing-Offence-Legislation</guid>
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					      <title>UK Ancillary Activities Test On Track For Simplification From 2025</title>
					      <link>https://finreg.aoshearman.com/UK-Ancillary-Activities-Test-On-Track-For-Simplif</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) Order 2023 was made on May 17, 2023. The Order, which enters into force on January 1, 2025, paves the way for the Financial Conduct Authority to develop a simpler test for determining which firms need to be authorized as investment firms as a result of their commodities and emission allowances trading business, known as the &quot;ancillary activities test&quot;. The final Order is substantively the same as the draft SI, which we discuss in our related blog: &quot;UK Government Publishes Draft Legislation Revising Application of The Ancillary Activities Test for Commodity Derivatives and Emission Allowances&quot;.

Read more.]]></description>
					      
						      <pubDate>Thu, 18 May 2023 16:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Ancillary-Activities-Test-On-Track-For-Simplif</guid>
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					      <title>UK Government Consults on Regulatory Accountability and Transparency Metrics</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Consults-on-Regulatory-Accountabili</link>
					      <description><![CDATA[
On May 9, 2023, the U.K. government published a Call for Proposals on which metrics the Financial Conduct Authority and the Prudential Regulation Authority should be required to publish for the new secondary growth and competitiveness objectives. The new secondary objectives, which will be brought in under the Financial Services and Markets Bill, will compel the FCA and PRA in carrying out their functions to support long-term growth and international competitiveness. For the PRA, the new growth and international competitiveness objective will operate in conjunction with its existing secondary objective to facilitate effective competition in the markets for services provided by PRA-authorized firms (banks, large investment firms, insurers and credit unions). For the FCA, the new objective will go together with the FCA&apos;s three existing operational objectives of consumer protection, market integrity and competition.

Read more.]]></description>
					      
						      <pubDate>Fri, 12 May 2023 15:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Consults-on-Regulatory-Accountabili</guid>
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					      <title>UK Criminal Insider Dealing Offence Legislation to be Updated</title>
					      <link>https://finreg.aoshearman.com/UK-Criminal-Insider-Dealing-Offence-Legislation-t</link>
					      <description><![CDATA[
On April 20, 2023, the draft Insider Dealing (Securities and Regulated Markets) Order 2023 was published (the draft Order). The draft Order will generally align the scope of the U.K.&apos;s criminal insider dealing regime under the Criminal Justice Act 1993 with that of the civil regime under the U.K.&apos;s Market Abuse Regulation and update the criminal regime. The draft Order, which will come into effect 21 days after it is made, will revoke the outdated Insider Dealing (Securities and Regulated Markets) Order 1994 (the 1994 Order).

Read more.]]></description>
					      
						      <pubDate>Wed, 10 May 2023 14:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Criminal-Insider-Dealing-Offence-Legislation-t</guid>
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					      <title>UK Financial Conduct Authority Finalizes Improvements to Equity Secondary Markets</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Finalizes-Improvem</link>
					      <description><![CDATA[
On May 3, 2023, the U.K. Financial Conduct Authority published a Policy Statement on Improving Equity Secondary Markets, following its consultation last year. These changes are part of the response to the Wholesale Markets Review led by HM Treasury. Some of the changes from the WMR require legislative changes and are being progressed in the Financial Services and Markets Bill. We discuss these changes, and others proposed by the Bill in our client note, &quot;UK Financial Services and Markets Bill&quot;. The changes that the FCA is bringing in do not require legislation or new powers for the FCA. The FCA confirms that it will consult this year and next on further reforms to the requirements for equity markets once the detailed firm-facing obligations are transferred to its Handbook.

Read more.]]></description>
					      
						      <pubDate>Tue, 09 May 2023 10:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Finalizes-Improvem</guid>
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					      <title>UK Extends Clearing Obligation Exemption for Pension Funds and Intragroup Transactions</title>
					      <link>https://finreg.aoshearman.com/UK-Extends-Clearing-Obligation-Exemption-for-Pens</link>
					      <description><![CDATA[
On April 28, 2023, the Pension Fund Clearing Obligation Exemption and Intragroup Transaction Transitional Clearing and Risk-Management Obligation Exemptions (Extension and Amendment) Regulations 2023 were published, with an explanatory memorandum. These Regulations come into effect on June 12, 2023, and will extend the expiry date of the:


	Exemption from the clearing obligation for pension schemes from June 18, 2023, to June 18, 2025. This means that U.K. and EEA pension funds will remain exempt from the U.K. clearing obligation. This change is made by amending U.K. EMIR, as provided for in the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019.
	Temporary intragroup exemption provisions from December 31, 2023, to December 31, 2026. This means that the U.K. clearing obligation and risk mitigation measures will not apply to OTC derivative contracts between U.K. firms and their overseas group entities.


This is the first time that HM Treasury has used its powers to extend these dates.]]></description>
					      
						      <pubDate>Wed, 03 May 2023 11:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Extends-Clearing-Obligation-Exemption-for-Pens</guid>
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					      <title>Proposed EU Regulation on Markets in Crypto-Assets Approved by European Parliament</title>
					      <link>https://finreg.aoshearman.com/Proposed-EU-Regulation-on-Markets-in-Crypto-Asset</link>
					      <description><![CDATA[
On April 20, 2023, the agreed text of the proposed European Markets in Crypto-Assets Regulation was given final approval by the European Parliament. The Regulation is intended to improve legal certainty in the regulatory treatment of crypto-assets, to preserve consumer protection and market integrity in crypto-asset markets and to ensure financial stability. The text must now be formally endorsed by the Council of the European Union and will then be published in the Official Journal of the European Union. It will enter into force 20 days after publication. The majority of the Regulation is expected to apply from around January 2025, with the exception of the provisions regarding asset-referenced token issuers and e-money token issuers, which should apply from around July 2024.

Read more.]]></description>
					      
						      <pubDate>Tue, 02 May 2023 15:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Proposed-EU-Regulation-on-Markets-in-Crypto-Asset</guid>
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					      <title>EU Travel Rule for Crypto-Assets Set to Apply from January 2025</title>
					      <link>https://finreg.aoshearman.com/EU-Travel-Rule-for-Crypto-Assets-Set-to-Apply-fro</link>
					      <description><![CDATA[
On April 20, 2023, the European Parliament announced that it had formally endorsed the draft Regulation on information accompanying transfers of funds and crypto assets (referred to here as the EU Travel Rule Regulation). The draft Markets in Crypto-Assets (MiCA) Regulation has also been adopted.

The existing EU Wire Transfer Regulation (EU WTR) requires EU Payment Service Provider to ensure that information on the payer and the payee accompanies a transfer of funds. The funds can be in any currency, and comprise banknotes and coins, scriptural money and electronic money.

The EU Travel Rule Regulation will extend the requirements to crypto assets and crypto-asset services providers (CASPs), (both as defined under the draft MiCA Regulation) with information on the originator and the beneficiary being required to accompany any transfers in crypto assets, regardless of whether they are domestic or cross-border. The requirements will not apply to person-to-person transfers of crypto assets where a CASP is not involved, or when both the originator and the beneficiary are providers of crypto-asset transfers acting on their own behalf.

The EU Travel Rule Regulation must still be published in the Official Journal of the European Union before it comes into effect. This is likely to be around July this year. At that time, the EU Travel Rule Regulation will repeal the EU WTR, however, the existing requirements on information accompanying transfers of funds will carry over to the new Regulation. The EU Travel Rule Regulation will apply from the same date that the MiCA Regulation applies, which is expected to be January 2025.]]></description>
					      
						      <pubDate>Tue, 02 May 2023 11:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Travel-Rule-for-Crypto-Assets-Set-to-Apply-fro</guid>
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					      <title>UK Launches 2023 Review of Senior Manager&apos;s and Certification Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Launches-2023-Review-of-Senior-Manager39s-and-</link>
					      <description><![CDATA[
Following the Edinburgh Reforms announcement in December 2022, the review of the Senior Managers and Certification regime has been kicked off with HM Treasury publishing a call for evidence and the U.K. Financial Conduct Authority and Prudential Regulation Authority publishing a joint discussion paper. Both reviews should be considered alongside each other and responses to both may be submitted until June 1, 2023. The U.K.&apos;s Senior Managers Regime has been criticized in imposing a close-to-strict level of liability on individuals, including for any problems which arise in their designated area of responsibility, potentially making the U.K. a less attractive place for senior financial services professionals to operate.

Read more.]]></description>
					      
						      <pubDate>Thu, 06 Apr 2023 17:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Launches-2023-Review-of-Senior-Manager39s-and-</guid>
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					      <title>UK Investment Research Review Call for Evidence Published</title>
					      <link>https://finreg.aoshearman.com/UK-Investment-Research-Review-Call-for-Evidence-Published</link>
					      <description><![CDATA[
The U.K. Investment Research Review call for evidence was published on April 3, 2023. Relevant background to these issues is set out in our recent client note, &quot;MiFID II: An Update on the Rules for Unbundling of Research,&quot; in which we discussed the MiFID II requirements, the actions of the U.S. SEC, potential changes to the U.K. and EU MiFID II rules and the implications for broker-dealers that receive &quot;hard dollars&quot; for research. In summary, the research that investment managers typically receive from brokers is, under MiFID II, generally classified as a prohibited &quot;inducement,&quot; unless the investment manager pays for the research either: (a) directly from its own resources; (b) from a &quot;Research Payment Account&quot; (RPA) funded, with the client&apos;s prior approval, with an advisory client&apos;s money; or (c) a combination of the two methods. These requirements only apply directly to U.K.-regulated investment firms. However, brokers outside of the U.K. are affected by the legislation. Before the U.S. Securities and Exchange Commission granted exemptive relief, U.S. broker-dealers faced challenges because receiving MiFID II-compliant direct payments for research from U.K. investment managers would have amounted to accepting &quot;hard dollar&quot; payments, vitiating an important exclusion from being regulated as investment advisers.

Read more.]]></description>
					      
						      <pubDate>Wed, 05 Apr 2023 09:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Investment-Research-Review-Call-for-Evidence-Published</guid>
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					      <title>EU Opinion on Trading Venue Perimeter</title>
					      <link>https://finreg.aoshearman.com/EU-Opinion-on-Trading-Venue-Perimeter</link>
					      <description><![CDATA[
On February 2, 2023, the European Securities and Markets Authority published a final report and an Opinion on the trading venue perimeter. The Opinion clarifies the definition of multilateral systems under the EU&apos;s revised Markets in Financial Instruments Directive and sets out guidance on when systems should be considered as multilateral such that authorization as a trading venue would be required. In issuing the Opinion, ESMA is seeking to address the regulatory inconsistencies that have arisen because there is no EU-wide homogenous view as to what constitutes a multilateral system and to provide more certainty about when a system will be considered multilateral, and therefore should apply for authorization as a trading venue. The U.K.&apos;s Financial Conduct Authority recently consulted on proposed guidance on the regulatory perimeter for multilateral trading facilities and on possible future changes to smaller trading venues&apos; regulatory obligations. The FCA is expected to publish its final guidance in Q2 2023. 

Read more. ]]></description>
					      
						      <pubDate>Mon, 03 Apr 2023 08:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Opinion-on-Trading-Venue-Perimeter</guid>
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					      <title>UK Mulls Aligning its Ring-Fencing and Resolution Regimes for Banks</title>
					      <link>https://finreg.aoshearman.com/UK-Mulls-Aligning-its-Ring-Fencing-and-Resolution</link>
					      <description><![CDATA[
On March 2, 2023, HM Treasury issued a Call for Evidence requesting views on the practicalities of aligning the ring-fencing and resolution regimes for banks. The potential to align the U.K. ring-fencing and resolution regimes was announced on December 9, 2022 as part of the Edinburgh Reforms, in response to the recommendations of Independent Review on Ring-fencing and Proprietary Trading, published in March 2022. We discussed the Edinburgh Reforms in our client note: &quot;UK Government Publishes Edinburgh Reforms for Financial Services.&quot; Responses to the Call for Evidence may be submitted until May 7, 2023.

Read more.]]></description>
					      
						      <pubDate>Fri, 31 Mar 2023 09:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Mulls-Aligning-its-Ring-Fencing-and-Resolution</guid>
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					      <title>UK Government Publishes Draft Legislation Revising Application of the Ancillary Activities Test for Commodity Derivatives and Emission Allowances</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Publishes-Draft-Legislation-Revising</link>
					      <description><![CDATA[The U.K. government has published a draft statutory instrument (and related explanatory memorandum), which will be known as the Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) Order 2023. The draft SI will simplify the process for determining when a firm satisfies the &quot;ancillary activities&quot; test and reduce the burden on firms that apply the test. The changes were discussed under the Wholesale Markets Review and announced as part of the Edinburgh Reforms.

Read more.]]></description>
					      
						      <pubDate>Thu, 30 Mar 2023 16:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Publishes-Draft-Legislation-Revising</guid>
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					      <title>UK Government Publishes 2023 Green Finance Strategy</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Publishes-2023-Green-Finance-Strategy</link>
					      <description><![CDATA[
The U.K. Government has published the 2023 Green Finance Strategy, its latest plan for mobilizing finance to support the shift to a greener financial system. The U.K. has committed to becoming a net zero economy by 2050.

The action points in the Strategy are based on two pillars: &apos;Align&apos;, which focuses on aligning financial markets with U.K. and global climate targets; and &apos;Invest&apos;, which encourages green investment. The proposals will have significant implications for corporates, financial institutions and investment firms, asset managers and financial market infrastructure providers. 

Read more.]]></description>
					      
						      <pubDate>Thu, 30 Mar 2023 11:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Publishes-2023-Green-Finance-Strategy</guid>
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					      <title>UK Government Consults on Regulation of ESG Ratings Providers</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Consults-on-Regulation-of-ESG-Ratings</link>
					      <description><![CDATA[
As part of its new Green Finance Strategy, HM Treasury has published a consultation paper on proposals to regulate providers of environmental, social and governance ratings. Such ratings providers offer assessments on a firm&apos;s exposure to ESG risks or a firm&apos;s impact on ESG matters. HM Treasury has found that these assessments increasingly trigger responses in financial markets and should therefore be subject to regulation. Responses to the consultation should be submitted by June 30, 2023.

Read more.]]></description>
					      
						      <pubDate>Thu, 30 Mar 2023 11:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Consults-on-Regulation-of-ESG-Ratings</guid>
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					      <title>UK Legal Statement on the Issuance and Transfer of Digital Securities under English Law</title>
					      <link>https://finreg.aoshearman.com/UK-Legal-Statement-on-the-Issuance-and-Transfer-o</link>
					      <description><![CDATA[
Following its consultation in 2022, on February 9, 2023 the U.K. Jurisdiction Taskforce published a Legal Statement on the issuance and transfer of digital securities under English private law.

Digital securities are shares, bonds and other debt securities which are constituted by reference to a blockchain or distributed ledger. English law is commonly used as the governing law of choice for conventional debt securities in international markets. Seeking to provide legal certainty on the use of digital securities, the Legal Statement concludes that English law can support the issuance and transfer of digital bonds on a public blockchain without custodians, and the on-chain transfer of digital equity securities.

Read more.]]></description>
					      
						      <pubDate>Tue, 28 Feb 2023 11:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Legal-Statement-on-the-Issuance-and-Transfer-o</guid>
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					      <title>UK Government Publishes its Proposals for Cryptoasset Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Publishes-its-Proposals-for-Cryptoa</link>
					      <description><![CDATA[
The U.K. government has published its much-anticipated proposals for regulating the cryptoasset industry. These proposals, currently in the form of a consultation, will see many (but not all) cryptoasset-related activities being brought within the regulatory perimeter for financial services in the U.K. The consultation is extensive, covering the main elements of a new regime for cryptoasset issuance and disclosure, trading, custody and lending, as well as a proposed market abuse framework for cryptoassets.

The consultation closes on 30 April 2023. The government will publish its response once it has analysed the feedback, which will be followed by legislation being put before Parliament. The Financial Conduct Authority will consult on its proposed detailed rules once the legislation has been published.

The government has also announced a significant change to its earlier communicated approach to the regulation of cryptoasset financial promotions. Previously, such promotions could be issued only by regulated financial institutions. The changes will mean that those cryptoasset businesses that are registered with the FCA for the purposes of anti-money laundering compliance will be able to communicate their own financial promotions in relation to qualifying cryptoassets.

We discuss these proposals in detail in our client note, &quot;UK Proposals for Cryptoasset Regulation&quot;.]]></description>
					      
						      <pubDate>Tue, 14 Feb 2023 09:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Publishes-its-Proposals-for-Cryptoa</guid>
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					      <title>Bank of England Publishes Consultation Paper on Digital Pound</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Publishes-Consultation-Paper-on-Digital</link>
					      <description><![CDATA[
The Bank of England has published a joint consultation paper with HM Treasury on the possibility of a digital pound in the U.K. It is envisaged that the digital pound would be a retail central bank digital currency, to be used in day-to-day payments by individuals and businesses. It would operate alongside, instead of replacing, cash. The BoE has also published a Technology Working Paper that explores the technological requirements of a U.K. CBDC. At this stage, the BoE is seeking input on the need for the digital pound and its early-stage proposals for the currency&apos;s form and function. As in previous communications on the subject, the BoE and HM Treasury emphasize that no decision has been made on whether to introduce a U.K. CBDC. The introduction of a CBDC would take years to implement, with the design phase expected to last until 2026. Responses to the consultation and Technology Working Paper should be submitted by June 7, 2023.

Read more.]]></description>
					      
						      <pubDate>Wed, 08 Feb 2023 09:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Publishes-Consultation-Paper-on-Digital</guid>
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					      <title>EU EMIR 3 Proposals Published</title>
					      <link>https://finreg.aoshearman.com/EU-EMIR-3-Proposals-Published</link>
					      <description><![CDATA[
The European Commission published proposals to amend the EU&apos;s European Market Infrastructure Regulation (EMIR) in December 2022 (EMIR 3). According to the Commission, some of these measures are aimed at improving the competitiveness of EU CCPs and of EU clearing activities, and to reduce existing reliance by EU counterparties on U.K. CCPs. Since the Brexit referendum, the EU has been grappling with the bloc&apos;s continued reliance on U.K. CCPs. The most controversial aspect is a new mandate for EU counterparties to hold &quot;active accounts&quot; at EU CCPs for all products, and to use such accounts for some products.

EMIR 3 would also bring in several technical changes relating to the clearing thresholds and how these operate for non-EU exchange trade derivatives (ETDs) and the exemption for certain intragroup transactions. Other proposals seek to mitigate some of the issues arising from the strain on the energy market, in particular the difficulties in fulfilling margin obligations.

Our client note, &quot;Clearing in the EU After EU EMIR 3&quot; describes the EMIR 3 proposals in more detail.]]></description>
					      
						      <pubDate>Thu, 19 Jan 2023 16:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-EMIR-3-Proposals-Published</guid>
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					      <title>UK Independent Review of Net Zero Recommendations for Carbon Markets and Financial Services</title>
					      <link>https://finreg.aoshearman.com/UK-Independent-Review-of-Net-Zero-Recommendations</link>
					      <description><![CDATA[
The final report of the independent review of net zero has been published: &quot;Mission Zero: Independent Review of Net Zero&quot;.  The review was established in September 2022 to assess the government&apos;s approach to achieving its target of net zero greenhouse gas emissions by 2050. The government published its Net Zero Strategy in October 2021. The review&apos;s report makes numerous recommendations across a variety of sectors. Below are those most relevant to the financial services sector.

Read more.]]></description>
					      
						      <pubDate>Fri, 13 Jan 2023 11:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Independent-Review-of-Net-Zero-Recommendations</guid>
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					      <title>Final Global Prudential Requirements for Banks&apos; Exposures to Crypto-Assets</title>
					      <link>https://finreg.aoshearman.com/Final-Global-Prudential-Requirements-for-Banks39-</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published its final bank prudential requirements for exposures to crypto-assets. The Basel Committee consulted on these requirements in 2021 and 2022 and has now set the minimum standards based on the principle of &quot;same risk, same activity, same treatment.&quot; These standards will be implemented by January 1, 2025. The Basel Committee has maintained the different prudential approaches depending on whether a crypto-asset meets certain conditions. Crypto-assets that meet all of the conditions are referred to as &quot;Group 1 crypto-assets&quot; and are generally tokenized crypto-assets and stablecoins. Group 2 crypto-assets are all other crypto-assets, which are deemed to present additional and higher risks than Group 1 crypto-assets. The capital requirements for Group 1 crypto-assets will be based on the risk weights for exposures under the existing Basel framework. Exposures to Group 2 crypto-assets will attract a higher capital charge.

Read more.]]></description>
					      
						      <pubDate>Fri, 16 Dec 2022 10:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Global-Prudential-Requirements-for-Banks39-</guid>
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					      <title>Edinburgh Reforms: Changes to the Laws of the UK Financial Services Sector</title>
					      <link>https://finreg.aoshearman.com/Edinburgh-Reforms-Changes-to-the-Laws-of-the-UK-Financial</link>
					      <description><![CDATA[
The U.K. Government has announced on a series of initiatives, billed as the Edinburgh Reforms, to reform the laws for the U.K. financial services sector. The proposals cover:

	Reforms to Ring-Fencing Regime;
	Implementation of Post-Brexit Financial Regulatory Framework;
	Growth and Competitiveness Remit for U.K. Regulators;
	Reforms to Wholesale Markets;
	Faster Settlement;
	Senior Manager&apos;s and Certification Regime;
	Changes to Promote Investment and Growth in Financial Services;
	Sustainable Finance;
	FinTech and Digital Assets; and
	Consumer Credit.

We discuss these reforms in detail and what they might mean for the direction of travel for financial services regulation in the U.K. in our client note, &quot;UK Government Publishes Edinburgh Reforms for Financial Services&quot;.]]></description>
					      
						      <pubDate>Fri, 09 Dec 2022 11:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Edinburgh-Reforms-Changes-to-the-Laws-of-the-UK-Financial</guid>
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					      <title>EU Publishes Final Amendments to Cash Penalty Process for Cleared Trades</title>
					      <link>https://finreg.aoshearman.com/EU-Publishes-Final-Amendments-to-Cash-Penalty-Process</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its Final Report and draft Regulatory Technical Standards amending the cash penalty process for cleared transactions under the EU Central Securities Depositories Regulation. The settlement discipline regime under the EU CSDR, supplemented in EU Regulatory Technical Standards, provides measures for preventing settlement fails. CSDR and the RTS also provide measures for monitoring and addressing settlement fails when they do occur, such as a mechanism for cash penalties (which has applied since February 1, 2022) and a mandatory buy-in process.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Nov 2022 11:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Publishes-Final-Amendments-to-Cash-Penalty-Process</guid>
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					      <title>International Organization of Securities Commissions Publishes Consultation and Discussion Paper on Carbon Markets</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published a consultation on Compliance Carbon Markets and a separate discussion paper on voluntary carbon markets. Compliance Carbon Markets involve the issuance of carbon allowances by regional, national or state bodies. Companies are obligated to participate in the schemes to &quot;pay&quot; for their emissions. These markets are governed by regulations set at regional, state and international levels. The U.K., EU, Switzerland and California, for example, each have national Emissions Trading Schemes (as do some other countries or states). VCMs, on the other hand, involve participants who wish to offset their carbon emissions by buying carbon credits issued in relation to climate change mitigation or greenhouse gas reduction projects. VCMs are largely unregulated and, unlike Compliance Carbon Markets, are not mandatory. Instead, independent certification bodies usually check projects underlying credits for carbon reduction projects. Those credits can then be traded, either over-the-counter (which accounts for the majority of trades) or on exchanges.

Read more.]]></description>
					      
						      <pubDate>Wed, 09 Nov 2022 12:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions</guid>
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					      <title>FCA Publishes Consultation Paper on Sustainability Disclosure Requirements</title>
					      <link>https://finreg.aoshearman.com/FCA-Publishes-Consultation-Paper-on-Sustainability-Disclosure</link>
					      <description><![CDATA[
Following its 2021 Discussion Paper, the FCA has published a consultation paper setting out proposals to enhance sustainability disclosure and labeling requirements for sustainability-linked investment products. The majority of the rules will apply only to fund and asset managers, although the FCA is considering expanding this to FCA-regulated asset owners in relation to their investment products and for certain rules to apply to distributors of investment products to U.K. retail investors. The proposals are directed at fund and asset managers and portfolio managers based in the U.K. The FCA will consult separately on how these proposals apply to overseas fund and asset managers. The FCA already has climate-related disclosure rules for premium listed issuers, as well as rules for standard listed issuers and certain FCA-regulated firms (asset managers, life insurers, pure reinsurers and FCA-regulated pension providers).

Read more.]]></description>
					      
						      <pubDate>Tue, 25 Oct 2022 11:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-Publishes-Consultation-Paper-on-Sustainability-Disclosure</guid>
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					      <title>UK Financial Conduct Authority Consults on Regulatory Perimeter Guidance for Trading Venues</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Regulatory</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a consultation paper on proposed guidance on the regulatory perimeter for multilateral trading facilities and on possible future changes to smaller trading venues&apos; regulatory obligations. The FCA&apos;s consultation follows proposals made in HM Treasury&apos;s July 2021 U.K. Wholesale Markets Review, the response to which was published in March 2022. Responses to the FCA&apos;s consultation should be submitted by November 11, 2022. The FCA plans to finalize the draft guidance and publish a policy statement in Q2 2023.

Read more.]]></description>
					      
						      <pubDate>Thu, 22 Sep 2022 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Regulatory</guid>
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					      <title>UK Conduct Authority Warns Buy Now Pay Later Firms on Compliance with Financial Promotion Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Authority-Warns-Buy-Now-Pay-Later-Firm</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has issued a warning to Buy Now Pay Later firms about financial promotions that potentially breach the FCA&apos;s rules. The Financial Services and Markets Act 2000 prohibits the communication of an &quot;invitation or inducement to engage in investment activity&quot; either in the U.K. or in a way that could have an effect in the U.K. Firms authorized in the U.K. are exempt from this Financial Promotion Restriction; however, they must still comply with the rules governing financial promotions when making any promotion or when approving a financial promotion of an unauthorized firm. All financial promotions must be fair, clear and not misleading.

The FCA is concerned about the promotion of unregulated BNPL agreements where the advert does not include a warning about the risks involved in BNPL products, and that only refer to the benefits. These financial promotions do not satisfy the FCA&apos;s rule that a balanced view must be included in all financial promotions (i.e., it must cover the benefits and the risks). The FCA is also concerned that the promotion of certain unregulated BNPL products is being carried out by unauthorized firms that have not sought or obtained the approval of their financial promotion by an authorized firm.

The FCA has written to the CEOs of several BNPL firms raising these concerns and warning the firms that it will act if corrective steps are not taken.

Earlier this year, the FCA secured changes to the contracts of four Buy Now, Pay Later firms —Clearypay, Klarna, Laybuy and Openpay. Certain terms, including contract cancellations, continuous payment authorities and right of set-off terms, were fairer and easier to understand.]]></description>
					      
						      <pubDate>Fri, 19 Aug 2022 17:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Authority-Warns-Buy-Now-Pay-Later-Firm</guid>
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					      <title>European Commission Call for Advice on Greenwashing Monitoring and Supervision</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Call-for-Advice-on-Greenwashing</link>
					      <description><![CDATA[
The European Commission has published a call for advice addressed to the European Supervisory Authorities on the monitoring and supervision of &quot;greenwashing&quot; across the EU. Greenwashing can broadly be understood as the misleading marketing of a company or product as being environmentally friendly or sustainable, when that is not (or not substantially) the case. The EU has introduced legislation to preserve the reliability and transparency of ESG disclosures, including the Taxonomy Regulation and Sustainable Finance Disclosure Regulation. However, the Commission considers it important to continue monitoring greenwashing risks and assess the effectiveness of supervisory activities.

Read more.]]></description>
					      
						      <pubDate>Mon, 15 Aug 2022 09:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Call-for-Advice-on-Greenwashing</guid>
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					      <title>Global Regulators Publish Discussion Paper on Central Counterparty Practices to Address Non-Default Losses</title>
					      <link>https://finreg.aoshearman.com/Global-Regulators-Publish-Discussion-Paper</link>
					      <description><![CDATA[
The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions have published a discussion paper on the practices that central counterparties use to manage losses arising from non-default events, e.g., operational risk, investment risk, custody risk and legal risk.

Read more.]]></description>
					      
						      <pubDate>Thu, 04 Aug 2022 15:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Global-Regulators-Publish-Discussion-Paper</guid>
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					      <title>UK Conduct Regulator Publishes Policy Statement on Improvements to Appointed Representatives Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Policy-Statement-on</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Policy Statement and final rules on improvements to the Appointed Representatives regime. The AR regime allows authorized firms to appoint representatives to conduct certain regulated activities on their behalf. The FCA consulted on proposed changes to the regime in December 2021. The changes will take effect from December 8, 2022, although there is a transitional period for some of the rules (e.g., those relating to on-going submission of information and annual self-assessments), giving firms longer to comply. Principal firms will be required to provide data on their existing ARs within 60 days of the rules coming into force - the FCA will be sending out section 165 requests for information towards the end of 2022.

Read more.]]></description>
					      
						      <pubDate>Wed, 03 Aug 2022 10:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Policy-Statement-on</guid>
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					      <title>UK Regulator Proposes Extending Long-Term Asset Fund to Certain Retail Investors</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Proposes-Extending-Long-Term-Asset-F</link>
					      <description><![CDATA[
Following the introduction of a regulatory framework for a new type of authorized open-ended fund called the long-term asset fund, the U.K. Financial Conduct Authority has opened a consultation on extending the LTAF to more retail investors. The LTAF enables investors to invest in long term illiquid assets through an authorized fund vehicle. The LTAF may currently only be marketed to professional investors, certified and self-certified sophisticated investors, and certified high net worth individuals. The FCA is proposing to categorize the LTAF as a Restricted Mass Market Investment as per its recent Policy Statement on revising the financial promotion rules for high-risk investments. Opening the LTAF to more retail investors would be accompanied by additional investor protections rules, such as those that apply to other retail authorized funds. Responses to the consultation may be submitted by October 10, 2022. The FCA intends to publish a policy statement and final rules early in 2023.]]></description>
					      
						      <pubDate>Mon, 01 Aug 2022 17:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Proposes-Extending-Long-Term-Asset-F</guid>
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					 <item>
					      <title>UK Jurisdiction Taskforce Publishes Consultation on Transfer of Digital Assets</title>
					      <link>https://finreg.aoshearman.com/UK-Jurisdiction-Taskforce-Publishes</link>
					      <description><![CDATA[
The U.K. Jurisdiction Taskforce has published a consultation on the issuance and transfer of &quot;digital securities&quot; under English law. Digital securities are shares, bonds and other debt securities which are constituted by reference to a blockchain or distributed ledger. English law is commonly used as the governing law of choice for conventional debt securities in international markets, but a question arises as to whether English law can support the issuance and transfer of digital securities. The UKJT intends to publish a legal statement on the subject in December 2022.

Read more.]]></description>
					      
						      <pubDate>Mon, 01 Aug 2022 15:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Jurisdiction-Taskforce-Publishes</guid>
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					      <title>Stricter UK Financial Promotion Rules Going Ahead</title>
					      <link>https://finreg.aoshearman.com/Stricter-UK-Financial-Promotion-Rules-Going-Ahead</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published its final Policy Statement and Rules on financial promotions of high-risk investments and firms approving financial promotions. Many of these changes address or build upon recommendations of the Gloster Report or are otherwise related to the fallout from the London Capital &amp; Finance plc scandal. The rules on risk warnings for financial promotions of high-risk investments will apply from December 1, 2022, and all other rules will apply from February 1, 2023. The FCA&apos;s related guidance (which is included in Annex 2 of the Policy Statement) will also apply from February 2023.

Read more.]]></description>
					      
						      <pubDate>Mon, 01 Aug 2022 07:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Stricter-UK-Financial-Promotion-Rules-Going-Ahead</guid>
				    </item>
			
					 <item>
					      <title>UK Law Commission Consults on Law Reforms for Digital Assets</title>
					      <link>https://finreg.aoshearman.com/UK-Law-Commission-Consults-on-Law-Reforms-for-Digital-Assets</link>
					      <description><![CDATA[
Following the Call for Evidence on digital assets in 2021, the U.K. Law Commission has issued a consultation on proposals to reform the law of England and Wales to recognize and protect the rights of users of digital assets. The Law Commission believes that the law of England and Wales is sufficiently resilient, flexible and iterative to adapt to digital assets, including cryptoassets and stablecoins. However, the law Commission considers that law reforms are needed to ensure that digital assets gain from consistent legal recognition and protection. Responses to the consultation may be submitted until November 4, 2022.

Read more.]]></description>
					      
						      <pubDate>Thu, 28 Jul 2022 16:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Law-Commission-Consults-on-Law-Reforms-for-Digital-Assets</guid>
				    </item>
			
					 <item>
					      <title>UK Financial Conduct Authority Publishes Final Rules and Guidance for New Consumer Duty</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Final-Rules</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published its final rules and guidance for the new Consumer Duty, which is intended to establish clearer standards for consumer protection across the financial services industry. The FCA conducted two consultations, one in May 2021 and another in December 2021 (following its earlier Discussion paper and Feedback Statement in 2018/2019). The final rules and guidance take account of the feedback received to those consultations.

Read more.]]></description>
					      
						      <pubDate>Wed, 27 Jul 2022 11:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Final-Rules</guid>
				    </item>
			
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					      <title>UK Proposals for Regulating Systemic Payment Activities</title>
					      <link>https://finreg.aoshearman.com/UK-Proposals-for-Regulating-Systemic-Payment-Acti</link>
					      <description><![CDATA[
HM Treasury has opened a consultation on payments regulation and the systemic perimeter.  The consultation arose out of the Payments Landscape Review and the government&apos;s commitment to consult on bringing systemically important entities within payment chains under Bank of England regulation.  Market developments and innovation have changed how risks are dispersed across payment networks. It is therefore likely, according to HM Treasury, that some entities operating in the payments space are not subject to systemic supervision by the Bank of England and as a result pose systemic risks to the U.K. financial system or even to those entities that are subject to Bank of England supervision.  This consultation makes various proposals to address such risks or issues. Responses to the consultation may be submitted until October 11, 2022.  The government will respond to that feedback in 2023.

Read more.]]></description>
					      
						      <pubDate>Thu, 21 Jul 2022 13:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Proposals-for-Regulating-Systemic-Payment-Acti</guid>
				    </item>
			
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					      <title>UK Regulators Propose Requirements for Critical Third Parties&apos; Services to UK Regulated Firms</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Propose-Requirements-for-Critical-T</link>
					      <description><![CDATA[
The Bank of England, Prudential Regulation Authority and Financial Conduct Authority (together, the supervisory authorities) have published a discussion paper proposing measures to supervise and enhance the resilience of critical third parties (CTPs) to the U.K. financial sector. Responses to the discussion paper may be submitted until December 23, 2022. The supervisory authorities intend to consult on proposed requirements for CTPs in 2023.

Currently, the supervisory authorities&apos; direct powers over entities providing critical services to U.K. authorized firms, their service providers (authorized e-money institutions, payment institutions and registered account information services) and financial market infrastructures (together, U.K. regulated firms) are limited. The Financial Services and Markets Bill, introduced to Parliament yesterday, would grant HM Treasury and the supervisory authorities&apos; new express powers to oversee such third parties. HM Treasury will be able to designate an entity as a CTP if it provides services to U.K. regulated firms and its failure would pose financial stability or confidence risk to the U.K.

Read more.]]></description>
					      
						      <pubDate>Thu, 21 Jul 2022 09:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Propose-Requirements-for-Critical-T</guid>
				    </item>
			
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					      <title>UK Government Publishes Financial Services and Markets Bill</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Publishes-Financial-Services-and-Ma</link>
					      <description><![CDATA[
The U.K. government has published the much anticipated Financial Services and Markets Bill. Following its exit from the EU, the U.K. has undertaken a fundamental review of how financial regulation policy and rules should be made, reviewed and established in law, particularly in light of the return of the U.K.&apos;s sovereignty. Furthermore, there has been a substantial assessment of the U.K.&apos;s financial services rules and regulations, with some areas warranting further consideration. The Bill implements the outcomes of the Future Regulatory Framework Review, which assessed whether the U.K. financial services regulatory framework is fit for purpose and able to support future growth, particularly in light of challenges such as Brexit and climate change. On the same day, HM Treasury published its response to the final consultation in the FRF Review. The FSM Bill establishes a revised blueprint for financial services regulation by revamping the existing model under the Financial Services and Markets Act 2000 and revoking retained EU law in financial services. The regulators will be delegated powers for detailed rulemaking, and as a result, become subject to enhanced Parliamentary oversight.

Read more. ]]></description>
					      
						      <pubDate>Wed, 20 Jul 2022 13:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Publishes-Financial-Services-and-Ma</guid>
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					      <title>HM Treasury Publishes Final Policy Following Financial Services Future Regulatory Framework Review</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Final-Policy-Following-Financial</link>
					      <description><![CDATA[
HM Treasury has published its final response to the Financial Services Future Regulatory Framework Review in which it sets out the government&apos;s policy approach to reforming the U.K.&apos;s regulatory architecture post-Brexit. The response is published on the same day as the Financial Services and Markets Bill is introduced to Parliament, which will implement in legislation these significant reforms.

Read more.]]></description>
					      
						      <pubDate>Wed, 20 Jul 2022 13:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Final-Policy-Following-Financial</guid>
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					      <title>Final UK Policy on Regulation of Central Counterparties and Central Securities Depositories Post-Brexit</title>
					      <link>https://finreg.aoshearman.com/Final-UK-Policy-on-Regulation</link>
					      <description><![CDATA[
HM Treasury has published its final policy approach to the regulation of central counterparties and central securities depositories under the Financial Services Future Regulatory Framework Review. The response is published on the same day as the Financial Services and Markets Bill is introduced to Parliament, which will implement these changes as well as the reforms to the U.K.&apos;s regulatory architecture post-Brexit. HM Treasury has also published its final response to the Financial Services Future Regulatory Framework Review in which it sets out the government&apos;s final policy approach to reforming the U.K.&apos;s regulatory architecture post-Brexit.

Read more.]]></description>
					      
						      <pubDate>Wed, 20 Jul 2022 13:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-UK-Policy-on-Regulation</guid>
				    </item>
			
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					      <title>International Bodies Confirm Application of Principles for Financial Market Infrastructures to Systemically Important Stablecoin Arrangements</title>
					      <link>https://finreg.aoshearman.com/International-Bodies-Confirm-Application-of-Principles</link>
					      <description><![CDATA[
The International Organization of Securities Commissions and the Committee on Payments and Market Infrastructures have published guidance on the application of the Principles for Financial Market Infrastructures to systemically important &quot;stablecoin arrangements&quot; that are considered to be systemically important FMI and that have a transfer function. &quot;Stablecoin arrangements&quot; combine a range of functions e.g., issuance, transfer, storage and exchange of coins that purport to be used as a means of payment and/or a store of value. The various functions may be performed by a single entity or may be unbundled and offered by a range of entities. According to the guidance, systemically important stablecoin arrangements that have a transfer function (i.e., facilitate the transfer of crypto tokens between users) should be considered to be systemically important FMIs and therefore subject to the PFMIs. Other types of stablecoin arrangement may be captured by CPMI/IOSCO principles, for example, stablecoin arrangements that are primarily used for making payments should adhere to the principles for payment systems. However, the current guidance only relates to stablecoin arrangements which perform transfer functions.

Read more.]]></description>
					      
						      <pubDate>Wed, 13 Jul 2022 15:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Bodies-Confirm-Application-of-Principles</guid>
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					      <title>UK Treasury Commitee Publishes Inquiry Into Crypto-Assets</title>
					      <link>https://finreg.aoshearman.com/UK-Treasury-Commitee-Publishes-Inquiry-Into-Crypto-Assets</link>
					      <description><![CDATA[
The UK Treasury Commitee has launched an inquiry into the role of crypto-assets in the U.K. and their regulatory framework. The inquiry poses questions on a range of subjects, including the likelihood of digital currencies (e.g., stablecoins) replacing traditional fiat currencies, the risks and opportunities posed by crypto-assets and the environmental implications of crypto-asset technology, as well as a range of questions on the optimal approach to regulation for the industry. Responses should be submitted by September 12, 2022. The inquiry comes in the wake of another period of volatility in the crypto markets, which has drawn attention to some of the risks of investing in these products.

Read more.]]></description>
					      
						      <pubDate>Wed, 13 Jul 2022 13:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Treasury-Commitee-Publishes-Inquiry-Into-Crypto-Assets</guid>
				    </item>
			
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					      <title>UK Regulators Propose Changes to Margin Requirements for Non-Centrally Cleared Derivatives</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Propose-Changes-to-Margin-Requireme</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority and Financial Conduct Authority have issued a joint consultation paper on proposals to amend the U.K. Binding Technical Standards on margin requirements for non-centrally cleared derivatives (i.e., the U.K. version of Commission Delegated Regulation (EU) 2016/2251 on risk mitigation techniques). The BTS on risk mitigation techniques were onshored for Brexit, and the PRA and FCA are responsible for setting the requirements and are empowered to make adjustments, subject to approval from HM Treasury. The BTS supplement the European Market Infrastructure Regulation as onshored for Brexit, which requires counterparties to uncleared OTC derivative transactions to implement risk mitigation techniques to reduce counterparty credit risk. The BTS prescribe required margin amounts to be posted and collected and the methodologies by which the minimum amount of initial margin and variation margin should be calculated, as well as listing securities eligible as collateral, such as sovereign bonds, covered bonds, some securitization instruments, corporate bonds, gold and some equities. Responses to the consultation may be submitted until October 12, 2022. The regulators will consider the feedback and then send their proposed draft amending BTS to HM Treasury for approval. It is proposed that the changes would take effect on publication by the regulators of the revised BTS.

Read more.]]></description>
					      
						      <pubDate>Tue, 12 Jul 2022 10:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Propose-Changes-to-Margin-Requireme</guid>
				    </item>
			
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					      <title>EU Proposes to Amend Cash Penalty Process for Cleared trades</title>
					      <link>https://finreg.aoshearman.com/EU-Proposes-to-Amend-Cash-Penalty-Process-for-Cle</link>
					      <description><![CDATA[
The European Securities and Markets Authority has opened a consultation in which it proposes to amend the cash penalty process for cleared transactions under the EU Central Securities Depositories Regulation. The EU CSDR provides a harmonized regulatory and prudential regime for central securities depositories and increases the robustness and resilience of securities settlement arrangements. The settlement discipline regime, set out in EU Regulatory Technical Standards, provides measures for preventing settlement fails through automated matching, a hold and release mechanism and partial settlement. CSDR and the RTS also provide measures for monitoring and addressing settlement fails, such as a mechanism for cash penalties and a mandatory buy-in process. The settlement discipline rules have applied since February 1, 2022.

ESMA is proposing to amend the RTS to remove the obligation on CCPs to collect and distribute penalties for cleared transactions. Instead, CSDs will operate the entire collection and distribution process for penalties (i.e., for cleared and uncleared trades). In terms of timing, ESMA is considering a six-month implementation delay to give industry time to test arrangements in their cash penalties processes. Responses to the consultation may be provided by September 9, 2022.]]></description>
					      
						      <pubDate>Mon, 11 Jul 2022 16:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Proposes-to-Amend-Cash-Penalty-Process-for-Cle</guid>
				    </item>
			
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					      <title>Crypto-Asset Market Turmoil: Financial Stability Board Issues Statement</title>
					      <link>https://finreg.aoshearman.com/Crypto-Asset-Market-Turmoil-Financial-Stability-B</link>
					      <description><![CDATA[
The Financial Stability Board has issued a statement on international regulation and supervision of crypto-asset activities. The statement is made in light of the crypto-asset market turmoil. The statement warns crypto-asset service providers to comply with existing legal obligations in the countries in which they operate, which would include anti-money laundering obligations. FSB members are implementing the Financial Action Task Force&apos;s recommendations for crypto-asset service providers to be registered for AML purposes and to comply with the so-called travel rule, which requires relevant originator and beneficiary information to accompany crypto-asset transactions.

The FSB reiterates that an effective regulatory framework should adopt the &quot;same risk, same outcome/regulation&quot; approach. The FSB is progressing work with other international standard-setting bodies to tackle potential financial stability risks presented by crypto-assets, including stablecoins. This includes reviewing existing applicable standards, identifying gaps, and adjusting those standards or developing new standards. The FSB&apos;s view is that stablecoins that are used as a means of payment potentially present significant risks to financial stability and should be subject to robust regulations and supervision, including transparency obligations and, importantly, holding sufficient reserves to mitigate financial stability risks. The FSB will report to the G20 Finance Ministers and Central Bank Governors in October this year on the adoption of regulatory approaches to stablecoins.]]></description>
					      
						      <pubDate>Mon, 11 Jul 2022 15:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Crypto-Asset-Market-Turmoil-Financial-Stability-B</guid>
				    </item>
			
					 <item>
					      <title>LIBOR Transition: Further Proposed Changes to EU Clearing and Derivatives Trading Obligations</title>
					      <link>https://finreg.aoshearman.com/LIBOR-Transition-Further-Proposed-Changes-to-EU-C</link>
					      <description><![CDATA[
The European Securities and Markets Authority has opened a consultation on proposals to amend the EU clearing and trading derivative obligations to reflect recent benchmark transitions from LIBOR to so-called risk-free rates. The scope of the EU derivatives clearing and trading obligations for interest rate derivatives based on LIBOR denominated in EUR, GBP, JPY and USD were amended earlier this year. Amendments to the Regulatory Technical Standards, which took effect on May 18, 2022, removed interest rate derivative classes referencing GBP and USD LIBOR from the clearing and trading obligations, removed IRD classes referencing EONIA and JPY LIBOR from the clearing obligation, and introduced a clearing obligation for IRD classes referencing three new risk-free rates, namely &amp;euro;STR, SONIA and SOFR.

ESMA is proposing to further amend the RTS to:

	introduce a clearing obligation for overnight index swaps referencing TONA (JPY);
	expand the maturities in scope of the clearing obligation for OTC interest rate swaps referencing SOFR (USD); and
	introduce a derivatives trading obligation for certain classes of OTC interest rate swaps referencing &amp;euro;STR (EUR).


Responses to the consultation may be submitted by September 30, 2022. ESMA will consider the feedback before submitting for approval by the European Commission final draft amending RTS.]]></description>
					      
						      <pubDate>Mon, 11 Jul 2022 11:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/LIBOR-Transition-Further-Proposed-Changes-to-EU-C</guid>
				    </item>
			
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					      <title>EU Consultation on Guidelines for Applications to Operate DLT Market Infrastructures under the EU Pilot Regime</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Guidelines-for-Applications-to</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a consultation on proposed guidelines on standard forms, formats and templates to apply for permission to operate distributed ledger technology for market infrastructure. The EU Regulation on a pilot regime for DLT market infrastructures will permit certain DLT market infrastructures to operate with exemptions from some elements of otherwise applicable EU financial services legislation, which may otherwise inhibit the trading and settlement of crypto-assets. The DLT Regulation sets the conditions for operating a DLT multilateral trading facility (DLT MTF), DLT settlement system (DLT SS) and DLT trading and settlement system (DLT TSS), and will, for the most part, apply from March 23, 2023. ESMA is consulting on proposed guidelines on:


	the minimum instructions that national competent authorities should provide to market participants for submitting their applications; and
	the method that applicants should use to provide the requested information and documents to their competent authorities.


Responses to the consultation may be submitted until September 9, 2022. ESMA will consider the feedback and intends to publish the final guidelines before the DLT Regulation applies.]]></description>
					      
						      <pubDate>Mon, 11 Jul 2022 10:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Guidelines-for-Applications-to</guid>
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					      <title>Ashley Alder to Chair UK Financial Conduct Authority</title>
					      <link>https://finreg.aoshearman.com/Ashley-Alder-to-Chair-UK-Financial-Conduct-Author</link>
					      <description><![CDATA[
HM Treasury has announced the appointment of Ashley Alder as Chair of the U.K. Financial Conduct Authority. Mr Alder will succeed interim chair Richard Lloyd, who has served as interim Chair since Charles Randell stepped down from his post in May 2022. Mr Alder, a former lawyer who is currently CEO of the Securities and Futures Commission of Hong Kong and Chair of the International Organisation of Securities Commissions, will take up his post from January 2023.]]></description>
					      
						      <pubDate>Fri, 08 Jul 2022 15:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Ashley-Alder-to-Chair-UK-Financial-Conduct-Author</guid>
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					      <title>Basel Committee on Banking Supervision Consults Further on Capital Requirements for Banks&apos; Exposures to Crypto-Assets</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Consults-F</link>
					      <description><![CDATA[
Following its consultation last year, the Basel Committee on Banking Supervision has launched a second consultation on bank prudential requirements for exposures to crypto-assets. The first consultation set out a preliminary proposal for the prudential treatment of crypto-assets, based on feedback to the 2019 discussion paper and other input from stakeholders. This second consultation proposes revisions to the initial proposals based on the feedback received and sets out proposed minimum standards based on the principle of &quot;same risk, same activity, same treatment&quot;. Responses to the consultation may be submitted until September 30, 2022. The Basel Committee intends to publish final standards before the year-end; standards may be stricter than those presented in this consultation if feedback indicates any deficiencies.

The Basel Committee is maintaining its approach of adopting different prudential treatments depending on whether a crypto-asset meets certain conditions. Crypto-assets that meet all of the conditions are referred to as Group 1 crypto-assets and will be subject to the existing Basel framework. Group 2 crypto-assets are those that do not meet the conditions and are therefore deemed to present additional and higher risks than Group 1 crypto-assets. Group 2 crypto-assets will be subject to an adapted prudential regime, with netting and a 100% capital charge. Group 1 and Group 2 crypto-assets could be tokenized crypto-assets and stablecoins; Group 2 could also include unbacked crypto-assets.

Read more.]]></description>
					      
						      <pubDate>Thu, 30 Jun 2022 16:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Consults-F</guid>
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					      <title>UK Parliament Creates New Sub-Committee on Financial Services Regulations</title>
					      <link>https://finreg.aoshearman.com/UK-Parliament-Creates-New-Sub-Committee-on-Financ</link>
					      <description><![CDATA[
The House of Commons Treasury Committee has announced the creation of a new sub-committee that will scrutinize financial services regulatory proposals and has published a report setting out the approach that Parliament will take to its scrutiny role now that the U.K. has left the EU. The new sub-committee will be called the Sub-Committee on Financial Services Regulations, and its members will initially be all the members of the Treasury Committee. The sub-committee has been set up because Parliament&apos;s examination of regulatory proposals is likely to increase when existing EU regulations are moved to the rulebooks of the U.K. regulators, resulting in an assessment by the regulators as to whether those rules are appropriate for the U.K. Among other things, the new Sub-Committee on Financial Services Regulations will have powers to &quot;send for persons, papers and records&quot;, to seek and take evidence and report on its findings.]]></description>
					      
						      <pubDate>Thu, 23 Jun 2022 15:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Parliament-Creates-New-Sub-Committee-on-Financ</guid>
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					      <title>UK Treasury Committee Makes Recommendation for Future Regulatory Framework Review</title>
					      <link>https://finreg.aoshearman.com/UK-Treasury-Committee-Makes-Recommendation-for-Fu</link>
					      <description><![CDATA[
The House of Commons Treasury Committee has published a report on the Future of Financial Services Regulation setting out its view on the priorities for regulatory change in the U.K. now that the U.K. has left the EU. The report considers some of HM Treasury&apos;s proposals in the Future Regulatory Framework Review and presents its related recommendations. It also makes specific recommendations for the Financial Conduct Authority and the Prudential Regulation Authority.

Read more.]]></description>
					      
						      <pubDate>Thu, 16 Jun 2022 10:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Treasury-Committee-Makes-Recommendation-for-Fu</guid>
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					      <title>UK Money Laundering Regulation Changes Announced for September 2022</title>
					      <link>https://finreg.aoshearman.com/UK-Money-Laundering-Regulation-Changes-Announced-</link>
					      <description><![CDATA[
Following its 2021 consultation on targeted amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs), the U.K. government has published a consultation response which summarises the feedback to the consultation and sets out the government&apos;s approach to making changes to the statutory instrument. The amendments will be made in the draft Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022, which are intended, for the most part, to take effect from September 1, 2022. A summary of the changes is set out below. The government will also soon publish its response to the call for evidence on the U.K.&apos;s anti-money laundering and counter terrorist financing regulatory and supervisory regime, which covered the overall effectiveness and extent of the regime, whether key elements operate as intended, and the structure of the supervisory regime.

Read more.]]></description>
					      
						      <pubDate>Wed, 15 Jun 2022 11:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Money-Laundering-Regulation-Changes-Announced-</guid>
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					      <title>European Securities and Markets Authority Publishes Regulatory Technical Standards on Revised Commodity Derivative Clearing Threshold</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Regulatory-Technical</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report and Regulatory Technical Standards on its proposed increase to the commodity derivative clearing threshold under the European Market Infrastructure Regulation. ESMA published a discussion paper on the EMIR clearing thresholds in November 2021. Following feedback, ESMA&apos;s proposed RTS will increase the clearing threshold for commodity derivatives from &amp;euro;3bn to &amp;euro;4bn.

Read more.]]></description>
					      
						      <pubDate>Fri, 03 Jun 2022 10:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Regulatory-Technical</guid>
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					      <title>EU Distributed Ledger Technology Pilot Regime Published</title>
					      <link>https://finreg.aoshearman.com/EU-Distributed-Ledger-Technology-Pilot-Regime-Published</link>
					      <description><![CDATA[
The EU has published in the Official Journal of the European Union its Regulation on a pilot regime for market infrastructures based on distributed ledger technology. The pilot regime will permit certain DLT market infrastructures to operate with exemptions from some EU financial services legislation, which may otherwise inhibit the trading and settlement of crypto-assets. The regime is intended to promote legal certainty, support innovation, preserve market integrity and ensure financial stability for the use of DLT in crypto-asset and e-money token markets.

Read more.]]></description>
					      
						      <pubDate>Thu, 02 Jun 2022 10:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Distributed-Ledger-Technology-Pilot-Regime-Published</guid>
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					      <title>UK Government Consults on Managing Systemic Stablecoin Firm Failures</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Consults-on-Managing-Systemic-Stabl</link>
					      <description><![CDATA[
HM Treasury has opened a consultation on managing the failure of systemic digital settlement asset firms, including stablecoin firms. In April 2022, the U.K. government confirmed that it will bring the issuing of or the facilitating of the use of stablecoins used as a means of payment into the U.K. regulatory perimeter. Issuers of stablecoins for payments as well as other entities providing related services, including wallet providers and firms providing custody services, will be subject to regulation by the Financial Conduct Authority. The government also noted that, to manage the failure of systemic stablecoin firms, it would be considering extending the definition of a payment system to include arrangements that facilitate or control the transfer of &quot;digital settlement assets&quot; (DSAs). Such firms that are deemed systemically important will also be subject to supervision by the Bank of England, meaning that they will be authorized by the FCA and recognized by the Bank of England, and the Bank will be the lead prudential regulator.

Read more.]]></description>
					      
						      <pubDate>Tue, 31 May 2022 13:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Consults-on-Managing-Systemic-Stabl</guid>
				    </item>
			
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					      <title>Access to Cash Designation Measures Confirmed</title>
					      <link>https://finreg.aoshearman.com/Access-to-Cash-Designation-Measures-Confirmed</link>
					      <description><![CDATA[
HM Treasury has published a summary of responses it received to its consultation on protecting access to cash across the U.K. In the response, HM Treasury confirms that it will be proceeding with the proposal to designate which firms will have obligations to ensure reasonable access to withdrawal and deposit facilities for individuals and reasonable access to deposit facilities for SMEs. The measures will be provided for in the Financial Services and Markets Bill, which was announced in the Queen&apos;s Speech.

Read more.]]></description>
					      
						      <pubDate>Thu, 19 May 2022 11:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Access-to-Cash-Designation-Measures-Confirmed</guid>
				    </item>
			
					 <item>
					      <title>UK Government Publishes UK Infrastructure Bill</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Publishes-UK-Infrastructure-Bill</link>
					      <description><![CDATA[
The U.K. Government has published the U.K. Infrastructure Bill, a piece of legislation designed to put the U.K. Infrastructure Bank on a statutory footing. The Bank was launched in interim form in June 2021 as part of the Chancellor of the Exchequer&apos;s plan to &quot;level up&quot; the U.K. and help achieve the U.K.&apos;s target of net zero emissions by 2050. It will operate in partnership with private and public sector institutions to invest in projects which promote regional growth across the U.K. and support efforts to tackle climate change. The bank will have &amp;pound;22bn of financial capacity (via a mixture of equity and debt capital and the ability to issue guarantees) and it is hoped that its investments will help to generate over &amp;pound;40bn of overall investment for its projects.

Read more.]]></description>
					      
						      <pubDate>Thu, 12 May 2022 09:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Publishes-UK-Infrastructure-Bill</guid>
				    </item>
			
					 <item>
					      <title>Government Details Proposed Financial Services and Markets Bill</title>
					      <link>https://finreg.aoshearman.com/Government-Details-Proposed-Financial-Services-an</link>
					      <description><![CDATA[
Following the Queen&apos;s speech yesterday, the government has published a briefing pack setting out details of the bills that it intends to introduce, including the so-called Brexit Freedoms Bill as well as key legislation relevant to financial services. The government will introduce a Financial Services and Markets Bill, which will, among other things:


	Introduce new statutory objectives for the financial services regulators to support growth and international competitiveness.
	Implement the changes to the wholesale markets arising out of the Wholesale Markets Review. HM Treasury confirmed in March of this year that the changes that will be made by legislation and where powers will be delegated to the financial services regulators for rules to be made. Among the changes are the removal of the share trading obligation and the double volume cap, changes to the derivatives trading obligation, taking OTC derivatives that are economically equivalent to exchange traded commodity derivatives out of the position limits regime, and the establishment of a consolidated tape.


Read more.]]></description>
					      
						      <pubDate>Tue, 10 May 2022 16:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Government-Details-Proposed-Financial-Services-an</guid>
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					 <item>
					      <title>UK Payment Systems Regulator Panel Publishes Report on Digital Payments Initiative</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Panel-Publishes-Report</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator Panel has published a report on its Digital Payments Initiative, which investigated potential barriers to the take-up of digital payments and possible solutions. The Panel advises the PSR on a continuous basis but undertook the Digital Payments Initiative as a special project to address the issue of consumers failing fully to embrace the benefits of digital payments.

Read more.]]></description>
					      
						      <pubDate>Tue, 10 May 2022 14:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Panel-Publishes-Report</guid>
				    </item>
			
					 <item>
					      <title>European Commission Consults on Revised EU Payment Services Directive and Open Finance</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Consults-on-Revised-EU-Payment-Services</link>
					      <description><![CDATA[
The European Commission has published three consultations on the revised EU Payment Services Directive and on open finance. The results of the consultations will help inform the Commission&apos;s review of PSD2 and proposed legislation on a broader open finance framework, as part of plans developed under the 2020 EU Digital Finance Strategy and EU Retail Payments Strategy. The review of PSD2 will take stock of the impact that the Directive has had on the EU payments market and whether its objectives have been achieved. The open finance review will gather evidence on the current state of open finance, its further development and effective consumer protection. The EU is proposing to develop an open finance framework, as outlined under the EU&apos;s 2021 communication on the Capital Markets Union.

Read more.]]></description>
					      
						      <pubDate>Tue, 10 May 2022 14:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Consults-on-Revised-EU-Payment-Services</guid>
				    </item>
			
					 <item>
					      <title>Queen&apos;s Speech Confirms Government Will Proceed with Brexit Freedoms Bill</title>
					      <link>https://finreg.aoshearman.com/Queenrsquos-Speech-Confirms-Government-Will-Proceed</link>
					      <description><![CDATA[
Prince Charles, Prince of Wales, delivered the Queen&apos;s speech in which he announced that the government will be introducing the so-called Brexit Freedoms Bill, which was first announced by Prime Minister Boris Johnson on January 31, 2022, and is intended to make it easier to amend or remove retained EU laws to better suit the U.K.&apos;s circumstances and policies. The Brexit Freedoms Bill will work in tandem with a government drive to reform, repeal and replace EU laws that are seen as outdated, cumbersome or otherwise not in the U.K.&apos;s national interest.

Read more.]]></description>
					      
						      <pubDate>Tue, 10 May 2022 07:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Queenrsquos-Speech-Confirms-Government-Will-Proceed</guid>
				    </item>
			
					 <item>
					      <title>European Banking Authority Publishes Report on Non-Bank Lending Sector </title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Report-on-Non</link>
					      <description><![CDATA[
The European Banking Authority has published a report on the EU non-bank lending sector i.e., the growing number of financial intermediaries operating outside the EU financial services regulatory perimeter, including BigTech firms (e..g, Meta, Amazon and Google) and FinTech firms, which develop innovative technology for financial services.

Read more.]]></description>
					      
						      <pubDate>Wed, 04 May 2022 16:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Report-on-Non</guid>
				    </item>
			
					 <item>
					      <title>UK Conduct Regulator Publishes Results of Review of Investment Platforms Market</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Results-of-Review-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Regulator has published a statement on the results of its review of the investment platforms market. The FCA launched its Investment Platforms Market Study in 2017 to investigate whether competition between investment platforms was working in the interests of consumers. Investment platforms enable consumers and financial advisers to review investment opportunities across a range of funds and execute and change their investments. In 2019, the FCA published a Final Report which concluded that consumers should be able to switch more easily between investment platforms, and proposed a series of measures to help achieve this. It also announced that it would review the industry&apos;s progress in adopting these measures in 2020/2021. The FCA&apos;s statement sets out the results of that review.

Read more.]]></description>
					      
						      <pubDate>Wed, 04 May 2022 15:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Results-of-Review-</guid>
				    </item>
			
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					      <title>UK Conduct Regulator Makes Three Senior Appointments</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Makes-Three-Senior-Appointments</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has made three appointments to its senior leadership team:

Mel Gunewardena has been appointed to Senior Advisor, and will join the FCA from his role as Chief Market Intelligence Officer at the US Commodities and Futures Trading Commission;
 

	Graeme Reynolds has been appointed Director of Competition and will move from his current role as an FCA deputy chief economist; and
	Simon Walls has been appointed Interim Wholesale Director and will take up the role from his current position of Head of Wholesale Markets. The FCA is recruiting two permanent Wholesale Directors.

]]></description>
					      
						      <pubDate>Tue, 03 May 2022 14:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Makes-Three-Senior-Appointments</guid>
				    </item>
			
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					      <title>European Banking Authority Publishes Discussion Paper on Role of Environmental Risks in the Prudential Framework</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Discussion-Paper</link>
					      <description><![CDATA[
The European Banking Authority has published a discussion paper on whether, and how, environmental risks should be incorporated into the EU prudential frameworks for EU credit institutions and investment firms. The feedback received will help the EBA to determine (in accordance with its mandates under the EU Capital Requirements Regulation and EU Investment Firm Regulation) whether the EU should introduce specific prudential treatment for certain exposures and assets that are substantially linked to environmental and/or social objectives and impacts. Responses should be submitted by August 2, 2022.

Read more.]]></description>
					      
						      <pubDate>Mon, 02 May 2022 09:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Discussion-Paper</guid>
				    </item>
			
					 <item>
					      <title>European Supervisory Authorities Publish Consultation Paper on Sustainability Disclosures for Simple, Transparent and Standardized Securitizations</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Consultatation</link>
					      <description><![CDATA[
The European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities and Markets Authority have published a consultation on draft Regulatory Technical Standards for disclosures on sustainability indicators in simple, transparent and standardized securitizations. Responses to the consultation should be submitted by July 2, 2022.

Read more.]]></description>
					      
						      <pubDate>Mon, 02 May 2022 09:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Consultatation</guid>
				    </item>
			
					 <item>
					      <title>UK Prudential Regulator Proposes Definition of &quot;Simpler-Regime&quot; Firm</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Proposes-Definition-of-qu</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has opened a consultation in which it proposes introducing a definition of a &quot;Simpler-regime Firm&quot;. This is the PRA&apos;s first step in developing a strong and simple prudential framework for non-systemic banks and building societies that are not internationally active following the 2021 discussion paper and feedback paper. Responses to the consultation may be submitted until July 22, 2022. The PRA wants to create a graduated framework for U.K. prudential supervision with simpler rules applying to the smallest firms. The applicable rules would increase in sophistication as the size and complexity of firms increased.

Read more.]]></description>
					      
						      <pubDate>Fri, 29 Apr 2022 14:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Proposes-Definition-of-qu</guid>
				    </item>
			
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					      <title>HM Treasury Publishes Policy Statement on Protecting UK Wholesale Cash Infrastructure</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Policy-Statement-on-Protecting</link>
					      <description><![CDATA[
HM Treasury has published a Policy Statement on its plans for protecting the U.K.&apos;s wholesale cash infrastructure. In recent years, use of cash has diminished in favour of cashless transactions but the U.K. government is aware of the need to continue supporting cash transactions, particularly for elderly and vulnerable groups. The government has been investigating the use and protection of cash payments in the retail sector, including a consultation on protecting access to cash launched in 2021. The results of that consultation are under consideration.

Read more.]]></description>
					      
						      <pubDate>Tue, 26 Apr 2022 14:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Policy-Statement-on-Protecting</guid>
				    </item>
			
					 <item>
					      <title>UK Financial Conduct Authority Acts to Improve Financial Crime Issues at Challenger Banks</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Acts-to-Improve-Financial-Crime</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published the findings of its multi-firm review into financial crime controls at challenger banks. The FCA undertook the review in 2021 in response to the 2020 National Risk Assessment of money laundering and terrorist financing, which highlighted the risk that quick onboarding processes advertised by challenger banks could appeal to criminals. The FCA&apos;s review revealed that technology is being used well to identify and verify customers quickly and that there are not many differences between the financial crime risks facing challenger banks and those posed to traditional retail banks. However, there are several areas where improvements can be made, at the onboarding stage and beyond.  The FCA has requested all challenger banks to review its findings and implement the changes necessary to mitigate the risk of financial crime. As firms grow, their financial crime control resources, processes and technology should be appropriately adapted.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 Apr 2022 12:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Acts-to-Improve-Financial-Crime</guid>
				    </item>
			
					 <item>
					      <title>UK Task Force Publishes Recommendation for Improving Post-Trade Processes</title>
					      <link>https://finreg.aoshearman.com/UK-Task-Force-Publishes-Recommendation-for-Improving</link>
					      <description><![CDATA[report on the Future of Post-Trade. The Taskforce is made up of financial market industry individuals involved in post-trade processing activities and was set up as part of the Bank of England&apos;s response to the &quot;Future of Finance&quot; report, which set out a vision for the medium-term future of the U.K. financial system and the BoE&apos;s role in supporting that.

Read more.]]></description>
					      
						      <pubDate>Thu, 21 Apr 2022 12:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Task-Force-Publishes-Recommendation-for-Improving</guid>
				    </item>
			
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					      <title>UK Securities Regulator Finalizes Diversity &amp; Inclusion Rules for Listed Companies</title>
					      <link>https://finreg.aoshearman.com/UK-Securities-Regulator-Finalizes-Diversity-and-Inclusion</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published its final policy and rules to implement diversity and inclusion requirements for listed company boards and executive committees. The new FCA rules, which will apply as an ongoing listing obligation, will require issuers to include a statement in their annual financial report on whether they have met specific board diversity targets on a &apos;comply or explain&apos; basis.

Read more.]]></description>
					      
						      <pubDate>Wed, 20 Apr 2022 12:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Securities-Regulator-Finalizes-Diversity-and-Inclusion</guid>
				    </item>
			
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					      <title>Financial Action Task Force Publishes Report on Effectiveness of FATF Standards</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Publishes-Report-on-Effectiveness</link>
					      <description><![CDATA[
The Financial Action Task Force has published a report on the effectiveness of FATF member states&apos; efforts to tackle money laundering and counter terrorism financing. The report is part of the FATF&apos;s 2019 Strategic Review which aims to improve the FATF&apos;s processes to make FATF mutual evaluations more effective. Mutual evaluations assess the extent to which FATF member countries have implemented the FATF&apos;s 40 Recommendations.

Read more.]]></description>
					      
						      <pubDate>Tue, 19 Apr 2022 15:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Publishes-Report-on-Effectiveness</guid>
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					      <title>UK Conduct Regulator Commits to Three-year Strategy of Improving Outcomes of Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Commits-to-Three-year-Stratetegy</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a three-year Strategy on improving outcomes of regulation and its 2022/23 Business Plan. In the 2022-2025 Strategy, the FCA outlines its expectations of financial services across all sectors, with a view to the overall outcomes that firms should achieve. There are three outcomes for both the wholesale and retail markets, which are fair value, access and confidence. An additional outcome of suitability and treatment applies for the retail markets, to ensure that consumers are treated well and are sold products and services that are suitable for them. The 2022/23 Business Plan sets out the detailed work that the FCA will undertake over the next year to meet the commitments made in its Strategy.

Read more.]]></description>
					      
						      <pubDate>Thu, 07 Apr 2022 09:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Commits-to-Three-year-Stratetegy</guid>
				    </item>
			
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					      <title>International Organization of Securities Commissions Seeks Feedback on Reports on Corporate Bond Markets and Regulation of Exchange Traded Funds</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions-Seeks</link>
					      <description><![CDATA[
The International Organization of Securities Commissions is seeking feedback on two IOSCO reports: the first on drivers of liquidity in corporate bond markets during COVID-19 induced market stresses and the second on good practices for the regulation of exchange traded funds.

Read more.]]></description>
					      
						      <pubDate>Wed, 06 Apr 2022 10:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions-Seeks</guid>
				    </item>
			
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					      <title>UK Financial Conduct Authority Makes New Senior Appointments</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Makes-New-Senior-Appointments</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has made three new appointments:
 

	Laura Dawes will be appointed to one of two newly created Director of Authorisations roles. The new Director roles are part of the FCA&apos;s commitment to create a more robust and efficient authorisation process, where more decisions will be made by individual senior managers as opposed to committees. Laura currently works within the FCA&apos;s Enforcement and Market Oversight Division.


Read more.]]></description>
					      
						      <pubDate>Tue, 05 Apr 2022 10:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Makes-New-Senior-Appointments</guid>
				    </item>
			
					 <item>
					      <title>European Commission Consults on Potential Digital Euro</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Consults-on-Potential-Digital</link>
					      <description><![CDATA[
The European Commission has launched a targeted consultation on a possible digital euro. The EU is considering introducing a digital euro for retail payments, which would be available alongside cash. A decision has not yet been made. The European Central Bank, responsible for the design and implementation of the digital euro, launched a project in July 2021 to get ready for the potential issuance of a digital euro. The introduction of a digital euro would require an EU regulation based on a proposal by the European Commission and agreed through the co-legislative process. Legislative changes would also be needed for existing legislation (e.g., under the revised Payment Services Directive). Central banks from non-euro area Member States also envisage issuing digital currencies.

Read more.]]></description>
					      
						      <pubDate>Tue, 05 Apr 2022 09:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Consults-on-Potential-Digital</guid>
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					      <title>European Securities and Markets Authority Publishes Report on Short Selling Regulation Review</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Report</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a report on its review of certain aspects of the EU Short Selling Regulation. The review was prompted by the volume of short selling that occurred around the outbreak of the COVID-19 pandemic and national regulators&apos; responses to it. ESMA also considered the possibility in Europe of high volatility in so-called &quot;meme-stocks&quot; (stocks which gain popularity through social media.

Read more.]]></description>
					      
						      <pubDate>Mon, 04 Apr 2022 16:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Report</guid>
				    </item>
			
					 <item>
					      <title>UK Financial Regulators&apos; Statement on Suspension of Nickel Trading on London Metal Exchange</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Regulators39-Statement-on-Suspension-of</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority, Prudential Regulation Authority and Bank of England have published a joint statement on the London Metal Exchange&apos;s suspension of nickel trading between March 8-16, 2022. Trading was suspended due to challenging commodity market conditions following Russia&apos;s invasion of Ukraine.

Read more.]]></description>
					      
						      <pubDate>Mon, 04 Apr 2022 16:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Regulators39-Statement-on-Suspension-of</guid>
				    </item>
			
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					      <title>UK To Bring Stablecoins Used for Payments Under Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-To-Bring-Stablecoins-Used-for-Payments-Under-R</link>
					      <description><![CDATA[
Following the call for evidence issued in January 2021, the U.K. government has confirmed that it will bring the issuing or facilitating the use of stablecoins used as a means of payment into the U.K. regulatory perimeter, in an announcement by John Glen, MP, at U.K. Fintech Week. The details were published in a response to the consultation.

Consistent with the proposals under the Future Regulatory Framework Review, the government will set the regulatory perimeter, objectives and principles and the regulators - the Financial Conduct Authority, the Bank of England and the Payment Systems Regulator - will set out the detailed requirements in rulebooks. The government also confirms that it intends to consult later in 2022 on regulating a wider set of crypto activities, including trading of cryptocurrencies such as Bitcoin and Ether.

Read more.]]></description>
					      
						      <pubDate>Mon, 04 Apr 2022 12:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-To-Bring-Stablecoins-Used-for-Payments-Under-R</guid>
				    </item>
			
					 <item>
					      <title>UK Regulators Publish Statement on Sberbank CIB (UK) Limited Administration</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Publish-Statement-on-Sberbank-CIB-UK</link>
					      <description><![CDATA[
The FCA has announced that Sberbank CIB (UK) Limited, the U.K. arm of Sberbank&apos;s corporate and investment banking division, has entered special administration. The firm has found itself unable to make payments due to the sanctions imposed upon the broader Sberbank group.

Read more.]]></description>
					      
						      <pubDate>Fri, 01 Apr 2022 16:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Publish-Statement-on-Sberbank-CIB-UK</guid>
				    </item>
			
					 <item>
					      <title>UK Regulator Finalizes Rules On Scope Of PRIPPs</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Finalizes-Rules-On-Scope-Of-PRIPPs</link>
					      <description><![CDATA[
Following its consultation last year, the U.K. Financial Conduct Authority has published its final policy and rule amendments on the scope of the rules governing packaged retail and insurance-based investment products (or PRIIPs). The FCA had aimed to bring in the new rules by January 1, 2022. Instead, the final rules and Regulatory Technical Standards will apply from March 25, 2022. Firms will have until December 31, 2022 to apply the new requirements. These changes are designed to bring legal certainty to the scope of the PRIIPs regime, as it applies to corporate bonds, and mitigate risks relating to misleading performance scenarios and summary risk indicators and concerns about the transaction costs calculation methodology. It is hoped that the amendments will promote liquidity and improve choice in the retail corporate bond market, and also reduce the complexity of key information documents (or KIDs), the key information disclosure documents that must accompany PRIIPs when they are made available to retail investors.

Read more.]]></description>
					      
						      <pubDate>Fri, 25 Mar 2022 16:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Finalizes-Rules-On-Scope-Of-PRIPPs</guid>
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					      <title>Economic Crime (Transparency and Enforcement) Act 2022</title>
					      <link>https://finreg.aoshearman.com/Economic-Crime-Transparency-and-Enforcement-Act-2022</link>
					      <description><![CDATA[
The Economic Crime (Transparency and Enforcement) Act 2022 has received Royal Assent. The Act is designed to increase transparency and enhance the U.K.&apos;s mitigation of money laundering and sanctions evasion. The Act will establish a register for overseas entities and their beneficial owners who own land in the U.K., enhance the sanctions regime and reform measures on unexplained wealth orders. The government has also published a white paper, &quot;Corporate Transparency and Register Reform&quot;, setting out its proposals for enhancing the Registrar&apos;s powers with a view to improving the transparency and accuracy of the Companies House Register.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Mar 2022 13:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Economic-Crime-Transparency-and-Enforcement-Act-2022</guid>
				    </item>
			
					 <item>
					      <title>UK Amends License for 30-Day Wind Down of VTB Bank Positions</title>
					      <link>https://finreg.aoshearman.com/UK-Amends-License-for-30-Day-Wind-Down-of-VTB-Ban</link>
					      <description><![CDATA[
The U.K. Office of Financial Sanctions Implementation has published a revised General License under the Russia (Sanctions) (EU Exit) Regulations 2019. The License was first published on February 25, 2022, and allows individuals and entities to wind down transactions involving VTB Bank, including by closing out any positions. In addition, the License permits regulated financial institutions (authorized banks and investment firms, authorized or registered payment services firms and e-money institutions) and financial market infrastructure (recognized U.K. CCPs and CSDs and U.K.-recognized overseas CCPs and CSDs) to take reasonably necessary steps to effect such wind-downs. The revised license expands the definition of &quot;subsidiary of VTB Bank&quot; from VTB Capital plc (and any entity owned or controlled by VTB Capital plc incorporated in the U.K.) to include &quot;an entity owned or controlled by&quot; VTB Bank.

The License took effect from February 25, 2022, and expires on March 27, 2022. HM Treasury has power to amend, vary or revoke the License. OFSI has the power to issue General Licenses for country sanctions regimes under the Sanctions and Anti-Money Laundering Act 2018.]]></description>
					      
						      <pubDate>Mon, 07 Mar 2022 12:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Amends-License-for-30-Day-Wind-Down-of-VTB-Ban</guid>
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					      <title>UK Prospectus Review: Government Confirms Policy for Reforms to Boost London&apos;s Capital Markets</title>
					      <link>https://finreg.aoshearman.com/UK-Prospectus-Review-Government-Confirms-Policy-f</link>
					      <description><![CDATA[
Following its consultation last year, HM Treasury has set out its policy approach to amending the U.K. Prospectus regime. The current U.K. Prospectus Regulation will be replaced by legislation when parliamentary time allows. The changes will, among other things, separate the regulation of public offers of securities from the regulation of admissions of securities to trading, as Lord Hill recommended. In addition, the Financial Conduct Authority will be granted greater responsibility for the detail of the new regime through rules. The complete set of reforms will only apply once those rules are implemented. The main changes are set out below.

Read more.]]></description>
					      
						      <pubDate>Tue, 01 Mar 2022 21:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prospectus-Review-Government-Confirms-Policy-f</guid>
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					      <title>HM Treasury Confirms Policy Approach on Wholesale Markets Review</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Confirms-Policy-Approach-on-Wholesale</link>
					      <description><![CDATA[
HM Treasury has published its consultation response to the Wholesale Markets Review, setting out summaries of responses received to its proposals and how changes will be progressed. There are certain areas that HM Treasury will not progress at this stage, and which will be subject to further consideration.

For the proposals that are being taken forward, implementation may be by legislation or pursuant to the Financial Conduct Authority&apos;s rules. HM Treasury states that legislation will be brought forward when Parliamentary time allows. In certain instances, where details are currently set out in legislation, but would sit better in regulatory rules, the government intends to legislate to delegate responsibility to the FCA for preparing detailed rules, which it states will be part of the implementation of the Future Regulatory Framework review. The FCA is expected to consult on its proposals for existing rule amendments in the first half of this year.

Read more.]]></description>
					      
						      <pubDate>Tue, 01 Mar 2022 20:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Confirms-Policy-Approach-on-Wholesale</guid>
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					      <title>UK Economic Crime Bill Introduced to Parliament</title>
					      <link>https://finreg.aoshearman.com/UK-Economic-Crime-Bill-Introduced-to-Parliament</link>
					      <description><![CDATA[
The Economic Crime (Transparency and Enforcement) Bill has been introduced into Parliament, following the initial publication yesterday. The Bill is designed to increase transparency and enhance the U.K.&apos;s mitigation of money laundering and sanctions evasion. The Bill will establish a register for overseas entities and their beneficial owners who own land in the U.K., enhance the sanctions regime and reform measures on unexplained wealth orders. On the same day, the government published a white paper, &quot;Corporate Transparency and Register Reform&quot;, setting out its proposals for enhancing the Registrar&apos;s powers with a view to improving the transparency and accuracy of the Companies House Register.

Read more.]]></description>
					      
						      <pubDate>Tue, 01 Mar 2022 18:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Economic-Crime-Bill-Introduced-to-Parliament</guid>
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					      <title>UK Payment Systems Regulator Highlights Potential Cyber Security Risks Arising from the Situation in Ukraine</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Highlights-Potential</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator has issued a statement on the situation in Ukraine. The PSR encourages firms to reflect on how they are managing their risks related to the situation, in particular:


	the ability of the firm to bear an attack from a sophisticated state actor;
	whether staff are available to handle an elevated cyber risk from state sponsored and other actors; and
	implications of sanctions for third-party suppliers, and the resilience of those suppliers.


The PSR highlights the guidance issued by the National Cyber Security Centre on actions to take in response to the Ukraine situation, and it warns firms to remain vigilant of any cyber security threat.]]></description>
					      
						      <pubDate>Tue, 01 Mar 2022 16:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Highlights-Potential</guid>
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					      <title>UK Conduct Regulator Publishes Dear CEO Letter to Credit Rating Agencies</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Dear-CEO-Letter-to-Credit</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Dear CEO letter to Credit Rating Agencies setting out its expectations on the actions CRAs should undertake to minimize risks to consumers, market integrity and competition.

Read more.]]></description>
					      
						      <pubDate>Wed, 23 Feb 2022 12:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Dear-CEO-Letter-to-Credit</guid>
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					      <title>European Securities and Markets Authority Publishes Call for Evidence on Climate Risk Stress Testing for Central Counterparties</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Call-for</link>
					      <description><![CDATA[ 
The European Securities and Markets Authority has published a Call for Evidence on climate risk stress testing for EU central counterparties. Responses should be submitted by April 21, 2022.

Read more.
]]></description>
					      
						      <pubDate>Wed, 23 Feb 2022 10:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Call-for</guid>
				    </item>
			
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					      <title>European Commission Publishes Proposed Directive on Corporate Sustainability Due Diligence </title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Proposed-Directive-</link>
					      <description><![CDATA[
The European Commission has published a proposed Directive on Corporate Sustainability Due Diligence. The proposed Directive is designed to encourage the conduct of due diligence by major companies (including regulated financial institutions) on their value chains to identify risks linked to human rights or environmental impacts. This in turn is intended to support the objectives of the European Green Deal and assist in the transition to a climate-neutral and green economy.

Read more.]]></description>
					      
						      <pubDate>Wed, 23 Feb 2022 10:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Proposed-Directive-</guid>
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					      <title>Financial Stability Board Publishes 2022 Work Priorities</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-2022-Work-Priorities</link>
					      <description><![CDATA[
The Financial Stability Board has published a letter to G20 Finance Ministers and Central Bank Governors outlining its work priorities for 2022, which are:
 

	Supporting financial market adjustment to a post-COVID-19 world: the FSB observes vulnerabilities in the financial system, such as embedded leverage in some parts of the system and rising real estate and other asset valuations, which could pose risks to stability in the event of tightening financial conditions. Uneven unwinding of pandemic support measures is also a risk and the FSB will prepare an interim report in July and final report in October on policy considerations to support a more even global pandemic recovery.


Read more.]]></description>
					      
						      <pubDate>Thu, 17 Feb 2022 10:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-2022-Work-Priorities</guid>
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					      <title>Financial Stability Board Publishes Report on Risks to Financial Stability from Crypto-Assets</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Report-on-Risks</link>
					      <description><![CDATA[
The Financial Stability Board has published a report on the risks that crypto-assets pose to global financial stability. The FSB observes that the crypto-assets market is growing rapidly and could reach a point where it poses a threat to global financial stability. The market&apos;s rapid evolution also raises the risk of regulatory gaps and the opportunity for arbitrage by market players.

Read more.]]></description>
					      
						      <pubDate>Wed, 16 Feb 2022 16:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Report-on-Risks</guid>
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					      <title>UK Complaints Commissioner Upholds Complaints Against UK Financial Conduct Authority&apos;s Compensation and Complaints Scheme</title>
					      <link>https://finreg.aoshearman.com/UK-Complaints-Commissioner-Upholds-Complaints-Against</link>
					      <description><![CDATA[
The U.K. Financial Regulators&apos; Complaints Commissioner has published its final report upholding complaints from over 400 complainants concerning: (i) the U.K. Financial Conduct Authority&apos;s failures of regulation concerning London Capital &amp; Finance; and (ii) the FCA&apos;s subsequent refusal to compensate bondholders for its role in their losses.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Feb 2022 11:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Complaints-Commissioner-Upholds-Complaints-Against</guid>
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					      <title>UK Regulator Drives Changes to Terms of Buy Now, Pay Later Firms</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Drives-Changes-to-Terms-of-Buy-Now-Pay</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has secured changes to the contracts of four Buy Now, Pay Later firms - Clearypay, Klarna, Laybuy and Openpay. Certain terms, including contract cancellations, continuous payment authorities and right of set-off terms, will be made fairer and easier to understand. This was done under the FCA&apos;s powers as an unfair terms regulator under the Consumer Rights Act 2015 to ensure that firms comply with consumer protection legislation. Clearpay, Laybuy and Openpay have also offered voluntarily to refund customers who were inappropriately charged late payment fees (Klarna does not charge late payment fees so no refunds were due). 

Read more.]]></description>
					      
						      <pubDate>Mon, 14 Feb 2022 12:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Drives-Changes-to-Terms-of-Buy-Now-Pay</guid>
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					      <title>HM Treasury Publishes Responses to Review of UK Funds Regime</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Responses-to-Review-of-UK-Funds</link>
					      <description><![CDATA[
HM Treasury has published a summary of responses to its consultation on the U.K. funds regime. The consultation forms part of the U.K. Government&apos;s plans to make the U.K. a more attractive location for asset management.

Read more.]]></description>
					      
						      <pubDate>Thu, 10 Feb 2022 16:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Responses-to-Review-of-UK-Funds</guid>
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					      <title>UK Payment Services Regulator Announces Closure of Phase 1 Technical Environment for Confirmation of Payee Services</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Services-Regulator-Announces-Closure-of-Phase</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator has announced a phase-out of the Phase 1 technical environment that enables certain U.K. payment services providers to provide confirmation of payee services. The PSR&apos;s Specific Direction 11, which comes into effect on February 11, 2022, requires existing Phase 1 CoP participants to operate within the Phase 2 technical environment from May 1, 2022. The Phase 1 technical environment will then permanently close on May 31, 2022. Phase 1 participants are expected to provide information, including their intended switchover date and a description of their progress towards achieving switchover, to Pay.UK, the body responsible for maintaining Phase 1 standards, on a monthly basis.

Read more.]]></description>
					      
						      <pubDate>Thu, 10 Feb 2022 16:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Services-Regulator-Announces-Closure-of-Phase</guid>
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					      <title>European Securities and Markets Authority Publishes Sustainable Finance Roadmap for 2022-2024</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Sustainable</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its Sustainable Finance Roadmap for 2022-2024. The Roadmap sets out ESMA&apos;s priorities for sustainable finance over the next two years, which include: (i) tackling greenwashing and promoting transparency; (ii) building the capacity of national regulators and ESMA to understand and address the supervisory implications of new legislation and market practices; and (iii) monitoring emerging trends in environmental, social and governance markets and related risks and vulnerabilities.

Read more.]]></description>
					      
						      <pubDate>Thu, 10 Feb 2022 10:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Sustainable</guid>
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					      <title>UK Conduct Regulator Appoints Interim Chairs</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Appoints-Interim-Chairs</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has appointed Richard Lloyd OBE as its interim Chair of the FCA. He will assume the position on June 1, 2022 and will continue until a permanent successor for former Chair Charles Randell takes up the position.

Read more.]]></description>
					      
						      <pubDate>Wed, 09 Feb 2022 16:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Appoints-Interim-Chairs</guid>
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					      <title>EU Grants Further Time-Limited Equivalence for UK CCPs</title>
					      <link>https://finreg.aoshearman.com/EU-Grants-Further-Time-Limited-Equivalence-for-UK</link>
					      <description><![CDATA[
An EU Commission Implementing Decision extending the equivalence of U.K. CCPs to June 2025 has been published in the Official Journal of the European Union. The equivalence decision applies to U.K. CCPs already established and authorized in the U.K. on December 31, 2020 and will apply from July 1, 2022, which is when the existing equivalence decision expires. Andrew Bailey, in his speech at TheCityUK Annual Dinner in February 2022, questioned why the equivalence decisions are time-limited. Most equivalence decisions for CCPs in other jurisdictions are not time-limited, although the EU is able to revoke a decision if a jurisdiction is deemed not to maintain equivalence with the EU regime.

The Decision follows the announcement yesterday by the Commission on the extension and the launch of a targeted consultation on the review of the central clearing framework in the EU. The consultation is seeking views on ways to improve the competitiveness of EU CCPs and clearing activities while also ensuring the appropriate supervision of their risks. The consultation closes on March 8, 2022.]]></description>
					      
						      <pubDate>Wed, 09 Feb 2022 15:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Grants-Further-Time-Limited-Equivalence-for-UK</guid>
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					      <title>European Supervisory Authorities Publish Report on Digital Finance</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Report-on-Digital</link>
					      <description><![CDATA[
The European Supervisory Authorities (the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority and the European Banking Authority) have published a joint report on digital finance and related issues, in response to the European Commission&apos;s Call for Advice on digital finance, which was published in February 2021. The Call for Advice sought input to advance the EU Digital Finance Strategy, which was launched in September 2020 and set out the EU&apos;s plan to review the EU financial services legislative framework in light of developments in digital finance in order to safeguard financial stability and protect consumers. 

Read more.]]></description>
					      
						      <pubDate>Mon, 07 Feb 2022 12:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Report-on-Digital</guid>
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					      <title>UK Government Announces &quot;Brexit Freedoms Bill&quot;</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Announces-quotBrexit-Freedoms-Billq</link>
					      <description><![CDATA[
U.K. Prime Minister Boris Johnson has announced that a &quot;Brexit Freedoms Bill&quot; will be put before Parliament. Upon Brexit taking effect, all then in force EU Regulations were &quot;on-shored&quot; automatically into U.K. laws, pursuant to the European Union (Withdrawal) Act 2018, and then subject to (mostly only technical) amendments. The new bill is intended to make it easier to amend or remove retained EU laws, to better suit the U.K.&apos;s circumstances and policies. The EUWA also replicated the then-status quo, that EU laws prevailed over conflicting national laws. The government is now also seeking to remove the supremacy of EU laws. At the same time, the government published a policy paper on the benefits of Brexit.

Read more.]]></description>
					      
						      <pubDate>Mon, 31 Jan 2022 12:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Announces-quotBrexit-Freedoms-Billq</guid>
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					      <title>EU Consultation on CCP Procyclicality of Margin Requirements</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-CCP-Procyclicality-of-Margin-R</link>
					      <description><![CDATA[
The European Securities and Markets Authority has opened a consultation in which it proposes to amend the requirements on EU CCPs relating to an additional charge related to the procyclicality of margin. Responses to the consultation should be submitted by March 31, 2022. The European Market Infrastructure Regulation requires CCPs to impose, call and collect margins to limit their credit exposures from clearing members. A CCP must also regularly monitor and, if necessary, revise the level of its margins to reflect current market conditions considering any potentially procyclical effects of those revisions. Procyclicality of margin is the term used to describe the fact that margin requirements for the same portfolio are higher in times of market stress and lower in calm conditions. Regulatory Technical Standards under EMIR set out requirements for CCPs to use at least one of three options to limit procyclicality to the extent that the financial soundness of the CCP is not negatively affected. Generally, the EU imposes higher (more costly) margin charges than most other jurisdictions, including the U.S. and other major financial centres, which have essentially no extra procyclicality charge for CCPs.

Read more.]]></description>
					      
						      <pubDate>Thu, 27 Jan 2022 16:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-CCP-Procyclicality-of-Margin-R</guid>
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					      <title>European Systemic Risk Board Publishes Recommendation on Pan-European Systemic Cyber Incident Coordination Framework</title>
					      <link>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Publishes-Recommendation-on</link>
					      <description><![CDATA[
The European Systemic Risk Board has published a Recommendation on a pan-European systemic cyber incident coordination framework for EU national regulators. The ESRB observes that major cyber incidents may pose a systemic risk to the financial system, as they are capable of disrupting critical financial services and operations. This could in turn lead to contagion or an erosion of confidence in the financial system. The COVID-19 pandemic has also brought the threat of cyber incidents to the fore, as the number of cyber incidents reported to the ECB increased by 54% between 2019 and 2020. The Recommendation aims to build on the proposed roles of the European Supervisory Authorities under the EU&apos;s proposed Regulation on digital operational resilience for the financial sector. DORA is intended to strengthen digital operational resilience considering the risks arising from the increase in digital opportunities within the financial sector.

Read more.]]></description>
					      
						      <pubDate>Thu, 27 Jan 2022 10:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Publishes-Recommendation-on</guid>
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					      <title>European Banking Authority Publishes Final Draft Implementing Technical Standards on Prudential Disclosures of ESG Risks</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final-Draft-Implementing-Technical</link>
					      <description><![CDATA[
The European Banking Authority has published final draft Implementing Technical Standards on Pillar 3 prudential disclosures of environmental, social and governance risks under the EU Capital Requirements Regulation. The ITS specify the type and format of information to be published in accordance with the new CRR requirements on disclosure of prudential information on ESG risks.

Read more.]]></description>
					      
						      <pubDate>Mon, 24 Jan 2022 10:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final-Draft-Implementing-Technical</guid>
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					      <title>UK Conduct Authority Consults on Wide-Ranging Change to Financial Promotion Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Authority-Consults-on-Wide-Ranging-Cha</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation on proposed changes to the financial promotion rules. The proposals range from rules relating to the approval by authorized firms of financial promotions of unauthorized firms and the new regime for qualifying crypto-assets and other high-risk investments. Many of this suite of changes address or build upon recommendations of the Gloster Report or are otherwise related to the fall-out from the London Capital &amp; Finance plc scandal. Responses to the consultation may be submitted until March 23, 2022. The FCA intends to publish its final rules in Summer 2022.

Read more.]]></description>
					      
						      <pubDate>Wed, 19 Jan 2022 18:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Authority-Consults-on-Wide-Ranging-Cha</guid>
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					      <title>HM Treasury Confirms Tightening of Rules for Crypto-Asset Financial Promotions</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Confirms-Tightening-of-Rules-for-Cryp</link>
					      <description><![CDATA[
Following its July 2020 consultation, HM Treasury has published a consultation response on its proposals to amend the U.K.&apos;s financial promotion rules. These include changes to subject unregulated crypto-assets to the financial promotions regime. The response summarizes the feedback to the consultation and outlines how relevant crypto-asset promotions will be regulated. The government is proceeding with its proposal to bring qualifying crypto-assets within the scope of the Financial Promotion Order as controlled investments. Qualifying crypto-assets will be fungible (freely replaceable by another of a similar nature or kind) and transferable (which excludes crypto-assets in closed systems). E-money and central bank digital currencies will be excluded from the definition. In a change from the original proposal, the government has decided to remove the reference to distributed ledger technology from the definition of a qualifying crypto-asset. The aim of this change is to future-proof the definition for technological innovation.

Read more.]]></description>
					      
						      <pubDate>Tue, 18 Jan 2022 17:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Confirms-Tightening-of-Rules-for-Cryp</guid>
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					      <title>UK Government Consultation on Regulation of Central Counterparties and Central Securities Depositories</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Consultation-on-Regulation-of-Central</link>
					      <description><![CDATA[
HM Treasury has released a further consultation under the Future Regulatory Framework Review concerning the regulation of central counterparties and central securities depositories. The Future Regulatory Framework Review is designed to assess whether the U.K. financial services regulatory framework is fit for purpose, considering the U.K.&apos;s exit from the EU, climate change and other global and technological challenges. HM Treasury has published a series of consultations on different aspects of the future framework, including the Phase II consultation in October 2020 and the Proposals for Reform paper published in November 2021. Responses to HM Treasury&apos;s latest consultation on CCPs and CSDs may be submitted until February 28, 2022.

Read more.]]></description>
					      
						      <pubDate>Mon, 17 Jan 2022 16:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Consultation-on-Regulation-of-Central</guid>
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					      <title>Permanent Lower Threshold for Notification of Net Short Positions Under EU Short Selling Regulation Announced</title>
					      <link>https://finreg.aoshearman.com/Permanent-Lower-Threshold-for-Notification-of-Net-Short</link>
					      <description><![CDATA[
A Commission Delegated Regulation, published in the Official Journal of the European Union, amends the EU Short Selling Regulation to make permanent the lower notification threshold for notifying national regulators of net short positions held in the shares of companies traded on EU regulated markets. The threshold for notification will be 0.1% of the issued share capital of the company in question and each 0.1% above that. The lower threshold will apply from January 31, 2022.

Read more.]]></description>
					      
						      <pubDate>Tue, 11 Jan 2022 18:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Permanent-Lower-Threshold-for-Notification-of-Net-Short</guid>
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					      <title>UK Financial Conduct Authority Publishes Feedback Statement on Access to Wholesale Data</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Feedback</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a feedback statement relating to the call for input on accessing and using wholesale data. In the feedback statement, the FCA summarizes the responses received and the FCA&apos;s findings on whether data are being priced and sold competitively. The FCA confirms that it will undertake the following work to gain a deeper understanding of the potential harm and, where appropriate, take steps to mitigate any harm. In particular, the FCA will focus on the following:
 

	Trading data: in Spring 2022, the FCA will run an information gathering and analysis exercise that concentrates on the pricing of trading data, underlying costs and the terms for the sale of trading data. The FCA&apos;s findings will be published later in 2022.
	Benchmarks: in Summer 2022, the FCA will launch a market study into how competition operates between benchmarks, which will include the pricing of benchmarks, contractual terms and obstacles to switching between benchmarks.
	Credit Rating Agencies: by the end of 2022, the FCA will begin a market study on the competition in the sale of credit rating data, including pricing, contractual relationships, difficulties in entry to the credit rating data market and innovation.
	Alternative data and advanced analytics: the FCA has commissioned research on the nature and scale of alternative data.

]]></description>
					      
						      <pubDate>Tue, 11 Jan 2022 14:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Feedback</guid>
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					      <title>European Securities and Markets Authority Publishes Final Report on Guidelines for Disclosure of Inside Information and Interactions with Supervisors</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Final-Report-on-Guidelines</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its final Market Abuse Guidelines on the disclosure of inside information and interactions with national prudential regulators under the EU Market Abuse Regulation. The final guidelines implement the changes to the existing guidelines as proposed in ESMA&apos;s July 2021 consultation, with minor amendments.

Read more.]]></description>
					      
						      <pubDate>Wed, 05 Jan 2022 18:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Final-Report-on-Guidelines</guid>
				    </item>
			
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					      <title>European Banking Authority Publishes Opinion on Detrimental Impact of De-Risking by Financial Institutions</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Opinion-on-Detrimental-Impact</link>
					      <description><![CDATA[
The European Banking Authority has published an Opinion and related report on the detrimental impact of financial institutions&apos; &quot;de-risking&quot; decisions under the EU Fourth Money Laundering Directive. De-risking involves financial institutions refusing to enter into, or terminating, business relationships with counterparties who are associated with higher money laundering or terrorist financing risk, in order to comply with requirements under MLD4. MLD4 mandates that financial institutions should establish policies and procedures to manage the risks to which they are exposed, including ML/TF risks. However, the EBA has found evidence of de-risking of entire categories of customers, without considering individual risk profiles. This can have detrimental effects, including on the EU&apos;s objectives on fighting financial crime and the stability of financial systems of EU Member States, as well as reducing financial inclusion.

Read more.]]></description>
					      
						      <pubDate>Wed, 05 Jan 2022 12:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Opinion-on-Detrimental-Impact</guid>
				    </item>
			
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					      <title>European Securities and Markets Authority Publishes Call for Evidence on Distributed Ledger Technology Pilot Regime and MiFIR Standards on Transparency and Reporting</title>
					      <link>https://finreg.aoshearman.com/European-Securities-a</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a call for evidence on the need to amend existing Regulatory Technical Standards under the EU Markets in Financial Instruments Regulation to accommodate the upcoming distributed ledger technology pilot regime, which is expected to be published in spring 2022 and will begin to apply 9 months after its publication (i.e. the beginning of 2023). Responses to the call for evidence should be submitted by March 4, 2022.

Read more.]]></description>
					      
						      <pubDate>Tue, 04 Jan 2022 15:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-a</guid>
				    </item>
			
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					      <title>European Securities and Markets Authority Publishes Guidelines on MiFID II Appropriateness and Execution-Only Requirements</title>
					      <link>https://finreg.aoshearman.com/European-Securities-an</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published new Guidelines on the appropriateness and execution-only requirements under the revised Markets in Financial Instruments Directive. The appropriateness requirements under MiFID II require investment firms providing investment advice to assess a potential client&apos;s knowledge and experience in the investment field, to ascertain whether a particular service or product is appropriate for the client. There are exemptions from these requirements under the execution-only framework, subject to certain conditions being met. ESMA&apos;s new Guidelines are designed to enhance convergence across the EU on the application of these requirements.

Read more.]]></description>
					      
						      <pubDate>Mon, 03 Jan 2022 20:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-an</guid>
				    </item>
			
					 <item>
					      <title>UK Conduct Regulator&apos;s Rules for Use of Synthetic Sterling and Yen LIBOR Enter Into Force</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator39s-Rules-for-Use-of-Syntheti</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority&apos;s new rules permitting legacy use of certain synthetic sterling and yen LIBOR settings enter into force today. The FCA has published its final notice confirming that ICE Benchmark Administration will publish synthetic 1-month, 3-month and 6-month sterling and Japanese yen LIBOR rates until the end of 2022. These synthetic rates will not be representative of the market or economic reality previously measured by the benchmark. No substantive changes have been made to the draft version of the FCA&apos;s notice, which was published in November 2021. The synthetic rates will be permitted to be used for legacy LIBOR-referencing contracts, other than cleared derivatives, that have not been changed or updated ahead of December 31, 2021. They may not be used by U.K.-supervised entities in new regulated financial contracts, instruments and/or investment fund performance measurement.

The FCA has also published a notice to ICE Benchmark Administration confirming the methodology to be adopted in calculating the synthetic rates.]]></description>
					      
						      <pubDate>Sat, 01 Jan 2022 16:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator39s-Rules-for-Use-of-Syntheti</guid>
				    </item>
			
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					      <title>UK Regulator Issues Statement on Extension of Exemption for UCITS From PRIIPs Disclosure Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Issues-Statement-on-Extension-of-Exe</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a statement in which it confirms that it will amend the Technical Standards and related Handbook provisions to align with the extended exemption from the requirements of the U.K. Packaged Retail and Insurance-based Investment Products Regulation for investment companies and persons advising on, or selling, units in UCITS from December 31, 2021, to December 31, 2026. The FCA states that it will not take enforcement action against firms that offer UCITS funds to U.K. retail investors and that provide either a key information document under the PRIIPs Regulation or a UCITS key investor information document. Following the government&apos;s announcement in June 2021, the Financial Services Act 2021 extended the exemption for UCITS.]]></description>
					      
						      <pubDate>Wed, 29 Dec 2021 16:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Issues-Statement-on-Extension-of-Exe</guid>
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					      <title>UK Financial Conduct Authority Confirms Approach to Supervision of Commodity Derivatives Position Limits Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Confirms-Approach-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a statement confirming its approach to supervising commodity derivatives position limits. The statement follows the FCA&apos;s Supervisory Statement on the operation of the Markets in Financial Instruments regime after the end of the EU withdrawal period published in December 2020 in which the regulator stated that until January 1, 2022, it would not take any supervisory or enforcement action for positions that exceed limits where the position is held by a liquidity provider to fulfill its obligations on a trading venue. In its latest statement, the FCA confirms that it will extend that approach pending the outcome of HM Treasury&apos;s Wholesale Market Review and subject to any indications of market abuse arising. The FCA states that firms should make their own assessment of whether the positions they take are positions resulting from their actions as a liquidity provider. Firms do not need to report their assessments to the FCA; however, a firm may need to explain an assessment to the FCA on request.]]></description>
					      
						      <pubDate>Mon, 20 Dec 2021 17:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Confirms-Approach-</guid>
				    </item>
			
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					      <title>EU Amending Technical Standards Improve PRIIPs Regulation Requirements</title>
					      <link>https://finreg.aoshearman.com/EU-Amending-Technical-Standards-Improve-PRIIPs-Re</link>
					      <description><![CDATA[
An EU Commission Delegated Regulation (2021/2268) amending the Regulatory Technical Standards supplementing the EU Packaged Retail Investment and Insurance-based Products Regulation has been published in the Official Journal of the European Union. The amending RTS include provisions to:


	Introduce new methodologies to calculate appropriate performance scenarios and a revised presentation of these scenarios.
	Revise the summary cost indicators and changes to the content and presentation of information on the costs of PRIIPs.
	Modify the methodology to calculate transaction costs.
	Clarify the rules for PRIIPs offering a range of options for investment (known as MOPs), in particular, to identify the products&apos; full cost implications.


Read more.]]></description>
					      
						      <pubDate>Mon, 20 Dec 2021 12:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Amending-Technical-Standards-Improve-PRIIPs-Re</guid>
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					      <title>European Securities and Markets Authority Provides Regulatory Forbearance for EU CSDR Buy-In</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Provid</link>
					      <description><![CDATA[
The European Securities and Markets Authority has issued a public statement on the supervisory approach to the implementation of the buy-in regime under the EU Central Securities Depositories Regulation. The EU CSDR provides a harmonized regulatory and prudential regime for central securities depositories and increases the robustness and resilience of securities settlement arrangements. The settlement discipline regime is set out in EU Regulatory Technical Standards. The RTS cover measures for preventing settlement fails through automated matching, a hold and release mechanism and partial settlement. CSDR and the RTS also provide measures for monitoring and addressing settlement fails, such as a mechanism for cash penalties and a mandatory buy-in process. The application date of the settlement discipline rules has been postponed several times, most recently, citing the coronavirus pandemic, to delay the application date to February 1, 2022.

Read more.]]></description>
					      
						      <pubDate>Fri, 17 Dec 2021 17:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Provid</guid>
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					      <title>New UK Financial Services Director General</title>
					      <link>https://finreg.aoshearman.com/New-UK-Financial-Services-Director-General</link>
					      <description><![CDATA[
HM Treasury has announced that Gwyneth Nurse has been appointed as Director General, Financial Services. She will replace Katharine Braddick from January 2022.]]></description>
					      
						      <pubDate>Fri, 17 Dec 2021 15:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-UK-Financial-Services-Director-General</guid>
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					      <title>FCA Publishes Policy Statements on Climate-Related Disclosures for Standard Listed Companies and FCA-Regulated Firms</title>
					      <link>https://finreg.aoshearman.com/FCA-Publishes-Policy-Statements-on-Climate-Related</link>
					      <description><![CDATA[
The FCA has published two policy statements introducing new rules and guidance on climate-related disclosures for standard listed issuers and certain other FCA-regulated firms. The Policy Statements mirror the rule imposed under the FCA&apos;s Policy Statement on climate-related disclosures for premium listed issuers.

Read more.]]></description>
					      
						      <pubDate>Fri, 17 Dec 2021 12:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-Publishes-Policy-Statements-on-Climate-Related</guid>
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					      <title>European Securities and Markets Authority Provides Regulatory Forbearance for EU Clearing and Derivatives Trading Obligations in Support of LIBOR Transition</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Provi</link>
					      <description><![CDATA[
The European Securities and Markets Authority has issued a statement in which it states that EU national regulators should not, from January 3, 2022, prioritize supervisory action for any failures by firms to comply with the mandatory clearing obligation under the European Market Infrastructure Regulation, for interest rate derivatives referencing EONIA, GBP LIBOR, JPY LIBOR or USD LIBOR and the derivatives trading obligation for IRD classes referencing GBP LIBOR or USD LIBOR. On November 18, 2021, ESMA submitted final draft Regulatory Technical Standards to amend the EU clearing and trading derivative obligations in support of the benchmark transition to risk-free rates. However, ESMA is aware of the time that the approval process may take and therefore considers that regulatory forbearance is appropriate.]]></description>
					      
						      <pubDate>Thu, 16 Dec 2021 17:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Provi</guid>
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					      <title>HM Treasury Proposes Amendments to the UK Financial Promotion Exemptions</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Proposes-Amendments-to-the-UK-Financi</link>
					      <description><![CDATA[
HM Treasury has launched a consultation on proposed changes to the financial promotion exemptions for high net worth individuals and sophisticated investors. The aim of the proposals is to mitigate the misuse of the exemptions by some firms marketing inappropriate products to ordinary retail customers and to update certain aspects that were introduced about 20 years ago. The Treasury Select Committee&apos;s report on the failure of London Capital &amp; Finance recommended that the exemptions be rethought to ensure greater consumer protection. The consultation closes on March 9, 2022.

Read more.]]></description>
					      
						      <pubDate>Wed, 15 Dec 2021 16:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Proposes-Amendments-to-the-UK-Financi</guid>
				    </item>
			
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					      <title>Feedback Published on Initial UK Discussion Paper &apos;Strong and Simple&apos; Prudential Framework</title>
					      <link>https://finreg.aoshearman.com/Feedback-Published-on-Initial-UK-Discussion-Paper</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a feedback statement to the discussion paper published earlier this year in which it proposed introducing a &quot;strong and simple&quot; prudential framework for non-systemic banks and building societies that are not internationally active. The discussion paper concerned the possibility of introducing a graduated framework for U.K. prudential supervision with simple rules applying to the smallest firms. The applicable rules would increase in sophistication as the size and complexity of firms increased. The PRA discussed the possible approaches to identifying firms that would be in scope of the first threshold by looking at, for example, their activities, cross-border business and risk exposures. The introduction of such a framework would represent a major policy change for the U.K.

The feedback statement summarizes the responses to the discussion paper and sets out broad themes emerging. Overall, respondents were supportive of the idea to introduce a strong and simple framework, although concerns were expressed about the number of layers that the framework would involve. The PRA would welcome any comments on the feedback statement. Further consultations on the potential framework will follow in 2022 and/or 2023.]]></description>
					      
						      <pubDate>Wed, 15 Dec 2021 15:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Feedback-Published-on-Initial-UK-Discussion-Paper</guid>
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					      <title>HM Treasury Identifies Areas for Improving the UK Securitization Framework</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Identifies-Areas-for-Improving-the-UK</link>
					      <description><![CDATA[
Following its call for evidence earlier this year, HM Treasury has published its report on the review of the U.K. Securitization Regulation. HM Treasury was required to conduct a review of the functioning of the Regulation and report to Parliament on its findings by January 2022. The Securitization Regulation provides the criteria for identifying which securitizations will be designated as &quot;simple, transparent and standardized&quot; (STS) securitizations, a system to monitor the application of those criteria as well as common requirements on risk retention, due diligence and disclosure. Related provisions under the Capital Requirements Regulation set out the regulatory treatment of exposures to securitizations that are deemed to be STS securitizations.

Read more.]]></description>
					      
						      <pubDate>Mon, 13 Dec 2021 17:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Identifies-Areas-for-Improving-the-UK</guid>
				    </item>
			
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					      <title>UK Conduct Regulator Consults on Improvements to Appointed Representatives Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Improvements-to-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a consultation paper on proposed improvements to the Appointed Representatives regime. The AR regime allows authorized firms to appoint third parties to conduct certain regulated activities on their behalf. The FCA has identified shortcomings in principals&apos; use of the regime, including a lack of proper oversight over ARs and poor controls over the regulated activities for which ARs had accepted responsibility. The collapse of Greensill Capital (UK) Limited in 2021 highlighted some of these issues, as one of Greensill&apos;s subsidiaries had acted as an appointed representative for another firm and its business had arguably grown to be far more substantial than was intended under the AR regime.

Read more.]]></description>
					      
						      <pubDate>Fri, 03 Dec 2021 12:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Improvements-to-</guid>
				    </item>
			
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					      <title>UK Finalizes Primary Markets Effectiveness Review Changes</title>
					      <link>https://finreg.aoshearman.com/UK-Finalizes-Primary-Markets-Effectiveness-Review</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Policy Statement and final changes to the Listing Rules following its Primary Market Effectiveness Review consultation. The changes become effective on December 3, 2021 and mark a significant step in the reform of the U.K.&apos;s listing regime. The amendments follow on from the changes to the listing rules made in August 2021 to remove from SPACs the automatic suspension of listing that they previously faced when undertaking their de-SPAC transaction. The amendments follow the Lord Hill Listing Review and Kalifa FinTech Review, both of which urged the U.K. Government implement significant reform to the U.K.&apos;s listing regime, to make it more attractive to issuers (especially tech startups) and investors and to bring it into line with recent changes and the capital markets flexibility that its competitors - in Asia and the U.S. - already offer. We discussed the broad range of the Listing and FinTech Reviews&apos; proposals in our UK Listing Regime Reform briefing.

Read more.]]></description>
					      
						      <pubDate>Thu, 02 Dec 2021 11:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Finalizes-Primary-Markets-Effectiveness-Review</guid>
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					      <title>UK Conduct Regulator Publishes Feedback and Further Consultation on New Consumer Duty</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Feedback-and-Further</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published feedback and a further consultation on its new proposed Consumer Duty. The FCA&apos;s previous consultation was published in May 2021 and set out the FCA&apos;s proposed rules for a new duty of care that firms would owe to retail clients when conducting regulated activities. The proposed duty will consist of an overarching Consumer Principle, three cross-cutting rules and four outcomes that firms should aim to achieve when conducting regulated activities. The latest consultation responds to feedback received on the original consultation and seeks input on the FCA&apos;s proposed final version of the rules.

Read more.]]></description>
					      
						      <pubDate>Wed, 01 Dec 2021 15:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Feedback-and-Further</guid>
				    </item>
			
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					      <title>UK Financial Conduct Authority Announces New Approach to Speed Up Issuing Statutory Notices</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Announces-New-Approach</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a policy statement setting out its new approach to issuing statutory notices, which will take effect from November 26, 2021. The FCA publishes statutory notices when exercising certain enforcement and supervisory powers, such as varying or cancelling a firm&apos;s authorization, refusing an application for authorization or approval of an individual, and imposing requirements on firms.

Read more.]]></description>
					      
						      <pubDate>Fri, 26 Nov 2021 14:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Announces-New-Approach</guid>
				    </item>
			
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					      <title>European Commission Proposes Revisions to MIFID II</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Proposes-Revisions-to-MIFID-I</link>
					      <description><![CDATA[
The European Commission has published legislative proposals to amend the Markets in Financial Instruments Directive and the Markets in Financial Instruments Regulation. The proposals are part of the Commission&apos;s package of proposals to enhance the availability of information on trading and companies for investors. The main changes are set out in the proposed regulation to amend MiFIR. Some of the proposed changes are similar to those that the U.K. has made or is contemplating making as part of the Wholesale Markets Review.

Read more.]]></description>
					      
						      <pubDate>Thu, 25 Nov 2021 18:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Proposes-Revisions-to-MIFID-I</guid>
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					      <title>Law Commission Confirms England and Wales Law Can Accommodate Smart Contracts</title>
					      <link>https://finreg.aoshearman.com/Law-Commission-Confirms-England-and-Wales-Law-Can</link>
					      <description><![CDATA[The Law Commission has concluded that the existing law of England and Wales can accommodate smart contracts and there is no need for legislative reform. It has published advice to the U.K. Government and a separate summary of its conclusions on the subject. The Law Commission commenced its investigation into the ability of English law to accommodate both smart contracts and digital assets in September 2020. It has published a separate interim update on the digital assets project, which sets out the status and timing of the digital assets project. It anticipates publishing its digital assets consultation paper in mid-2022 as opposed to end-2021, as originally proposed.

Read more.]]></description>
					      
						      <pubDate>Wed, 24 Nov 2021 14:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Law-Commission-Confirms-England-and-Wales-Law-Can</guid>
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					      <title>European Securities and Markets Authority Publishes Discussion Paper on Clearing Thresholds Under European Market Infrastructure Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Discussion</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a report and discussion paper seeking feedback on its review of the clearing thresholds under the European Market Infrastructure Regulation. Responses should be submitted by January 19, 2022.

Read more.]]></description>
					      
						      <pubDate>Mon, 22 Nov 2021 11:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Discussion</guid>
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					      <title>European Securities and Markets Authority Publishes Proposed EU Clearing and Derivatives Trading Obligations Changes for LIBOR Transition</title>
					      <link>https://finreg.aoshearman.com/European-Securities-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report and final draft Regulatory Technical Standards to amend the EU clearing and trading derivative obligations for the benchmark transition to risk-free rates. To support the transition away from EONIA and LIBOR to risk-free rates such as &amp;euro;STR, ESMA is proposing to amend the scope of the derivatives clearing and trading obligations for interest rate derivatives denominated in EUR, GBP, JPY and USD. In particular, ESMA is proposing to:


	Remove IRD classes referencing GBP and USD LIBOR from the clearing and trading obligations.
	Remove IRD classes referencing EONIA and JPY LIBOR from the clearing obligation.
	Introduce a clearing obligation for IRD classes referencing &amp;euro;STR, SONIA and SOFR.


The draft RTS have been submitted to the European Commission for endorsement.]]></description>
					      
						      <pubDate>Thu, 18 Nov 2021 14:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-</guid>
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					      <title>UK Regulator Confirms Legacy Use of Synthetic LIBOR</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Confirms-Legacy-Use-of-Synthetic-LIBOR</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has confirmed that the use of  certain synthetic sterling and yen LIBOR settings will be permitted until the end of 2022 for legacy LIBOR-referencing contracts, other than cleared derivatives, that have not been changed or updated ahead of December 31, 2021. The synthetic rates cannot be used in any new contracts.

Read more.]]></description>
					      
						      <pubDate>Tue, 16 Nov 2021 21:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Confirms-Legacy-Use-of-Synthetic-LIBOR</guid>
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					      <title>Bank of England Drops Warning Against Profit Distributions for Financial Market Infrastructures</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Drops-Warning-Against-Profit-Distributions</link>
					      <description><![CDATA[
The Bank of England has written to the CEOs of all regulated U.K. financial market infrastructures notifying them that they are no longer expected to discuss prospective shareholder distributions with the BoE.

Read more.]]></description>
					      
						      <pubDate>Thu, 11 Nov 2021 15:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Drops-Warning-Against-Profit-Distributions</guid>
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					      <title>European Commissioner Announces Proposed Extension of Equivalence for UK CCPs</title>
					      <link>https://finreg.aoshearman.com/European-Commissioner-Announces-Proposed-Extensio</link>
					      <description><![CDATA[
European Commissioner McGuinness has announced that in early 2022 the European Commission will be proposing an extension of the time-limited equivalence granted to U.K. CCPs. The existing equivalence decision is due to expire at the end of June 2022. The Commissioner reiterated that the EU would continue to build out the capability of EU CCPs to reduce the reliance on U.K. CCPs. Furthermore, the EU will seek to strengthen the supervisory powers for EU-level supervision of CCPs.]]></description>
					      
						      <pubDate>Wed, 10 Nov 2021 14:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commissioner-Announces-Proposed-Extensio</guid>
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					      <title>Bank of England and HM Treasury Announce Next Steps for UK Central Bank Digital Currency</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-and-HM-Treasury-Announce-Next-Steps</link>
					      <description><![CDATA[
The Bank of England and HM Treasury have announced the next steps in the development of a U.K. Central Bank Digital Currency. 

Read more.]]></description>
					      
						      <pubDate>Tue, 09 Nov 2021 15:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-and-HM-Treasury-Announce-Next-Steps</guid>
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					      <title>HM Treasury Proposes Reforms in Latest Financial Services Future Regulatory Framework Review Consultation</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Proposes-Reforms-in-Latest-Financial-Services</link>
					      <description><![CDATA[
HM Treasury has launched a consultation, the Financial Services Future Regulatory Framework Review: Proposals for Reform. The consultation paper presents the government&apos;s response to the feedback received to the October 2020 FRF Review consultation and numerous proposals to progress the approach. Responses to the consultation may be submitted until February 9, 2022. 

Read more.]]></description>
					      
						      <pubDate>Tue, 09 Nov 2021 12:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Proposes-Reforms-in-Latest-Financial-Services</guid>
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					      <title>UK Financial Conduct Authority Publishes Environmental, Social and Governance Strategy</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Environmental</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published an environmental, social and governance strategy to support the financial sector in the transition to a &quot;net zero&quot;, more sustainable and more inclusive economy.

The FCA&apos;s strategy is built on five themes supported by key actions that the FCA anticipates taking in the near future. U.K. regulated firms should expect significant engagement by the FCA on these issues.

Read more.]]></description>
					      
						      <pubDate>Mon, 08 Nov 2021 11:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Environmental</guid>
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					      <title>UK Announces Plans to be World&apos;s First Net Zero Financial Centre</title>
					      <link>https://finreg.aoshearman.com/UK-Announces-Plans-to-be-Worlds-First-Net-Zero-Financial</link>
					      <description><![CDATA[
The U.K. Chancellor of the Exchequer, Rishi Sunak, has announced the U.K. Government&apos;s plans to make the U.K. the world&apos;s first net zero financial centre. Under the plans, U.K. financial institutions will need to have robust transition plans describing how they will support the transition to a carbon neutral economy. The U.K. Government intends to introduce legislative measures to make these requirements mandatory with a view to increased adoption by 2023 and will incorporate standards for these transition plans into its proposed Sustainability Disclosure Requirements, announced in October in its policy paper, Greening Finance: A Roadmap to Sustainable Investing, further details of which are set out in our related client note.

Read more.]]></description>
					      
						      <pubDate>Wed, 03 Nov 2021 10:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Announces-Plans-to-be-Worlds-First-Net-Zero-Financial</guid>
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					      <title>UK Financial Conduct Authority Publishes Discussion Paper on Sustainability Disclosure Requirements and Investment Labels</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Discussion-Paper</link>
					      <description><![CDATA[ 
The U.K. Financial Conduct Authority has published a discussion paper on its proposed Sustainability Disclosure Requirements and sustainable investment labels. The FCA is seeking initial views on these proposals with the intention of consulting on fuller policy proposals in Q2 2022. Responses to the discussion paper may be submitted until January 7, 2022. These proposals link to the U.K. government&apos;s ambitions on climate change and green finance, detailed in its October policy paper, Greening Finance: A Roadmap to Sustainable Investing, further details of which are set out in our related client note.
Read more.]]></description>
					      
						      <pubDate>Wed, 03 Nov 2021 10:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Discussion-Paper</guid>
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					      <title>European Banking Authority Seeks to Address Divergence on Use of Strong Customer Authentication Exemption</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Seeks-to-Address-Diver</link>
					      <description><![CDATA[
The European Banking Authority is consulting on draft Regulatory Technical Standards to amend the existing RTS on strong customer authentication and common and secure open standards of communication under the EU Payment Services Directive (known as PSD2). Responses to the consultation may be submitted until November 25, 2021.

PSD2 requires payment service providers to apply SCA each time a customer accesses their payment account online. The existing RTS govern the process by which payment service providers authenticate the identity of customers and provide exemptions to the SCA requirements. One of the exemptions is available, on a voluntary basis, when a customer accesses limited payment account information, provided that SCA is applied for the first access and at least every 90 days subsequently. The EBA is proposing to make the exemption mandatory for PSPs where the account information is accessed through an account information service provider, subject to certain conditions being met to ensure the safety of the user&apos;s data. The exemption would remain voluntary when a user directly accesses the account information.]]></description>
					      
						      <pubDate>Thu, 28 Oct 2021 16:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Seeks-to-Address-Diver</guid>
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					      <title>European Securities and Markets Authority Issues Statement on Investment Recommendations on Social Media</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Issues-Statement-on</link>
					      <description><![CDATA[
The European Securities and Markets Authority has issued a statement on the requirements under the EU Market Abuse Regulation for firms and individuals that make investment recommendations on social media.  ESMA is concerned about the potential harm to retail investors who may base their investment decisions on information made available on social media sites, in particular in situations such as the Gamestop case.  The EU rules, which are designed to prevent the misleading of investors, apply to anyone based in or outside the EU that distributes information proposing an investment decision about EU financial instruments listed in the EU or financial instruments that depend on or effect the price or value of a listed financial instrument. 

Read more.]]></description>
					      
						      <pubDate>Thu, 28 Oct 2021 08:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Issues-Statement-on</guid>
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					      <title>EU Publishes Proposed Banking Package 2021</title>
					      <link>https://finreg.aoshearman.com/EU-Publishes-Proposed-Banking-Package-2021</link>
					      <description><![CDATA[
The European Commission has published three legislative proposals to amend the EU Capital Requirements Regulation and the EU Capital Requirements Directive, referred to as the Banking Package 2021. The proposals are subject to consultation, responses to which may be submitted until January 14, 2022.

Read more.]]></description>
					      
						      <pubDate>Wed, 27 Oct 2021 13:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Publishes-Proposed-Banking-Package-2021</guid>
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					      <title>Revised Global Principles on Outsourcing for Regulated Participants in the Securities Markets</title>
					      <link>https://finreg.aoshearman.com/Revised-Global-Principles-on-Outsourcing-for-Regulated</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published an updated Principles on Outsourcing for regulated market participants in the securities markets.  The updated Principles are based on IOSCO&apos;s 2005 Outsourcing Principles for Market Intermediaries and 2009 Outsourcing Principles for Markets.  However, the updated Principles will also apply to trading venues, market intermediaries, market participants acting on a proprietary basis, and credit rating agencies.  Financial market infrastructures may also choose to consider their application, although the Principles are not addressed to those entities.

Read more.]]></description>
					      
						      <pubDate>Wed, 27 Oct 2021 11:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Revised-Global-Principles-on-Outsourcing-for-Regulated</guid>
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					      <title>International Bodies Consult on Margin Practices</title>
					      <link>https://finreg.aoshearman.com/International-Bodies-Consult-on-Margin-Practices</link>
					      <description><![CDATA[
An international consultation has been launched on the review of margining practices in the centrally and non-centrally cleared markets. The consultation is being run jointly by the Basel Committee for Banking Standards, the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions. In March 2020, around the start of the COVID pandemic, large increases in margin occurred in the centrally and non-centrally cleared markets, furthering the so-called &quot;dash for cash&quot;.

The consultation is considering a range of potential changes to the international framework, such as:

	increasing transparency in the centrally cleared market;
	enhancing liquidity preparedness of market participants as well as liquidity disclosures;
	identifying data gaps in regulatory reporting;
	streamlining variation margin processes in centrally and non-centrally cleared markets;
	further work on evaluating the responsiveness of centrally cleared initial margin models to market stresses with a focus on impacts and implications for CCP resources and the wider financial system; and
	evaluating the responsiveness of non-centrally cleared initial margin models to market stresses.

]]></description>
					      
						      <pubDate>Tue, 26 Oct 2021 15:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Bodies-Consult-on-Margin-Practices</guid>
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					      <title>European Supervisory Authorities Publish Final Report on Expanded Disclosures under the EU Sustainable Finance Disclosure Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Final-Report-on-Expanded</link>
					      <description><![CDATA[
The European Supervisory Authorities (the European Securities and Markets Authority, the European Banking Authority and the European Insurance and Occupational Pensions Authority) have published a new final report and draft Regulatory Technical Standards on disclosures to be made under the EU Sustainable Finance Disclosure Regulation. The EU SFDR was published in December 2019 and the majority of its provisions have applied since March 10, 2021.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 Oct 2021 09:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Final-Report-on-Expanded</guid>
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					      <title>EU Delegated Regulation on Ancillary Activity Criteria under MiFID II</title>
					      <link>https://finreg.aoshearman.com/EU-Delegated-Regulation-on-Ancillary-Activity-Criteria</link>
					      <description><![CDATA[
An EU Commission Delegated Regulation (2021/1833) on the criteria for when an activity will be considered as ancillary to the main business has been published in the Official Journal of the European Union.  The changes to the EU&apos;s Markets in Financial Instruments Directive, known as MiFID Quick Fix, include changes to the ancillary activity exemption.  The exemption from authorization as an investment firm is available when dealing on own account, or providing investment services to clients in commodity derivatives, emission allowances or derivatives thereof, provided that the activity is an ancillary activity to their main business at group level and the main business is not the provision of investment services within the meaning of MiFID II or banking activities under the Capital Requirements Directive.

Read more.]]></description>
					      
						      <pubDate>Thu, 21 Oct 2021 11:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Delegated-Regulation-on-Ancillary-Activity-Criteria</guid>
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					      <title>European Supervisory Authorities Launch Call for Evidence on the EU&apos;s Packaged Retail and Insurance-based Investment Products Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Launch-Call-for-</link>
					      <description><![CDATA[
The European Supervisory Authorities have launched a call for evidence on the EU&apos;s Packaged Retail and Insurance-based Investment Products Regulation. The PRIIPs Regulation requires manufacturers of PRIIPs to produce a standardized Key Information Document in an official language of all EU countries into which offerings are made. It also requires those advising on or selling PRIIPs to provide retail investors with KIDs in good time before the investor enters into the investment. The call for evidence closes on December 16, 2021.

Read more.]]></description>
					      
						      <pubDate>Thu, 21 Oct 2021 09:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Launch-Call-for-</guid>
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					      <title>UK Conduct Regulator Calls for Changes to Regulatory Perimeter</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Calls-for-Changes-to-Regulat</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published its annual Perimeter Report. The report discusses the FCA&apos;s existing remit and highlights areas where potential consumer harm could be mitigated if the regulatory perimeter is amended. The FCA cannot amend the perimeter, this can only be achieved through legislation.

Read more.]]></description>
					      
						      <pubDate>Thu, 21 Oct 2021 07:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Calls-for-Changes-to-Regulat</guid>
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					      <title>Verena Ross Appointed Chair of the European Securities and Markets Authority</title>
					      <link>https://finreg.aoshearman.com/Verena-Ross-Appointed-Chair-of-the-European-Secur</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced that Verena Ross will take up the position of Chair of ESMA from November 1, 2021. Ms. Ross will replace Steven Maijoor, the former Chair. Her appointment is for a five-year term, renewable once.]]></description>
					      
						      <pubDate>Fri, 15 Oct 2021 14:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Verena-Ross-Appointed-Chair-of-the-European-Secur</guid>
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					      <title>Charles Randell CBE Stepping Down as Chair of UK Financial Conduct Authority</title>
					      <link>https://finreg.aoshearman.com/Charles-Randell-CBE-Stepping-Down-as-Chair-of-UK-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has issued a press release announcing that its current chair, Charles Randell CBE, will be resigning early from his position in Spring 2022. Mr. Randell wrote to the Chancellor informing him of the decision to step down as chair of the FCA and the Payment Systems Regulator. Mr. Randell has been Chair of the FCA and PSR since April 1, 2018. The resignation comes just 10 days after the FCA was provided with a preliminary report by the Financial Regulators Complaints Commission concerning the FCA&apos;s handling of the London Capital &amp; Finance scandal, which is due to be published in the next month and has been reported by the press to be critical of the FCA.]]></description>
					      
						      <pubDate>Fri, 15 Oct 2021 14:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Charles-Randell-CBE-Stepping-Down-as-Chair-of-UK-</guid>
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					      <title>UK Regulator Amends Derivatives Trading Obligation for LIBOR Transition Purposes</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Amends-Derivatives-Trading-Obligatio</link>
					      <description><![CDATA[
Following its July 2021 consultation, the U.K. Financial Conduct Authority has published a Policy Statement amending the list of derivatives subject to the U.K. trading obligation for the purposes of the LIBOR transition.

The derivatives trading obligation under the U.K. version of the Markets in Financial Instruments Regulation requires U.K. investment firms to conclude transactions in certain derivatives on U.K. regulated markets, multilateral trading facilities, organised trading facilities or third-country venues in jurisdictions benefiting from U.K. equivalence decisions. In the absence of any equivalence decision, the FCA used its Temporary Transitional Power to provide transitional relief from December 31, 2020 (the end of the transition period) until March 31, 2022 for U.K. firms, EU firms using the U.K.&apos;s temporary permissions regime and U.K. branches of overseas firms. The trading obligation currently applies to certain fixed-to-float interest rate swaps denominated in EUR, USD and GBP, and to certain index credit default swaps (iTraxx Europe Main and iTraxx Europe Crossover).

Read more.]]></description>
					      
						      <pubDate>Fri, 15 Oct 2021 13:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Amends-Derivatives-Trading-Obligatio</guid>
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					      <title>UK Secondary Capital Raising Review Launched</title>
					      <link>https://finreg.aoshearman.com/UK-Secondary-Capital-Raising-Review-Launched</link>
					      <description><![CDATA[
HM Treasury has announced the U.K. Secondary Capital Raising Review, requesting recommendations on improving the U.K. capital raising process for publicly traded companies. The Review stems from Lord Hill&apos;s recommendations in the U.K. Listing Review, published in March 2021, which proposed that consideration should be given to improving the efficiency of further capital raisings by listed issuers, including by re-establishing the Rights Issue Review Group and assessing capital raising models used in other jurisdictions.

A Call for Evidence has been issued, as the first step in the Review, calling for feedback on the key themes of the Review, including:


	Reduction of the overall duration and cost of the existing U.K. rights issue process and how that could be achieved.
	The role that new technology plays in the process to ensure that shareholders receive relevant information in a timely fashion and can exercise their rights.
	Fund-raising models in other jurisdictions that should be considered for use in the U.K.
	Improved transparency introduced by the Short Selling Regulation.
	The potential for refining the undocumented secondary capital raising process.


Responses to the Call for Evidence may be submitted until November 16, 2021.]]></description>
					      
						      <pubDate>Tue, 12 Oct 2021 15:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Secondary-Capital-Raising-Review-Launched</guid>
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					      <title>UK Government Sets out Key Actions to Secure Its Vision for Payments</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Sets-out-Key-Actions-to-Secure-Its-</link>
					      <description><![CDATA[
HM Treasury has published a response to the Payments Landscape Review call for evidence.  The government sets out the key areas and steps for government, regulators, and industry to achieve a payments sector at the vanguard of technology and innovation.  

Read more.]]></description>
					      
						      <pubDate>Mon, 11 Oct 2021 16:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Sets-out-Key-Actions-to-Secure-Its-</guid>
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					      <title>Bank of England Proposes Introducing Clearing Obligation for TONA Overnight Index Swaps</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Proposes-Introducing-Clearing-Obligation</link>
					      <description><![CDATA[
The Bank of England has launched a consultation proposing to subject Overnight Index Swaps (OIS) that reference the Tokyo Overnight Average rate (TONA) to the U.K. derivatives clearing obligation under the U.K. version of the European Market Infrastructure Regulation. The BoE has already decided to remove contracts referencing JPY LIBOR from the clearing obligation starting December 6, 2021. Following recent announcements made by the Japanese authorities, the BoE now considers it appropriate to replace contracts referencing JPY LIBOR with contracts referencing TONA. The planned change would apply from December 6, 2021 or shortly thereafter. Responses to the consultation may be submitted until October 27, 2021.

Read more.]]></description>
					      
						      <pubDate>Wed, 29 Sep 2021 09:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Proposes-Introducing-Clearing-Obligation</guid>
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					      <title>Bank of England Confirms Changes to Derivatives Clearing Obligation to Reflect Benchmark Reforms</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Confirms-Changes-to-Derivatives-Clearing</link>
					      <description><![CDATA[
The Bank of England has published a Policy Statement and final changes to the contracts subject to the derivatives clearing obligation under the U.K. version of the European Market Infrastructure Regulation. The U.K. onshored European Market Infrastructure Regulation imposes a clearing obligation on U.K. firms that are counterparties to certain OTC derivatives contracts. The clearing obligation applies to Interest Rate Swaps denominated in seven currencies (EUR, GBP, JPY, USD, NOK, PLN and SEK) and to two classes of credit default swap indices (iTraxx Europe Main and iTraxx Europe Crossover). The details are set out in three sets of Binding Technical Standards—Commission Delegated Regulation (EU) 2015/2205, Commission Delegated Regulation (EU) 2016/592 and Commission Delegated Regulation (EU) 2016/1178.

Read more.]]></description>
					      
						      <pubDate>Wed, 29 Sep 2021 08:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Confirms-Changes-to-Derivatives-Clearing</guid>
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					      <title>European Securities and Markets Authority Recommends Changes to EU Algorithmic Trading Rules</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Recomm</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a review report on algorithmic trading under the EU&apos;s Markets in Financial Instruments package. The Markets in Financial Instruments Directive requires the European Commission to review and report on the impact of the MiFID II requirements on algorithmic trading, including high frequency trading and direct electronic access. ESMA&apos;s report will assist the Commission with that remit, including determining whether any legislative changes are appropriate.

Read more.]]></description>
					      
						      <pubDate>Wed, 29 Sep 2021 07:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Recomm</guid>
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					      <title>European Commission Publishes Study on Banks&apos; and Prudential Supervisors&apos; Integration of ESG Factors</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Study-on-Banks-and</link>
					      <description><![CDATA[
The European Commission has published a study on EU banks&apos; integration of environmental, social and governance factors into their risk management processes, business strategies and investment policies. The study finds that, although banks have made efforts to pursue ESG agendas, the speed and degree of integration of ESG considerations must accelerate. In addition, it finds that prudential supervisors could take more action to integrate ESG factors into their supervision of banks. Further details of the challenges facing banks and supervisors in ESG integration are set out in the study. 

Read more.]]></description>
					      
						      <pubDate>Mon, 27 Sep 2021 09:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Study-on-Banks-and</guid>
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					      <title>Proposed Amendments to the EU Best Execution Reporting Regime under MiFID II</title>
					      <link>https://finreg.aoshearman.com/Proposed-Amendments-to-the-EU-Best-Execution-Reporting-Regime</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a consultation on proposed amendments to the best execution reporting regime under the EU&apos;s Markets in Financial Instruments Directive. Responses to the consultation may be submitted by December 23, 2021. ESMA is expected to send its recommendations for amendments to the European Commission in H1 2022.

Read more.]]></description>
					      
						      <pubDate>Fri, 24 Sep 2021 11:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Proposed-Amendments-to-the-EU-Best-Execution-Reporting-Regime</guid>
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					      <title>European Securities and Markets Authority Supports Delay to Buy-In Regime under EU Central Securities Depositories Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Support</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a letter to the European Commission urging the Commission to delay the buy-in regime under the Central Securities Depositories Regulation. The EU CSDR provides a harmonized regulatory and prudential regime for central securities depositories and increases the robustness and resilience of securities settlement arrangements. The Commission consulted in 2020 on proposals to improve securities settlement in the EU and on central securities depositories, and legislative proposals are expected before the end of 2021.

Read more.]]></description>
					      
						      <pubDate>Fri, 24 Sep 2021 10:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Support</guid>
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					      <title>HM Treasury Publishes Amendments to UK Capital Requirements Regulation</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Amendments-to-UK-Capital-Requirements</link>
					      <description><![CDATA[
HM Treasury has made certain amendments under the U.K. Capital Requirements Regulation (Amendment) Regulations 2021 to the U.K. Capital Requirements Regulation. The UK CRR is the U.K. version of the corresponding EU regulation, as applicable after Brexit. The new regulations introduce some new provisions and revoke certain others. The related explanatory memorandum describes the changes in further detail. The changes will come into force on January 1, 2022.

Read more.]]></description>
					      
						      <pubDate>Thu, 23 Sep 2021 14:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Amendments-to-UK-Capital-Requirements</guid>
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					      <title>Proposed Amendments to the EU Short Selling Regulation</title>
					      <link>https://finreg.aoshearman.com/Proposed-Amendments-to-the-EU-Short-Selling-Regulation</link>
					      <description><![CDATA[
The European Securities and Markets Authority is consulting on proposed amendments to the EU Short Selling Regulation. ESMA is reviewing the SSR provisions following two occurrences of market volatility. The first is the market reactions to the impact of the COVID-19 pandemic and the related regulatory response where numerous and varied short sale bans were imposed by various EU member states. The second is the market turmoil in the U.S. markets and elsewhere for so-called meme stocks, such as Gamestop. Responses to the consultation may be submitted by November 19, 2021, and ESMA is expected to publish its report to the European Commission early in 2022.

Read more.]]></description>
					      
						      <pubDate>Tue, 21 Sep 2021 12:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Proposed-Amendments-to-the-EU-Short-Selling-Regulation</guid>
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					      <title>Bank of England Publishes Dear CEO Letters to Central Counterparties, Central Securities Depositories and Payment System Operators on Supervisory Expectations for Material Outsourcing to the Public Cloud</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Publishes-Dear-CEO-Letters-to-Central</link>
					      <description><![CDATA[
The Bank of England has written to the CEOs of Central Counterparties, Central Securities Depositories, Recognised Payment System Operators and Specified Service Providers subject to the BoE&apos;s supervision, drawing their attention to the BoE&apos;s expectations of material outsourcing arrangements, including the use of the public cloud.

The letters observe that in Q2 2021, the BoE&apos;s Financial Policy Committee found that financial institutions had scaled up their reliance on cloud service providers since the start of 2020, leading to an increasing reliance on a small number of providers and a potential increase in financial stability risk. Reliance on third parties by CCPs, CSDs, RPSOs and SSPs is subject to existing legislation and the Principles for Financial Markets Infrastructure, which the BoE expects firms to comply with. Firms are also expected to have regard to the BoE&apos;s policy on operational resilience and any relevant international standards.

Read more.]]></description>
					      
						      <pubDate>Fri, 17 Sep 2021 14:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Publishes-Dear-CEO-Letters-to-Central</guid>
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					      <title>UK Financial Conduct Authority Publishes Proposals to Revamp its Decision-Making Process</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Proposals</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a consultation paper on proposals to change its decision-making process. The objective of these proposals is to make the FCA a nimbler regulator that can make faster and more effective decisions. Responses to the consultation may be submitted until September 17, 2021. The FCA intends to publish a Policy Statement before the end of the year, likely in November, and envisages that the revised decision-making framework would start in November, too. Any cases that are being considered by the Regulatory Decisions Committee would remain with the RDC under the existing processes.

Read more.]]></description>
					      
						      <pubDate>Thu, 29 Jul 2021 08:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Proposals</guid>
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					      <title>UK Listings Regulator Consults on Tightening Diversity Requirements for Listed Companies</title>
					      <link>https://finreg.aoshearman.com/UK-Listings-Regulator-Consults-on-Tightening-Dive</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has opened a consultation on proposals to amend the requirements on diversity and inclusion on listed company boards and executive committees. The proposals include changes to the Listing Rules and the Disclosure and Transparency Rules, including guidance. The consultation closes on October 20, 2021. The FCA intends to publish final rules before the end of 2021 and for the new requirements to apply to accounting periods starting on or after January 1, 2022. This means that annual financial reports published for 2022 in spring 2023 would include the reporting changes.

Read more.]]></description>
					      
						      <pubDate>Wed, 28 Jul 2021 09:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Listings-Regulator-Consults-on-Tightening-Dive</guid>
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					      <title>UK Conduct Regulator Consults on Changes to Listing Rules For SPACs</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Changes-to-Listi</link>
					      <description><![CDATA[
Following its consultation earlier this year, the U.K. Financial Conduct Authority has published final changes to its listing rules for special purpose acquisition companies that will come into effect on August 10, 2021. SPACs are companies set up for the purpose of raising money from investors to fund the acquisition of an operating business. They have attracted much attention over the last year as an alternative way for target companies to go public without going through the traditional initial public offering process. The initial decision to adjust the U.K. approach to SPACs was one of the recommendations made by Lord Hill in the U.K. Listings Review.

Read more.]]></description>
					      
						      <pubDate>Tue, 27 Jul 2021 14:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Changes-to-Listi</guid>
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					      <title>Bank of England Publishes MREL Consultation and Operational Guide to Bail-In</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Publishes-MREL-Consultation-and-Operational</link>
					      <description><![CDATA[
The Bank of England has published two documents on the U.K.&apos;s bank recovery and resolution regime: a consultation on its approach to setting minimum requirements for own funds and eligible liabilities and an operational guide to the execution of bail-in in the U.K. In a statement on the publications, the BoE&apos;s Deputy Governor for Markets and Banking explained that, while progress has been made in ensuring the resolvability of U.K. firms, there is more work to do to address resolvability risks. The consultation paper and operational guide form part of the U.K.&apos;s maturing recovery and resolution regime. 

Read more.]]></description>
					      
						      <pubDate>Thu, 22 Jul 2021 14:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Publishes-MREL-Consultation-and-Operational</guid>
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					      <title>UK Government Launches Review of UK&apos;s Anti-Money Laundering and Counter Terrorist Financing Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Launches-Review-of-UKs-Anti-Money</link>
					      <description><![CDATA[
The U.K. government has launched a review of the U.K.&apos;s anti-money laundering and counter terrorist financing regulatory and supervisory regime with the publication of a call for evidence. The government is assessing the overall effectiveness and extent of the regime, whether key elements operate as intended, and the structure of the supervisory regime. On the same day, the government also published a consultation on proposed targeted changes to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, referred to as the MLRs. That consultation is focused on the changes needed to ensure the U.K. regime meets international standards. Responses to the call for evidence may be submitted until October 14, 2021. A final report on the findings of the review and, where relevant, possible reform will be published no later than June 26, 2022, in line with the review requirement in the MLRs.

Read more.]]></description>
					      
						      <pubDate>Thu, 22 Jul 2021 14:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Launches-Review-of-UKs-Anti-Money</guid>
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					      <title>UK Government Consults on Targeted Amendments to the Money Laundering Regulations</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Consults-on-Targeted-Amendments-to-the-Money</link>
					      <description><![CDATA[
The U.K. government has opened a consultation on proposed targeted changes to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, referred to as the MLRs. The consultation focuses on the time-sensitive changes that are needed to ensure that the U.K. requirements meet international standards set by the Financial Action Task Force and to strengthen the overall requirements. The government has also opened a call for evidence on the U.K.&apos;s anti-money laundering and counter terrorist financing regulatory and supervisory regime, which is considering the overall effectiveness and extent of the regime, whether key elements operate as intended, and the structure of the supervisory regime. Responses to the MLRs&apos; consultation may be submitted until October 14, 2021. These MLR amendments will be implemented through secondary legislation due to be laid in Spring 2022.

Read more.]]></description>
					      
						      <pubDate>Thu, 22 Jul 2021 14:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Consults-on-Targeted-Amendments-to-the-Money</guid>
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					      <title>UK Regulator Consults on Scope of PRIIPs</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Scope-of-PRIIPs</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published proposals to amend the scope of the rules governing packaged retail and insurance-based investment products (or PRIIPs). The FCA&apos;s proposals are designed to bring legal certainty to the scope of the PRIIPs regime, as it applies to corporate bonds. The consultation also addresses issues of misleading performance scenarios and summary risk indicators and concerns about the transaction costs calculation methodology. It is hoped that the amendments will promote liquidity and improve choice in the retail corporate bond market and also reduce the complexity of key information documents (or KIDs), the key information disclosure documents that must accompany PRIIPs when they are made available to retail investors.

Responses to the FCA&apos;s PRIIPs consultation should be submitted by September 30, 2021. The FCA is aiming to finalize the amendments by the end of this year and for the changes to take effect on January 1, 2022.

Read more.]]></description>
					      
						      <pubDate>Tue, 20 Jul 2021 19:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Scope-of-PRIIPs</guid>
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					      <title>HM Treasury Consults on Extension of Senior Managers&apos; Regime to Financial Market Infrastructures</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Consults-on-Extension-of-Senior-Managers</link>
					      <description><![CDATA[
HM Treasury has published a consultation paper seeking feedback on its proposals for the extension of the Senior Managers&apos; and Certification Regime to certain U.K. financial market infrastructures. The SMCR was originally implemented for U.K. banks in 2016, extended to all U.K. authorized firms in December 2019, and further extended to U.K. benchmark administrators in December 2020. The government is seeking views on whether and, if so, how the SMCR should be extended to FMIs as well as the proportionate application of it to FMIs. Responses to the consultation on the SMR for FMIs should be submitted by October 22, 2021.

Read more.]]></description>
					      
						      <pubDate>Tue, 20 Jul 2021 14:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Consults-on-Extension-of-Senior-Managers</guid>
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					      <title>European Commission Consultation on Improving the EU Secondary Markets for Markets for Non-Performing Loans</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Consultation-on-Improving-the</link>
					      <description><![CDATA[
The European Commission is consulting on improving transparency and efficiency in the EU secondary markets for non-performing loans. The objective is to provide a more liquid market by improving the quantity, quality and comparability of NPL data. The consultation was announced in December 2020 as part of the Commission&apos;s Strategy for post-Covid-19 NPLs. Responses to the consultation may be submitted until September 8, 2021.

Read more.]]></description>
					      
						      <pubDate>Fri, 16 Jul 2021 15:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Consultation-on-Improving-the</guid>
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					      <title>UK has established a new Green Technical Advisory Group</title>
					      <link>https://finreg.aoshearman.com/UK-has-established-a-new-Green-Technical-Advisory</link>
					      <description><![CDATA[
HM Treasury has announced a new independent group, called the Green Technical Advisory Group, to help tackle &quot;greenwashing&quot; and create a U.K. green taxonomy. &quot;Greenwashing&quot; refers to unsubstantiated or exaggerated claims that an investment is environmentally friendly. GTAG&apos;s main remit is to advise HM Treasury on developing and implementing a U.K. green taxonomy, comprising technical screening criteria. GTAG consists of financial services industry representatives, non-financial services representatives, taxonomy and climate experts. HM Treasury, the U.K. Financial Conduct Authority and the Bank of England will be observers. GTAG is expected to provide initial recommendations to HM Treasury as early as September of this year.

View the GTAG Terms of Reference. ]]></description>
					      
						      <pubDate>Fri, 09 Jul 2021 09:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-has-established-a-new-Green-Technical-Advisory</guid>
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					      <title>European Securities and Markets Authority Launches Consultation on Revised Guidelines for Disclosure of Inside Information Under EU Market Abuse Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Launches-Consultation-on-Revised</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a consultation on proposed revisions to the Guidelines for when issuers can delay the disclosure of inside information in accordance with the EU Market Abuse Regulation. Responses to the consultation should be submitted by August 27, 2021. ESMA intends to publish a final report including its amended Guidelines at the end of 2021.
 
Issuers of financial instruments that fall within the scope of the EU MAR must publicly disclose, as soon as possible, inside information that directly concerns them. &quot;Inside information&quot; is information that: (i) is not public; (ii) directly or indirectly relates to one or more issuers of financial instruments; (iii) is of a precise nature; and (iv) is likely, if made public, to have a significant effect on the relevant prices of those financial instruments or related derivative financial instruments.

Read more.]]></description>
					      
						      <pubDate>Thu, 08 Jul 2021 17:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Launches-Consultation-on-Revised</guid>
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					      <title>Financial Stability Board Publishes Roadmap on Climate-Related Financial Risks</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Roadmap-on-Climate</link>
					      <description><![CDATA[
The Financial Stability Board has published a series of three climate-related reports as part of its roadmap for addressing climate-related financial risks. The global risks to financial stability posed by climate change are being addressed by a number of international initiatives and the FSB hopes to utilize its diverse membership to coordinate efforts internationally. The FSB&apos;s reports are:

	a Roadmap for Addressing Climate-Related Financial Risks, which sets out a plan to address climate-related financial risks;
	a report on The Availability of Data with Which to Monitor and Assess Climate-Related Risks to Financial Stability, which reviews the availability of data to monitor and assess climate-related risks to financial stability and outlines priorities to address gaps in data; and
	a report on Promoting Climate-related Disclosures, which provides recommendations to financial regulators in developing frameworks for climate-related disclosures.

]]></description>
					      
						      <pubDate>Wed, 07 Jul 2021 09:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Roadmap-on-Climate</guid>
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					      <title>UK Regulators Open Discussion on Accelerating Diversity and Inclusion in the Financial Services Sector</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Open-Discussion-on-Accelerating-Div</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority, Prudential Regulation Authority and the Bank of England (as regulator for financial market infrastructure) have published a discussion paper on diversity and inclusion in the financial sector. Feedback to the discussion paper may be submitted until September 30, 2021. It is expected that the FCA and PRA will consult on detailed proposals in Q1 2022 and aim to issue final Policy Statements in Q3 2022. The regulators aim to develop policy, rules and guidance that set clear minimum expectations and note that they will be prepared to use their regulatory powers where a firm fails to meet those expectations. The regulators intend to introduce any new requirements proportionately.

Read more.]]></description>
					      
						      <pubDate>Wed, 07 Jul 2021 09:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Open-Discussion-on-Accelerating-Div</guid>
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					      <title>UK Listing Regulator Proposes Changes to UK Listings Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Listing-Regulator-Proposes-Changes-to-UK-Listi</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation on changes to the U.K. listing regime. This consultation follows the recommendations made by Lord Hill in the U.K. Listing Review as well as the Kalifa Review of FinTech. Responses to the consultation may be submitted until September 14, 2021.

The U.K. government is currently consulting on changes to the U.K. prospectus regime, having launched the U.K. Prospectus Review last week.

Read more.]]></description>
					      
						      <pubDate>Mon, 05 Jul 2021 18:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Listing-Regulator-Proposes-Changes-to-UK-Listi</guid>
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					      <title>UK Prospectus Review: Proposed Reforms to Boost London&apos;s Capital Markets</title>
					      <link>https://finreg.aoshearman.com/UK-Prospectus-Review-Proposed-Reforms-to-Boost-Lo</link>
					      <description><![CDATA[
The U.K. government has begun a consultation on proposals to reform the U.K. prospectus regime. This much anticipated consultation sets out proposals based on the important recommendations made in the U.K. Listing Review, which was chaired by Lord Hill. Responses to the consultation should be submitted by September 24, 2021.

The final changes to the prospectus regime will be made through legislation and the rules of the Financial Conduct Authority, following consultation. The existing U.K. Prospectus Regulation will be replaced, in whole or part, by FCA rules.

Read more.]]></description>
					      
						      <pubDate>Fri, 02 Jul 2021 16:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prospectus-Review-Proposed-Reforms-to-Boost-Lo</guid>
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					      <title>UK Wholesale Market Review</title>
					      <link>https://finreg.aoshearman.com/UK-Wholesale-Market-Review</link>
					      <description><![CDATA[
The U.K. government has launched a consultation, the Wholesale Markets Review, on proposals to amend the U.K.&apos;s Markets in Financial Instruments regime. This regime is based upon the Markets in Financial Instruments Directive and related Regulation, as well as several pieces of delegated legislation thereunder, collectively and colloquially known as MiFID II, which the U.K. on-shored with minor amendments following its exit from the European Union.  HM Treasury is now seeking feedback on how the U.K.&apos;s approach to regulating secondary markets should be adapted now that the U.K. has left the EU. The intention is to amend the regime to reflect that the U.K. market is one of the largest capital markets globally. Changes are also proposed where it is clear that the rules have had unintended outcomes, are duplicative or excessive or have curbed innovation. The consultation is open until September 24, 2021.

Read more.]]></description>
					      
						      <pubDate>Thu, 01 Jul 2021 15:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Wholesale-Market-Review</guid>
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					      <title>UK Government Proposes Measures to Protect Direct Access to Cash</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Proposes-Measures-to-Protect-Direct</link>
					      <description><![CDATA[
HM Treasury has opened a consultation on policy proposals for geographic access requirements upon designated firms to protect access to cash across the U.K. The consultation follows the Access to Cash: Call for Evidence, published in October 2020, which sought views on the considerations on how to maintain a sustainable network of retail cash infrastructure in the U.K. and support the use of cash by people and businesses over time. Responses to the consultation may be submitted until September 23, 2021.

The main proposal is the introduction of geographic requirements based on cash access (e.g. ATM) facilities being available within maximum distances of a minimum percentage of the population. Geographic parameters are already used in cash provision - LINK&apos;s ATM scheme, for example, has committed to protecting free-to-use ATMs more than 1km away from the next nearest free-to-use source of cash and protecting free access to cash on high streets that do not have a free-to-use source of cash within 1 km. The Post Office Network is obliged to ensure that 99% of the total population must be within 3 miles of their nearest Post Office and 95% must be within 1 mile. HMT&apos;s proposals for designated firms would impose minimum requirements that ensure reasonable access to withdrawal and deposit facilities for individuals and reasonable access to deposit facilities for SMEs. The government does not intend to consider further factors, such as local needs, deprivation, vulnerability, and service levels, which will be for the industry to address. Flexibility would be built in to the legislative provisions to allow the government to adjust the requirements over time.

Read more.]]></description>
					      
						      <pubDate>Thu, 01 Jul 2021 10:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Proposes-Measures-to-Protect-Direct</guid>
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					      <title>UK Government Opens Review of Securitization Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Opens-Review-of-Securitization-Regu</link>
					      <description><![CDATA[
HM Treasury has opened a Review of the U.K. Securitization Regulation with the issue of a call for evidence. The Review is required under the Regulation, and HM Treasury must report to Parliament on its findings by January 2022. Responses to the consultation may be submitted until September 2, 2021. HM Treasury also asks respondents to consider whether any changes are needed that are time-sensitive so that consideration can be given to whether a change is implemented through legislation or regulator rules. In the context of the Future Regulatory Framework Review, the responsibility for making and implementing rules will be transferred to the regulators. The FRF Review is ongoing, with a second consultation expected later this year.

The Securitization Regulation provides the criteria for identifying which securitizations will be designated as &quot;simple, transparent and standardized&quot; (STS) securitizations, a system to monitor the application of those criteria as well as common requirements on risk retention, due diligence and disclosure. Related provisions under the Capital Requirements Regulation set out the regulatory treatment of exposures to securitizations that are deemed to be STS securitizations.

Read more.]]></description>
					      
						      <pubDate>Thu, 24 Jun 2021 10:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Opens-Review-of-Securitization-Regu</guid>
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					      <title>UK Conduct Regulator Consults on Enhancing Climate-Related Disclosures for Listed Companies and Certain Regulated Firms</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Enhancing-Climate</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published two consultation papers that set out new proposals on climate-related disclosure rules for listed companies and certain regulated firms. The proposals follow the introduction of climate-related disclosure rules for the most prominent listed commercial companies in December 2020 that are aligned with the recommendations of the global Taskforce on Climate-related Financial Disclosures. Responses to the consultations may be submitted until September 10, 2021. The FCA is aiming to publish its final rules and policy statements for these proposals by the end of the year.

Read more.]]></description>
					      
						      <pubDate>Tue, 22 Jun 2021 09:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Enhancing-Climate</guid>
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					      <title>UK Taskforce on Innovation, Growth and Regulatory Reform Publishes Recommendations</title>
					      <link>https://finreg.aoshearman.com/UK-Taskforce-on-Innovation-Growth-and-Regulatory-</link>
					      <description><![CDATA[
The Taskforce on Innovation, Growth and Regulatory Reform has published its report, making several recommendations for reforming the U.K.&apos;s approach to regulation as well as practical suggestions for implementing the reforms. The main recommendation tasks the government with building a U.K. regulatory framework that has proportionality at its core and that is based on the principles of the common law. The report also provides specific proposals for regulatory reforms across several sectors, identified as high growth sectors, including the financial services sector. The TIGRR recommendations will be progressed by the newly established Brexit Opportunities Unit, which is being led by Lord Frost, Minister of State at the Cabinet Office. Consultations on proposals to implement these ambitious recommendations are expected later this year.

The TIGRR report recommends the approach to regulation is reformed along traditional common law lines, moving away from the EU codified system. The report suggests that the government reconsiders the approach to regulation with the aim of enhancing productivity, encouraging competition and invigorating innovation.

Read more.]]></description>
					      
						      <pubDate>Wed, 16 Jun 2021 07:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Taskforce-on-Innovation-Growth-and-Regulatory-</guid>
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					      <title>Basel Committee on Banking Supervision Proposes Capital Requirements for Banks&apos; Exposures to Crypto-Assets</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Proposes-C</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has launched a consultation on bank prudential requirements for exposures to crypto-assets. The consultation follows the Basel Committee&apos;s 2019 discussion paper on the prudential treatment of crypto-assets. This latest consultation sets out a preliminary proposal for the prudential treatment of crypto-assets, based on feedback to the discussion paper and other input from stakeholders. The Basel Committee believes that setting the policy will be an iterative process and that a further consultation will be needed. Responses to this consultation may be submitted until September 10, 2021.

The Basel Committee considers that the increasing growth of crypto-assets raises financial stability concerns and is increasing the risks encountered by banks. Certain crypto-assets are highly volatile and may pose risks for banks as exposures increase, including liquidity risk, credit risk, market risk, operational risk, money laundering/terrorist financing risk, and legal and reputation risks.

Read more.]]></description>
					      
						      <pubDate>Thu, 10 Jun 2021 14:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Proposes-C</guid>
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					      <title>UK Discussion Paper on Systemic Stablecoins Published</title>
					      <link>https://finreg.aoshearman.com/UK-Discussion-Paper-on-Systemic-Stablecoins-Publi</link>
					      <description><![CDATA[
The Bank of England has published a discussion paper on new forms of digital money that are potentially systemically important, focusing on systemic stablecoins. HM Treasury recently consulted on bringing certain crypto-assets into the U.K. regulatory perimeter and proposed that the BoE would regulate systemic stablecoins (under the Banking Act 2009) and that the Financial Conduct Authority would be responsible for consumer protection and conduct regulation. Feedback to the discussion paper can be submitted until September 7, 2021. The feedback will inform the BoE&apos;s next steps and it will consult on a specific regulatory framework for stablecoins, pending the finalization of the anticipated legislation.

According to the BoE, systemic stablecoins would be those that have the potential to scale up and grow rapidly and become widely used for payments by individuals and non-financial businesses. Non-systemic stablecoins would be those that are not widely used for payments and would not be subject to regulation by the BoE. Systemic stablecoins would be: (i) denominated in sterling; (ii) backed by assets that make them stable in value, unlike crypto-assets that have no safeguard, such as Bitcoin; and (iii) would not be created by lending to the real economy, unlike commercial bank money.

Read more.]]></description>
					      
						      <pubDate>Mon, 07 Jun 2021 16:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Discussion-Paper-on-Systemic-Stablecoins-Publi</guid>
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					      <title>UK Government Proposes Power to Block Listings on National Security Grounds</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Proposes-Power-to-Block-Listings-on</link>
					      <description><![CDATA[
Following the commitment by the government in its 2019 Economic Crime Plan to investigate the links between listings and national security, HM Treasury has launched a consultation in which it proposes to introduce a power for it to block listings on national security grounds. The government has assessed that there is a &quot;remote but possible risk&quot; that a company listing in the U.K. could harm the nation&apos;s security and that this risk needs to be addressed. Responses to the consultation may be submitted until August 27, 2021.

It is proposed that the scope of this power will include all initial equity listings and admissions on U.K. public markets. The power would not apply to secondary trading and would not include listed debt, other than certain convertible securities. Therefore, the power could be applied to: (i) shares, securities representing equity such as Global Depositary Receipts and convertible securities; (ii) regulated markets and MTFs, including the SME Growth Markets, that allow primary equity listings; and (iii) initial public offerings and non-traditional listings structures, such as introductions and Special Purpose Acquisition Companies (SPACs). The power would also not apply to delisting already listed companies.

Read more.]]></description>
					      
						      <pubDate>Mon, 07 Jun 2021 15:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Proposes-Power-to-Block-Listings-on</guid>
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					      <title>UK to Remove Open Access Regime for Exchange-Traded Derivatives</title>
					      <link>https://finreg.aoshearman.com/UK-to-Remove-Open-Access-Regime-for-Exchange-Traded</link>
					      <description><![CDATA[
The U.K. Government has announced that it will permanently remove the open access regime for exchange-traded derivatives. The regime, established under the EU Markets in Financial Instruments Regulation and onshored into U.K. laws in preparation for the end of the Brexit transitional period, requires a trading venue to provide open and non-discriminatory access to a CCP, with a reciprocal requirement for CCPs to provide access for trading venues, when clearing transferable securities, money market instruments and ETDs. In the EU, a temporary opt-out from the regime was made available and then extended for trading venues and CCPs in relation to ETDs, but that is due to expire on July 3, 2021 (having been extended for a period of one year due to difficulties surrounding COVID-19).

Read more.]]></description>
					      
						      <pubDate>Sat, 05 Jun 2021 10:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-to-Remove-Open-Access-Regime-for-Exchange-Traded</guid>
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					      <title>UK Announces Extension of Exemption for UCITS from PRIIPs Disclosure Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Announces-Extension-of-Exemption-for-UCITS-fro</link>
					      <description><![CDATA[
HM Treasury has announced that the current exemption for Undertakings for Collective Investment in Transferable Securities funds from the requirements of the U.K. Packaged Retail Investment and Insurance-based Products Regulation will be extended by five years to December 31, 2026.

The U.K. PRIIPs Regulation, which was on-shored in the U.K. after Brexit and is based upon the corresponding and much-criticized EU regulation, requires &quot;manufacturers&quot; of PRIIPs to produce a standardized &quot;key information document,&quot; designed to improve U.K. retail investors&apos; understanding of the financial products they are purchasing. Technical Standards govern the presentation, content, review and revision of KIDs and the conditions for fulfilling the requirement to provide a KID. Under the U.K. PRIIPS Regulation, management companies, investment companies and persons advising on, or selling, units in UCITS are exempt from the requirements of the PRIIPs Regulation until December 31, 2021. UCITS funds still need to prepare a key investor information document (KIID) as required by the UCITS Directive, with different but broadly similar content requirements. The EU PRIIPs regime, which the U.K. has now adopted without material modifications, was intended to improve investor disclosures for more complex retail products such as index-tracking investments and insurance-wrapped products. However, it has resulted in deleterious impacts in other industries and has been widely criticized for its vagueness of scope and wide application, with particularly difficult consequences for bond issuers, listed derivatives and funds. The U.K. has announced that it is undertaking a broader review.

Read more.]]></description>
					      
						      <pubDate>Tue, 01 Jun 2021 09:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Announces-Extension-of-Exemption-for-UCITS-fro</guid>
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					      <title>Financial Stability Board Consults on Global Targets for Addressing the Four Challenges of Cross-Border Payments</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Consults-on-Global-Targ</link>
					      <description><![CDATA[
The Financial Stability Board has launched a consultation on proposed global targets for addressing the four challenges to cross-border payments. The G20 is prioritizing the enhancement of cross-border payments and the FSB states that public authorities have an important role to play in leveraging opportunities and addressing challenges in both existing and new arrangements supporting cross-border payments. In November 2020, the G20 endorsed the FSB&apos;s Roadmap and the related 19 Building Blocks. The Roadmap presents a high-level plan for tackling the issues and sets both short-term and longer-term goals and milestones. The Building Blocks indicate where further public and private sector work would enhance cross-border payments and address the frictions ascertained by the FSB. The consultation closes on July 16, 2021. The FSB will publish its final recommendations to the G20 in October 2021.

Read more.]]></description>
					      
						      <pubDate>Mon, 31 May 2021 17:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Consults-on-Global-Targ</guid>
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					      <title>EU Technical Experts Make Recommendations on Improving Access for SMEs to Capital Markets</title>
					      <link>https://finreg.aoshearman.com/EU-Technical-Experts-Make-Recommendations-on-Impr</link>
					      <description><![CDATA[
The EU&apos;s Technical Expert Stakeholder Group on SMEs has published a report, including a set of recommendations to improve the capacity of SMEs to access the capital markets. It remains to be seen how much of these the Commission and other legislative bodies will take on board. Some of the recommendations echo those of the report by Lord Hill on the U.K. Listings Review, the focus of which was how to amend the U.K.&apos;s listing regime to ensure the continued attractiveness of the U.K. as a capital markets hub (rather than focusing on SME&apos;s).

Read more.]]></description>
					      
						      <pubDate>Tue, 25 May 2021 17:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Technical-Experts-Make-Recommendations-on-Impr</guid>
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					      <title>European Securities and Markets Authority Issues Call for Evidence on Digital Finance</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-I</link>
					      <description><![CDATA[
Following the publication by the Commission of its Digital Finance Strategy in September 2020, the Commission has asked the European Supervisory Authorities for technical advice on the regulatory and supervisory challenges of three areas, namely the growing fragmentation of value chains in finance, digital platforms and bundling of various financial services, and groups combining financial and non-financial activities.

Read more.]]></description>
					      
						      <pubDate>Tue, 25 May 2021 15:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-I</guid>
				    </item>
			
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					      <title>European Securities and Markets Authority Publishes Recommendations to Reform the EU Central Securities Depositories Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a letter addressed to the European Commission making recommendations for inclusion in the Commission&apos;s Review of CSDR. The EU Central Securities Depositaries Regulation provides a harmonized regulatory and prudential regime for central securities depositories and increases the robustness and resilience of securities settlement arrangements. There is a single market for CSD services across the EU and a third-country equivalence regime for CSDs. ESMA&apos;s recommendations include:
 

	That the Target2-Securities system, a systemically important common settlement platform, providing settlement services in central bank money for the majority of EEA CSDs, be brought within the scope of CSDR.
	Amendment of the supervision arrangements for T2S. Currently, the European Central Bank oversees T2S, alongside a cooperative framework based on a memorandum of understanding between the ECB, ESMA, the national competent authorities of the CSDs participating in T2S, and the central banks overseeing the CSDs. ESMA considers that CSDR should provide for a cooperative arrangement for supervision/oversight of T2S in the form of a college of supervisors, with clear roles for the participating authorities.


Read more.]]></description>
					      
						      <pubDate>Thu, 20 May 2021 18:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and</guid>
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					      <title>UK Conduct Regulator Warns E-Money Firms on Misleading Customers</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Warns-E-Money-Firms-on-Misle</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has written to the CEOs of electronic money firms asking them to ensure that their customers are aware of how their money is protected. According to the FCA, many e-money firms (some of which are start-ups and FinTechs) compare their services to traditional bank accounts and portray in their financial promotions their services as an alternative to a bank account, but do not adequately disclose the differences in protections between e-money accounts and bank accounts. In particular, e-money firms do not make it clear enough that Financial Services Compensation Scheme protection does not apply to e-money accounts. The warning follows the FCA&apos;s publication in summer last year of a letter to CEOs and guidelines on safeguarding which set out the FCA&apos;s expectations of e-money firms in light of the increased use of e-money accounts during the pandemic.

Read more.]]></description>
					      
						      <pubDate>Tue, 18 May 2021 08:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Warns-E-Money-Firms-on-Misle</guid>
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					      <title>UK Financial Conduct Authority Consults on New Consumer Duty </title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-New-Consumer</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation on proposed rules for a new duty of care that firms would owe to retail clients when conducting regulated activities. The duty would apply to authorized firms directly providing regulated services to retail clients but would also extend to other authorized firms involved in the supply and manufacture of regulated products, even where they have no direct contact with the end client. The FCA has been mandated to consult on the duty under the Financial Services Act 2021. The FSA 2021 implements changes to various aspects of U.K. financial services regulation following the U.K.&apos;s exit from the EU. Responses to the consultation on the new consumer duty are due by July 31, 2021. The FCA must consult and publish an analysis of responses before January 1, 2022 and make general rules before August 1, 2022.

Read more.]]></description>
					      
						      <pubDate>Fri, 14 May 2021 15:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-New-Consumer</guid>
				    </item>
			
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					      <title>UK Regulator&apos;s Feedback Statement to Consultation on Liquidity Mismatch in Authorized Open-Ended Property Funds</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator39s-Feedback-Statement-to-Consultatio</link>
					      <description><![CDATA[
Following its consultation last year, the U.K. Financial Conduct Authority has published a feedback statement to its consultation on liquidity mismatch in authorized open-ended property funds. In the consultation, the FCA proposed introducing a notice period of up to 180 days for U.K. authorized property funds that are non-UCITS retail schemes (known as NURS) that invest directly in property. The aim is to mitigate the potential for harm arising from the structure of funds that may lead to a mismatch between a fund holding illiquid assets and offering daily redemptions.

The FCA confirms that it will not make a final policy decision until Q3 2021 at the earliest and that if mandatory notice periods for property funds are introduced, there will be an appropriate implementation period before the rules come into force so as to allow firms to make operational changes.

Noting some cross-over between these proposals and the FCA&apos;s more recent proposals to introduce a long-term asset fund framework, the FCA also confirms that it will consider feedback to that consultation before finalizing its position. The FCA launched its consultation on proposals on LTAFs on the same day as this feedback was published. The aim of the LTAF framework is to establish a fund that would facilitate authorized funds to be set up to invest efficiently in long-term, illiquid assets. In the feedback statement, the FCA states that if notice periods are introduced then fund managers of LTAFs might have the same operational challenges.

View the FCA&apos;s feedback statement (FS21-8).

View details of the FCA&apos;s consultation on a LTAF framework.

View details of the FCA&apos;s consultation (CP20/15).]]></description>
					      
						      <pubDate>Fri, 07 May 2021 17:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator39s-Feedback-Statement-to-Consultatio</guid>
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					      <title>UK Regulator Consults on a New Authorised Fund Regime for Investing in Long Term Assets</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Consults-on-a-New-Authorised-Fund-Re</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has opened a consultation on proposals to establish a regulatory framework for a new type of authorized open-ended fund called the long-term asset fund. The aim is to establish a fund that would facilitate authorized funds to be set up to invest efficiently in long-term, illiquid assets, such as venture capital, private equity, private debt, real estate and infrastructure. The consultation closes on June 25, 2021.

The consultation paper sets out the details of the proposed framework, including increased governance requirements, clear disclosure rules and discusses the proposals on rules on the purpose of an LTAF, borrowing levels, valuation, redemption and subscription, due diligence and reporting. The FCA is proposing to restrict distribution of LTAFs to professional investors and sophisticated retail investors. However, the consultation asks for feedback on whether, and how, future wider retail access to such funds could be safely supported. LTAFs will be an alternative investment fund. As the LTAFs would invest in potentially complex and risky assets, the FCA proposes that only a firm authorized as a full-scope U.K. alternative investment fund manager could manage an LTAF. This will ensure that LTAFs have appropriate resources as well as good systems and controls.

Read more.]]></description>
					      
						      <pubDate>Fri, 07 May 2021 17:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Consults-on-a-New-Authorised-Fund-Re</guid>
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					      <title>International Bodies Launch Survey on Margin Calls</title>
					      <link>https://finreg.aoshearman.com/International-Bodies-Launch-Survey-on-Margin-Calls</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision, the Committee on Payments and Market Infrastructure and the International Organization of Securities Commissions has published a survey on margin calls as part of an investigation into liquidity shortfalls during the early stages of the COVID-19 pandemic. The combined effect of government measures to contain the pandemic in March 2020, together with market uncertainty, job losses and travel restrictions triggered a pullback in economic activity and stress on market liquidity. The non-bank financial intermediation sector was found to be particularly vulnerable to the liquidity shock.

Read more.]]></description>
					      
						      <pubDate>Wed, 05 May 2021 16:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Bodies-Launch-Survey-on-Margin-Calls</guid>
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					      <title>European Central Bank Publishes Amendments to Systemically Important Payment Systems Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Amendments-to-Systemically</link>
					      <description><![CDATA[
An amending Regulation (Regulation (EU) 2021/728) and two amending Decisions (Decision 2021/729 and Decision 2021/730) have been published in the Official Journal of the European Union, introducing certain changes to the SIPS Regulation on oversight requirements for systemically important payment institutions. The SIPS Regulation applies to systemically important large-value and retail payment systems and is designed to improve their safety and efficiency. Draft versions of the amending Regulation and Decisions were consulted on between November 2020 - January 2021 and proposed: (i) changes to the criteria for determining which of the Eurosystem central banks should be the competent authority for oversight of a SIPS; (ii) introduction of an additional methodology for identifying a payment system as a SIPS; and (iii) introduction of a phasing-out period for the reclassification of a SIPS as a non-SIPS.

Read more.]]></description>
					      
						      <pubDate>Wed, 05 May 2021 16:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Amendments-to-Systemically</guid>
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					      <title>UK Digital Regulation Cooperation Forum Publishes Report on Strengthening Digital Regulatory Cooperation</title>
					      <link>https://finreg.aoshearman.com/UK-Digital-Regulation-Cooperation-Forum-Publishes</link>
					      <description><![CDATA[
The U.K. Digital Regulation Cooperation Forum has published a report on the measures that the U.K. Government may take to strengthen cooperation between digital regulators. The DRCF consists of the Competition and Markets Authority, Ofcom, the Information Commissioner&apos;s Office and the U.K. Financial Conduct Authority (although the FCA&apos;s views are not represented in this report because it only joined the DRCF in April 2021, after the report was commissioned). The U.K. Government asked the DRCF to produce the report to determine whether further measures were needed to support cooperation between regulators.

Read more.]]></description>
					      
						      <pubDate>Tue, 04 May 2021 16:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Digital-Regulation-Cooperation-Forum-Publishes</guid>
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					      <title>European Banking Authority Publishes Report on EU National Regulators&apos; Mystery Shopping Activities</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Report-on-EU</link>
					      <description><![CDATA[
The European Banking Authority has published its first report on the &quot;mystery shopping&quot; activities of EU national regulators. In this context, mystery shopping involves national regulators conducting undercover research to measure the quality of customer service and gather information about financial products and services at EU financial institutions. The EBA was mandated to coordinate the mystery shopping activities of national regulators from January 1, 2020. The report is the first stage in fulfilling that mandate. It focuses on activities conducted in relation to retail banking products and services (e.g. consumer credit, mortgage credit, basic payment accounts, payment services and car loans), as these are the products that fall within the EBA&apos;s consumer protection mandate. The EBA will use the information to inform its coordination of mystery shopping activities going forward.

Read more.]]></description>
					      
						      <pubDate>Mon, 03 May 2021 16:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Report-on-EU</guid>
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					      <title>UK Conduct Regulator Consults on Changes to Listing Rules for SPACs</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Changes-to-Listing-Rules</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation on proposed changes to its listing rules for special purpose acquisition companies. SPACs are companies set up for the purpose of raising money from investors to fund the acquisition of an operating business. They have attracted much attention over the last year as an alternative way for target companies to go public without going through the traditional initial public offering process.

Read more.]]></description>
					      
						      <pubDate>Fri, 30 Apr 2021 14:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Changes-to-Listing-Rules</guid>
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					      <title>UK Law Commission Consults on Digital Assets and Electronic Trade Documents</title>
					      <link>https://finreg.aoshearman.com/UK-Law-Commission-Consults-on-Digital-Assets-and-</link>
					      <description><![CDATA[
The U.K. Law Commission has launched two consultations, one on digital assets and the other on electronic trade documents. Responses to the consultations can be submitted until July 30, 2021.

Digital Assets

The Law Commission has issued a Call for Evidence on digital assets following a request from the government for recommendations for reforms to U.K. laws that will ensure that the laws can accommodate both cryptoassets and other digital assets. The Call for Evidence will be followed by a consultation at the end of 2021 with proposals for law reforms.

The existing laws of England and Wales do not provide legal certainty as to the legal status of digital assets. Providing certainty would encourage the use of the laws of England and Wales and jurisdiction in digital asset transactions. The Call for Evidence requests feedback about, and evidence of, the ways in which digital assets are being used, treated and dealt with by market participants. It also seeks views on the potential consequences of digital assets being &quot;possessable.&quot;

Read more.]]></description>
					      
						      <pubDate>Fri, 30 Apr 2021 08:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Law-Commission-Consults-on-Digital-Assets-and-</guid>
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					      <title>UK Prudential Regulator Consults on &quot;Strong and Simple&quot; Prudential Framework for Small Banks</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-quotStrong-an</link>
					      <description><![CDATA[
In what would be a significant policy change, the U.K. Prudential Regulation Authority has published a discussion paper in which it proposes introducing a &quot;strong and simple&quot; prudential framework for non-systemic banks and building societies that are not internationally active. The aim is to simplify the prudential regulation of these firms, reducing costs for firms, but to maintain their resilience. The consultation closes on July 9, 2021, and will be followed by a consultation with proposals.

The existing regulatory approach broadly applies the same requirements to all banks and building societies, irrespective of their size and activities. Certain prudential rules are simplified for smaller banks and building societies, but to a lesser extent than in some other jurisdictions. The PRA notes that a graduated framework may take years to implement. Therefore, it is starting with the smallest firms and will consider how it might be built out for larger, non-systemic U.K. domestic firms. The plans follow the principles of the Basel Standards and consider how other jurisdictions have implemented similar regimes, such as Australia, Canada and the U.S.

The discussion paper sets out what the simpler regime might look like, including:

	the possible approaches to identifying firms that will be in scope by looking at, for example, their activities, cross-border business and risk exposures;
	the possible requirements under the regime; and
	ways in which firms might transition in and out of the regime, such as by using an intermediate stage or PRA waivers.


View the PRA&apos;s discussion paper.]]></description>
					      
						      <pubDate>Thu, 29 Apr 2021 17:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-quotStrong-an</guid>
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					      <title>UK Financial Services Act 2021 Published</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Services-Act-2021-Published</link>
					      <description><![CDATA[
The U.K. Financial Services Bill has received Royal Assent from Her Majesty the Queen and has become an Act of Parliament, the Financial Services Act 2021. Some provisions of the Act came into force on the date of Royal Assent, with a limited number following on June 29, 2021. The majority of the Act will come into force on a date specified in regulations yet to be made by HM Treasury.

Read more.]]></description>
					      
						      <pubDate>Thu, 29 Apr 2021 16:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Services-Act-2021-Published</guid>
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					      <title>UK Conduct Regulator Publishes Discussion Paper on Strengthening the Financial Promotion Rules for High-Risk Investments</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Discussion-Paper-o</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a discussion paper seeking feedback on how the U.K. financial promotion rules might be strengthened to reduce consumer harm arising from investing in inappropriate high-risk investments that do not meet a customer&apos;s needs. Feedback to the paper can be submitted until July 1, 2021. The feedback will help the FCA to develop the proposed rules on which it intends to consult later this year.

According to the FCA, one of the main ways a consumer gains an understanding of the risks and regulatory protection associated with an investment is from the information included in a financial promotion. However, although the financial promotion might meet the FCA&apos;s requirement to be fair, clear and not misleading, the investment may still be inappropriate for that investor. High-risk investments are those to which marketing restrictions apply under the rules and include non readily realizable securities (NRRSs), peer to peer (P2P) agreements, non mainstream pooled investments (NMPIs) and speculative illiquid securities (SISs). Since January 2020, the marketing of speculative illiquid securities to retail investors has been banned, first under a temporary product intervention measure, then made permanent from January 1, 2021. The measure restricts the mass-marketing of non-transferable bonds (sometimes colloquially termed &quot;mini-bonds&quot;) and preference shares to retail investors and requires improved disclosure to be made to high net worth and sophisticated investors.

Read more.]]></description>
					      
						      <pubDate>Thu, 29 Apr 2021 08:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Discussion-Paper-o</guid>
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					      <title>UK Proposals to Ease Unbundling of Research and Best Execution Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Proposals-to-Ease-Unbundling-of-Research-and-B</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation on certain proposed changes to the U.K. rules on the unbundling of research and best execution reporting, which are part of the Markets in Financial Instruments Directive (as inherited from the EU). The consultation closes on June 23, 2021, and the FCA is expected to publish its response and final rules in the second half of this year. The proposals are set out in brief below. Some of these are in the same areas covered by the EU MiFID II Quick Fix Regulation, but the FCA is not copying those rules, and it goes further in most areas.

Read more.]]></description>
					      
						      <pubDate>Wed, 28 Apr 2021 08:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Proposals-to-Ease-Unbundling-of-Research-and-B</guid>
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					      <title>UK Chancellor Responds to Kalifa Review of UK FinTech</title>
					      <link>https://finreg.aoshearman.com/UK-Chancellor-Responds-to-Kalifa-Review-of-UK-FinTech</link>
					      <description><![CDATA[
The Chancellor of the Exchequer Rishi Sunak has published a written statement on the U.K. Government&apos;s response to the Kalifa Review of U.K. FinTech. The Kalifa Review made a series of recommendations to ensure the U.K.&apos;s competitiveness in fintech globally. HM Treasury welcomed the Review at the time. The Chancellor&apos;s statement describes the following actions that the U.K. Government has committed to in response.

Read more.]]></description>
					      
						      <pubDate>Mon, 26 Apr 2021 15:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Chancellor-Responds-to-Kalifa-Review-of-UK-FinTech</guid>
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					      <title>HM Treasury Publishes Response to Consultation on Insolvency Changes for Payment and Electronic Money Institutions</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Response-to-Consultation-on</link>
					      <description><![CDATA[
HM Treasury has published its response to feedback on its December 2020 consultation on a proposed Special Administration Regime for payment institutions and electronic money institutions that fall within the scope of the Payment Services Regulations 2017 and the Electronic Money Regulations 2011. The SAR is designed to address shortcomings of the existing insolvency regime and would apply alongside Part 24 of the Financial Services and Markets Act 2000, which would also be extended to apply in full to PIs and EMIs. Key objectives of the regime will include returning customer funds as soon as reasonably practicable, facilitating timely cooperation with payment systems and authorities and rescuing the institution as a going concern or winding it up in the best interests of creditors.

Read more.]]></description>
					      
						      <pubDate>Mon, 26 Apr 2021 14:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Response-to-Consultation-on</guid>
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					      <title>UK Government Announces Boost to UK FinTech and Financial Services</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Announces-Boost-to-UK-FinTech-and-Financial</link>
					      <description><![CDATA[
The U.K. Government has announced plans to boost the U.K.&apos;s fintech and financial services sectors. Chancellor of the Exchequer Rishi Sunak outlined the plans at U.K. FinTech Week, describing the government&apos;s vision for a greener and more technologically advanced financial services sector. The Government&apos;s announcement builds on the recommendations in the recent Kalifa Review of U.K. Fintech and Lord Hill&apos;s Review of the U.K. Listing Regime.

Read more.]]></description>
					      
						      <pubDate>Mon, 19 Apr 2021 14:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Announces-Boost-to-UK-FinTech-and-Financial</guid>
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					      <title>Bank of England and HM Treasury Announce Central Bank Digital Currency Taskforce</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-and-HM-Treasury-Announce-Central-Bank</link>
					      <description><![CDATA[
The Bank of England and HM Treasury have announced a joint central bank digital currency Taskforce. The Taskforce will be chaired by Jon Cunliffe, Deputy Governor for Financial Stability at the Bank of England and Katharine Braddick, Director General of Financial Services at HM Treasury, with other U.K. authorities involved as and when required.
 
The Taskforce&apos;s primary function is to oversee investigations into a possible U.K. CBDC. At present, the U.K. has not yet decided whether to issue a CBDC.

Read more.]]></description>
					      
						      <pubDate>Mon, 19 Apr 2021 14:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-and-HM-Treasury-Announce-Central-Bank</guid>
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					      <title>HM Treasury Statement on UK Listing Review</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Statement-on-UK-Listing-Review</link>
					      <description><![CDATA[
Chancellor of the Exchequer Rishi Sunak has published a statement responding to Lord Hill&apos;s Review of the U.K. Listing Regime. Lord Hill&apos;s U.K. Listings Review was published in March 2021 and assessed how, following Brexit, the existing U.K. listing regime could be reformed to attract more companies, particularly technology and life sciences companies, to raise capital in London. The Review made 14 specific recommendations, including some requiring consultations by the U.K. Financial Conduct Authority and HM Treasury. 

Read more.]]></description>
					      
						      <pubDate>Mon, 19 Apr 2021 14:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Statement-on-UK-Listing-Review</guid>
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					      <title>HM Treasury Launches Consultation on Regulation of Non-Transferable Debt Securities</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Launches-Consultation-on-Regulation-of</link>
					      <description><![CDATA[
HM Treasury has launched a consultation on the regulation of non-transferable debt securities, colloquially known as &quot;mini-bonds&quot;. The consultation was prompted by the collapse of London Capital &amp; Finance PLC, an FCA- regulated issuer of bonds which stated on their face that they were non-transferable, issued primarily to retail investors, which fell into administration in January 2019. An investigation into regulatory failings in the supervision of LC&amp;F was subsequently launched and chaired by Dame Elizabeth Gloster, culminating in a report that was highly critical of the U.K. Financial Conduct Authority&apos;s supervision of LC&amp;F and included policy recommendations for HM Treasury. HM Treasury is now consulting on possible changes to the regulatory regime governing NTDS. Responses to the consultation should be submitted by July 12, 2021.

Read more.]]></description>
					      
						      <pubDate>Mon, 19 Apr 2021 14:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Launches-Consultation-on-Regulation-of</guid>
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					      <title>UK Conduct Regulator Appoints New Leaders for ESG and Technology </title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Appoints-New-Leaders-for-ESG-and</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has appointed Sacha Sadan as its Director of Environment, Social and Governance, a new role which will develop the FCA&apos;s approach to sustainable finance domestically and internationally. Ms Sadan was formerly Director of Investment Stewardship at Legal and General Investment Management.

Read more.]]></description>
					      
						      <pubDate>Mon, 19 Apr 2021 12:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Appoints-New-Leaders-for-ESG-and</guid>
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					      <title>UK Regulators Publish Dear CEO Letter for Banks and Building Societies on Deposit Aggregators</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Publish-Dear-CEO-Letter-for-Banks-and</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority and Financial Conduct Authority have published a joint Dear CEO letter addressed to CEOs of U.K. banks and building societies on the risks of accepting deposits from deposit aggregators.

Read more.]]></description>
					      
						      <pubDate>Wed, 14 Apr 2021 14:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Publish-Dear-CEO-Letter-for-Banks-and</guid>
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					      <title>Financial Stability Board Publishes FAQs on Securities Financing Data Collection and Aggregation</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-FAQs-on-Securities</link>
					      <description><![CDATA[The Financial Stability Board has published a series of FAQs to assist FSB member jurisdictions in their implementation of standards for the handling of securities transactions financing data.

The FSB introduced its SFT Data Standards in 2015 for the collection and aggregation of data on SFTs. The Standards were intended to improve understanding on trends and developments in the SFT markets given the risks they pose to global financial stability. The FAQs offer technical guidance for FSB members on the reporting and collection of information regarding SFTs.

View the FSB&apos;s FAQs.]]></description>
					      
						      <pubDate>Mon, 12 Apr 2021 14:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-FAQs-on-Securities</guid>
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					      <title>HM Treasury Published Response to Phase I of UK&apos;s Financial Services Future Regulation Framework Review</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Published-Response-to-Phase-I-of-UKs-Financial</link>
					      <description><![CDATA[
HM Treasury has published its response to the call for evidence on Phase I of the U.K. Financial Services Future Regulatory Framework Review. The FRF Review was announced in March 2019 and will assess whether the U.K. financial services regulatory framework is fit for purpose, taking into account the U.K.&apos;s exit from the EU, climate change and other global and technological challenges. The call for evidence on Phase I of the Review focussed on how the Government and regulators work together to ensure the best outcome for the financial services sector.

Read more.]]></description>
					      
						      <pubDate>Thu, 11 Mar 2021 12:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Published-Response-to-Phase-I-of-UKs-Financial</guid>
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					      <title>LIBOR Panel Bank Submission Cessation Dates Confirmed
</title>
					      <link>https://finreg.aoshearman.com/LIBOR-Panel-Bank-Submission-Cessation-Dates-Confirmed</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has announced the dates for future cessation and unrepresentativeness for all LIBOR settings.  The FCA&apos;s statement follows its confirmation in November 2017 that the 20 panel banks for the LIBOR benchmark had agreed to support LIBOR until at least the end of 2021 and the regulator&apos;s position that the future of LIBOR could not be guaranteed because the underlying markets (the markets for unsecured wholesale term lending to banks) are no longer sufficiently active. 

​Read more.]]></description>
					      
						      <pubDate>Fri, 05 Mar 2021 10:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/LIBOR-Panel-Bank-Submission-Cessation-Dates-Confirmed</guid>
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					      <title>UK Benchmark Regulator Publishes Policy on Exercising New Powers Under the Financial Services Bill</title>
					      <link>https://finreg.aoshearman.com/UK-Benchmark-Regulator-Publishes-Policy-on-Exercising-New</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published Statements of Policy for exercising its new benchmark powers that are being introduced into U.K. law under the Financial Services Bill. Among other things, the Financial Services Bill includes potential enhanced powers for the FCA to wind-down a critical benchmark and deal with tough legacy contracts. The increased powers are being introduced in response to concerns and uncertainty about liability issues for industry participants related to the transition from LIBOR to risk free rates by the end of 2021.  The FCA has also announced today the dates for future cessation and unrepresentativeness for all LIBOR settings.

Read more.]]></description>
					      
						      <pubDate>Fri, 05 Mar 2021 10:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Benchmark-Regulator-Publishes-Policy-on-Exercising-New</guid>
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					      <title>European Banking Authority Publishes Opinion on Money Laundering Risks</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Opinion-on-Money</link>
					      <description><![CDATA[
The European Banking Authority has published its latest biennial opinion on money laundering and terrorist financing risks affecting the EU financial sector. Key risks relate to: (i) virtual currencies; (ii) the provision of financial products and services through FinTech firms; (iii) weaknesses in counter-terrorism financing systems and controls; (iv) &quot;de-risking&quot; by firms which leads to riskier customers resorting to alternative payment channels; (v) supervisory divergence; (vi) crowdfunding platforms; (vii) divergent approaches to tackling tax-related crimes; and (viii) the COVID-19 pandemic.

Read more.]]></description>
					      
						      <pubDate>Wed, 03 Mar 2021 15:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Opinion-on-Money</guid>
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					      <title>UK Listings Review Recommends Major Overhaul of the UK&apos;s Listing and Capital Markets Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Listings-Review-Recommends-Major-Overhaul-of-the</link>
					      <description><![CDATA[
The U.K. Government has published the report by Lord Hill on the U.K. Listings Review.  The report assesses how, following Brexit, the existing U.K. listing regime could be reformed to attract more companies, particularly innovative technology and life sciences companies, to raise capital in London.  In the context of Brexit, the U.K. is considering the challenges to London&apos;s position as a global capital markets hub. The Review makes 14 specific recommendations to address these challenges, including changes to the Financial Conduct Authority&apos;s premium and standard segment listing rules on which the FCA will be asked to consult and more general changes in relation to prospectuses on which HM Treasury will need to consult. In addition, the Review identifies longer- term areas for reform, such as secondary capital raises and the greater empowerment of retail investors. 

Read more.]]></description>
					      
						      <pubDate>Wed, 03 Mar 2021 15:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Listings-Review-Recommends-Major-Overhaul-of-the</guid>
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					      <title>European Securities and Markets Authority Proposes Improvements to Transparency Directive</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Proposes-Improvements</link>
					      <description><![CDATA[
The European Securities and Markets Authority has written to the European Commission proposing a series of improvements to the EU Transparency Directive, taking account of lessons learned in the Wirecard case. Wirecard, a German payments group, collapsed in 2018 when it was revealed that &amp;euro;1.9bn was missing from its public accounts. Several of its senior managers remain under police investigation for alleged crimes including fraud and market manipulation. In ESMA&apos;s view, the case has highlighted the need for timely and effective enforcement of financial information and proposes the following amendments to the EU Transparency Directive to help achieve this.

Read more.]]></description>
					      
						      <pubDate>Wed, 03 Mar 2021 13:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Proposes-Improvements</guid>
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					      <title>European Central Bank Publishes Guide to Pecuniary Penalties for Prudential Regulatory Breaches</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Guide-to-Pecuniary-Penalties</link>
					      <description><![CDATA[
The European Central Bank Banking Supervision division has published a guide to its method for setting pecuniary penalties for breaches of prudential regulatory requirements by Eurozone banks that are directly prudentially supervised by the ECB. The ECB will adopt a two-stage approach, first determining the base amount, and then deciding whether to adjust that amount by reference to a range of factors.

Read more.]]></description>
					      
						      <pubDate>Tue, 02 Mar 2021 15:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Guide-to-Pecuniary-Penalties</guid>
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					      <title>FICC Markets Standards Board Appoints Ed Davey as Chief Operating Officer</title>
					      <link>https://finreg.aoshearman.com/FICC-Markets-Standards-Board-Appoints-Ed-Davey-as</link>
					      <description><![CDATA[
The FICC Markets Standards Board has appointed Ed Davey as its Chief Operating Officer. The FMSB is responsible for setting standards for the wholesale, fixed income, currencies and commodities markets.
 
View the FMSB&apos;s announcement.]]></description>
					      
						      <pubDate>Tue, 02 Mar 2021 13:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FICC-Markets-Standards-Board-Appoints-Ed-Davey-as</guid>
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					      <title>European Banking Authority Publishes Revised Guidelines on Risk Factors for Money Laundering and Terrorist Financing</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Revised-Guidelines-on</link>
					      <description><![CDATA[
The European Banking Authority has published revised Guidelines on money laundering and terrorist financing risk factors for credit and financial institutions to consider when conducting business relationships and occasional transactions. The Guidelines will enter into force three months after their publication in all official EU languages and will replace the EBA&apos;s existing ML/TF Guidelines.

Read more.]]></description>
					      
						      <pubDate>Mon, 01 Mar 2021 15:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Revised-Guidelines-on</guid>
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					      <title>Financial Action Task Force Launches Consultation on Guidance on Proliferation Financing Risk Assessment and Mitigation</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Launches-Consultation</link>
					      <description><![CDATA[
The Financial Action Task Force has launched a consultation on its proposed non-binding Guidance on proliferation financing risk assessment mitigation. The FATF updated its Guidance for proliferation financing risks under Recommendation 1 and its Interpretive Note of the FATF Recommendations in October 2020. The new proposed Guidance is intended to provide a common understanding about how countries and firms can implement the new requirements.

Read more.]]></description>
					      
						      <pubDate>Mon, 01 Mar 2021 13:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Launches-Consultation</guid>
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					      <title>European Banking Authority Publishes Draft Regulatory Technical Standards Under EU Capital Requirements Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Draft-Regulatory-Technical</link>
					      <description><![CDATA[
The European Banking Authority has published draft Regulatory Technical Standards under the revised EU Capital Requirements Regulation, designed to harmonize the methodology for calculating certain technical elements of the standardized approach to counterparty credit risk across the EU. 

Read more.]]></description>
					      
						      <pubDate>Mon, 01 Mar 2021 12:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Draft-Regulatory-Technical</guid>
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					      <title>European Securities and Markets Authority Publishes Final Report and Advice on KPIs and Disclosure Methodology Under Taxonomy Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Final-Report-and-Advice</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report and advice addressed to the European Commission on the key performance indicators and methodology that firms subject to the EU Taxonomy Regulation should adopt when disclosing information on the extent of their environmentally sustainable activities. The EU Taxonomy Regulation was published in June 2020 and establishes a classification system for sustainable activities to provide a consistent, EU-wide understanding of the environmental sustainability of activities and investments. The Regulation imposes an obligation upon EU firms that report under the Non-Financial Reporting Directive to disclose information on how, and the extent to which, their activities constitute economic activities that are &quot;environmentally sustainable&quot; for the purposes of the Taxonomy Regulation. Corporates will have to begin disclosing information on certain environmental objectives from January 2022, with disclosures on other objectives disclosed from January 2023. Most provisions of the Taxonomy Regulation have applied directly across the EU since July 12, 2020.

Read more.]]></description>
					      
						      <pubDate>Mon, 01 Mar 2021 10:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Final-Report-and-Advice</guid>
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					      <title>European Banking Authority Publishes Opinion on Disclosure Indicators and Methodology Under Taxonomy Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Opinion-on-Disclosure</link>
					      <description><![CDATA[
The European Banking Authority has published an opinion and a report on the key performance indicators and methodology that firms subject to the EU Taxonomy Regulation should adopt when disclosing information on the extent of their environmentally sustainable activities. The EU Taxonomy Regulation was published in June 2020 and establishes a classification system for sustainable activities to provide a consistent, EU-wide understanding of the environmental sustainability of activities and investments. The Regulation imposes an obligation upon EU firms that report under the Non-Financial Reporting Directive to disclose information on how, and the extent to which, their activities constitute economic activities that are &quot;environmentally sustainable&quot; for the purposes of the Taxonomy Regulation. Corporates will have to begin disclosing information on certain environmental objectives from January 2022, with disclosures on other objectives disclosed from January 2023. Most provisions of the Taxonomy Regulation have applied directly across the EU since July 12, 2020.

Read more.]]></description>
					      
						      <pubDate>Mon, 01 Mar 2021 10:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Opinion-on-Disclosure</guid>
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					      <title>Kalifa Review of UK Fintech Published</title>
					      <link>https://finreg.aoshearman.com/Kalifa-Review-of-UK-Fintech-Published</link>
					      <description><![CDATA[
HM Treasury has published the highly-anticipated Independent Strategic Review of U.K. Fintech, led by Ron Kalifa OBE. The aim of the recommendations is to, among others, ensure the U.K.&apos;s competitiveness, attract investments for individual fintechs and raise the U.K.&apos;s status as a global hub. The Kalifa Review makes recommendations in five key areas: (i) policy and regulation; (ii) skills and talent; (iii) investment; (iv) international attractiveness and competitiveness; and (v) national connectivity. The delivery of these recommendations is to be led by the Centre for Finance, Innovation and Technology, which is mandated by the Government but led by the private sector. This post focuses on the policy and regulation discussion.

Read more.]]></description>
					      
						      <pubDate>Fri, 26 Feb 2021 19:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Kalifa-Review-of-UK-Fintech-Published</guid>
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					      <title>UK Financial Conduct Authority Makes Four Appointments to Executive Team</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Makes-Four-Appointments-to</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has made four new appointments to its executive team:
 

	Stephanie Cohen will be the FCA&apos;s Chief Operating Officer, responsible for the FCA&apos;s operations and business performance, systems and infrastructure and finances;
	Jessica Rusu will be the FCA&apos;s Chief Data, Information and Intelligence Officer, leading the transformation of the FCA&apos;s data intelligence and information;
	Sarah Pritchard will be the FCA&apos;s Executive Director for Markets, delivering the FCA&apos;s statutory market integrity objective within the Supervision, Policy and Competition division; and
	Emily Sheppherd will be the Executive Director for Authorizations, overseeing authorizations for firms and individuals applying to undertake regulated financial services activity in the U.K.


Read more.]]></description>
					      
						      <pubDate>Thu, 25 Feb 2021 15:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Makes-Four-Appointments-to</guid>
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					      <title>UK Prudential Regulation Authority Identifies Error in &quot;Higher Paid Material Risk Taker&quot; Definition</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Identifies-Error</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has identified an error in the definition of &quot;Higher Paid Material Risk Taker&quot; within Rule 1.3 of the Remuneration Part of the PRA Rulebook, implementing part of the EU&apos;s Fifth Capital Requirements Directive in U.K. laws before the end of the Brexit transitional period. The definition currently requires an individual to be treated as a Higher Paid Material Risk Taker when: (a) their annual variable remuneration exceeds 33% of their total remuneration; and (b) their total remuneration exceeds &amp;pound;500,000. Instead, an individual should be treated as a Higher Paid Material Risk Taker when either condition (a) or (b) are satisfied.

Read more.]]></description>
					      
						      <pubDate>Thu, 25 Feb 2021 12:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Identifies-Error</guid>
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					      <title>European Commission Launches Consultation on EU Crisis Management and Deposit Insurance Framework</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Launches-Consultation-on-EU-Crisis</link>
					      <description><![CDATA[
The European Commission has launched a consultation to aid its review of the EU crisis management and deposit insurance framework. The framework consists of the EU Bank Recovery and Resolution Directive, the EU Single Resolution Mechanism Regulation and the EU Deposit Guarantee Scheme Directive. It was introduced in the aftermath of the financial crisis and has applied across the EU since 2015 (in the case of BRRD and DGSD) and 2016 (in the case of SRMR). A number of problems have been identified with the framework, as described in the European Commission&apos;s November 2020 roadmap for this consultation. Key issues include: (i) incentivization of the use of tools other than resolution by Member States; (ii) discrepancy in the use and availability of insolvency tools across Member States, leading to inconsistent application of the framework; (iii) limited legal certainty and predictability as to when the framework will be used; and (iv) variation in the scope of depositor protection and payout processes across Member States.

Read more.]]></description>
					      
						      <pubDate>Thu, 25 Feb 2021 12:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Launches-Consultation-on-EU-Crisis</guid>
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					      <title>UK Working Group on Sterling Risk-Free Reference Rates Publishes Paper on Ending New Use of GBP LIBOR-Linked Derivatives</title>
					      <link>https://finreg.aoshearman.com/UK-Working-Group-on-Sterling-Risk-Free-Reference-Rates</link>
					      <description><![CDATA[
The U.K. Working Group on Sterling Risk-Free Reference Rates has published a paper on how market participants can meet the Working Group&apos;s intended deadlines for cessation of GBP LIBOR in derivatives. 

Read more.]]></description>
					      
						      <pubDate>Wed, 24 Feb 2021 17:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Working-Group-on-Sterling-Risk-Free-Reference-Rates</guid>
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					      <title>UK HM Treasury Consults on an Expanded Resolution Regime for CCPs</title>
					      <link>https://finreg.aoshearman.com/UK-HM-Treasury-Consults-on-an-Expanded-Resolution</link>
					      <description><![CDATA[
HM Treasury has opened a consultation seeking views on an expanded resolution regime for CCPs. The existing U.K. CCP recovery and resolution regime was established by the Financial Services Act 2012, which extended to CCPs (with modifications) the special resolution regime for banks and investment firms. Since then, there have been international and EU developments. In particular, the Financial Stability Board published guidance on financial resources for CCP resolution and the EU has published the EU CCP Recovery and Resolution Regulation. The U.K., when it was an EU member state, supported and helped develop the EU Regulation. HM Treasury is proposing to amend the U.K. regime to bring it into line with international standards and the proposals, bar a few technical exceptions, follow the EU Regulation. Responses to the consultation may be submitted until May 28, 2021.

Read more.]]></description>
					      
						      <pubDate>Wed, 24 Feb 2021 16:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-HM-Treasury-Consults-on-an-Expanded-Resolution</guid>
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					      <title>Bank of England Publishes Dear CEO Letter on Resolvability Assessment Framework</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Publishes-Dear-CEO-Letter-on-Resolvability</link>
					      <description><![CDATA[
The Bank of England has published a Dear CEO letter addressed to the CEOs of eight major U.K. banks, emphasizing the importance of the BoE&apos;s Resolvability Assessment Framework and the BoE&apos;s expectation that banks will take responsibility for their resolvability. The eight banks are in scope of the first RAF reporting and disclosure cycle.

Read more.]]></description>
					      
						      <pubDate>Wed, 24 Feb 2021 09:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Publishes-Dear-CEO-Letter-on-Resolvability</guid>
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					      <title>Bank of England Publishes Plan for UK Financial Sector Data Collection</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Publishes-Plan-for-UK-Financial-Sector</link>
					      <description><![CDATA[
The Bank of England has published a plan to transform its ability to collect data from the financial services sector over the next decade. Three key principles of the plan are: (i) defining and adopting common data standards that are consistent across the financial sector; (ii) modernizing reporting instructions to improve how they are written and implemented; and (iii) integrating reporting to facilitate a more efficient approach to data collection. The Transformation Plan was prompted by Huw Van Steenis&apos; 2019 report on the &quot;Future of Finance&quot;, which highlighted the importance of data standards and protocols and the value of harnessing data. The BoE published a response to the &quot;Future of Finance&quot; report, in which it undertook to deliver a world-class data strategy.

Read more.]]></description>
					      
						      <pubDate>Tue, 23 Feb 2021 17:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Publishes-Plan-for-UK-Financial-Sector</guid>
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					      <title>European Securities and Markets Authority Consults on 2021 Supervisory Fees for EU Trade Repositories</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Consults-on-2021</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation on its proposals for recalibrating the 2021 annual supervisory fees to be charged by ESMA to EU trade repositories. ESMA&apos;s annual fees are intended to cover its costs for supervising EU trade repositories, and to be proportionate to the turnover of the trade repository concerned.

Read more.]]></description>
					      
						      <pubDate>Mon, 22 Feb 2021 09:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Consults-on-2021</guid>
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					      <title>European Banking Authority Publishes Opinion on Removal of Obstacles to Account Access Under Revised Payment Services Directive</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Opinion-on-Removal-of-</link>
					      <description><![CDATA[
The European Banking Authority has published an Opinion requiring EU national regulators to assess the steps taken by account servicing payment services providers to remove obstacles to the provision of account information services and payment initiation services by third-party providers.

Read more.]]></description>
					      
						      <pubDate>Mon, 22 Feb 2021 09:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Opinion-on-Removal-of-</guid>
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					      <title>EU Final Draft Technical Standards on the Determination of Indirect Exposures Published</title>
					      <link>https://finreg.aoshearman.com/EU-Final-Draft-Technical-Standards-on-the-Determi</link>
					      <description><![CDATA[
Following its consultation last year, the European Banking Authority has published a final report and final draft Regulatory Technical Standards on the determination of indirect exposures to underlying clients of derivative and credit derivative contracts. The EU Capital Requirements Regulation, as amended by CRR 2, requires firms to add to the total exposures to a client the exposures arising from derivative contracts listed in Annex II of the CRR and credit derivative contracts, where the contract was not directly entered into with that client but the underlying debt or equity instrument was issued by that client. The final draft RTS will form part of the EU&apos;s large exposures framework. The final draft RTS include a methodology for the calculation of indirect exposures for different classes of derivative contracts and credit derivative contracts with a single underlying debt or equity instrument and a methodology for calculating exposures arising from contracts with multiple underlying reference names.

The final draft RTS have been submitted to the European Commission for endorsement.

View the final report and final draft RTS on the determination of indirect exposures.

View details of CRR 2.

View details of the EBA&apos;s consultation.]]></description>
					      
						      <pubDate>Fri, 19 Feb 2021 14:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Final-Draft-Technical-Standards-on-the-Determi</guid>
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					      <title>Final Draft EU Technical Standards on Disclosures of Indicators of Global Systemic Importance Published</title>
					      <link>https://finreg.aoshearman.com/Final-Draft-EU-Technical-Standards-on-Disclosures</link>
					      <description><![CDATA[
The European Banking Authority has published a final report and final draft Implementing Technical Standards on the disclosure of indicators of global systemic importance by Global Systemically Important Institutions. The EU Capital Requirements regulation requires G-SIIs to disclose annually the values of the indicators used for determining their score in accordance with a set identification methodology. The final draft ITS set out the uniform disclosure formats and associated instructions for the disclosures to be made. The provisions of these final draft ITS will be incorporated into the existing comprehensive ITS on firms&apos; public disclosures and, to facilitate comparability. The format has been aligned with the format set out in the Basel III standards - the &quot;Disclosure of G‐SIB indicators&quot;.

The final draft ITS have been submitted to the European Commission for endorsement.

View the EBA&apos;s final report and final draft ITS on G-SII disclosures.]]></description>
					      
						      <pubDate>Thu, 18 Feb 2021 13:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Draft-EU-Technical-Standards-on-Disclosures</guid>
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					 <item>
					      <title>EU Delays Derivatives Margin for Brexit Novations</title>
					      <link>https://finreg.aoshearman.com/EU-Delays-Derivatives-Margin-for-Brexit-Novations</link>
					      <description><![CDATA[
An EU Commission Delegated Regulation amending Regulatory Technical Standards on the application of EU bilateral margining requirements under the European Market Infrastructure Regulation has been published in the Official Journal of the European Union. The amendments to the RTS further extend the temporary exemptions from bilateral margining requirements for the following products and transactions.

Read more.]]></description>
					      
						      <pubDate>Wed, 17 Feb 2021 15:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Delays-Derivatives-Margin-for-Brexit-Novations</guid>
				    </item>
			
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					      <title>EU Delays Clearing Obligation for Third-Country Intragroup Derivatives and Brexit Novations</title>
					      <link>https://finreg.aoshearman.com/EU-Delays-Clearing-Obligation-for-Third-Country-Intragroup</link>
					      <description><![CDATA[
An EU Commission Delegated Regulation delaying the clearing obligation under the European Market Infrastructure Regulation has been published in the Official Journal of the European Union. The Delegated Regulation amends the three Regulatory Technical Standards on the clearing obligation, which provide for the application of the clearing obligation to interest rate swaps and credit default swaps. In particular, for intra-group derivatives transactions conducted with a third-country entity, the exemption from the clearing obligation will be extended until June 30, 2022. The EU has failed to determine whether many third countries are &quot;equivalent&quot; for these purposes, meaning that another delay is necessary to avoid penal charges on intra-group exposures of EU financial groups.

Read more.
]]></description>
					      
						      <pubDate>Wed, 17 Feb 2021 10:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Delays-Clearing-Obligation-for-Third-Country-Intragroup</guid>
				    </item>
			
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					      <title>UK Government Consults on Legal Safe Harbor for Legacy Contracts to Support the Wind-Down of a Critical Benchmark </title>
					      <link>https://finreg.aoshearman.com/UK-Government-Consults-on-Legal-Safe-Harbor-for-Legacy</link>
					      <description><![CDATA[
HM Treasury has opened a consultation on supporting the wind-down of critical benchmarks. The Financial Services Bill includes potential enhanced powers for the Financial Conduct Authority to wind-down a critical benchmark and deal with tough legacy contracts. The increased powers are being introduced in response to concerns and uncertainty about the transition from LIBOR to risk free rates by the end of 2021. The Financial Services Bill includes provisions granting the FCA the power to designate a critical benchmark (such as LIBOR) as an &quot;Article 23A&quot; benchmark if its representativeness is lost or at risk, unless representativeness can reasonably be restored and maintained and there are good reasons to do so. This designation would mean that use of the benchmark by supervised entities in relation to particular types of contracts would be prohibited, subject to certain exemptions. 

Read more.]]></description>
					      
						      <pubDate>Mon, 15 Feb 2021 11:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Consults-on-Legal-Safe-Harbor-for-Legacy</guid>
				    </item>
			
					 <item>
					      <title>EU Launches Review of the Financial Collateral Directive</title>
					      <link>https://finreg.aoshearman.com/EU-Launches-Review-of-the-Financial-Collateral-Di</link>
					      <description><![CDATA[
The European Commission has launched a targeted consultation related to post-trade services, which considers the EU Financial Collateral Directive. The Commission is also consulting on the Settlement Finality Directive, combining the review of these two Directives since they are closely related. The consultations close on May 7, 2021. The FCD establishes a harmonized EU framework for the use of financial collateral to secure transactions. It provides for close-out netting provisions to be enforceable under their terms and ring-fences the operation of financial collateral arrangements should one of the parties become insolvent, creating protections from the usual insolvency laws of a Member State. The FCD consultation does not cover the re-use of financial collateral given under a security financial collateral arrangement by a collateral taker as this issue has recently been addressed in the Securities Financing Transactions Regulation. The consultation focuses on issues relating to the recognition of close-out netting provisions and its impact on SFD systems.

Read more.]]></description>
					      
						      <pubDate>Fri, 12 Feb 2021 16:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Launches-Review-of-the-Financial-Collateral-Di</guid>
				    </item>
			
					 <item>
					      <title>EU Launches Review of the Settlement Finality Directive</title>
					      <link>https://finreg.aoshearman.com/EU-Launches-Review-of-the-Settlement-Finality-Dir</link>
					      <description><![CDATA[
The European Commission has launched a targeted consultation related to post-trade services, which considers the EU Settlement Finality Directive. The Commission is also consulting on the Financial Collateral Directive, combining the review of these two Directives since they are closely related. The consultations close on May 7, 2021. The SFD establishes various insolvency carve-outs for designated market infrastructure systems and provides for finality of transactions within such systems. Under the protections currently afforded by the SFD, transfer orders which enter into designated systems within certain deadlines are guaranteed to be finally settled and cannot be unwound at the behest of insolvency officials, regardless of whether the sending participant has become insolvent or transfer orders have been revoked in the meantime. The SFD essentially excludes &quot;insolvency claw-back&quot; rules, such as those for transactions at an undervalue or trading by insolvent or near-insolvent entities, from applying to holdings in designated systems and modifies the timing of &quot;moratorium&quot; rules which prevent transactions by insolvents. This also gives certainty as regards holdings in central securities depositories and as to the finality of transactions in some clearing and payment systems. Under the SFD, each EU Member State automatically recognizes systems that have been designated by other Member States. However, there is no EU regime for third country systems, a lacuna which has already been fixed by the U.K. in its SFD laws after Brexit.

Read more.]]></description>
					      
						      <pubDate>Fri, 12 Feb 2021 16:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Launches-Review-of-the-Settlement-Finality-Dir</guid>
				    </item>
			
					 <item>
					      <title>European Supervisory Authorities Publish Joint Response on Proposed EU Digital Operational Resilience Act</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Joint-Response</link>
					      <description><![CDATA[
The European Supervisory Authorities (the European Securities and Markets Authority, the European Banking Authority and the European Insurance and Occupational Pensions Authority) have published a letter to the European Parliament, the Council of the European Union and the European Commission, setting out responses to the proposed EU Digital Operational Resilience Act, a new piece of EU regulation on digital operational resilience for the financial sector. The European Commission first published the draft DORA in September 2020. It forms part of the European Commission&apos;s digital finance strategy, which aims to embrace digital finance for the benefit of consumers and businesses while ensuring digital transformation is soundly regulated. The DORA is particularly focused on combatting risks arising from information and communication technologies in order to protect operational resilience and the performance of the financial system.

Read more.]]></description>
					      
						      <pubDate>Tue, 09 Feb 2021 10:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Joint-Response</guid>
				    </item>
			
					 <item>
					      <title>UK Conduct Regulator Sets Out Supervision Strategy of Retail Banks</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Sets-Out-Supervision-Strateg</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a letter addressed to the CEOs of retail banks setting out the FCA&apos;s approach to retail bank supervision in light of the COVID-19 pandemic.

In the letter, the FCA identifies the key risks of harm that retail banks&apos; activities may pose over the next two years, sets out its expectations of the actions retail banks need to take to mitigate the risks and discusses the work that the FCA will undertake to ensure firms are meeting the expectations. The risks are grouped into the following four priority supervisory areas:
 

	ensuring fair treatment of borrowers, including those in financial difficulties;
	ensuring good governance and oversight of customer treatment and outcomes during business change over the next two years;
	ensuring operational resilience over the next two years and beyond; and
	minimizing fraud and other financial crime.


View the FCA&apos;s letter.]]></description>
					      
						      <pubDate>Fri, 05 Feb 2021 19:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Sets-Out-Supervision-Strateg</guid>
				    </item>
			
					 <item>
					      <title>UK Conduct Regulator Publishes Recommended Practices for Technology Change Implementation</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Recommended-Practi</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a report on a multi-firm review setting out recommended practices for regulated firms to take to reduce consumer harm when technology change implementation fails. The FCA&apos;s review considered how financial firms manage technology change, the impact of technology change failures and the practices used across the industry that help to reduce the impact on consumers and market disruption of such failures. The FCA&apos;s report sets out the practices used by firms that contribute to change success and those that lead to change failure, the impact of change failures, governance and management arrangements, build and deployment of technology changes and the impact of the infrastructure used, in particular, the use of legacy systems and of public cloud-based infrastructure.

View the FCA&apos;s report on the implementation of technology change.]]></description>
					      
						      <pubDate>Fri, 05 Feb 2021 17:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Recommended-Practi</guid>
				    </item>
			
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					      <title>UK Payment Services Regulator Consults on Delivery and Regulation of the UK&apos;s New Payments Architecture</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Services-Regulator-Consults-on-Deliver</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator has opened a consultation on the delivery and regulation of the U.K.&apos;s New Payments Architecture. The NPA will reorganize the clearing and settlement of most of the U.K.&apos;s domestic interbank payments, including payments that currently use the BACS and Faster Payments systems. The PSR consulted last year on issues relating to competition and innovation in payment services and remains concerned about these issues. The PSR is also concerned that the current NPA programme will not provide value for money and will delay the achievement of the benefits of the NPA. The PSR is therefore seeking views on its proposals to reduce these risks to the successful delivery of the NPA. The proposals include narrowing the scope of the initial contract for delivery to those services that support the replacement and upgrade of Faster Payments and on ways to mitigate the risks to competition and innovation, including procurement, contractual provisions and governance provisions. Responses to the proposals on reducing the risk to delivery of the NPA may be submitted until March 19, 2021 and responses to the proposals on mitigating competition issues may be submitted until May 5, 2021.

View the PSR&apos;s consultation paper on delivery of the NPA.

View details of the PSR&apos;s consultation on competition and innovation.]]></description>
					      
						      <pubDate>Fri, 05 Feb 2021 16:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Services-Regulator-Consults-on-Deliver</guid>
				    </item>
			
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					      <title>UK Government Publishes Proposals for Investment Firm Prudential Regime and Implementation of Outstanding Basel III Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Publishes-Proposals-for-Investment-</link>
					      <description><![CDATA[
The U.K. Government has opened a consultation on the implementation of the Investment Firms Prudential Regime and the remaining Basel III Standards in the U.K. The Financial Services Bill, once it is finalized, will introduce powers for the Financial Conduct Authority and the Prudential Regulation Authority to introduce the IFPR and outstanding Basel III prudential requirements for banks. The FCA has already launched a consultation on some aspects of the IFPR and will consult on the others throughout the year. The PRA is expected to consult on implementation of Basel III in Q1 2021. HM Treasury&apos;s consultation concerns those aspects of the two regimes that will require secondary legislation under the Financial Services Bill. The consultation closes on April 1, 2021.

Read more.]]></description>
					      
						      <pubDate>Thu, 04 Feb 2021 20:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Publishes-Proposals-for-Investment-</guid>
				    </item>
			
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					      <title>European Supervisory Authorities Publish Final Report on Disclosures Under the EU Regulation Sustainable Finance Disclosure Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Final-Report</link>
					      <description><![CDATA[
The European Supervisory Authorities (the European Securities and Markets Authority, the European Banking Authority and the European Insurance and Occupational Pensions Authority) have published a final report and draft Regulatory Technical Standards on the content, methodologies and presentation of disclosures under the EU Regulation on sustainability-related disclosures in the financial services sector. The EU SFDR was published in December 2019 and the majority of its provisions will apply from March 10, 2021. It is designed to encourage the financial services sector to disclose information about their approaches to sustainability risk and consideration of adverse sustainability impacts in the course of their businesses. The ESAs consulted on the draft RTS in April 2020. The ESAs propose that the draft RTS should apply from January 1, 2022.

Read more.]]></description>
					      
						      <pubDate>Thu, 04 Feb 2021 10:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Final-Report</guid>
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					 <item>
					      <title>UK Conduct Regulator Publishes Approach to International Firms</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Approach-to-Intern</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published its final Approach to international firms, setting out its approach to authorization and supervision of international firms providing or seeking to provide financial services that require authorization in the U.K. The FCA has also published a feedback statement summarizing its response to the submissions received in response to its consultation last year. The Approach Document sets out the conditions against which a firm will be assessed and discusses the circumstances in which firms may present higher risks and how the risks could be mitigated. It generally proposes that U.K.-authorized firms should have a U.K. place of business, so would not result in any new regime for EU firms which are currently using the &quot;temporary permissions regime&quot;.

The FCA&apos;s Approach Document is not relevant to firms that are operating in the U.K., but do not need authorization to do so, for example, those firms using the Overseas Persons Exclusion. It is not also not relevant for payment services firms, e-money institutions, depositaries, trustees and managers of U.K. authorized funds, international alternative investment fund managers and international benchmark administrators.

Firms that are or would be subject to dual regulation, should also consider the approach of the Prudential Regulation Authority to the supervision and authorization of firms.

View the FCA&apos;s Approach to International Firms.

View the FCA&apos;s feedback statement.

View details of the PRA&apos;s consultation on its approach to supervising international banks.]]></description>
					      
						      <pubDate>Wed, 03 Feb 2021 18:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Approach-to-Intern</guid>
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					 <item>
					      <title>Final Draft EU Technical Standards Amending Requirements for PRIIPs Key Information Document</title>
					      <link>https://finreg.aoshearman.com/Final-Draft-EU-Technical-Standards-Amending-Requi</link>
					      <description><![CDATA[
The European Supervisory Authorities have published a final report and final draft amending Regulatory Technical Standards on amendments to the RTS on the presentation, content, review and revision of a standardized &quot;key information document&quot; and the conditions for fulfilling the requirement to provide a KID (Commission Delegated Regulation (EU) 2017/653). The RTS supplements the Packaged Retail and Insurance-based Investment Products Regulation, which introduced a requirement for manufacturers of PRIIPs to produce a KID with the intention of improving retail investors&apos; understanding of the financial products they were purchasing.

The ESAs were asked to review the RTS and present proposals for amending the RTS. In July 2020, the ESAs wrote to the European Commission to explain that agreement among them had not been reached on all of the proposed changes and that, therefore, the final draft amending RTS could not be submitted to the Commission. The Board of the European Insurance and Occupational Pensions Authority did not approve with qualified majority all of the proposals.

Read more.]]></description>
					      
						      <pubDate>Wed, 03 Feb 2021 15:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Draft-EU-Technical-Standards-Amending-Requi</guid>
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					      <title>UK Equivalence Decision for Swiss Exchanges Enters into Force</title>
					      <link>https://finreg.aoshearman.com/UK-Equivalence-Decision-for-Swiss-Exchanges-Enters-Into</link>
					      <description><![CDATA[
The U.K.&apos;s Swiss share trading obligation equivalence decision has entered into force. The equivalence decision has been made under the U.K.&apos;s Markets in Financial Instruments (Switzerland Equivalence) Regulations 2021, which came into force on February 3, 2021, and means that U.K. investment firms will be able to comply with the share trading obligation under the U.K. Markets in Financial Instruments Regulation by trading shares on BX Swiss AG and SIX Swiss Exchange AG. 

Read more.]]></description>
					      
						      <pubDate>Wed, 03 Feb 2021 13:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Equivalence-Decision-for-Swiss-Exchanges-Enters-Into</guid>
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					      <title>European Securities and Markets Authority Proposes Changes to European Long-Term Investment Funds Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Proposes-Changes</link>
					      <description><![CDATA[
The European Securities and Markets Authority has written to the European Commission proposing a series of amendments to the European Long-Term Investment Funds Regulation. ESMA&apos;s letter comes in response to the Commission&apos;s consultation on the efficacy of the ELTIF Regulation, which was designed to increase long-term investments in the real economy (e.g. infrastructure projects, real estate and listed and unlisted small and medium-sized enterprises). The consultation was launched in October 2020 and was designed to analyze why the ELTIF market has not developed to a large scale and how well it is contributing to the integration of European capital markets and smart, sustainable growth within the EU.

Read more.]]></description>
					      
						      <pubDate>Wed, 03 Feb 2021 13:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Proposes-Changes</guid>
				    </item>
			
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					      <title>EU Amends Rules to Address LIBOR Cessation and Extends Use of Third-Country Benchmarks to 2023</title>
					      <link>https://finreg.aoshearman.com/EU-Amends-Rules-to-Address-LIBOR-Cessation-and-Ex</link>
					      <description><![CDATA[
The Council of the European Union has announced that it has adopted the final text of the regulation to address LIBOR cessation, which will amend the EU Benchmark Regulation. According to the Council, the amending Regulation will be published in the Official Journal of the European Union on February 12, 2021 and it will enter into force and apply from February 13, 2021.

The EU Benchmark Regulation sets out the authorization and registration requirements for benchmark administrators, including third-country entities, and the requirements for governance and control of administrators. It provides for different categories of benchmarks depending on the risks involved, imposes additional requirements on benchmarks considered to be &quot;critical&quot; and gives powers to national regulators to mandate, under certain conditions, contributions to or the administration of critical benchmarks.

Read more.]]></description>
					      
						      <pubDate>Tue, 02 Feb 2021 18:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Amends-Rules-to-Address-LIBOR-Cessation-and-Ex</guid>
				    </item>
			
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					      <title>European Commission Calls for Advice on Digital Finance from European Supervisory Authorities</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Calls-for-Advice-on-Digital-Finance</link>
					      <description><![CDATA[
The European Commission has published a call for advice on digital finance and related issues from the three European Supervisory Authorities (the European Securities and Markets Authority, the European Insurance and Occupational Pensions Authority and the European Banking Authority). The call for advice is in line with the Commission&apos;s 2020 digital finance strategy, which set out the Commission&apos;s intention to review existing financial services frameworks to protect consumers and the integrity of EU financial sectors.

Read more.]]></description>
					      
						      <pubDate>Tue, 02 Feb 2021 16:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Calls-for-Advice-on-Digital-Finance</guid>
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					      <title>HM Treasury to Review Ring-Fencing and Proprietary Trading in UK Banks</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-to-Review-Ring-Fencing-and-Proprietary</link>
					      <description><![CDATA[
HM Treasury has published its terms of reference for a review of the operation of ring-fencing legislation and banks&apos; proprietary trading activities in the U.K. The Treasury is required to conduct each review under the Financial Services (Banking Reform) Act 2013. The FS(BR)A introduced reforms based on recommendations made by the Independent Commission on Banking that was established in the wake of the 2008 financial crisis. The U.K. ring-fencing laws require U.K. banks which hold more than &amp;pound;25 billion in core deposits and banking groups whose members hold an average core deposit of more than &amp;pound;25 billion to separate their core retail banking business from their investment banking business. Restrictions limit the products that a ring-fenced bank can offer and where it can conduct business. Restrictions on proprietary trading (being the trading of financial instruments or commodities as principal by banks or investment firms) were introduced for ring-fenced retail banks and came into force in January 2019. The U.K. decided not to impose a complete ban on proprietary trading for all banks, as had been seen in other countries, such as the U.S. under the Volcker Rule. Among the purposes of this legislation is an attempt to limit taxpayer liability for bank bail-outs in future financial crises.

Read more.]]></description>
					      
						      <pubDate>Tue, 02 Feb 2021 10:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-to-Review-Ring-Fencing-and-Proprietary</guid>
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					      <title>EU Final Draft Standards on Information for Facilitating Cross-Border Distribution of Funds</title>
					      <link>https://finreg.aoshearman.com/EU-Final-Draft-Standards-on-Information-for-Facil</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report and final draft Implementing Technical Standards setting out the forms, templates and procedures that national regulators should use to publish information on their websites to facilitate cross-border distribution of funds. The Regulation on facilitating cross-border distribution of funds aims to increase transparency on the rules and procedures applicable to cross-border marketing of investment funds and regulatory fees and charges levied by national regulators. It was brought in at the same time amendments were made to the Directive on Undertakings for Collective Investment in Transferable Securities and the Alternative Investment Fund Managers Directive through an amending Directive. Member states are required to transpose the amending Directive into national laws by, and apply those laws from, August 2, 2021. Certain provisions of the Regulation applied directly across the EU from August 1, 2019, while the remaining provisions will apply from August 2, 2021.

The Regulation requires ESMA to draft Implementing Technical Standards on the standard forms, templates and procedures that national regulators should use to publish information on their websites that will facilitate the cross-border distribution of funds. The information must cover:

	the national laws, regulations and provisions on marketing requirements for Alternative Investment Funds and UCITS; and
	the regulatory fees and charges applied by the national regulator for the activities of AIFMs, UCITS management companies and managers of European Venture Capital Fund and European social entrepreneurship funds.


The final draft ITS have been submitted to the European Commission for consideration.

View the final report and final draft ITS.]]></description>
					      
						      <pubDate>Mon, 01 Feb 2021 17:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Final-Draft-Standards-on-Information-for-Facil</guid>
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					      <title>European Securities and Markets Authority Publishes Final Report on Proposed Fees for Benchmark Administrators</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Final-Report</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its final report on proposed supervisory fees for EU benchmark administrators. In 2019, the EU Benchmarks Regulation was amended, granting ESMA new powers to act as competent authority for EU administrators of critical benchmarks and third-country benchmark administrators that have been recognized by ESMA from January 1, 2022. Before these amendments take effect, third-country benchmark administrators may seek recognition from a national regulator of an EU member state. Both the current and new provisions only apply in the absence of an equivalence decision for the relevant third-country where the benchmark administrator is located. The recognition allows EU supervised entities to use the benchmark, for example in financial contracts. The amendments require ESMA to charge fees to the administrators under its supervision. The European Commission tasked ESMA with producing technical standards on those fees.

Read more.]]></description>
					      
						      <pubDate>Mon, 01 Feb 2021 16:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Final-Report</guid>
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					      <title>European Securities and Markets Authority Launches 2021 Common Supervisory Action on MiFID II Product Governance Rules</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Launc</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced that during 2021 it will be conducting a common supervisory action with national competent authorities on the product governance rules under the Markets in Financial Instruments Directive. The product governance requirements require firms which manufacture and distribute financial instruments and structured deposits to act in their clients&apos; best interests during all the stages of the life-cycle of products or services. The CSA will assess the progress of compliance with the requirements by manufacturers and distributors of financial products.

ESMA conducts CSAs to promote the convergence of application of EU rules across the EU. Following a CSA into the MiFID II appropriateness requirements, ESMA is considering introducing guidelines to promote further harmonization.

View ESMA&apos;s announcement.

View details of ESMA&apos;s proposed guidelines on appropriateness.]]></description>
					      
						      <pubDate>Mon, 01 Feb 2021 15:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Launc</guid>
				    </item>
			
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					      <title>European Securities and Markets Authority Consults on Revised Fees for Credit Rating Agencies</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-</link>
					      <description><![CDATA[
Following a request from the European Commission for technical advice on revising the rules on the calculation and payment of fees, the European Securities and Markets Authority has opened a consultation on proposed fees charged to credit rating agencies by it. Responses to the consultation may be submitted until March 15, 2021. ESMA is due to submit its final technical advice to the Commission by the end of June 2021.

The EU CRA Regulation provides that ESMA shall charge fees to CRAs to cover ESMA&apos;s costs relating to the registration, certification and supervision of CRAs. The different types of supervisory fees payable, the amount of fees payable, the modalities of payment and the reimbursement of fees to national competent authorities are set out in Commission Delegated Regulation 272/2012. ESMA is seeking feedback on its proposals, the key ones of which are to charge a single registration fee of &amp;euro;45,000 and annual supervisory fees of &amp;euro;20,000 to registered CRAs with annual revenues between &amp;euro;1 million and &amp;euro;10 million. In addition, ESMA is proposing an annual endorsement fee of &amp;euro;20,000 to all CRAs endorsing credit ratings for use in the EU and annual fees for all certified CRAs.

View ESMA&apos;s consultation paper.]]></description>
					      
						      <pubDate>Fri, 29 Jan 2021 17:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-</guid>
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					      <title>Proposed EU Guidelines on MiFID II Appropriateness Requirements</title>
					      <link>https://finreg.aoshearman.com/Proposed-EU-Guidelines-on-MiFID-II-Appropriatenes</link>
					      <description><![CDATA[
The European Securities and Markets Authority has opened a consultation on proposed guidelines on the appropriateness and execution-only requirements under the Markets in Financial Instruments Directive. The appropriateness requirements under MiFID II require investment firms providing investment advice to assess a potential client&apos;s knowledge and experience in the investment field to ascertain whether a particular service or product is appropriate for the client. There are exemptions from these requirements under the execution-only framework, subject to certain conditions being met. Responses to the consultation may be submitted until April 29, 2021. ESMA is aiming to issue the final guidelines in Q3 2021.

ESMA is proposing these new guidelines to enhance convergence across the EU on the application of these requirements. The common supervisory action conducted in the second half of 2019, as well as other supervisory interactions, revealed that firms have different understandings of the appropriateness and execution-only requirements and that Member States apply them differently. The proposed guidelines will apply in full to all investment firms providing non-advised services, regardless of the means of interaction with clients.

View ESMA&apos;s consultation on proposed guidelines on the appropriateness and execution-only requirements under MiFID II.]]></description>
					      
						      <pubDate>Fri, 29 Jan 2021 15:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Proposed-EU-Guidelines-on-MiFID-II-Appropriatenes</guid>
				    </item>
			
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					      <title>EU Grants Equivalence to More US CCPs</title>
					      <link>https://finreg.aoshearman.com/EU-Grants-Equivalence-to-More-US-CCPs</link>
					      <description><![CDATA[
An EU equivalence decision for U.S. CCPs regulated by the U.S. Securities Exchange Commission that are &quot;covered clearing agencies&quot; under the SEC rules has been published in the Official Journal of the European Union. The decision paves the way for these U.S. CCPs to be recognized by the European Securities and Markets Authority upon which they will be able to provide clearing services to EU trading venues and businesses. Relevant U.S. CCPs that potentially would be covered by this designation but which were not previously granted equivalence include the Fixed Income Clearing Corporation, National Securities Clearing Corporation, The Depository Trust Company and The Options Clearing Corporation. ICE Clear Credit LLC also registered with the SEC, however, this CCP already benefits from EU equivalence as it falls within the previous EU equivalence decision for U.S. CCPs regulated by the Commodity Futures Trading Commission. ICE Clear Europe, which was an EU CCP until Brexit, is also recognized under the EU&apos;s temporary equivalence for U.K. CCPs. LCH SA is also registered with the SEC, but is an EU CCP and so the equivalence regime is not applicable to it.

Read more.]]></description>
					      
						      <pubDate>Thu, 28 Jan 2021 21:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Grants-Equivalence-to-More-US-CCPs</guid>
				    </item>
			
					 <item>
					      <title>UK Regulator Proposes Amendments to UK Technical Standards on Secure Customer Authentication</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Proposes-Amendments-to-UK-Technical-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation on proposed changes to the U.K. Regulatory Technical Standards on secure customer authentication and common and secure methods of communication and on proposed payments-related amendments to the Perimeter Guidance Manual and the FCA Payment Services and Electronic Money Approach Document. The proposals are relevant for payment service providers, e-money issuers, payment institutions, e-money institutions and registered account information service providers (AISPs). Responses to the consultation may be submitted until February 24, 2021, for issues relevant to contactless payments, and until April 30, 2021 for the remaining proposals.

Read more.]]></description>
					      
						      <pubDate>Thu, 28 Jan 2021 19:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Proposes-Amendments-to-UK-Technical-</guid>
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					      <title>EU Delays Securities Settlement Discipline Regime to February 2022</title>
					      <link>https://finreg.aoshearman.com/EU-Delays-Securities-Settlement-Discipline-Regime</link>
					      <description><![CDATA[
EU Regulatory Technical Standards postponing the implementation deadline of the settlement discipline regime under the Central Securities Depositories Regulation have been published in the Official Journal of the European Union. The RTS delay the application date of the settlement discipline rules from February 1, 2021 to February 1, 2022, by amending the existing RTS (Commission Delegated Regulation (EU) 2018/1229). The settlement regime was originally due to apply from September 13, 2020. However, that date was changed to February 1, 2021, amid calls from industry associations and other stakeholders to delay the application date so that systems, procedures and measures could be put in place. The latest delay arises from the impact of the COVID-19 pandemic on the financial services industry. The RTS cover measures for preventing settlement fails through automated matching, a hold and release mechanism and partial settlement. The RTS also provide measures for monitoring and addressing settlement fails, such as a mechanism for cash penalties and a buy-in process.

View the amending Delegated Regulation.]]></description>
					      
						      <pubDate>Wed, 27 Jan 2021 12:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Delays-Securities-Settlement-Discipline-Regime</guid>
				    </item>
			
					 <item>
					      <title>Basel Committee on Banking Supervision Consults on Technical Amendments to Rules on Haircuts for Securities Financing Transactions</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Consul</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has launched a consultation on two proposed technical amendments to the Basel II Framework rules on minimum haircut floors for securities financing transactions. The proposals aim to address an interpretative issue relating to collateral upgrade transactions and correct a misstatement of the formula used to calculate haircut floors for netting sets of SFTs. Responses to the consultation may be submitted until March 31, 2021.

View the consultation paper.

View details of the FSB&apos;s delay to the framework for minimum haircuts for uncleared SFTs.]]></description>
					      
						      <pubDate>Tue, 26 Jan 2021 12:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Consul</guid>
				    </item>
			
					 <item>
					      <title>HM Treasury Launches Consultation on UK Funds Regime</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Launches-Consultation-on-UK-Funds-Regime</link>
					      <description><![CDATA[
HM Treasury has launched a consultation on a series of proposed reforms to the U.K.&apos;s funds regime, as part of the U.K. Government&apos;s plans to make the U.K. a more attractive location for asset management. Responses to the consultation should be submitted by April 20, 2021.

Read more.]]></description>
					      
						      <pubDate>Tue, 26 Jan 2021 12:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Launches-Consultation-on-UK-Funds-Regime</guid>
				    </item>
			
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					      <title>EU CCP Recovery and Resolution Regulation Published</title>
					      <link>https://finreg.aoshearman.com/EU-CCP-Recovery-and-Resolution-Regulation-Publish</link>
					      <description><![CDATA[
The EU Regulation on the recovery and resolution of CCPs has been published in the Official Journal of the European Union. The Regulation sets out the rules and procedures for the recovery and resolution of EU CCPs authorized under the European Market Infrastructure Regulation. The aim of the Regulation is the establishment of a framework for the orderly recovery of a CCP through implementation of recovery plans. A CCP&apos;s recovery plan will form part of its operational rules, which are agreed with its clearing members. A CCP&apos;s operating rules must also ensure the enforceability of the recovery measures outlined in the recovery plan, including to contracts or assets governed by the law of a third country or to third-country entities.

If the recovery measures do not restore the CCP&apos;s viability, the CCP&apos;s resolution authority will have the power to take action to ensure the continuity of the CCP&apos;s critical functions and, if needed, resolve the CCP. This includes setting up bridge CCPs. In the event of losses arising under a resolution, these will be borne by a CCP&apos;s owners, creditors and counterparties in line with the hierarchy of claims in insolvency. The CCP recovery and resolution framework would apply to all CCPs established in the EU. It is not proposed that the recovery and resolution framework would apply to the wider group of a CCP.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 Jan 2021 13:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-CCP-Recovery-and-Resolution-Regulation-Publish</guid>
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					      <title>EU Consults on Potential Equivalence for Six Countries For Non-Centrally Cleared OTC Derivatives Risk Mitigation</title>
					      <link>https://finreg.aoshearman.com/EU-Consults-on-Potential-Equivalence-for-Six-Coun</link>
					      <description><![CDATA[
The European Commission has published for consultation draft equivalence decisions for six countries relating to the risk mitigation requirements for non-centrally cleared OTC derivatives under the European Market Infrastructure Regulation. EMIR requires counterparties to non-centrally cleared derivatives to comply with requirements on timely confirmation, portfolio compression, procedures for reconciliation of disputes and the exchange of collateral, collectively known as the risk mitigation techniques. The European Commission is empowered to adopt an equivalence decision declaring that the requirements of a third country are equivalent to the EMIR requirements on risk mitigation. To date, only the U.S. and Japan benefit from such decisions, both limited in scope. Each of the draft decisions for each country are detailed further below.

Read more.]]></description>
					      
						      <pubDate>Wed, 20 Jan 2021 20:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consults-on-Potential-Equivalence-for-Six-Coun</guid>
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					      <title>EU Authority Issues Statement on Reverse Solicitation under MiFID II</title>
					      <link>https://finreg.aoshearman.com/EU-Authority-Issues-Statement-on-Reverse-Solicita</link>
					      <description><![CDATA[
The European Securities and Markets Authority has issued a statement reminding firms of the rules on reverse solicitation under the Markets in Financial Instruments Directive and Regulation. MiFID II provides that EU retail or professional clients may reach outside the EU and acquire services and products from non-EU investment banks (known as &quot;reverse solicitation&quot;) and that in these circumstances the third-country firm is exempt from the requirement to establish an EU branch. ESMA has issued the statement following what it describes as &quot;questionable practices&quot; materializing following the end of the Brexit transition period, where firms have purported to opt clients into &quot;reverse solicitation&quot; through either generic terms and conditions amendments or click-through &quot;I agree&quot; boxes online. It is clear from this guidance that ESMA&apos;s view is that more is needed than this to invoke the reverse solicitation regime. Notably, the ESMA report does not criticise more robust reverse solicitation protocols that are currently being seen in the market, such as a termination notice by the U.K. service provider of the existing agreement, sometimes with a covering note that the client could at its initiative reach out afresh to request entry into of a new agreement should it so desire.

View ESMA&apos;s statement on reverse solicitation.

You may like to view our client note, &quot;On the Existence of a Pan-European Reverse Solicitation Regime Under MiFID II, and its Importance on a &apos;Hard&apos; Brexit&quot;.]]></description>
					      
						      <pubDate>Wed, 13 Jan 2021 19:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Authority-Issues-Statement-on-Reverse-Solicita</guid>
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					      <title>UK Grants Equivalence to Swiss Exchanges for Purpose of UK Share Trading Obligation</title>
					      <link>https://finreg.aoshearman.com/UK-Grants-Equivalence-to-Swiss-Exchanges-for-Purpose</link>
					      <description><![CDATA[ 
U.K. legislation has been made granting equivalence to Swiss exchanges under the U.K.&apos;s Markets in Financial Instruments Regulation. The Markets in Financial Instruments (Switzerland Equivalence) Regulations 2021, which enter into force on February 3, 2021, grant equivalence to two Swiss exchanges - BX Swiss AG and SIX Swiss Exchange AG. U.K. MiFIR requires U.K. investment firms to ensure that the trades they undertake in shares admitted to trading on a regulated market or traded on a trading venue take place on a regulated market, multilateral trading facility, systematic internaliser or equivalent third-country trading venue. U.K. investment firms will be able to comply with the U.K. MiFIR share trading obligation by trading shares on these Swiss exchanges.

Read more.
]]></description>
					      
						      <pubDate>Wed, 13 Jan 2021 15:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Grants-Equivalence-to-Swiss-Exchanges-for-Purpose</guid>
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					      <title>UK Prudential Regulator Consults on its Approach to Supervising International Banks</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-its-Approach-</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has launched a consultation on its proposed approach to supervising international banks. The proposals cover the U.K. activities of PRA-authorized banks and designated investment firms that are headquartered outside of the U.K. or are part of a group based outside of the U.K., including those firms operating in the U.K. through a branch. Responses to the consultation may be submitted until April 11, 2021. Implementation of the final policy is expected to occur in Q2 2021, except for those EEA firms that are in the Temporary Permissions Regime which are expected to meet the expectations &quot;as soon as reasonably practicable&quot; and at least by the time the firm is authorized and exits the TPR.

Read more.]]></description>
					      
						      <pubDate>Mon, 11 Jan 2021 14:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-its-Approach-</guid>
				    </item>
			
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					      <title>UK Government Proposes Extending Regulatory Perimeter to Capture Stablecoins</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Proposes-Extending-Regulatory-Perim</link>
					      <description><![CDATA[
HM Treasury has opened a consultation on the proposed U.K. approach to crypto-assets and stablecoins, in particular a proposal to bring stablecoins into the U.K. regulatory perimeter. Responses to the consultation may be submitted until March 21, 2021. The government will consider the responses to the consultation and publish a response with further details on how the approach would be implemented in law. If the policy approach is followed, the regulators would consult further on rules for firms.

Read more.]]></description>
					      
						      <pubDate>Thu, 07 Jan 2021 20:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Proposes-Extending-Regulatory-Perim</guid>
				    </item>
			
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					      <title>UK Prudential Regulator Publishes Final Rules on Implementation of CRD V</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Final-Rules-on-Implementation</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published its final Policy Statement setting out the final rules for implementing CRD V in the U.K. The Policy Statement confirms the final rules set out in the PRA&apos;s near-final Policy Statement, published on December 9, 2020. The Policy Statement also confirms the PRA&apos;s proposed approach to enforcing compliance with consolidated prudential requirements for U.K. banking consolidation groups, as proposed in the PRA&apos;s consultation paper published on December 9, 2020. The Supervisory Statements and Statements of Policy attached to the Policy Statement should be read together with the PRA&apos;s Supervisory Statement, &quot;Non-binding PRA materials: The PRA&apos;s approach after the UK&apos;s withdrawal from the EU&quot;, for guidance on how to interpret the materials after the end of the transition period.

Read more.]]></description>
					      
						      <pubDate>Mon, 28 Dec 2020 16:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Final-Rules-on-Implementation</guid>
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					      <title>Final Draft EU Technical Standards on Conditions of Impracticability of Bail-in Clauses</title>
					      <link>https://finreg.aoshearman.com/Final-Draft-EU-Technical-Standards-on-Conditions-</link>
					      <description><![CDATA[
The European Banking Authority has published a final report and final draft Regulatory Technical Standards and Implementing Technical Standards on the impracticability of contractual recognition of write-down and conversion (i.e., bail-in) under the EU Bank Recovery and Resolution Directive. BRRD requires certain firms to include contractual recognition of bail-in in their contractual agreements covering particular liabilities which are governed by the law of a third country. This is now a more significant issue than previously, given the prevalence of English law contractual documentation in European financial markets, including following Brexit. A new exemption to the contractual bail-in requirement was introduced under BRRD 2 (which EU member states must apply through national laws from December 28, 2020) where firms consider that it is legally or otherwise impracticable to include the contractual recognition. Liabilities subject to this waiver cannot count towards MREL, must be senior to unsecured claims arising from certain debt instruments and firms intending to take advantage of the exemption should notify their resolution authority.

Read more.]]></description>
					      
						      <pubDate>Wed, 23 Dec 2020 19:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Draft-EU-Technical-Standards-on-Conditions-</guid>
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					      <title>International Report on Educating Retail Investors about Crypto-Assets</title>
					      <link>https://finreg.aoshearman.com/International-Report-on-Educating-Retail-Investors</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published a report on how regulators can inform retail investors about the risks and characteristics of crypto-assets. The report sets out the potential risks to retail investors, such as lack of market liquidity, volatility, partial or total loss of the invested amount, insufficient information disclosure and fraud. It then goes on to provide guidance on how regulators can develop educational content on crypto-assets and inform the public about unauthorized firms, the various communication channels available to inform the public and how partnerships might be forged to develop and distribute educational content.

View IOSCO&apos;s report on investor education of crypto-assets. ]]></description>
					      
						      <pubDate>Tue, 22 Dec 2020 15:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Report-on-Educating-Retail-Investors</guid>
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					      <title>UK Financial Conduct Authority Publishes Policy Statement on Climate-Related Disclosures by Listed Issuers</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Policy-Statement</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a policy statement introducing a new rule and guidance on climate-related disclosures for commercial companies with a U.K. premium listing.

The new rule, which will apply for accounting periods beginning on or after January 1, 2021, will require premium-listed commercial companies to state in their annual reports whether they have made disclosures consistent with the recommendations of the Taskforce on Climate-related Financial Disclosures and, if they have not done so, explain why that is the case. The first financial reports containing these disclosures are expected to be published in Spring 2022.

Read more.]]></description>
					      
						      <pubDate>Mon, 21 Dec 2020 18:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Policy-Statement</guid>
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					      <title>European Securities and Markets Authority Publishes Guidelines on Reporting Securities Financing Transactions</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-M</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published guidelines on the reporting obligations under the EU Securities Financing Transactions Regulation. SFTs involve the use of securities to borrow cash or other higher investment-grade securities, or vice versa. Such transactions can include repurchase transactions, securities lending and sell/buy backs. The reporting obligation applies from January 11, 2021 for Non-Financial Counterparties. It has applied since July 13, 2020 for banks and investment firms (delayed from April 13, 2020 due to COVID-19), CCPs and central securities depositories and from October 12, 2020 for other Financial Counterparties.

The guidelines will apply to counterparties to SFTs, trade repositories and relevant EU financial regulators from the day after publication or the day from which the relevant obligation applies.

The guidelines cover:

	the reporting start date when it falls on a non-working day;
	the number of reportable SFTs;
	the population of reporting fields for different types of SFTs, for margin data and for reuse, reinvestment and funding sources data;
	the approach used to link SFT collateral with SFT loans;
	the generation of feedback by trade repositories and its subsequent management by counterparties, in the case of rejection of reported data and reconciliation breaks; and
	the provision of access to data to authorities by trade repositories.


View the guidelines on reporting under SFTR.

View details of the delays to SFTR reporting due to COVID-19.]]></description>
					      
						      <pubDate>Mon, 21 Dec 2020 09:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-M</guid>
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					      <title>Bank of England Publishes Discussion Paper on its Approach to Setting MREL</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Publishes-Discussion-Paper-on-its-Approach</link>
					      <description><![CDATA[
The Bank of England has published a Discussion Paper on its approach to setting the minimum requirement for own funds and eligible liabilities for relevant U.K. financial institutions. MREL is a minimum requirement for firms to maintain equity and eligible debt liabilities that can bear losses before and in resolution. The requirement applies to all U.K. banks, building societies and certain investment firms supervised by the U.K. Prudential Regulation Authority or Financial Conduct Authority, to financial or mixed financial holding parent companies of those firms, and to PRA or FCA-authorized financial institutions that are subsidiaries of those firms or parent companies. The U.K. first implemented interim MREL requirements (which were lower than the full, &quot;end-state&quot; MREL requirements) in 2016 in line with the EU&apos;s Bank Recovery and Resolution Directive. The U.K.&apos;s MREL policy was updated in 2018 and in June 2018 the BoE announced that it would review MREL calibration before final &quot;end-state&quot; MRELs were set. The Discussion Paper forms the first part of the BoE&apos;s review.

Read more.]]></description>
					      
						      <pubDate>Fri, 18 Dec 2020 15:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Publishes-Discussion-Paper-on-its-Approach</guid>
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					      <title>Bank of England Extends MREL and Resolvability Deadlines for Mid-Tier Banks</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Extends-MREL-and-Resolvability-Deadlines</link>
					      <description><![CDATA[
The Bank of England has extended until January 1, 2023 the deadlines for &quot;mid-tier&quot; banks to comply with: (i) end-state minimum requirements for own funds and eligible liabilities; and (ii) resolvability assessment framework requirements. &quot;Mid-tier&quot; banks are those that do not qualify as global systemically important banks (as identified by the Financial Stability Board) or domestic systemically important banks (i.e. those that are subject to the U.K. Prudential Regulation Authority&apos;s leverage ratio requirement or are designated as other systemically important institutions by the PRA and have a resolution entity in the U.K.). The term also includes U.K. material subsidiaries of such firms and certain U.K. subsidiaries of overseas groups for which the BoE has set internal MREL in excess of minimum capital requirements.

Read more.]]></description>
					      
						      <pubDate>Fri, 18 Dec 2020 15:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Extends-MREL-and-Resolvability-Deadlines</guid>
				    </item>
			
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					      <title>European Securities and Markets Authority Renews Notification Requirement for Net Short Positions at or Exceeding 0.1%</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Renews</link>
					      <description><![CDATA[
The European Securities and Markets Authority has renewed its decision requiring holders of net short positions in shares traded on an EU-regulated market to notify national regulators if the position reaches or exceeds 0.1% of issued share capital. ESMA originally introduced the requirement on March 16, 2020 for a period of three months and has extended it twice since then. This latest extension will apply the requirements from December 19, 2020 until March 19, 2021. The temporary transparency obligations are a response to perceived threats to market integrity arising from the COVID-19 pandemic. They apply to any natural or legal person, irrespective of their country of residence, but do not apply to shares admitted to trading on a regulated market where the principal venue for the trading of the shares is located in a third country, market making activities, or stabilization activities.

The European Free Trade Association&apos;s Surveillance Authority published a decision on the same day renewing its decision imposing the same transparency obligations for shares admitted to trading on an EEA regulated market. The renewed requirements also apply from December 19, 2020 until March 19, 2021.

View ESMA&apos;s decision.

View the EFTA decision.]]></description>
					      
						      <pubDate>Thu, 17 Dec 2020 20:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Renews</guid>
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					      <title>HM Treasury Consults on Draft Rules for Insolvency Regime for Payment and Electronic Money Institutions</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Consults-on-Draft-Rules-for-Insolvency</link>
					      <description><![CDATA[
HM Treasury has published a supplementary annex to its consultation on the U.K. Government&apos;s proposed Special Administration Regime for payment institutions and electronic money institutions. The SAR would address shortcomings of the existing insolvency regime for PIs and EMIs and would apply alongside Part 24 of the Financial Services and Markets Act 2000, which would also be extended to apply in full to PIs and EMIs.

Read more.]]></description>
					      
						      <pubDate>Thu, 17 Dec 2020 15:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Consults-on-Draft-Rules-for-Insolvency</guid>
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					      <title>European Commission Publishes New EU Cybersecurity Strategy</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-New-EU-Cybersecurity</link>
					      <description><![CDATA[
The European Commission and High Representative of the Union for Foreign Affairs and Security Policy have published details of a new EU Cybersecurity strategy, which aims to enhance the EU&apos;s resilience to cyber threats and build a cybersecure digital transformation. The overall strategy is set out in a Communication, which is accompanied by two legislative proposals. The first legislative proposal is for a new EU Directive on the resilience of critical entities (the proposed CER Directive), which will enhance and repeal the existing 2008 European Critical Infrastructure Directive (Council Directive 2008/114/EC). The second proposal is for a new Directive on cybersecurity across the EU (NIS2), which would augment and repeal the existing NIS Directive (Directive (EU) 2016/1148). The Commission consulted earlier this year on proposals for each of these legislative proposals.

Read more.]]></description>
					      
						      <pubDate>Wed, 16 Dec 2020 18:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-New-EU-Cybersecurity</guid>
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					      <title>UK Financial Conduct Authority Establishes Temporary AML Registration Regime for Crypto-Asset Businesses</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Establishes-Temporary</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has established a temporary registration regime for crypto-asset businesses that were operating in the U.K. prior to January 10, 2020. The regime will allow crypto-asset firms to continue providing services in the U.K., notwithstanding that they have not yet been registered with the FCA.

Read more.]]></description>
					      
						      <pubDate>Wed, 16 Dec 2020 12:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Establishes-Temporary</guid>
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					      <title>UK Government Seeks Input on UK Framework for Cross-Border Financial Services</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Seeks-Input-on-UK-Framework-for-Cro</link>
					      <description><![CDATA[
HM Treasury has launched a call for evidence on the U.K.&apos;s framework for cross-border financial services. HM Treasury is considering policy approaches for ensuring the U.K. framework is fit for the future given the U.K.&apos;s exit from the EU, including consideration of how effective and proportionate regulation can support attracting investment and liquidity to the U.K. Responses to the consultation may be submitted until March 11, 2021.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Dec 2020 20:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Seeks-Input-on-UK-Framework-for-Cro</guid>
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					      <title>UK Regulator Publishes Proposals for New Investment Firm Prudential Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Publishes-Proposals-for-New-Investme</link>
					      <description><![CDATA[
Following the discussion paper published earlier this year, the U.K. Financial Conduct Authority has launched its first consultation on the new U.K. Investment Firms Prudential Regime. The IFPR is a new prudential regime for U.K. firms authorized under the Markets in Financial Instruments Directive, which it is proposed will be introduced from January 1, 2022, subject to the progress of the Financial Services Bill. The IFPR is intended to simplify the prudential requirements applicable to solo-regulated U.K. investment firms. It will not apply to the larger investment firms that will remain dually regulated, that is, prudentially regulated by the Prudential Regulation Authority and regulated by the FCA for all other aspects. The consultation closes on February 5, 2021.

Read more.]]></description>
					      
						      <pubDate>Mon, 14 Dec 2020 20:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Publishes-Proposals-for-New-Investme</guid>
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					      <title>UK Central Securities Depository Granted Temporary Recognition by the European Securities and Markets Authority</title>
					      <link>https://finreg.aoshearman.com/UK-Central-Securities-Depository-Granted-Temporar</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced that Euroclear UK &amp; Ireland Limited, a central securities depository established in the U.K., will be granted recognition under the EU CSD Regulation. The recognition will allow Euroclear UK &amp; Ireland Limited to continue to provide certain services to EU customers after the end of the Brexit transitional period until at least June 30, 2021. ESMA&apos;s recognition decision follows the November 2020 temporary equivalence decision granted to U.K. CSDs.

View ESMA&apos;s announcement.

View details of the EU&apos;s equivalence decision for U.K. CSDs.]]></description>
					      
						      <pubDate>Fri, 11 Dec 2020 16:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Central-Securities-Depository-Granted-Temporar</guid>
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					      <title>UK Conduct Regulator Makes Permanent Ban on Marketing Speculative Illiquid Securities to Retail Investors</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Makes-Permanent-Ban-on-Marketing</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has made permanent its temporary ban on the marketing of speculative illiquid securities to retail investors. A temporary product intervention measure was introduced on January 1, 2020 for a period of one year while the FCA consulted on making the ban permanent. The measure restricted the mass-marketing of non-transferable bonds (sometimes colloquially termed &quot;mini-bonds&quot;) and preference shares to retail investors and required improved disclosure to be made to high-net-worth and sophisticated investors.

Read more.]]></description>
					      
						      <pubDate>Thu, 10 Dec 2020 14:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Makes-Permanent-Ban-on-Marketing</guid>
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					      <title>UK Prudential Regulator Publishes Policy Statement and Near-Final Rules on Implementation of CRD V</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Policy-Statement-and-Near</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a policy statement setting out responses to its consultations on the U.K. implementation of CRD V, as well as its near-final policy material. The final rule instruments will be published in time for the December 28, 2020 deadline for implementation of CRD V. The policy statement is relevant to U.K. banks, building societies, PRA-designated investment firms and U.K. financial holding companies and mixed financial holding companies.

Read more.]]></description>
					      
						      <pubDate>Wed, 09 Dec 2020 12:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Policy-Statement-and-Near</guid>
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					      <title>UK Prudential Regulator Consults on Banking Consolidation Group Prudential Compliance During Brexit Transition Period</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Banking-Consolidation</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has launched a consultation on which bank entities should be responsible for ensuring compliance with consolidated prudential requirements for U.K. banking consolidation groups for a transitional period between December 28, 2020 and the date on which the relevant group&apos;s parent holding company is approved or declared exempt from the requirements under the PRA&apos;s approval regime.

Read more.]]></description>
					      
						      <pubDate>Wed, 09 Dec 2020 12:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Banking-Consolidation</guid>
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					      <title>European Commission Consults on Central Securities Depositories Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Consults-on-Central-Securitie</link>
					      <description><![CDATA[
The European Commission has launched a consultation on proposals to improve securities settlement in the EU and on central securities depositories. The EU Central Securities Depositaries Regulation provides a harmonized regulatory and prudential regime for CSDs and increases the robustness and resilience of securities settlement arrangements. There is a single market for CSD services across the EU and a third-country equivalence regime for CSDs. Responses to the consultation can be submitted until February 2, 2021.

Read more.]]></description>
					      
						      <pubDate>Tue, 08 Dec 2020 15:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Consults-on-Central-Securitie</guid>
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					      <title>EU Authorities Warn of Potential Loss of Preferential Capital Treatment for STS Securitizations</title>
					      <link>https://finreg.aoshearman.com/EU-Authorities-Warn-of-Potential-Loss-of-Preferen</link>
					      <description><![CDATA[
The European Supervisory Authorities have issued a press release warning of the change in the status of &quot;simple, transparent and standardized&quot; securitization transactions at the end of the Brexit transition period on December 31, 2020. The Securitization Regulation provides the criteria for identifying which securitizations will be designated as STS securitizations, a system to monitor the application of those criteria as well as common requirements on risk retention, due diligence and disclosure. Related amendments to the EU Capital Requirements Regulation set out the regulatory treatment of exposures to securitizations that are deemed to be STS securitizations. For a securitization to qualify as an STS securitization, the EU Securitization Regulation requires the originator, sponsor and securitization special purpose entity to be established in the EU. The ESA&apos;s announcement highlights that securitizations that currently meet the STS criteria may not do so from January 1, 2021, if one or more of the originator, sponsor or SSPE are established in the U.K. The loss of STS status will mean that the EU CRR preferential capital treatment is no longer available.

The European Securities and Markets Authority will be working with EU national regulators to ensure that its database of STS securitizations is up to date as at January 1, 2021.

View the ESA&apos;s press release.]]></description>
					      
						      <pubDate>Mon, 07 Dec 2020 14:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Authorities-Warn-of-Potential-Loss-of-Preferen</guid>
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					      <title>HM Treasury Consults on Insolvency Changes for Payment and Electronic Money Institutions</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Consults-on-Insolvency-Changes-for-Payment-and</link>
					      <description><![CDATA[
HM Treasury has launched a consultation on the U.K. Government&apos;s proposed Special Administration Regime for payment institutions and electronic money institutions that fall within the scope of the Payment Services Regulations 2017 and the Electronic Money Regulations 2011. The SAR would address shortcomings of the existing insolvency regime for PIs and EMIs and would apply alongside Part 24 of the Financial Services and Markets Act 2000, which would also be extended to apply in full to PIs and EMIs. Responses to the consultation should be submitted by January 14, 2021.

Read more.]]></description>
					      
						      <pubDate>Thu, 03 Dec 2020 13:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Consults-on-Insolvency-Changes-for-Payment-and</guid>
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					      <title>European Central Bank Consults on Changes to Systemically Important Payment Systems Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Changes-to-Systemically</link>
					      <description><![CDATA[
The European Central Bank is consulting on revisions to the Regulation on oversight requirements for systemically important payment systems (known as the SIPS Regulation). The SIPS Regulation applies to systemically important large-value and retail payment systems. The Regulation is designed to improve the safety and efficiency of those payment systems.

Read more.]]></description>
					      
						      <pubDate>Fri, 27 Nov 2020 17:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Changes-to-Systemically</guid>
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					      <title>EU Grants Temporary Equivalence for UK Central Securities Depositories</title>
					      <link>https://finreg.aoshearman.com/EU-Grants-Temporary-Equivalence-for-UK-Central-Se</link>
					      <description><![CDATA[
An EU equivalence decision has been published in the Official Journal of the European Union granting temporary equivalence for U.K. central securities depositories from the end of the Brexit transitional period (on December 31, 2020). The equivalence decision applies to CSDs already established in the U.K. and will apply from January 1, 2021 until June 30, 2021.

View the EU equivalence decision for U.K. CSDs.]]></description>
					      
						      <pubDate>Thu, 26 Nov 2020 16:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Grants-Temporary-Equivalence-for-UK-Central-Se</guid>
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					      <title>EU Markets Authority Confirms Position on Derivatives Trading Obligation Post-Brexit</title>
					      <link>https://finreg.aoshearman.com/EU-Markets-Authority-Confirms-Position-on-Derivatives</link>
					      <description><![CDATA[
The European Securities and Markets Authority has confirmed its position, originally proposed in March 2019, that the derivatives trading obligation under the EU Markets in Financial Instruments Regulation will continue to apply without changes, and as things stand without any U.K. equivalency, after the end of the Brexit transition period on December 31, 2020.

The derivatives trading obligation requires EU investment firms to conclude transactions in certain derivatives on EU regulated markets, multilateral trading facilities, organized trading facilities or third-country venues in jurisdictions benefiting from an EU equivalence decision. The trading obligation applies to certain fixed-to-float interest rate swaps denominated in EUR, USD and GBP and to certain index credit default swaps (iTraxx Europe Main and iTraxx Europe Crossover).

Read more.]]></description>
					      
						      <pubDate>Wed, 25 Nov 2020 10:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Markets-Authority-Confirms-Position-on-Derivatives</guid>
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					      <title>European Central Bank Consults on EURIBOR Fallbacks</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-EURIBOR-Fallbacks</link>
					      <description><![CDATA[
The European Central Bank has published two consultation papers on fallback trigger events and fallback rates for EURIBOR. Responses to the consultations should be submitted by January 15, 2021.

Read more.]]></description>
					      
						      <pubDate>Mon, 23 Nov 2020 16:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-EURIBOR-Fallbacks</guid>
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					      <title>Financial Stability Board Report on Impact of Climate Change on Financial Stability</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Report-on-Impact-of-Climate-Change</link>
					      <description><![CDATA[
The Financial Stability Board has published a report on the Implications of Climate Change for Financial Stability. The report breaks climate-related financial stability risks down into three key categories: (i) physical risks (i.e., risks of economic losses caused by natural catastrophes); (ii) transition risks (i.e., risks arising from the process of adjusting to a low carbon economy); and (iii) liability risks (i.e., risks arising from parties being held liable for losses caused by environmental damage).

Read more.]]></description>
					      
						      <pubDate>Mon, 23 Nov 2020 10:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Report-on-Impact-of-Climate-Change</guid>
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					      <title>Revised Final Draft EU Technical Standards Published for Derivatives Margin and Clearing Obligations</title>
					      <link>https://finreg.aoshearman.com/Revised-Final-Draft-EU-Technical-Standards-Published</link>
					      <description><![CDATA[
The European Supervisory Authorities have published final draft amending Regulatory Technical Standards on the application of EU bilateral margining requirements and the clearing obligation under the European Market Infrastructure Regulation in light of Brexit. The draft RTS are set out in two separate reports - one published jointly by the ESAs (covering the bilateral margining requirements for uncleared derivatives), the other published by the European Securities and Markets Authority (covering the clearing obligation for certain derivatives).

Read more.]]></description>
					      
						      <pubDate>Mon, 23 Nov 2020 10:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Revised-Final-Draft-EU-Technical-Standards-Published</guid>
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					      <title>Financial Stability Board 2020 Progress Report on Benchmark Reform</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-2020-Progress-Report-on</link>
					      <description><![CDATA[
The Financial Stability Board has published a 2020 progress report on Reforming Major Interest Rate Benchmarks.

Read more.]]></description>
					      
						      <pubDate>Fri, 20 Nov 2020 16:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-2020-Progress-Report-on</guid>
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					      <title>UK Benchmark Regulator Consults on Exercise of New Powers under the Financial Services Bill</title>
					      <link>https://finreg.aoshearman.com/UK-Benchmark-Regulator-Consults-on-Exercise-of-New-Powers</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation on its proposed policy for exercising the new benchmark powers that are being introduced into U.K. law under the Financial Services Bill. Among other things, the Financial Services Bill includes potential enhanced powers for the FCA to wind-down a critical benchmark and deal with tough legacy contracts. The increased powers are being introduced in response to concerns and uncertainty about the transition from LIBOR to risk free rates by the end of 2021. Responses to the consultations may be submitted until January 18, 2021. 

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Nov 2020 16:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Benchmark-Regulator-Consults-on-Exercise-of-New-Powers</guid>
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					      <title>Financial Stability Board Issues Final Guidance on Financial Resources for CCP Resolution</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Issues-Final-Guidance-o</link>
					      <description><![CDATA[
The Financial Stability Board has issued a final report and guidance on financial resources to support CCP resolution and on the treatment of CCP equity in resolution. The FSB consulted on the guidance in 2018, stating that, in its view, further evidenced-based guidance was needed to develop the guidance, such as the practical experience of resolution planning that resolution authorities and Crisis Management Groups have gained.

Read more.]]></description>
					      
						      <pubDate>Mon, 16 Nov 2020 14:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Issues-Final-Guidance-o</guid>
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					      <title>HM Treasury and U.K. Regulators Publish Statement on Implementation Date for Prudential Reforms for UK Investment Firms</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-and-UK-Regulators-Publish-Statement-on</link>
					      <description><![CDATA[
HM Treasury has issued a joint statement with the U.K. Financial Conduct Authority and the Prudential Regulation Authority confirming a targeted implementation date of January 1, 2022 for the reforms to the prudential regulation of U.K. investment firms set out in the U.K. Financial Services Bill.

Read more.]]></description>
					      
						      <pubDate>Mon, 16 Nov 2020 13:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-and-UK-Regulators-Publish-Statement-on</guid>
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					      <title>EU Authority Updates Statements on Reporting Obligations Post-Brexit Transitional Period</title>
					      <link>https://finreg.aoshearman.com/EU-Authority-Updates-Statements-on-Reporting-Obligations</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published updated statements regarding the end of the Brexit transition period on December 31, 2020. 

Read more.]]></description>
					      
						      <pubDate>Tue, 10 Nov 2020 15:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Authority-Updates-Statements-on-Reporting-Obligations</guid>
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					      <title>UK Grants Equivalence to EEA CCPs</title>
					      <link>https://finreg.aoshearman.com/UK-Grants-Equivalence-to-EEA-CCPs</link>
					      <description><![CDATA[
The U.K. Central Counterparties (Equivalence) Regulations 2020 (SI No. 2020/1244) have been made, granting equivalence for EEA CCPs from 10:59 pm on December 31, 2020. The decision will enable U.K. businesses and trading venues to continue using the clearing services of EEA CCPs under the U.K. European Market Infrastructure Regulation after the end of the Temporary Recognition Regime, provided that the Bank of England grants the individual CCP concerned recognition status.

The EU has granted temporary equivalence for U.K. CCPs, which is set to expire in June 2022.

View the Central Counterparties (Equivalence) Regulations 2020, SI No. 2020/1244.

View details of the temporary equivalence decision for U.K. CCPs.]]></description>
					      
						      <pubDate>Tue, 10 Nov 2020 12:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Grants-Equivalence-to-EEA-CCPs</guid>
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					      <title>European Commission Publishes Roadmap for EU Bank Crisis Management and Deposit Insurance Framework</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Roadmap-for-EU-Bank-Crisis</link>
					      <description><![CDATA[
The European Commission has published a roadmap for its proposed review of the EU&apos;s crisis management and deposit insurance framework. The framework consists of the EU Bank Recovery and Resolution Directive, the EU Single Resolution Mechanism Regulation and the EU Deposit Guarantee Scheme Directive. It was introduced in the aftermath of the financial crisis and has applied across the EU since 2015 (in the case of BRRD and DGSD) and 2016 (in the case of SRMR). 

Read more.]]></description>
					      
						      <pubDate>Tue, 10 Nov 2020 12:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Roadmap-for-EU-Bank-Crisis</guid>
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					      <title>Final Draft EU Technical Standards for SME Growth Markets Under Market Abuse Regulation</title>
					      <link>https://finreg.aoshearman.com/Final-Draft-EU-Technical-Standards-for-SME-Growth</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its final report and final draft Technical Standards on the amendments to the Market Abuse Regulation for the promotion of SME Growth Markets. SME Growth Markets were a new sub-category of multilateral trading facility introduced by the revised Markets in Financial Instruments package in January 2018 to facilitate access to capital for SMEs. ESMA is mandated to prepare: (i) Regulatory Technical Standards on liquidity contracts; and (ii) Implementing Technical Standards on insider lists and to submit those to the European Commission by September 1, 2020. Due to the impact of the COVID-19 pandemic, the delivery of the final draft RTS and ITS have been delayed and ESMA acknowledges that it is unlikely that they will be adopted in time for the application of the amendments to MAR, which is January 1, 2021. The final report outlines ESMA&apos;s proposals and provides the final draft RTS and ITS that ESMA has submitted to the European Commission for consideration.

Read more.]]></description>
					      
						      <pubDate>Thu, 05 Nov 2020 21:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Draft-EU-Technical-Standards-for-SME-Growth</guid>
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					      <title>European Securities and Markets Authority Reports on Implementation of EU Central Securities Depositaries Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Report</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published two reports relevant to the EU Central Securities Depositaries Regulation. The CSDR provides a harmonized regulatory and prudential regime for CSDs and increases the robustness and resilience of securities settlement arrangements. There is a single market for CSD services across the EU and a third-country equivalence regime for CSDs. ESMA&apos;s reports, which will be considered as part of the upcoming review of CSDR by the European Commission, are on the following:
 

	Internalized settlement, which is the regime for settlement other than through an EU CSD. In the report, ESMA notes that no significant risks have been identified. National EU regulators have identified that operational risk and custody risk are evident, in response to which, ESMA recommends improved operational processes and enhanced identification of client accounts. According to ESMA, the issues involved in the internalized settlement reporting regime are normal in terms of any new reporting requirements. Noting the limited time period that the data covers, ESMA highlights that continued monitoring of the regime is important to assess whether the area warrants regulation. ESMA considers that custodian clients should at least be informed of the risks and costs of the place of settlement.
	Cross-border services and handling of applications. ESMA found that CSDR has had a limited impact on the provision of cross-border services in the EU by EU CSDs. ESMA states that future reports will need access to more detailed information and that they should consider whether most of the activity remains with global custodians as well as the impact of CSDR on costs and competition.


View ESMA&apos;s reports.]]></description>
					      
						      <pubDate>Thu, 05 Nov 2020 12:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Report</guid>
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					      <title>Global Financial Innovation Network Invites Applications for First Cross-Border Testing</title>
					      <link>https://finreg.aoshearman.com/Global-Financial-Innovation-Network-Invites-Appli</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has announced that it will be one of the 23 regulators participating in the cross-border testing initiative launched by the Global Financial Innovation Network. The other regulators involved are Abu Dhabi Global Market (ADGM), Australian Securities &amp; Investments Commission (ASIC), Alberta Securities Commission (ASC), Astana Financial Services Authority (AFSA), Autorit&amp;eacute; des march&amp;eacute;s financiers (AMF), Bank of Lithuania (LB), Bermuda Monetary Authority (BMA), British Columbia Securities Commission (BCSC), Capital Markets Authority (CMA, Kenya), Central Bank of Bahrain (CBB), Central Bank of United Arab Emirates (CB UAE), Consumer Financial Protection Bureau (CFPB), Ontario Securities Commission (OSC), Dubai Financial Services Authority (DFSA), Financial Services Commission Taiwan (FSC Taiwan), Guernsey Financial Services Commission (GFSC), Hong Kong Insurance Authority (HKIA), Hong Kong Monetary Authority (HKMA), Hong Kong Securities and Futures Commission (HKSFC), Jersey Financial Services Commission (JFSC), Magyar Nemzeti Bank (Central Bank of Hungary), Monetary Authority of Singapore (MAS).

The GFIN was launched at the start of 2019 and is a network of organizations committed to supporting financial innovation in the interests of consumers. One of GFIN&apos;s priorities is facilitating cross-border trials of emerging technologies across global jurisdictions (a global sandbox). GFIN has opened applications from firms to test innovative financial products, services or business models across more than one country or jurisdiction, and applications should be submitted by December 31, 2020.

View the GFIN cross-border testing site.

View the FCA&apos;s announcement.]]></description>
					      
						      <pubDate>Thu, 29 Oct 2020 12:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Global-Financial-Innovation-Network-Invites-Appli</guid>
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					      <title>Task Force on Climate-Related Financial Disclosures Publishes 2020 Status Report and Guidance</title>
					      <link>https://finreg.aoshearman.com/Task-Force-on-Climate-Related-Financial-Disclosures</link>
					      <description><![CDATA[
The Financial Stability Board&apos;s Task Force on Climate-Related Financial Disclosures has published its 2020 Status Report, describing progress in the global adoption of the TCFD&apos;s recommendations. 

Read more.]]></description>
					      
						      <pubDate>Thu, 29 Oct 2020 09:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Task-Force-on-Climate-Related-Financial-Disclosures</guid>
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					      <title>UK Conduct Regulator Extends Certification and Conduct Rules Implementation Deadlines</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Extends-Certification-and-Co</link>
					      <description><![CDATA[
Following its consultation earlier this year, the U.K. Financial Conduct Authority has published its final policy statement and rules to extend certain implementation deadlines for the Certification Regime and Conduct Rules. To assist firms impacted by the COVID-19 pandemic, the U.K. has made legislation—The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020— extending the deadline for completion of firms&apos; first assessments of the fitness and propriety of their Certified Persons from December 9, 2020, to March 31, 2021. This applies only to solo-regulated firms (other than benchmark administrators).

In addition to extending that date, the FCA has also extended the following deadlines from December 9, 2020, to March 31, 2021:

	the date the Conduct Rules come into force for staff that are not Senior Managers, Certification Staff or board directors;
	the date by which relevant employees must receive training on the Conduct Rules; and
	the deadline for submission of information about Directory Persons to the FS Register.


The FCA has reiterated that firms that are able to certify staff and submit information for the FS Register before March 31, 2021, should do so.

View the FCA&apos;s policy statement and amended rules.]]></description>
					      
						      <pubDate>Wed, 28 Oct 2020 12:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Extends-Certification-and-Co</guid>
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					      <title>EU Moves to Ease Brexit Implications for Post-Trade Transparency and Position Limits Regime</title>
					      <link>https://finreg.aoshearman.com/EU-Moves-to-Ease-Brexit-Implications-for-Post-Tra</link>
					      <description><![CDATA[
Following its statement at the start of October 2020, the European Securities and Markets Authority has announced that U.K. trading venues have been positively assessed for the purposes of the post-trade transparency obligations and position limits regime under the Markets in Financial Instruments package. From January 1, 2021, EU investment firms will not be required to make transactions public in the EU via an EU Approved Publication Arrangement if they are executed on a U.K. trading venue that appears on ESMA&apos;s transparency list. In addition, commodity derivative contracts traded on U.K. trading venues that are on ESMA&apos;s position limits list will not be considered as economically equivalent OTC contracts and will thus not be subject to the EU position limit regime.

View ESMA&apos;s announcements and lists.

View details of ESMA&apos;s earlier statement in October.

View details of the FCA&apos;s statement on the U.K.&apos;s position.]]></description>
					      
						      <pubDate>Tue, 27 Oct 2020 15:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Moves-to-Ease-Brexit-Implications-for-Post-Tra</guid>
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					      <title>EU Publishes Further Statement on Endorsement by EU Credit Rating Agencies of UK Ratings After the Brexit Transition Period</title>
					      <link>https://finreg.aoshearman.com/EU-Publishes-Further-Statement-on-Endorsement-by-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a further statement confirming that U.K. credit ratings can be endorsed by EU credit rating agencies from January 1, 2021, when the Brexit transition period ends. The EU CRA Regulation provides that banks, investment firms, insurers, reinsurers, management companies, investment companies, alternative investment fund managers and CCPs may use credit ratings only for certain regulatory purposes if a rating is issued by: (i) an EU CRA registered with ESMA; or (ii) a third-country CRA under the endorsement regime or the equivalence/certification regime. There is currently no equivalence decision for the U.K. CRA regime. Therefore, EU entities may use U.K. credit ratings only for regulatory purposes if the rating has been endorsed by an EU CRA. ESMA confirmed in March 2019 a positive assessment of the U.K.&apos;s CRA regime for the purposes of endorsement. However, the final decision to endorse is for an EU CRA.

Read more.]]></description>
					      
						      <pubDate>Tue, 27 Oct 2020 11:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Publishes-Further-Statement-on-Endorsement-by-</guid>
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					      <title>EU Markets Authority Updates Post-Brexit Position on EU Share Trading Obligation</title>
					      <link>https://finreg.aoshearman.com/EU-Markets-Authority-Updates-Post-Brexit-Position</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published an updated statement on the impact of Brexit on the trading obligation for shares where no decision on the U.K.&apos;s equivalence as a third country market has been made. The EU Markets in Financial Instruments Regulation requires investment firms to conclude transactions in shares admitted to trading on a regulated market or traded on an EU trading venue, i.e., namely regulated markets, multilateral trading facilities, systematic internalisers and equivalent third-country trading venues. The U.K. has adopted this requirement in its onshored MiFID II legislation. Similarly, following its exit from the EU, the new U.K. onshored share trading obligation would restrict the trading of shares in the U.K. to trades on U.K. trading venues unless a third-country equivalence decision was made.

Read more.]]></description>
					      
						      <pubDate>Mon, 26 Oct 2020 16:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Markets-Authority-Updates-Post-Brexit-Position</guid>
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					      <title>ISDA Launches IBOR Fallbacks Protocol</title>
					      <link>https://finreg.aoshearman.com/ISDA-Launches-IBOR-Fallbacks-Protocol</link>
					      <description><![CDATA[
The Internationals Swaps and Derivatives Association has launched its IBOR Fallbacks Supplement to the 2006 ISDA Definitions and 2020 IBOR Fallbacks Protocol. Both will become effective on January 25, 2021. The fallbacks provide alternative risk free rates to be used in place of discontinued or non-representative IBORs referenced in derivative contracts. 

Read more.]]></description>
					      
						      <pubDate>Fri, 23 Oct 2020 15:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ISDA-Launches-IBOR-Fallbacks-Protocol</guid>
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					      <title>Financial Action Task Force Updates Guidance for Proliferation Financing Risks</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Updates-Guidance-for-Proliferation</link>
					      <description><![CDATA[
Following its consultation earlier this year, the Financial Action Task Force has finalized amendments to Recommendation 1 and its Interpretive Note. Recommendation 1 provides guidance on assessing risks and applying a risk-based approach to money laundering and terrorist financing risks. The FATF has updated the Recommendation to require countries and the private sector to identify and assess risks of potential breaches, non-implementation or evasion of the targeted financial sanctions obligations referred to in Recommendation 7 linked to proliferation financing risks.

View the FATF&apos;s statement.

View the updated FATF Recommendations.]]></description>
					      
						      <pubDate>Fri, 23 Oct 2020 14:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Updates-Guidance-for-Proliferation</guid>
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					 <item>
					      <title>ISDA Publishes Papers on Legal Issues for Smart Contracts and Distributed Ledger Technology</title>
					      <link>https://finreg.aoshearman.com/ISDA-Publishes-Papers-on-Legal-Issues-for-Smart-Contracts</link>
					      <description><![CDATA[
The International Swaps and Derivatives Association, in conjunction with certain law firms, has published a series of papers analyzing key legal issues for smart contracts and distributed ledger technology across four jurisdictions: France, Ireland, Japan and New York. These are in addition to the papers covering England and Wales and Singapore, which ISDA published in January 2020.

Read more.]]></description>
					      
						      <pubDate>Wed, 21 Oct 2020 15:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ISDA-Publishes-Papers-on-Legal-Issues-for-Smart-Contracts</guid>
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					      <title>UK Parliament Publishes Financial Services Bill for Post-Brexit Regulatory Framework</title>
					      <link>https://finreg.aoshearman.com/UK-Parliament-Publishes-Financial-Services-Bill-for</link>
					      <description><![CDATA[
The U.K. Government has published a Financial Services Bill setting out a proposed regulatory framework for the financial services industry following the U.K.&apos;s exit from the EU. The Bill is part of the U.K.&apos;s wider initiative under the Future Regulatory Framework Review to re-frame its regulatory framework. Although Brexit has brought challenges to the financial sector, there may also be post-Brexit opportunities for the U.K. to seize. The aim of these reforms is to cement the U.K.&apos;s position as a global financial centre of excellence. A core piece of that will be to set conditions that continue attracting business to the U.K. and to look for opportunities to cut &quot;red tape&quot; whilst at the same time maintaining the U.K.&apos;s globally recognized high regulatory standards.

Read more]]></description>
					      
						      <pubDate>Wed, 21 Oct 2020 11:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Parliament-Publishes-Financial-Services-Bill-for</guid>
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					      <title>UK Prudential Regulator Issues Further Consultation on Implementation of CRD V and CRR II</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Issues-Further-Consultation-on</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a further consultation on its proposed implementation of the fifth Capital Requirements Directive. CRD V came into force in July 2019. EU Member States are required to implement the majority of CRD V provisions by December 28, 2020. As this is prior to the end of the U.K.&apos;s Brexit transition period, the U.K. is obliged to transpose those provisions of CRD V that are applicable befor the end of the transition period into U.K. law under the terms of the EU-U.K. Withdrawal Agreement.

Read more.]]></description>
					      
						      <pubDate>Tue, 20 Oct 2020 10:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Issues-Further-Consultation-on</guid>
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					      <title>European Commission Launches Consultation on European Long-Term Investment Funds Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Launches-Consultation-on-European</link>
					      <description><![CDATA[
The European Commission has launched a public consultation on possible improvements to the European Long-Term Investment Funds Regulation. The ELTIF Regulation has applied across the EU since December 2015 and is designed to encourage investment in long-term projects in the real economy, such as infrastructure projects, real estate and listed and unlisted small and medium-sized enterprises. However, only a small number of ELTIFs have been launched since the Regulation was introduced. In addition, in its 2020 report, the High Level Forum on the Capital Markets Union recommended that the ELTIF Regulation be reviewed in order to broaden the scope of eligible assets and reduce potential barriers to investment.

Read more.]]></description>
					      
						      <pubDate>Mon, 19 Oct 2020 12:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Launches-Consultation-on-European</guid>
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					      <title>HM Treasury Consults on Phase II of UK&apos;s Financial Services Future Regulation Framework Review</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Consults-on-Phase-II-of-UKs-Financial-Services</link>
					      <description><![CDATA[
HM Treasury has launched a consultation on Phase II of the U.K.&apos;s Financial Services Future Regulatory Framework Review. Phase II focuses on how the U.K.&apos;s financial services regulatory framework must be adapted to be fit for the future given the U.K.&apos;s exit from the EU. The first part of Phase II, to which this consultation relates, seeks to establish a blueprint for financial services regulation. Responses to the consultation should be submitted by February 19, 2021. The second part of Phase II will constitute a final package of proposals and will be consulted on later in 2021.

Read more.]]></description>
					      
						      <pubDate>Mon, 19 Oct 2020 11:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Consults-on-Phase-II-of-UKs-Financial-Services</guid>
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					      <title>Financial Stability Board Publishes Global Transition Roadmap for LIBOR</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Global-Transition</link>
					      <description><![CDATA[
The Financial Stability Board has published a roadmap setting out a target timeline for firm&apos;s transition away from LIBOR benchmarks. The roadmap is aimed at financial and non-financial firms to ensure a successful transition away from LIBOR by the end of 2021.

Read more.]]></description>
					      
						      <pubDate>Fri, 16 Oct 2020 15:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Global-Transition</guid>
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					      <title>HM Treasury Publishes Results of Consultation on CRD V Implementation</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Results-of-Consultation-on-CRD-V</link>
					      <description><![CDATA[
HM Treasury has published a summary of the responses to its consultation on the U.K.&apos;s implementation of the fifth Capital Requirements Directive, together with HM Treasury&apos;s proposed next steps. CRD V came into force in July 2019 and EU Member States are required to implement the majority of its provisions by December 28, 2020. As this is prior to the end of the U.K.&apos;s Brexit transition period, the U.K. is obliged to transpose these provisions of CRD V that are applicable before the end of the transition period into U.K. law under the terms of the EU-U.K. Withdrawal Agreement. 

Read more.]]></description>
					      
						      <pubDate>Thu, 15 Oct 2020 10:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Results-of-Consultation-on-CRD-V</guid>
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					      <title>EU Consultation on Proposed Revisions to the Guidelines on Major Incident Reporting for Payment Service Providers</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Proposed-Revisions-to-the-Guidelines</link>
					      <description><![CDATA[
The European Banking Authority has opened a consultation on proposed revisions to the Guidelines on major incident reporting under the revised Payment Services Directive. PSD2 requires payment services providers to establish and maintain effective incident management procedures for, among other things, detecting and classifying major operational or security incidents. PSPs are required to notify their home state regulator if a major incident occurs. The Guidelines, which have applied across the EU since January 1, 2018, stipulate the criteria that PSPs should use to classify an operational or security incident as &quot;major.&quot; Major incidents must be reported to a PSP&apos;s national regulator using the format provided in the Guidelines. The EBA is consulting on targeted amendments to the Guidelines. Responses to the consultation may be submitted until December 14, 2020. The EBA expects that the revisions to the Guidelines will become applicable by Q4 2021.

Read more.]]></description>
					      
						      <pubDate>Wed, 14 Oct 2020 14:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Proposed-Revisions-to-the-Guidelines</guid>
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					      <title>Final Roadmap for Enhancing Cross-Border Payments Published by the Financial Stability Board</title>
					      <link>https://finreg.aoshearman.com/Final-Roadmap-for-Enhancing-Cross-Border-Payments</link>
					      <description><![CDATA[
The Financial Stability Board has published a Roadmap for enhancing cross-border payments. The Roadmap is the final stage in the G20&apos;s three-stage process to enable countries to enhance their cross-border payments systems. The FSB published the Stage 1 report in April 2020, which identified existing challenges in cross-border payments systems and specified key &quot;frictions&quot; in the cross-border payments system that contribute to these challenges. The Stage 2 report, published by the Committee on Payments and Market Infrastructures in July 2020, covered the 19 building blocks where further public and private sector work would enhance cross-border payments and address the frictions ascertained by the FSB.

Read more.]]></description>
					      
						      <pubDate>Tue, 13 Oct 2020 19:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Roadmap-for-Enhancing-Cross-Border-Payments</guid>
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					      <title>Financial Stability Board Publishes Final Recommendations on Global Stablecoins</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Final-Recomm</link>
					      <description><![CDATA[
Following its consultation earlier this year, the Financial Stability Board has published a final report on the regulation, supervision and oversight of global stablecoin arrangements. In the report, the FSB discusses the characteristics of GSCs, the risks posed by GSCs, existing approaches to regulating and supervising GSCs and issues with cross-border supervision of GSCs. Alongside the report, the FSB has published a summary of the responses to its consultation.

Read more.]]></description>
					      
						      <pubDate>Tue, 13 Oct 2020 18:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Final-Recomm</guid>
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					      <title>Bank for International Settlements Report on Central Bank Digital Currencies</title>
					      <link>https://finreg.aoshearman.com/Bank-for-International-Settlements-Report-on-Central</link>
					      <description><![CDATA[
The Bank for International Settlements, together with seven central banks (Bank of Canada, European Central Bank, Bank of Japan, Sveriges Riksbank, Swiss National Bank, Bank of England and Board of Governors Federal Reserve System) has released a report on the principles and core features of central bank digital currencies. The central banks concerned do not give any opinions on whether they intend to issue CBDCs. Instead, the report sets out three key principles for a hypothetical CBDC, namely: (i) that it should do no harm to central banks&apos; public policy objectives or interfere with financial stability; (ii) that it should complement existing forms of central bank money; and (iii) that it should promote innovation and efficiency, to deter users from adopting other, less safe instruments or currencies.

Read more.]]></description>
					      
						      <pubDate>Fri, 09 Oct 2020 15:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-for-International-Settlements-Report-on-Central</guid>
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					      <title>ISDA Announces Upcoming Launch of IBOR Fallbacks Protocol</title>
					      <link>https://finreg.aoshearman.com/ISDA-Announces-Upcoming-Launch-of-IBOR-Fallbacks-</link>
					      <description><![CDATA[
The International Swaps and Derivatives Association has announced that it will launch its IBOR Fallbacks Supplement to the 2006 ISDA Definitions and its 2020 IBOR Fallbacks Protocol on October 23, 2020, although they will not take effect until January 25, 2021. The Supplement and Protocol implement fallbacks for derivatives contracts that reference discontinued or non-representative IBORs.

Read more.]]></description>
					      
						      <pubDate>Fri, 09 Oct 2020 15:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ISDA-Announces-Upcoming-Launch-of-IBOR-Fallbacks-</guid>
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					      <title>EU Technical Standards Published on Central Contact Points Under the Revised Payment Services Directive</title>
					      <link>https://finreg.aoshearman.com/EU-Technical-Standards-Published-on-Central-Contact</link>
					      <description><![CDATA[
A Commission Delegated Regulation setting out Regulatory Technical Standards on central contact points under the revised Payment Services Directive has been published in the Official Journal of the European Union. The RTS apply where a payment institution or electronic money institution with its head office in one EU member state provides payment services on a cross-border basis, under the right of establishment, through agents in another (host) member state. PSD2 gives the national regulators in the host member state the option of requiring that payment institutions or electronic money institutions operating through agents must establish a central contact point in the host territory to ensure adequate communication and information reporting and effective supervision.

Read more.]]></description>
					      
						      <pubDate>Fri, 09 Oct 2020 14:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Technical-Standards-Published-on-Central-Contact</guid>
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					      <title>Bank of England Financial Policy Committee Publishes Policy Summary</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Financial-Policy-Committee-Publishes-Policy</link>
					      <description><![CDATA[
The Bank of England&apos;s Financial Policy Committee has published its latest Policy Summary and the minutes of its meeting held on September 30, 2020. The FPC notes a range of near-term risks that could impact the U.K. economy, including the evolution of the COVID-19 pandemic, post-Brexit trading arrangements between the U.K. and EU and various other geopolitical risks. 

Read more.]]></description>
					      
						      <pubDate>Thu, 08 Oct 2020 15:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Financial-Policy-Committee-Publishes-Policy</guid>
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					      <title>UK Conduct Regulator Bans Sale to Retail Clients of Derivatives Referencing Crypto-Assets from January 2021</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Bans-Sale-to-Retail-Clients-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Policy Statement and final rules prohibiting the sale, marketing and distribution to retail clients of derivatives and exchange traded notes referencing certain types of unregulated, transferable crypto-assets by firms acting in, or from, the U.K. The ban will apply from January 6, 2021.

The prohibition will apply to the marketing, distributing or selling of crypto derivatives in, or from, the U.K. to retail clients by MiFID investment firms, MiFID optional exemption firms, U.K. branches of third-country investment firms and to EEA MiFID investment firms that currently passport into the U.K. and which will continue operating after the Brexit transitional period ends on January 1, 2021.

Read more.]]></description>
					      
						      <pubDate>Tue, 06 Oct 2020 19:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Bans-Sale-to-Retail-Clients-</guid>
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					      <title>EU Final Guidelines on Transfers of Information Between Securitization Repositories</title>
					      <link>https://finreg.aoshearman.com/EU-Final-Guidelines-on-Transfers-of-Information-B</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report and final guidelines on the portability of information between securitization repositories under the EU Securitization Regulation. ESMA is responsible for the registration and supervision of securitization repositories. It is required under the Securitization Regulation to develop guidelines for supervisory purposes and will apply them from January 1, 2021, except for those provisions that require securitization repositories to have policies for the orderly transfer of data to other securitization repositories, which apply from June 18, 2021. The guidelines will apply to transfers of information between repositories either at the request of a reporting entity or in the event of a securitization repository&apos;s registration being withdrawn. The guidelines set out the specific procedures and the content of policies for the orderly transfer of information by securitization repositories.

View ESMA&apos;s final report and guidelines.]]></description>
					      
						      <pubDate>Mon, 05 Oct 2020 15:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Final-Guidelines-on-Transfers-of-Information-B</guid>
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					      <title>EU Report on the Potential for a Digital Euro</title>
					      <link>https://finreg.aoshearman.com/EU-Report-on-the-Potential-for-a-Digital-Euro</link>
					      <description><![CDATA[
The European Central Bank has published a report by the Eurosystem High-Level Task Force on a digital euro. The digital euro would be a form of central bank digital currency. No decision has been taken yet to issue a digital euro. The report sets out the reasons for having a digital euro, the potential impact of a digital euro, legal considerations, functional design possibilities and technical and operational approaches to digital euro services. A consultation on the potential launch of a digital euro is expected in October 2020.

The Bank of England issued a discussion paper in March 2020 on the opportunities, challenges and design of a potential U.K. CBDC. The ECB and the BoE are two of the central banks that are investigating the potential of CBDCs. Other central banks include the Bank of Canada, the Bank of Japan, the Sveriges Riksbank, the Swiss National Bank and the Bank for International Settlements.

View the ECB&apos;s report on a digital euro.]]></description>
					      
						      <pubDate>Fri, 02 Oct 2020 16:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Report-on-the-Potential-for-a-Digital-Euro</guid>
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					      <title>UK Conduct Regulator Confirms Post-Brexit Position on Post-Trade Transparency and Position Limits</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Confirms-Post-Brexit-Positio</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has issued a statement confirming the U.K. position from January 1, 2021, for post-trade transparency reporting obligations and position limit regime under the U.K. Markets in Financial Instruments package. The FCA confirms that:

	U.K. firms trading on non-U.K. trading venues will not be required to publish details of those transactions through a U.K. Approved Publication Arrangement; and
	Commodity derivative contracts traded on trading venues are not considered by the FCA to be economically equivalent OTC contracts and will not be subject to the U.K. commodity derivatives position limits regime.


The FCA&apos;s statement follows the statement made the previous day by the European Securities and Markets Authority that it intended to assess U.K. trading venues for the purpose of the EU post-trade transparency obligations and position limits regime. If ESMA assesses a U.K. trading venue positively, then trades on the venue will not need to be reported by EU investment firms through an EU APA, and they will not be subject to the position limits regime.

View the FCA&apos;s statement.

View details of ESMA&apos;s statement.]]></description>
					      
						      <pubDate>Fri, 02 Oct 2020 15:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Confirms-Post-Brexit-Positio</guid>
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					      <title>EU to Assess UK Trading Venues to Clarify Post-Brexit Position for Post-Trade Transparency and Position Limits Regime</title>
					      <link>https://finreg.aoshearman.com/EU-to-Assess-UK-Trading-Venues-to-Clarify-Post-Br</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published updated statements on the impact of Brexit on the application of the Markets in Financial Instruments package and the EU Benchmark Regulation. ESMA issued statements in 2019 to clarify the position in a no-deal scenario. These latest statements provide updates to take into account the Withdrawal Agreement and the end of the Brexit transition period on December 31, 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 01 Oct 2020 10:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-to-Assess-UK-Trading-Venues-to-Clarify-Post-Br</guid>
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					      <title>Final Technical Standards on Third-Country Investment Firm Registration and Reporting Requirements</title>
					      <link>https://finreg.aoshearman.com/Final-Technical-Standards-on-Third-Country-Invest</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published final draft Technical Standards on the provision of investment services and activities in the EU by third-country firms under the Markets in Financial Instruments package. Amendments that were made to the MiFID II package under the Investment Firm Regulation and Directive require, among other things, third-country firms providing services to all types of clients to provide ESMA with further information. In addition, ESMA has increased powers over third-country firms providing services to eligible counterparties and per se professional clients, such as the ability to conduct on-site inspections and impose product restrictions or prohibitions. The revisions will apply from June 26, 2021.

Read more.]]></description>
					      
						      <pubDate>Mon, 28 Sep 2020 11:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Technical-Standards-on-Third-Country-Invest</guid>
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					      <title>EU Grants Temporary Recognition to UK CCPs For End of Brexit Transition Period</title>
					      <link>https://finreg.aoshearman.com/EU-Grants-Temporary-Recognition-to-UK-CCPs-For-En</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced that it has granted temporary third-country recognition to three U.K. CCPs from January 1, 2021 under the European Market Infrastructure Regulation. ESMA&apos;s announcement follows the time-limited equivalence decision for the U.K.&apos;s legal and regulatory supervision regime of U.K. CCPs, which was published on September 21, 2020. The third-country recognition for ICE Clear Europe Limited, LCH Limited and LME Clear Limited means that EU clearing members of these three CCPs will be able to continue to access the services and that the CCPs will be able to continue to provide their services in the EU at the end of the transition period on December 31, 2020, following the U.K.&apos;s withdrawal from the EU.

Read more.]]></description>
					      
						      <pubDate>Mon, 28 Sep 2020 10:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Grants-Temporary-Recognition-to-UK-CCPs-For-En</guid>
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					      <title>EU Securities Authority Recommends Changes to EU Market Abuse Regulation</title>
					      <link>https://finreg.aoshearman.com/EU-Securities-Authority-Recommends-Changes-to-EU-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report on the review of the Market Abuse Regulation. MAR requires the European Commission to report on certain aspects of the operation of MAR, including where appropriate, making recommendations for legislative change. ESMA&apos;s final report and recommendations will support the work by the Commission on producing that report. The proposals will mostly affect issuers of financial instruments admitted to trading or trading on a trading venue, investment firms and asset management firms.

Read more.]]></description>
					      
						      <pubDate>Thu, 24 Sep 2020 12:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Securities-Authority-Recommends-Changes-to-EU-</guid>
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					      <title>European Commission Sets out Capital Markets Union Action Plan</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Sets-out-Capital-Markets-Union-Action</link>
					      <description><![CDATA[
The European Commission has published a Communication to EU bodies on its Capital Markets Union Action Plan. The CMU is an EU initiative which aims to enhance and further integrate the capital markets of EU Member States. An action plan to develop the initiative was first adopted in 2015 and has been commented upon and updated since then. The Commission&apos;s Communication sets out the latest Action Plan, and is accompanied by a Q&amp;A. It follows the recommendations of the High-Level Forum on the CMU, which proposed 17 key recommendations for the CMU, and the Commission&apos;s Roadmap on the CMU which set out details of the Commission&apos;s proposed Action Plan for comments by interested parties.

Read more.]]></description>
					      
						      <pubDate>Thu, 24 Sep 2020 11:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Sets-out-Capital-Markets-Union-Action</guid>
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					      <title>European Commission Sets Out EU Digital Finance Strategy</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Sets-Out-EU-Digital-Finance-Strategy</link>
					      <description><![CDATA[
The European Commission has published a Communication on its EU digital finance strategy for the coming years. The global economy has been transformed by digital innovation, and this includes financial services. The Commission&apos;s strategic objective is to embrace digital finance for the benefit of consumers and businesses while ensuring digital transformation is soundly regulated. To achieve this objective, the Commission sets out four priorities for the digital transformation of the EU financial sector over the next four years and the actions it will take to achieve them.

Read more.]]></description>
					      
						      <pubDate>Thu, 24 Sep 2020 11:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Sets-Out-EU-Digital-Finance-Strategy</guid>
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					      <title>European Commission Proposal for Pilot Distributed Ledger Technology Regime Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Proposal-for-Pilot-Distributed</link>
					      <description><![CDATA[
The European Commission has published a proposal for a new EU Regulation on a pilot regime for distributed ledger technology. The pilot regime is intended to promote legal certainty, to support innovation, to preserve market integrity and to ensure financial stability for the use of DLT in crypto-asset and e-money token markets. The Commission has simultaneously published a proposed Regulation on markets in crypto-assets and e-money tokens. The proposed Regulations follow the Commission&apos;s consultation on an EU framework for crypto-assets, which closed in January 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 24 Sep 2020 11:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Proposal-for-Pilot-Distributed</guid>
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					      <title>European Commission Proposal for Crypto-asset Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Proposal-for-Crypto-asset-Regulation</link>
					      <description><![CDATA[
The European Commission has published a proposal for a new EU Regulation on crypto-assets. The proposed Regulation is intended to improve legal certainty in the regulatory treatment of crypto-assets, to support the development of crypto-assets, to preserve consumer protection and market integrity in crypto-asset markets and to ensure financial stability. The Commission has simultaneously published a Regulation on a pilot regime for distributed ledger technology. The proposed Regulations follow the Commission&apos;s consultation on an EU framework for crypto-assets, which closed in January 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 24 Sep 2020 11:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Proposal-for-Crypto-asset-Regulation</guid>
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					      <title>European Commission Sets out EU Retail Payments Strategy</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Sets-out-EU-Retail-Payments-Strategy</link>
					      <description><![CDATA[
The European Commission has published a Communication on its EU retail payments strategy for the coming years. The payments sector has experienced significant change in recent years. Retail payments are increasingly dematerialized and disintermediated, with large technology companies playing a more significant part in the payments sector. The EU payments market is also largely fragmented along national borders, leading to a small number of large firms providing cross-border services and inhibiting domestic FinTechs. The Commission&apos;s strategic objective is to establish a clear EU policy framework for retail payments that manages the risk of inconsistencies and market fragmentation across the EU.

Read more.]]></description>
					      
						      <pubDate>Thu, 24 Sep 2020 10:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Sets-out-EU-Retail-Payments-Strategy</guid>
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					      <title>European Commission Proposals for Digital Operational Resilience Regulation and Amending Directive </title>
					      <link>https://finreg.aoshearman.com/European-Commission-Proposals-for-Digital-Operational</link>
					      <description><![CDATA[
The European Commission has published proposals for a new EU Regulation on digital operational resilience for the financial sector and a new EU Directive amending certain pieces of existing EU financial services legislation to strengthen digital operational resilience and provide legal certainty on crypto-assets. The new legislation has been proposed as a result of the risks arising from the increase in digital opportunities within the financial sector. There are currently no detailed rules at EU level on digital operational resilience, exposing the need for comprehensive and harmonized legislation governing this area.

Read more.]]></description>
					      
						      <pubDate>Thu, 24 Sep 2020 09:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Proposals-for-Digital-Operational</guid>
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					      <title>UK Conduct Regulator Consults on Post-Brexit Approach to Authorization for Non-UK Firms</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Post-Brexit-Approach</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation on its intended approach to international firms seeking to provide regulated financial services in the U.K. after the Brexit transition period ends on December 31, 2020 and the U.K.&apos;s temporary permissions regime comes to an end three years later.  The FCA intends to use the consultation responses to inform the publication of a document that would explain the FCA&apos;s general approach to regulating international firms. The consultation does not propose any changes to the FCA&apos;s existing rules or to the FCA Handbook. Responses should be submitted by November 27, 2020.

Read more.]]></description>
					      
						      <pubDate>Wed, 23 Sep 2020 11:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Post-Brexit-Approach</guid>
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					      <title>Bank of England Consults on Changes to Brexit Onshoring Legislation</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Changes-to-Brexit-Onshoring</link>
					      <description><![CDATA[
The Bank of England has launched a consultation on proposed changes to the BoE and Prudential Regulation Authority&apos;s Brexit onshoring legislation. The U.K. left the EU on January 31, 2020. Under the terms of the EU Withdrawal Agreement, the U.K. agreed that EU legislation continues to apply in the U.K. until the end of the transition or implementation period on December 31, 2020 (known as &quot;IP completion day&quot;). The existing Brexit onshoring legislation ensures that, after EU law ceases to apply in the UK at the end of the transition or implementation period, U.K. legislation remains functional. Further updates to the onshoring legislation and regulatory rules are needed, however, to take account of the transition or implementation period (which delayed the entry into force of the onshoring legislation) and of additional EU legislation that will apply in the U.K. prior to the end of that period.

Read more.]]></description>
					      
						      <pubDate>Tue, 22 Sep 2020 11:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Changes-to-Brexit-Onshoring</guid>
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					      <title>UK Treasury Committee Seeks Answers from UK Bodies on FinCen Papers and Economic Crime</title>
					      <link>https://finreg.aoshearman.com/UK-Treasury-Committee-Seeks-Answers-from-UK-Bodies</link>
					      <description><![CDATA[
The U.K. Treasury Committee has written to the U.K. Financial Conduct Authority, HM Revenue and Customs and the U.K. Department for Business, Energy and Industrial Strategy, seeking answers to a series of questions on the actions each of the bodies are taking to combat economic crime and the significance of the &quot;FinCen files&quot; leak. The FinCen files are essentially a series of leaked suspicious transaction reports originally sent by banks to the US Financial Crimes Enforcement Network between 2000-2017 notifying FinCen of suspicious transactions.

Read more.]]></description>
					      
						      <pubDate>Tue, 22 Sep 2020 11:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Treasury-Committee-Seeks-Answers-from-UK-Bodies</guid>
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					      <title>European Banking Authority Phases Out COVID-19 Guidelines on Loan Repayments Moratoria</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Phases-Out-COVID-19-Guidelines</link>
					      <description><![CDATA[
The European Banking Authority has confirmed that it will phase out its Guidelines on legislative and non-legislative payment moratoria in accordance with its September 30, 2020 deadline. The EBA originally published the Guidelines in April 2020, stipulating that, for a period of three months, banks should not class payment moratoria that were based on national law or private-sector initiatives as forbearance or distressed restructuring practices, in light of the COVID-19 pandemic. The Guidelines were extended for a further three months on June 30, 2020 but the EBA now intends to comply with the September 30, 2020 phase out deadline in light of the success of the temporary moratoria and the need to return to the usual rescheduling of loans on a case-by-case approach.  The treatment described in the Guidelines will continue to apply to payment holidays granted prior to September 30, 2020.

View the EBA&apos;s statement on the phase-out of its Guidelines.

View details of the EBA&apos;s Guidelines.]]></description>
					      
						      <pubDate>Mon, 21 Sep 2020 11:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Phases-Out-COVID-19-Guidelines</guid>
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					      <title>UK Prudential Regulation Authority Publishes Proprietary Trading Review</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Publishes-Proprietary</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a report on the extent of proprietary trading by PRA-authorized deposit takers and investment firms incorporated in the U.K. Restrictions on proprietary trading (being the trading of financial instruments or commodities as principal by banks or investment firms) were introduced for ring-fenced retail banks in the wake of the 2008 financial crisis and came into force in January 2019. However, the U.K. decided not to impose a complete ban on proprietary trading for all banks, as had been seen in other countries, such as the U.S. under the Volcker Rule. Instead, the PRA was mandated to produce a report under the Financial Services (Banking Reform) Act 2013, with a view to informing the U.K. Parliament of the need for any further restrictions on proprietary trading.

Read more.]]></description>
					      
						      <pubDate>Mon, 21 Sep 2020 11:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Publishes-Proprietary</guid>
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					      <title>International Organization of Securities Commissions Publishes Guidance on Conflicts of Interest in Debt Capital Raising</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions-Publishes-Guidance</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published guidance on how to address potential conflicts of interest and associated conduct risks for intermediaries involved in the issuance of debt securities. Intermediaries may perform a variety of roles on a debt capital raising transaction and may also have a proprietary interest in the transaction itself.  In 2017, the IOSCO Board decided to examine conflicts of interest and other conduct risks in the capital raising process. IOSCO published guidance for the equity capital raising process in September 2018.

Read more.]]></description>
					      
						      <pubDate>Mon, 21 Sep 2020 11:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions-Publishes-Guidance</guid>
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					      <title>UK Law Commission Announces Projects on Accommodating Smart Contracts and Digital Assets into English Law</title>
					      <link>https://finreg.aoshearman.com/UK-Law-Commission-Announces-Projects-on-Accommodating</link>
					      <description><![CDATA[
The U.K. Law Commission has announced two new projects designed to ensure that English law is able to accommodate smart contracts and digital assets.

Smart contracts are automated contracts such as distributed ledgers which are produced without human intervention. The Law Commission plans to investigate various questions arising from the use of smart contracts, including: (i) in what circumstances will contracts written in code be legally binding; (ii) how should smart contracts be interpreted by the courts; and (iii) what are the legal consequences of the code not performing as intended? The Law Commission is seeking input from the business and technology sectors and intends to publish a call for evidence in late 2020.

Read more.]]></description>
					      
						      <pubDate>Mon, 21 Sep 2020 11:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Law-Commission-Announces-Projects-on-Accommodating</guid>
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					      <title>International Swaps and Derivatives Association Letter on Timing of ISDA IBOR Fallbacks Protocol</title>
					      <link>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Association-Letter</link>
					      <description><![CDATA[
The International Swaps and Derivatives Association has written to the Co-Chairs of the Financial Stability Board Official Sector Steering Group seeking input on its proposed timing for the launch of its IBOR Fallbacks Protocol and IBOR Fallbacks Supplement. The Protocol and Supplement will implement fallbacks for derivatives contracts that reference discontinued or non-representative IBORs. The launch of the Protocol and Supplement is subject to approvals from various international competition authorities, which are still pending. Once the approvals have been obtained, ISDA intends to provide market participants with roughly two weeks&apos; notice of the launch and effective dates of the Protocol and Supplement, allowing market participants to adhere to the Protocol &apos;in escrow&apos; prior to its launch date. ISDA expects the effective dates of the Protocol and Supplement to occur approximately three months after the launch date, and in any case not before the second half of January 2021.

View ISDA&apos;s letter.]]></description>
					      
						      <pubDate>Mon, 21 Sep 2020 11:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Association-Letter</guid>
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					      <title>European Commission Decision Temporarily Establishes UK CCP Equivalence</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Decision-Temporarily-Establishes</link>
					      <description><![CDATA[
The European Commission has published a Decision temporarily determining that U.K. central counterparties will be deemed equivalent to EU standards under the European Market Infrastructure Regulation. The Decision will apply from January 1, 2021 until June 30, 2022. The U.K.&apos;s Brexit transition period ends on December 31, 2020, after which it will cease to form part of the EU&apos;s arrangement for financial services. The Decision grants equivalence for a limited 18-month duration.

Read more.]]></description>
					      
						      <pubDate>Mon, 21 Sep 2020 10:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Decision-Temporarily-Establishes</guid>
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					      <title>EMIR 2.2 Secondary Legislation Published</title>
					      <link>https://finreg.aoshearman.com/EMIR-22-Secondary-Legislation-Published</link>
					      <description><![CDATA[
Three Commission Delegated Regulations have been published in the Official Journal of the European Union, supplementing the revised European Market Infrastructure Regulation. The Delegated Regulations contain provisions related to the changes introduced by EMIR 2.2, the amending EU Regulation that came into force on January 1, 2020 and introduced changes to the procedures and authorities involved in the authorization of central counterparties and the requirements for the recognition of third-country CCPs. EMIR 2.2 also introduced a new tiering system for third-country CCPs, making non-systemically important (or &quot;Tier 1&quot;) third-country CCPs subject to less stringent requirements than systemically important (or &quot;Tier 2&quot;) third-country CCPs. The Commission Delegated Regulations all relate to third-country CCP provisions of EMIR 2.2 and will enter into force on September 22, 2020. They have been published in the form adopted by the European Commission in July 2020.

Read more.]]></description>
					      
						      <pubDate>Mon, 21 Sep 2020 09:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EMIR-22-Secondary-Legislation-Published</guid>
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					      <title>European Central Bank Decision Excluding Eurozone Central Bank Exposures from Total Exposure Measures</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Decision-Excluding-Eurozone</link>
					      <description><![CDATA[
The European Central Bank has published a Decision in the Official Journal of the European Union temporarily excluding certain central bank exposures from significant Eurozone banks&apos; leverage ratio calculations for the purposes of the EU Capital Requirements Regulation. The Decision will enter into force on September 26, 2020 and the exclusion will apply until June 27, 2021.

Read more.]]></description>
					      
						      <pubDate>Mon, 21 Sep 2020 09:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Decision-Excluding-Eurozone</guid>
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					      <title>European Securities and Markets Authority Renews Notification Requirement for Net Short Positions at or Exceeding 0.1%</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Renews-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has renewed its decision requiring holders of net short positions in shares traded on an EU-regulated market to notify national regulators if the position reaches or exceeds 0.1% of issued share capital. ESMA originally introduced the requirement on March 16, 2020 for a period of three months, extending it for a further three months on June 17, 2020. ESMA&apos;s latest decision means the measure will now apply from September 18, 2020 until December 18, 2020.

Read more.]]></description>
					      
						      <pubDate>Fri, 18 Sep 2020 16:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Renews-</guid>
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					      <title>European Central Bank Publishes Guide to Assessment Methodology for Counterparty Credit Risk and Credit Valuation Adjustment Risk Calculations</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Guide-to-Assessment</link>
					      <description><![CDATA[
The European Central Bank has published its final Guide on the assessment methodology it will use to examine: (i) the internal model methods banks use to calculate exposures to counterparty credit risk; and (ii) the advanced methods banks use to calculate own funds requirements for credit valuation adjustment risk. The EU Capital Requirements Regulation requires the ECB to permit banks to use internal models for counterparty credit risk purposes if those models comply with relevant CRR provisions. The ECB&apos;s Guide sets out how the ECB will determine banks&apos; compliance.

Read more.]]></description>
					      
						      <pubDate>Fri, 18 Sep 2020 16:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Guide-to-Assessment</guid>
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					      <title>European Banking Authority Publishes Survey on Banks&apos; Environmental, Social and Governance Risk Disclosure Frameworks</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Survey-on-Banks</link>
					      <description><![CDATA[
The European Banking Authority has published a survey designed to collect information on large banks&apos; disclosure practices on environmental, social and governance risks. The EU Capital Requirements Regulation implements the Basel Committee on Banking Supervision&apos;s Pillar 3 disclosure requirements, which require banks to disclose information about their risks and risk management procedures and policies. In 2018, the Basel Committee published updated Pillar 3 requirements. The revised CRR, published in June 2019, incorporates the revised Basel Committee disclosure standards and mandates the EBA to produce draft Implementing Technical Standards to ensure comparability of the disclosures made with international non-EU active banks.

Read more.]]></description>
					      
						      <pubDate>Thu, 17 Sep 2020 09:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Survey-on-Banks</guid>
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					      <title>Financial Action Task Force Highlights Red Flag Indicators Associated With Virtual Assets</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Highlights-Red-Flag-Indicators</link>
					      <description><![CDATA[
The Financial Action Task Force has published a report on red flag indicators of money laundering and terrorist financing in virtual assets. The FATF highlights that although virtual assets have the potential to create efficiencies and enhance innovation, they can also be used by money launderers and terrorist financers to launder proceeds or finance illicit activities. The FATF recognizes that virtual assets may be used outside of the regulated financial system and to hide the origins or destination of funds. These factors make it harder for financial entities and regulators to identify suspicious activities. The report is therefore intended to assist financial institutions, virtual asset service providers, regulators and authorities to overcome these challenges.

Read more.]]></description>
					      
						      <pubDate>Mon, 14 Sep 2020 15:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Highlights-Red-Flag-Indicators</guid>
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					      <title>European Banking Authority Publishes Advice on Steps to Strengthen the EU&apos;s AML/CTF Legislation</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Advice-on-Strengthen</link>
					      <description><![CDATA[
The European Banking Authority has published an Opinion recommending that the European Commission establish a single rulebook on anti-money laundering and counterterrorist financing. The EBA&apos;s Opinion, and report annexed to the Opinion, are in response to the Commission&apos;s call for advice on defining the scope of application and the enacting terms of an AML/CTF regulation that is to be adopted. The EBA sets out how to address the gaps and vulnerabilities in the EU framework, mostly due to divergent national approaches across the EU. The EBA is proposing that in the areas where national differences and practices disadvantage the EU&apos;s fight against AML/CTF, directly applicable rules should be introduced in a new EU regulation. According to the EBA, this would cover customer due diligence, AML/CTF systems and controls and certain key supervisory processes such as risk assessments, cooperation and enforcement.

Return to main website.]]></description>
					      
						      <pubDate>Thu, 10 Sep 2020 15:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Advice-on-Strengthen</guid>
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					      <title>Financial Stability Board Further Delays Implementation Deadlines for Minimum Haircut Standards for Uncleared SFTs</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Further-Delays-Implemen</link>
					      <description><![CDATA[
The Financial Stability Board has announced delays to the implementation of minimum haircut standards for non-centrally cleared securities financing transactions. SFTs involve the use of securities to borrow cash or other higher investment-grade securities, or vice versa. Such transactions can include repurchase transactions, securities lending and sell/buy backs. In 2015, the FSB published its regulatory framework and recommendations for haircuts on uncleared SFTs, which included timelines for the implementation of the recommendations by FSB member jurisdictions. The deadline for implementation was extended in July 2019 by the FSB because of the delay to implementation of the Basel III framework, including the minimum haircut standards on bank-to-non-bank SFTs, which was postponed to January 2022. In March 2020, a further delay to the implementation of the Basel framework to 2023 was announced, with the objective of relieving the operational burden on banks impacted by the coronavirus pandemic. The FSB has decided to delay its framework again because it is expected to be implemented by many jurisdictions through the Basel III framework.

Read more.]]></description>
					      
						      <pubDate>Mon, 07 Sep 2020 16:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Further-Delays-Implemen</guid>
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					      <title>EU Authority Allows Further Short Delay to Annual Transparency Calculations for Non-Equities</title>
					      <link>https://finreg.aoshearman.com/EU-Authority-Allows-Further-Short-Delay-to-Annual</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced the delay of the publication dates by investment firms and trading venues of the annual transparency calculations for non-equity instruments (other than bonds) from September 15, 2020 to September 21, 2020. The Markets in Financial Instruments Directive and Markets in Financial Instruments Regulation, which became effective on January 3, 2018, introduced pre- and post-trade transparency requirements for equity and non-equity financial instruments. In April 2020, ESMA postponed the publication of the annual transparency calculation for derivatives, emission allowances and structured finance products from April 30, 2020 to July 15, 2020 and their application from June 1, 2020 to September 15, 2020 in response to the coronavirus pandemic. The latest delay is made in response to industry concerns that the revised application of the non-equity transparency calculations falls during the quarterly expiry week of many equity derivatives, which usually involves high trading volumes and high volatility. ESMA is also postponing to September 21, 2020 the mandatory systematic internaliser regime for derivatives, emission allowances and structured finance products.

View ESMA&apos;s announcement.

View details of ESMA&apos;s April 2020 announcement.]]></description>
					      
						      <pubDate>Mon, 07 Sep 2020 15:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Authority-Allows-Further-Short-Delay-to-Annual</guid>
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					      <title>Confirmation on EU Securitization Disclosure Requirements</title>
					      <link>https://finreg.aoshearman.com/Confirmation-on-EU-Securitization-Disclosure-Requ</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a press release confirming that certain requirements under the Securitization Regulation will enter into force on September 23, 2020.

Read more.]]></description>
					      
						      <pubDate>Fri, 04 Sep 2020 17:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Confirmation-on-EU-Securitization-Disclosure-Requ</guid>
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					      <title>EU Technical Standards Supplementing the Securitization Regulation</title>
					      <link>https://finreg.aoshearman.com/EU-Technical-Standards-Supplementing-the-Securiti</link>
					      <description><![CDATA[
Several EU Technical Standards supplementing the EU Securitization Regulation have been published in the Official Journal of the European Union. The Securitization Regulation has applied directly across the EU since January 1, 2019. It provides the criteria for identifying which securitizations will be designated as &quot;simple, transparent and standardized&quot; (STS) securitizations, a system to monitor the application of those criteria as well as common requirements on risk retention, due diligence and disclosure. Related amendments to the EU Capital Requirements Regulation set out the regulatory treatment of exposures to securitizations that are deemed to be STS securitizations.

Read more.]]></description>
					      
						      <pubDate>Thu, 03 Sep 2020 15:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Technical-Standards-Supplementing-the-Securiti</guid>
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					      <title>UK Government Consults on International Regulatory Cooperation Strategy</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Consults-on-International-Regulatory</link>
					      <description><![CDATA[
The U.K. Government has launched a consultation on its future international regulatory cooperation strategy. The consultation has been prompted by a report published by the Organization for Economic Cooperation and Development. In its report, the OECD set out 25 recommendations for how the U.K. can improve its policies and practices in shaping and complying with international agreements and collaborating with international counterparts when designing and enforcing regulations. The report is intended to cover regulatory practices in general, meaning banking regulation falls within the scope of the recommendations. With the U.K. having left the EU on January 31, 2020, and the end of the U.K.&apos;s transitional period due to end on December 31, 2020, the U.K. Government believes there is an opportunity to build new regulatory practices that support the future prosperity of the U.K.

Read more.]]></description>
					      
						      <pubDate>Wed, 02 Sep 2020 16:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Consults-on-International-Regulatory</guid>
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					      <title>EU Publishes Draft Delegated Regulation on Changes to CCP Colleges under EMIR 2.2</title>
					      <link>https://finreg.aoshearman.com/EU-Publishes-Draft-Delegated-Regulation-on-Changes</link>
					      <description><![CDATA[
The European Commission has published a draft Delegated Regulation designed to amend existing Delegated Regulation (EU) No 876/2013, which supplements the European Market Infrastructure Regulation with regards to changes to the composition, functioning and management of colleges for central counterparties. Under EMIR, &quot;colleges&quot; are supervisory bodies made up of the regulators responsible for supervision of a given CCP. From January 2020, revisions to EMIR (known as &quot;EMIR 2.2&quot;) took effect, which introduced changes to the procedures and authorities involved in the authorization of central counterparties and the requirements for the recognition of third-country CCPs. EMIR 2.2 required ESMA to develop draft Regulatory Technical Standards on: (i) which currencies were &quot;most relevant&quot; for the purposes of determining which central banks should be included in a CCP&apos;s college; and (ii) details of the practical arrangements for the functioning of the college that should be agreed in writing between the members of the college.

Read more.]]></description>
					      
						      <pubDate>Tue, 01 Sep 2020 17:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Publishes-Draft-Delegated-Regulation-on-Changes</guid>
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					      <title>UK LIBOR Working Group Publishes Recommendations on SONIA Conventions for the Sterling Loan Market</title>
					      <link>https://finreg.aoshearman.com/UK-LIBOR-Working-Group-Publishes-Recommendations-</link>
					      <description><![CDATA[
The U.K.&apos;s Working Group on Sterling Risk-Free Reference Rates has published a set of non-binding Recommendations on the conventions that market participants may wish to adopt to support their use of the Sterling Overnight Index Average as a replacement for LIBOR in sterling bilateral and syndicated loan facilities. 

Read more.]]></description>
					      
						      <pubDate>Tue, 01 Sep 2020 16:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-LIBOR-Working-Group-Publishes-Recommendations-</guid>
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					      <title>UK Prudential Regulator Reminds Firms of Need to Satisfy Temporary Permissions Regime Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Reminds-Firms-of-Need-to-</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a Dear CEO letter addressed to all PRA-regulated firms on operational readiness for the Temporary Permissions Regime. The U.K. left the EU on January 31, 2020 and the related transitional period, during which EU firms maintain their U.K. passporting rights, will expire at 11 pm on December 31, 2020. The TPR will take effect from after that time. The Dear CEO letter reminds firms of their obligations under the TPR and urges them to consider their firm&apos;s operational preparedness for entering the TPR, including satisfying their regulatory requirements.

View the Dear CEO letter.]]></description>
					      
						      <pubDate>Tue, 01 Sep 2020 09:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Reminds-Firms-of-Need-to-</guid>
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					      <title>Certification Deadline Extended for UK-Solo-Regulated Firms</title>
					      <link>https://finreg.aoshearman.com/Certification-Deadline-Extended-for-UK-Solo-Regul</link>
					      <description><![CDATA[
A U.K. statutory instrument—The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020—has been published. This extends from December 9, 2020, to March 31, 2021, for solo-regulated firms (other than benchmark administrators) the deadline for completion of firms&apos; first assessments of the fitness and propriety of their Certified Persons. HM Treasury agreed to the extension to assist firms impacted by the coronavirus pandemic.

The Financial Conduct Authority recently consulted on extending certain other implementation deadlines for the Certification Regime and Conduct Rules and intends to publish its Policy Statement in October 2020.

View The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) (Amendment) Regulations 2020.

View details of the FCA&apos;s consultation.]]></description>
					      
						      <pubDate>Tue, 01 Sep 2020 09:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Certification-Deadline-Extended-for-UK-Solo-Regul</guid>
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					      <title>EU Draft Technical Standards Published for Further Delaying Securities Settlement Discipline Rules to 2022</title>
					      <link>https://finreg.aoshearman.com/EU-Draft-Technical-Standards-Published-for-Further</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report and final draft Regulatory Technical Standards to further postpone the securities settlement discipline rules under the Central Securities Depositories Regulation to February 2022. ESMA announced on July 28, 2020 that it was preparing the draft RTS in response to a request from the European Commission to consider whether a further delay was needed due to the impact of COVID-19. The EU has already postponed the application date of the settlement discipline rules from September 13, 2020 to February 1, 2021 due to industry feedback that more time was needed to put in place the operational requirements for implementation of the rules. The draft RTS published today by ESMA would further delay the application date by a year from February 1, 2021 to February 1, 2022.

View the final report and final draft RTS.

View details of the amending RTS delaying the rules to February 2021.]]></description>
					      
						      <pubDate>Fri, 28 Aug 2020 15:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Draft-Technical-Standards-Published-for-Further</guid>
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					      <title>UK Prudential Regulator Announces Termination of Temporary Approach to VAR Back-Testing Exceptions</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Announces-Termination-of-</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a statement confirming that, following its review of the temporary approach that allows firms to offset increases in VAR back-testing exceptions through a reduction in risks-not-in-VAR capital requirements, it has decided to terminate the temporary approach from September 30, 2020. The PRA has made this decision because of the changes introduced to the EU Capital Requirements Regulation (known as the CRR Quick Fix package), which has applied directly across the EU since June 27, 2020.

From October 1, 2020, firms should no longer apply any commensurate reduction in risks-not-in-VAR capital requirements. Firms should apply to the PRA to exclude back-testing options that do not result from deficiencies in their internal model occurring between January 1, 2020 and December 31, 2021.

View the PRA&apos;s statement.

View details of CRR Quick Fix.]]></description>
					      
						      <pubDate>Thu, 27 Aug 2020 11:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Announces-Termination-of-</guid>
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					      <title>Confirmation Announced of Revisions to EU Guidelines on Stress Testing of Money Market Funds</title>
					      <link>https://finreg.aoshearman.com/Confirmation-Announced-of-Revisions-to-EU-Guideli</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a statement confirming that the 2019 Guidelines on stress test scenarios under the Money Market Funds Regulation will be updated by the end of 2020 to reflect COVID-19 market developments. The MMF Regulation has applied directly across the EU since July 21, 2018. MMFs are fund vehicles that invest in highly liquid short-term debt instruments, such as government bonds, and are often regarded as a short-term cash management function alternative to bank deposits. The MMF Regulation requires MMFs and MMF managers to measure the impact of the common reference stress test scenarios, as specified by ESMA in its guidelines, and to report the outcomes to their national regulators. ESMA is required to assess annually whether the Guidelines should be updated to reflect market developments. ESMA states that it intends to update the Guidelines published in July 2019 to reflect the impact of COVID-19 on the market, in particular, the liquidity challenges faced by MMFs. The 2019 Guidelines will continue to apply until the revised Guidelines apply—ESMA intends to publish the updated Guidelines in Q4 2020, following which they will be translated into EU national languages. The updated Guidelines will apply two months after the translations are published.

View ESMA&apos;s statement.]]></description>
					      
						      <pubDate>Thu, 27 Aug 2020 10:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Confirmation-Announced-of-Revisions-to-EU-Guideli</guid>
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					      <title>UK Prudential Regulator Issues Updated Statement on IFRS 9 and Capital Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Issues-Updated-Statement-</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a further statement on IFRS 9 and capital requirements in the context of COVID-19. In line with the Financial Conduct Authority&apos;s guidance in relation to mortgage payments, firms should consider tailored forbearance arrangements where, at the end of the COVID-19 payment deferral period, a borrower is unable to resume payments in full immediately, with all deferred sums either paid in full or capitalized. The PRA states that the tailored forbearance arrangements may be as good an indicator of significant increases in credit risk, credit impairments or defaults as forbearance before the pandemic. Any loans subject to tailored forbearance should not be automatically treated as having experienced SICR or become credit impaired or in default, and firms will need to exercise judgment where the position is not clear.

The PRA also states that some of the guidance in its statement on March 26, and June 4, 2020 continues to be relevant, depending on the circumstances.

View the PRA&apos;s statement.

View details of the PRA&apos;s June statement.

View details of the PRA&apos;s March statement.]]></description>
					      
						      <pubDate>Wed, 26 Aug 2020 16:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Issues-Updated-Statement-</guid>
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					      <title>EU Delays Securities Settlement Discipline Rules to 2021</title>
					      <link>https://finreg.aoshearman.com/EU-Delays-Securities-Settlement-Discipline-Rules-</link>
					      <description><![CDATA[ 
EU Regulatory Technical Standards postponing the implementation deadline of the settlement discipline regime under the Central Securities Depositories Regulation have been published in the Official Journal of the European Union. The RTS delay the application date of the settlement discipline rules from September 13, 2020 to February 1, 2021, by amending the existing RTS (Commission Delegated Regulation (EU) 2018/1229). The RTS cover measures for preventing settlement fails through automated matching, a hold and release mechanism and partial settlement. The RTS also provide measures for monitoring and addressing settlement fails, such as a mechanism for cash penalties and a buy-in process.
Read more.]]></description>
					      
						      <pubDate>Mon, 24 Aug 2020 17:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Delays-Securities-Settlement-Discipline-Rules-</guid>
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					      <title>UK Conduct Regulator Proposes to Extend Financial Crime Reporting Obligation</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Proposes-to-Extend-Financial</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation proposing to extend the annual financial crime reporting obligation to regulated firms undertaking regulated activities that the FCA views to be potentially posing as a higher money laundering risk. Responses may be submitted until November 23, 2020. The FCA intends to publish its final policy and amended rules by Q1 2021.

The FCA introduced the annual financial crime reporting obligations in 2016 for banks, investment firms, building societies, mortgage lenders, large electronic money institutions, certain large consumer credit firms, life insurers and retail investment and mortgage intermediaries. Relevant firms must provide details annually on, among other things, the jurisdictions and types of customers as well as the number of suspicious activity reports to the FCA. The obligation only captures certain firms subject to FCA supervision under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations of 2017.

Read more.]]></description>
					      
						      <pubDate>Mon, 24 Aug 2020 11:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Proposes-to-Extend-Financial</guid>
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					      <title>EU Considering Further Delaying Securities Settlement Discipline Rules to 2022</title>
					      <link>https://finreg.aoshearman.com/EU-Considering-Further-Delaying-Securities-Settlement</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced that it is preparing new Regulatory Technical Standards to further postpone the securities settlement discipline rules under the Central Securities Depositories Regulation. The move follows a request from the European Commission for ESMA to consider whether a further delay is needed in light of the impact of COVID-19. The Commission has adopted the draft RTS prepared by ESMA that will delay the application date of the settlement discipline rules from September 13, 2020 to February 1, 2021. Those RTS are now subject to scrutiny by the European Parliament and Council of the European Union and will only come into force once published in the Official Journal of the European Union. ESMA&apos;s announcement relates to a proposal for an additional delay until February 2022.

Read more.]]></description>
					      
						      <pubDate>Mon, 24 Aug 2020 06:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Considering-Further-Delaying-Securities-Settlement</guid>
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					      <title>EU Review: Alternative Investment Fund Managers Directive</title>
					      <link>https://finreg.aoshearman.com/EU-Review-Alternative-Investment-Fund-Managers-Di</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a letter addressed to the European Commission on the upcoming review of the Alternative Investment Fund Managers Directive. In the letter, ESMA highlights areas that it considers would benefit from a review and potential amendments. ESMA considers these areas important because of the discussions it has had with national regulators on the practical difficulties involved in implementing the AIFMD. ESMA is proposing policy improvements and reporting recommendations, including harmonizing the AIFMD and UCITS regimes. The areas of focus include delegation and substance, liquidity management tools, leverage and the harmonization of supervision of cross-border entities. The Commission is likely to publish its proposals for amending AIFMD in Q3 2020.

View the letter.]]></description>
					      
						      <pubDate>Tue, 18 Aug 2020 12:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Review-Alternative-Investment-Fund-Managers-Di</guid>
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					      <title>European Banking Authority Revises 2020 Work Program in Response to COVID-19</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Revises-2020-Work-Program</link>
					      <description><![CDATA[
The European Banking Authority has published an updated work program as part of its response to the coronavirus pandemic. According to the EBA, it has only launched consultations that are critical, has kept interactions with industry to a minimum and has progressed work on technical standards according to the expected implementation timeline and degree of finalization.

View the EBA&apos;s updated 2020 work program.]]></description>
					      
						      <pubDate>Fri, 14 Aug 2020 06:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Revises-2020-Work-Program</guid>
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					      <title>Global Common Template Published to Aid Continuity of Access to Financial Market Infrastructures</title>
					      <link>https://finreg.aoshearman.com/Global-Common-Template-Published-to-Aid-Continuity</link>
					      <description><![CDATA[
The Financial Stability Board has published a common template for gathering information about continuity of access to financial market infrastructures for firms in resolution. The template facilitates implementation of the FSB&apos;s 2017 Guidance on continuity of access to FMIs for a firm in resolution. The aim of the common template is to streamline the process of gathering information, reduce the burden on FMIs who receive multiple requests for information and make more efficient the process of giving information by FMIs to participants and authorities. All FMIs are urged to complete the questions in the common template and to make those available to their participants and national resolution authorities by November/December 2020. The FSB intends, after 12 months, to assess how the common template has achieved its goals.

View the comment template.

View the FSB&apos;s Guidance.]]></description>
					      
						      <pubDate>Fri, 14 Aug 2020 06:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Global-Common-Template-Published-to-Aid-Continuity</guid>
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					      <title>European Banking Authority Seeks to Promote RegTech Use</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Seeks-to-Promote-RegTe</link>
					      <description><![CDATA[
The European Banking Authority has opened a consultation on RegTech and supporting the use of RegTech across the EU. Responses may be submitted until September 30, 2020. The EBA intends to report on the use of RegTech in the first half of 2021. The survey is focused on financial institutions and ICT third party providers. The EBA is seeking to understand the extent and impact of RegTech for regulatory, compliance and reporting requirements of regulated firms. In particular, the EBA is looking at mapping and understanding existing RegTech solutions, identifying barriers and risks relating to the use of RegTech and analyzing how to facilitate the application of RegTech across the EU. The consultation covers ongoing monitoring of business relationships and transactions for anti-money laundering obligations, creditworthiness assessments, compliance with security standards, including information security, cybersecurity and payment services and supervisory reporting.

View the EBA&apos;s survey.]]></description>
					      
						      <pubDate>Wed, 12 Aug 2020 13:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Seeks-to-Promote-RegTe</guid>
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					      <title>Wolfsberg Group Statement on Developing an Effective Anti-Money Laundering and Counter Terrorist Financing Program</title>
					      <link>https://finreg.aoshearman.com/Wolfsberg-Group-Statement-on-Developing-an-Effective</link>
					      <description><![CDATA[
The Wolfsberg Group has published a statement on how financial institutions can develop an effective anti-money laundering and counter terrorist financing program. The Wolfsberg Group was established in 2002 and comprises thirteen banks. Its objective is to develop frameworks and guidance for the management of financial crime risks, providing an industry perspective to effective financial crime risk management.

Read more.]]></description>
					      
						      <pubDate>Wed, 12 Aug 2020 07:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Wolfsberg-Group-Statement-on-Developing-an-Effective</guid>
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					      <title>UK Conduct Regulator Urges Firms to Return Client Money if Reinvestment in Short Term is Unlikely</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Urges-Firms-to-Return-Client</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Dear CEO letter sent to U.K.-regulated firms providing non-discretionary investment services. The FCA letter makes clear that, where firms&apos; clients have increased the level of client money held with a firm, the firm should return client money that is unlikely to be reinvested in the short term. Many firms have reported an increase in client money levels as clients respond to the COVID-19 situation. The FCA states that senior management at firms should consider whether it would be in the best interest of their clients to return money that isn&apos;t likely to be reinvested in the short term.

View the Dear CEO letter.

Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Wed, 12 Aug 2020 07:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Urges-Firms-to-Return-Client</guid>
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					      <title>EU Consultation on Draft Guidelines to Implement Alternative Internal Model Approach</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Draft-Guidelines-to-Implement-</link>
					      <description><![CDATA[
The European Banking Authority has opened a consultation on proposed guidelines on criteria for the use of data inputs in the risk measurement model under the Internal Model Approach for market risk, set out in the revised Capital Requirements Regulation, known as CRR2. The consultation closes on November 12, 2020.

CRR2 implements a revised framework for minimum capital requirements based upon market risk—the Fundamental Review of the Trading Book, published in January 2019 by the Basel Committee on Banking Standards. The revisions include an alternative IMA, one part of which is the expected shortfall risk measure used to determine capital requirements for those risk factors with sufficient available observable market data.

Read more.]]></description>
					      
						      <pubDate>Wed, 12 Aug 2020 06:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Draft-Guidelines-to-Implement-</guid>
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					      <title>European Banking Authority Provides Clarity on Application of CRR Quick Fix Package</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Provides-Clarity-on-Ap</link>
					      <description><![CDATA[
The European Banking Authority has published guidance on the impact on supervisory reporting and disclosure of the EU&apos;s CRR Quick Fix adjustments, which were made in response to COVID-19. The CRR Quick Fix introduced changes to a broad range of requirements on firms under the Capital Requirements Regulation. It has applied directly across the EU since June 27, 2020. The EBA&apos;s guidance consists of:
 

	Guidelines on supervisory reporting and disclosure requirements in compliance with the CRR &quot;quick fix&quot; in response to the COVID‐19 pandemic (EBA/GL/2020/11). These Guidelines aim to clarify how firms should report the Implementing Technical Standards on supervisory reporting versions 2.9 and 2.10, and on the existing ITS on disclosure of leverage ratio.


Read more.]]></description>
					      
						      <pubDate>Tue, 11 Aug 2020 15:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Provides-Clarity-on-Ap</guid>
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					      <title>International Organization of Securities Commissions Reports on Liquidity Provision in the Equity Secondary Markets</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions-Reports-on-Liquidity</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published a report on liquidity provision in the secondary markets for equity securities. The report sets out common themes for regulators to consider as the main elements of market making programs that promote liquidity provision enhance investor confidence and facilitate fair and efficient markets. These key elements are: (i) registration of market makers; (ii) obligations imposed on market makers; (iii) balancing the obligations and benefits of the programs; (iv) monitoring program compliance; and (v) public disclosure.

View the report.]]></description>
					      
						      <pubDate>Tue, 11 Aug 2020 06:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions-Reports-on-Liquidity</guid>
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					      <title>Basel Committee on Banking Supervision Proposes Principles for Operational Risk</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Proposes-P</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has opened a consultation on proposed principles for operational resilience and updated Principles for the Sound Management of Operational Risk (PSMOR). The consultation closes on November 6, 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 06 Aug 2020 09:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Proposes-P</guid>
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					      <title>UK Prudential Regulator Proceeds with Extension of Coverage under Financial Services Compensation Scheme</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Proceeds-with-Extension-o</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a Policy Statement and final rules on the temporary high balances coverage extension under the Financial Services Compensation Scheme. The PRA has decided to implement the proposal, made in July this year and in response to the coronavirus pandemic, to extend coverage under the FSCS for temporary high balances, from six months to 12 months from the date of the deposit or the first date the balance becomes legally transferrable to the depositor. The change will be effected by changes to the PRA&apos;s depositor protection rules and the Statement of Policy on the Deposit Guarantee Scheme. The change will take effect from August 6, 2020. The coverage will revert to six months from February 1, 2021.

View the Policy Statement, updated rules and Statement of Policy.]]></description>
					      
						      <pubDate>Tue, 04 Aug 2020 11:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Proceeds-with-Extension-o</guid>
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					      <title>European Banking Authority Call for Input on De-Risking</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Call-for-Input-on-De-R</link>
					      <description><![CDATA[
The European Banking Authority has launched a call for input on &apos;de-risking&apos;, whereby financial institutions avoid, rather than manage, the risks associated with money laundering or terrorist financing by terminating business relations with entire regions or classes of customers. The EBA is aiming to establish why financial institutions choose to de-risk instead of managing the related risks and to better understand the impact on access to financial services. Responses to the call for input can be provided until September 11, 2020. The feedback received will assist the EBA in preparing its next Opinion on the money laundering or terrorist financing risks impacting the EU which is due in Q1 2021.

View the call for input on de-risking.]]></description>
					      
						      <pubDate>Tue, 04 Aug 2020 10:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Call-for-Input-on-De-R</guid>
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					      <title>UK Regulator Consults on Addressing Liquidity Mismatch in Open-Ended Property Funds</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Addressing-Liquidity-Mis</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation on liquidity mismatch in authorized open-ended property funds. The FCA wants to tackle the potential for investor harm that arises because the terms for dealing in units of some property funds are not aligned with the time that it takes to buy or sell the buildings that the funds invest in. Responses to the consultation may be submitted until November 3, 2020. The FCA intends to publish its final policy statement and rules as soon as possible in 2021.

The FCA&apos;s proposals seek to address the structural issues arising from the mismatch between holding illiquid assets and offering daily redemptions and the potential harm caused by the liquidity mismatch of U.K. authorized property funds that are non-UCITS retail schemes (known as NURS) that invest directly in property. The FCA is proposing to introduce a notice period of up to 180 days for these funds with the object of removing the potential for some investors to gain at the expense of others and to decrease the probability of liquidity runs on funds that lead to rapid sales of assets.

The FCA clarifies that the proposals in this consultation paper are only directly relevant to U.K.-authorized property funds that are NURS. The FCA is continuing its work with the Bank of England on illiquid assets in open-ended funds and will consult on additional solutions once the Financial Policy Committee has completed its work.

View the FCA&apos;s consultation paper (CP20/15).]]></description>
					      
						      <pubDate>Mon, 03 Aug 2020 17:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Addressing-Liquidity-Mis</guid>
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					      <title>EU Final Draft Technical Standards on TLAC and MREL Disclosure &amp; Reporting</title>
					      <link>https://finreg.aoshearman.com/EU-Final-Draft-Technical-Standards-on-TLAC-and-MR</link>
					      <description><![CDATA[
The European Banking Authority has published a final report and final draft Implementing Technical Standards on disclosure and reporting of Minimum Requirement for Own Funds and Eligible Liabilities and Total Loss Absorbing Capacity. Revisions to the EU&apos;s Bank Recovery &amp; Resolution Directive and the Capital Requirements Regulation, which were finalized in 2019, implement the Financial Stability Board&apos;s TLAC requirements in the EU as well as amend the EU&apos;s existing MREL requirements. The TLAC requirements will apply to all EU global systemically important institutions and the revised MREL requirements to G-SIIs and other relevant firms. The final draft ITS will supplement the Pillar 3 disclosure requirements and supervisory reporting requirements on TLAC and MREL introduced by BRRD2 and CRR2.

The EBA has submitted the final draft ITS to the Commission for endorsement. The ITS on TLAC disclosures will apply immediately on entry into force. The MREL disclosure requirements will apply either from January 1, 2024 (the expiration date of relevant transitional periods) or from the later deadline set by the relevant resolution authority.

View the EBA&apos;s report, final draft ITS and related annexes.

View details of BRRD2.

View details of CRR2.]]></description>
					      
						      <pubDate>Mon, 03 Aug 2020 08:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Final-Draft-Technical-Standards-on-TLAC-and-MR</guid>
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					      <title>UK Prudential Regulator Consults on UK Implementation of CRD V</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-UK-Implementation</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a consultation on proposed changes to the PRA rules to implement the fifth Capital Requirements Directive. CRD V came into force in July 2019 and EU Member States are required to implement the majority of its provisions by December 28, 2020. As this is prior to the end of the U.K.&apos;s Brexit transition period, the U.K. must transpose those provisions of CRD V that are applicable before the end of the transition period into U.K. law under the terms of the EU-U.K. Withdrawal Agreement. Certain of those provisions (including those relating to capital buffers and holding company approval and supervision) must be implemented in the U.K. by HM Treasury. Those provisions are the subject of a separate consultation by HM Treasury consultation (published on July 16, 2020). HM Treasury has delegated responsibility for implementation of the remaining provisions to the PRA.

Read more.]]></description>
					      
						      <pubDate>Fri, 31 Jul 2020 10:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-UK-Implementation</guid>
				    </item>
			
					 <item>
					      <title>EU Single Resolution Board Publishes Guidance on Bank Operational Continuity and FMI Contingency Plans</title>
					      <link>https://finreg.aoshearman.com/EU-Single-Resolution-Board-Publishes-Guidance-on-</link>
					      <description><![CDATA[
The EU Single Resolution Board has published new guidance for Eurozone banks for which it is the resolution authority on: (i) operational continuity in resolution for Eurozone banks; and (ii) financial market infrastructure contingency plans. The guidance applies to &quot;significant&quot; Eurozone banks that are directly prudentially supervised by the European Central Bank and certain other cross-border groups, for whom resolution is their strategy.

Read more.]]></description>
					      
						      <pubDate>Wed, 29 Jul 2020 14:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Single-Resolution-Board-Publishes-Guidance-on-</guid>
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					 <item>
					      <title>UK Climate Financial Risk Forum Publishes 2020 Guide</title>
					      <link>https://finreg.aoshearman.com/UK-Climate-Financial-Risk-Forum-Publishes-2020-Guide</link>
					      <description><![CDATA[
The U.K. Climate Financial Risk Forum has published its first guide providing practical recommendations for the financial services sector on how to respond to climate-related financial risks. The CFRF was established by the U.K. Prudential Regulation Authority and Financial Conduct Authority and is made up of industry representatives from the banking, insurance and asset management sectors, as well as others such as the London Stock Exchange Group and the Green Finance Institute. The CFRF aims to build capacity and share best practice across the finance industry in order to improve the financial services sector&apos;s response to the financial risks arising from climate change.

Read more.]]></description>
					      
						      <pubDate>Wed, 29 Jul 2020 09:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Climate-Financial-Risk-Forum-Publishes-2020-Guide</guid>
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					      <title>UK Government Launches Payments Landscape Review</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Launches-Payments-Landscape-Review</link>
					      <description><![CDATA[
HM Treasury has launched a call for evidence on the U.K.&apos;s payments landscape, which is the first stage of the Payments Landscape Review announced in June 2019. The government is seeking input on the opportunities, gaps and risks that need to be addressed to support the U.K.&apos;s position as being at the forefront of payments technology. Responses may be submitted until October 20, 2020. The government will publish a summary of the responses it receives and set out next steps for the review.

In the call for evidence, the government sets out the steps taken to achieve the aims that were published in 2012 to support the high-level strategy of ensuring that end user consumers and businesses benefit from the U.K. payment networks. Feedback is sought on the extent to which those aims have been achieved.

HM Treasury also discusses the main incentives for new payment systems and services, covering the New Payments Architecture, Faster Payments, the impact of Open Banking on how the systems are used, trends towards new service providers and payment chains and development in cross-border payments. The call for evidence also reflects on the wider work being undertaken on crypto-assets and stablecoins.

View the call for evidence on the U.K.&apos;s payments landscape.]]></description>
					      
						      <pubDate>Tue, 28 Jul 2020 18:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Launches-Payments-Landscape-Review</guid>
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					      <title>European Central Bank Publishes Results of Bank COVID-19 Vulnerability Analysis</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Results-of-Bank-COVID</link>
					      <description><![CDATA[
The European Central Bank Banking Division has published the results of the COVID-19 vulnerability analysis it conducted on Eurozone banks directly prudentially supervised under the Single Supervisory Mechanism. The analysis was designed to establish how 86 Eurozone banks would be impacted by the COVID-19 pandemic and any vulnerabilities that may arise over a three-year horizon.

Read more.]]></description>
					      
						      <pubDate>Tue, 28 Jul 2020 14:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Results-of-Bank-COVID</guid>
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					      <title>UK Prudential Regulation Authority Announcement on Bank Dividend Payments and Share Buybacks Beyond 2020</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Announcement-on</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published an announcement on its approach to dividend payments and share buybacks by large U.K. banks subject to its prudential supervision, in light of COVID-19. The PRA states that it intends to assess firms&apos; plans for distributions beyond 2020 in Q4 2020, taking into account banks&apos; current and projected capital positions and the level of uncertainty around the economy, market conditions and capital trajectories at that time.

Read more.]]></description>
					      
						      <pubDate>Tue, 28 Jul 2020 14:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Announcement-on</guid>
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					      <title>UK Prudential Regulator Publishes Policy Statement on Asset Encumbrance</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Policy-Statement-on</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a Policy Statement on asset encumbrance, relevant to all PRA-regulated firms other than credit unions and insurance firms. The Policy Statement takes account of the PRA&apos;s consultation on its proposed expectations of how firms manage prudential risks associated with asset encumbrance. &quot;Encumbered assets&quot; are those that are used to secure, collateralize or credit-enhance a transaction and so cannot be freely transferred or liquidated by the pledging party. The PRA&apos;s consultation aimed, among other things, to ensure that firms: (i) put in place, and document, adequate risk management processes to monitor the potential impacts of asset incumbrance; (ii) appropriately consider the effects that increased asset encumbrance may have on the restoration of financial viability during a stress scenario; and (iii) ensure that asset encumbrance levels do not unduly impact the amount and cash value of assets that could be lent against in resolution.

Read more.]]></description>
					      
						      <pubDate>Mon, 27 Jul 2020 14:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Policy-Statement-on</guid>
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					      <title>European Central Bank Publishes Recommendation on Bank Dividend Distributions During COVID-19</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Recommendation-on</link>
					      <description><![CDATA[
The European Central Bank has published an updated Recommendation on dividend distributions by significant institutions that are directly prudentially supervised by the ECB. The Recommendation states that, until January 1, 2021, no dividends should be paid out for the financial years 2019 and 2020, nor should share buy-backs aimed at remunerating shareholders take place. Banks that consider themselves legally required to pay out dividends should explain their underlying reasons to their joint supervisory team. Banks that plan to pay dividends to a non-Eurozone parent institution, parent financial holding company or parent mixed financial holding company should also discuss their intentions with their joint supervisory team.

Read more.]]></description>
					      
						      <pubDate>Mon, 27 Jul 2020 14:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Recommendation-on</guid>
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					      <title>European Commission Publishes Capital Markets Recovery Package in Response to COVID-19 Pandemic</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Capital-Markets-Recovery</link>
					      <description><![CDATA[
The European Commission has published a series of proposed legislative amendments to reduce the burden on financial institutions during the coronavirus pandemic in relation to their obligations under the EU Securitization Regulation, the Markets in Financial Instruments Directive and the Prospectus Regulation. The package is referred to as the Capital Markets Recovery Package and is designed to make it easier for companies to raise capital and increase banks&apos; capacity to finance the recovery.

Read more.]]></description>
					      
						      <pubDate>Fri, 24 Jul 2020 15:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Capital-Markets-Recovery</guid>
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					      <title>European Central Bank Consults on Compounded &amp;euro;STR Rates</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Compounded-Euro</link>
					      <description><![CDATA[
The European Central Bank has launched a consultation on proposals to publish compounded term rates based on the euro short-term rate (&amp;euro;STR). The consultation closes on September 11, 2020. The ECB is requesting feedback on specific characteristics of the compounded rate using &amp;euro;STR. Publication would take place on a daily basis shortly after the &amp;euro;STR publication. Published maturities could range from one week up to one year. A daily index, making it possible to compute compounded rates over non-standard periods, is also envisaged.
 
View the ECB&apos;s consultation paper on compounded term rates based on &amp;euro;STR.]]></description>
					      
						      <pubDate>Fri, 24 Jul 2020 15:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Compounded-Euro</guid>
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					      <title>European Banking Authority Consults on Technical Standards on Pillar 2 and Combined Buffer Requirements for MREL under BRRD</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Technical-Standards-on-Pillar-2</link>
					      <description><![CDATA[
The European Banking Authority has launched a consultation on its draft Regulatory Technical Standards for the methodology that EU resolution authorities should use to estimate the Pillar 2 and combined buffer requirements used to set the minimum requirement for own funds and eligible liabilities under the EU Bank Recovery and Resolution Directive. Responses to the consultation should be submitted by October 24, 2020. The draft RTS are intended to be finalized by December 2020. 

Read more.]]></description>
					      
						      <pubDate>Fri, 24 Jul 2020 11:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Technical-Standards-on-Pillar-2</guid>
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					      <title>European Banking Authority Consults on Technical Standards on Impracticability of Contractual Recognition of Bail-In</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Technical-Standards-on-Impracticability</link>
					      <description><![CDATA[
The European Banking Authority has launched a consultation on draft Regulatory Technical Standards and draft Implementing Technical Standards on the impracticability of contractual recognition of write-down and conversion (i.e. bail-in) powers under the EU Bank Recovery and Resolution Directive. Responses to the consultation should be submitted by October 24, 2020.

Read more.]]></description>
					      
						      <pubDate>Fri, 24 Jul 2020 11:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Technical-Standards-on-Impracticability</guid>
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					      <title>European Central Bank Published Good Practice Guidance on Preparation for Benchmark Rate Reforms </title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Published-Good-Practice-Guidance</link>
					      <description><![CDATA[
The European Central Bank has published a report on the results of its industry-wide assessment of Eurozone banks&apos; readiness for the benchmark interest rate reforms, which affect both EONIA and EURIBOR in the euro area. The purpose of the report is to share good practices that the ECB has identified in its horizontal assessment of the preparedness of Eurozone banks supervised under the Single Supervisory Mechanism. According to the ECB, banks need to improve their preparation for the reforms and escalate their implementation of risk mitigation measures. 

Read more.]]></description>
					      
						      <pubDate>Thu, 23 Jul 2020 15:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Published-Good-Practice-Guidance</guid>
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					      <title>European Banking Authority Consults on Technical Standards on Indirect Exposures</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Technical</link>
					      <description><![CDATA[
The European Banking Authority has opened a consultation on proposed draft Regulatory Technical Standards on the determination of indirect exposures to clients of derivative and credit derivative contracts underlying a debt or equity instrument for large exposures purposes. The EU Capital Requirements Regulation, as amended by CRR 2, requires firms to add to the total exposures to a client the exposures arising from derivative contracts listed in Annex II of the CRR and credit derivative contracts, where the contract was not directly entered into with that client but the underlying debt or equity instrument was issued by that client. The proposed draft RTS set out how firms should determine exposures arising from derivative and credit derivative contracts not entered directly into with a client but whose underlying debt or equity instrument was issued by a client. The consultation closes on October 23, 2020.

View the EBA&apos;s consultation paper.

View details of CRR 2.]]></description>
					      
						      <pubDate>Thu, 23 Jul 2020 13:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Technical</guid>
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					      <title>UK Prudential Regulator Consults on Simplified Obligations for Bank Recovery Planning</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Simplified-Obligations</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a consultation on simplified obligations for PRA-authorized banks, buildings societies, PRA-designated investment firms and their qualifying parent undertakings that are subject to the Recovery Plans Part of the PRA Rulebook. The consultation is primarily aimed at smaller and non-systemic firms. The PRA&apos;s consultation closes on October 23, 2020, after which it plans to publish a final Policy Statement on its proposals in the second half of 2020 or 2021.

Read more.]]></description>
					      
						      <pubDate>Thu, 23 Jul 2020 11:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Simplified-Obligations</guid>
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					      <title>European Banking Authority Consults on Technical Standards for Estimating Default Probabilities and Losses Given Default under CRR 2</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Technical-Standards-for-Estimating</link>
					      <description><![CDATA[
The European Banking Authority has published draft Regulatory Technical Standards on the requirements for the internal methodologies or external sources to be used for estimating default probabilities and losses given default for firms subject to the revised Capital Requirements Regulation (CRR 2). Responses to the consultation should be submitted by October 22, 2020.

Read more.]]></description>
					      
						      <pubDate>Wed, 22 Jul 2020 11:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Technical-Standards-for-Estimating</guid>
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					      <title>UK Prudential Regulator Consults on Supervision of New and Growing Non-Systemic Banks</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Supervision-of-New</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a consultation on proposed changes to its supervision of new and growing non-systemic U.K. banks. The consultation will primarily be relevant to banks in their first few years of authorization as a PRA deposit-taker and prospective banks interested in, or currently, applying for deposit taker authorization. The PRA notes that some new and growing banks may have sufficient experience and resources to quickly move to the standard expected of established banks. In deciding which banks should be subject to its new policy, the PRA would consider each banks&apos; case on its merits and apply supervisory judgement. Responses to the consultation should be submitted by October 14, 2020. The PRA expects the amendments set out in the consultation to take effect in the first half of 2021.

Read more.]]></description>
					      
						      <pubDate>Wed, 22 Jul 2020 11:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Supervision-of-New</guid>
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					      <title>Outcome of European Supervisory Authorities&apos; Review of PRIIPs Technical Standards Published</title>
					      <link>https://finreg.aoshearman.com/Outcome-of-European-Supervisory-Authorities-Review</link>
					      <description><![CDATA[
The Joint Committee of the European Supervisory Authorities has published a letter addressed to the European Commission informing it of the outcome of the ESAs&apos; review of the Regulatory Technical Standards (Commission Delegated Regulation (EU) 2017/653) on the presentation, content, review and revision of a standardized &quot;key information document&quot; and the conditions for fulfilling the requirement to provide a KID. The RTS supplements the Packaged Retail and Insurance-based Investment Products Regulation, which introduced a requirement for manufacturers of PRIIPs to produce a KID with the intention of improving retail investors&apos; understanding of the financial products they were purchasing.

Read more.]]></description>
					      
						      <pubDate>Tue, 21 Jul 2020 15:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Outcome-of-European-Supervisory-Authorities-Review</guid>
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					      <title>EU Forbearance for Issuer&apos;s Account for COVID-19-Related Lease Modifications</title>
					      <link>https://finreg.aoshearman.com/EU-Forbearance-for-Issuerrsquos-Account-for-COVID</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a statement on coordination of supervisory action on issuers&apos; accounting for lease modifications in light of the coronavirus pandemic. Issuers have encountered challenges in accounting for the large number of lease modifications granted in many jurisdictions. The International Accounting Standards Board issued an amendment to IFRS 16 in May 2020 which provided practical relief for lessees.

Read more.]]></description>
					      
						      <pubDate>Tue, 21 Jul 2020 07:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Forbearance-for-Issuerrsquos-Account-for-COVID</guid>
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					      <title>UK Proposals to Tighten Financial Promotion Rules By Unauthorized Firms</title>
					      <link>https://finreg.aoshearman.com/UK-Proposals-to-Tighten-Financial-Promotion-Rules</link>
					      <description><![CDATA[
HM Treasury has released proposals to amend the U.K.&apos;s financial promotion rules to provide increased consumer protection from misleading advertisements and a lack of suitable information. The U.K. financial promotion rules provide that a person may not communicate a financial promotion—an invitation or inducement to engage in an investment activity—unless the communication is exempt, the firm is authorized to carry on a regulated activity or the communication is approved by an authorized firm. Only financial promotions that are not real-time may be approved by an authorized person, and any approval must comply with the Financial Conduct Authority&apos;s financial promotion rules. Any communication must be fair, clear and not misleading.

Read more.]]></description>
					      
						      <pubDate>Mon, 20 Jul 2020 15:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Proposals-to-Tighten-Financial-Promotion-Rules</guid>
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					      <title>UK Proposals to Extend Regulatory Perimeter to Capture Promotion of Unregulated Crypto-Assets</title>
					      <link>https://finreg.aoshearman.com/UK-Proposals-to-Extend-Regulatory-Perimeter-to-Capture</link>
					      <description><![CDATA[
HM Treasury has released proposals to amend the U.K.&apos;s financial promotion rules to subject unregulated crypto-assets to the financial promotions regime. The Government proposals aim to enhance consumer protection, ensure market integrity and fight against financial crime. Responses to the consultation can be submitted until October 25, 2020. The Government is separately consulting on limiting the ability of authorized firms to approve financial promotions of unauthorized firms without consent from the Financial Conduct Authority.

Read more.]]></description>
					      
						      <pubDate>Mon, 20 Jul 2020 15:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Proposals-to-Extend-Regulatory-Perimeter-to-Capture</guid>
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					      <title>UK Establishes Independent FinTech Strategic Review</title>
					      <link>https://finreg.aoshearman.com/UK-Establishes-Independent-FinTech-Strategic-Review</link>
					      <description><![CDATA[
The U.K. Economic Secretary to the Treasury, John Glen, has announced the establishment of the independent FinTech Strategic Review, which was first referenced in the 2020 Budget. The Review, which will be led by Ron Kalifa OBE, former CEO of Worldpay, aims to identify priority areas for industry, policy makers and regulators to investigate to facilitate the ongoing success of the U.K. fintech sector.

Read more.]]></description>
					      
						      <pubDate>Mon, 20 Jul 2020 07:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Establishes-Independent-FinTech-Strategic-Review</guid>
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					      <title>UK Plans to Accelerate Regulator&apos;s Process for Cancelling Firm Authorization (in Certain Situations)</title>
					      <link>https://finreg.aoshearman.com/UK-Plans-to-Accelerate-Regulators-Process-for</link>
					      <description><![CDATA[
HM Treasury has published a policy statement setting out how it intends to change the Financial Conduct Authority&apos;s cancellation of authorization process for firms that are no longer carrying out regulated activities under the FCA&apos;s remit. The FCA&apos;s regulatory scope has expanded since the provisions were set out in the Financial Services and Markets Act 2000. HM Treasury is concerned that the inability of the FCA to act quickly to cancel a firm&apos;s authorization and remove details of the firms from the Financial Services register may lead to consumer harm. The Government is therefore planning to add a simpler process whereby the FCA can remove a firm&apos;s authorization where it suspects that the firm is no longer undertaking regulated activities, such as where a firm fails to pay its fees or file a regulatory return. The existing procedure, which requires the FCA to demonstrate that a firm is failing to fulfil the threshold conditions, has failed to carry on a regulated activity or that it is advantageous for the FCA to use its powers to meet its operational objectives, will not be amended. A bill to make the changes will be laid when Parliamentary time allows.

View the policy statement on changes to the FCA&apos;s cancellation of authorization process.

Return to main website.]]></description>
					      
						      <pubDate>Mon, 20 Jul 2020 07:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Plans-to-Accelerate-Regulators-Process-for</guid>
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					      <title>UK Conduct Regulator Consults on Extending Certification and Conduct Rules Implementation Deadlines</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Extending-Certif</link>
					      <description><![CDATA[
Following the announcement of the extension for solo-regulated firms of the deadline for completion of firms&apos; first assessments of the fitness and propriety of their Certified Persons from December 9, 2020, to March 31, 2021, the U.K. Financial Conduct Authority has opened a consultation on extending certain other implementation deadlines for the Certification Regime and Conduct Rules. The extension of the deadline for firms&apos; first fitness and propriety assessments was agreed to by HM Treasury in light of the continuing impact of the coronavirus pandemic.

Read more.]]></description>
					      
						      <pubDate>Fri, 17 Jul 2020 12:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Extending-Certif</guid>
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					      <title>HM Treasury Provides Guidance on Application of EU CRR Quick Fix Package During Brexit Transitional Period</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Provides-Guidance-on-Application-of-E</link>
					      <description><![CDATA[
HM Treasury has published a statement on the application of the EU CRR Quick Fix package during the Brexit transitional period. The EU CRR Quick Fix package consists of a Regulation amending the Capital Requirements Regulation (and also amending the Regulation amending the CRR, known as CRR2) and it was published in the Official Journal of the European Union on June 26, 2020. The Regulation forms part of the EU&apos;s response to the coronavirus pandemic.

Read more.]]></description>
					      
						      <pubDate>Thu, 16 Jul 2020 11:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Provides-Guidance-on-Application-of-E</guid>
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					      <title>UK Financial Services Sector Plan for Supporting COVID-19 Recovery</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Services-Sector-Plan-for-Supporting-</link>
					      <description><![CDATA[
TheCityUK, the U.K.&apos;s industry body for financial and related professional services, has published a report entitled &quot;Supporting UK Economic Recovery: Recapitalising Businesses Post COVID-19&quot;. The report sets out options for how large debt burdens incurred by small and medium-sized businesses as a result of COVID-19 can be managed. The report was prepared in consultation with financial and professional services firms, HM Treasury, the Bank of England and the Financial Conduct Authority.

Read more.]]></description>
					      
						      <pubDate>Thu, 16 Jul 2020 11:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Services-Sector-Plan-for-Supporting-</guid>
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					      <title>HM Treasury Consults on UK Implementation of CRD V</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Consults-on-UK-Implementation-of-CRD-</link>
					      <description><![CDATA[
HM Treasury has launched a consultation on the U.K.&apos;s implementation of the EU amendments to the Capital Requirements Directive that were published in June 2019 (known as CRD V). EU Member States are required to implement the CRD V changes into their national regimes by December 28, 2020. As this is prior to the end of the U.K.&apos;s Brexit transition period, the U.K must transpose those provisions of CRD V that are applicable before the end of the transition period into U.K. law under the terms of the EU-U.K. Withdrawal Agreement. HM Treasury&apos;s consultation relates only to those aspects of CRD V that must be implemented via legislation. The rest of CRD V will be implemented by the U.K. Prudential Regulation Authority through updates to the PRA rules. Responses to HM Treasury&apos;s consultation should be submitted by August 19, 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 16 Jul 2020 10:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Consults-on-UK-Implementation-of-CRD-</guid>
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					      <title>EU Sustainable Finance Group Publishes Principles for Recovery and Resilience</title>
					      <link>https://finreg.aoshearman.com/EU-Sustainable-Finance-Group-Publishes-Principles</link>
					      <description><![CDATA[
The EU Technical Expert Group on Sustainable Finance has published a statement on five high-level principles for recovery and resilience. The statement is made in the context of the EU&apos;s current discussions about recovery and resilience in response to the coronavirus pandemic. The TEG is proposing the five principles supported by recommendations for applying the EU&apos;s Taxonomy to the EU&apos;s recovery plan. The Taxonomy is set out in a recently adopted EU Regulation on the establishment of a framework to facilitate sustainable investment. The Taxonomy is a classification system for sustainable activities that is designed to provide a shared understanding of the environmental sustainability of activities and investments.

Read more.]]></description>
					      
						      <pubDate>Wed, 15 Jul 2020 09:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Sustainable-Finance-Group-Publishes-Principles</guid>
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					      <title>Stage 2 Report on Enhancing Cross-Border Payments Published</title>
					      <link>https://finreg.aoshearman.com/Stage-2-Report-on-Enhancing-Cross-Border-Payments</link>
					      <description><![CDATA[
The Committee on Payments and Market Infrastructures has published a report on enhancing cross-border payments and building blocks of a global roadmap. The report forms the second stage of the G20&apos;s three-stage process to develop a roadmap that will enable countries to enhance their cross-border payments systems. The Financial Stability Board published the Stage 1 report in April 2020, which identified existing challenges in cross-border payments systems and specified key &quot;frictions&quot; in the cross-border payments system that contribute to these challenges. The third stage will involve coordination between the FSB and CPMI, together with other international organizations, to compile a roadmap for implementing the improvements. The FSB published a statement welcoming the CMPI report and confirmed that it intends to publish the Stage 3 report, which will be the roadmap for enhancing cross-border payments, in October.

Read more.]]></description>
					      
						      <pubDate>Mon, 13 Jul 2020 16:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Stage-2-Report-on-Enhancing-Cross-Border-Payments</guid>
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					      <title>Final EU Guidelines for Securitization Repositories Assessing Data Completeness and Consistency</title>
					      <link>https://finreg.aoshearman.com/Final-EU-Guidelines-for-Securitization-Repositories</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report and final guidelines on securitization repository data completeness and consistency thresholds. The guidelines will apply to EU securitization repositories that are registered with and supervised by ESMA. From January 1, 2021, ESMA will consider the guidelines in its supervision of securitization repositories.

Read more.]]></description>
					      
						      <pubDate>Fri, 10 Jul 2020 10:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-EU-Guidelines-for-Securitization-Repositories</guid>
				    </item>
			
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					      <title>EU Consultation on Guidelines for SFT Position Reporting by Trade Repositories</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Guidelines-for-SFT-Position-Re</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation paper on proposed Guidelines on the calculation of positions in Securities Financing Transactions by trade repositories under the EU Securities Financing Transactions Regulation. The consultation closes on September 15, 2020. ESMA intends to finalize the Guidelines for publication in Q4 2020 or Q1 2021.

The proposed Guidelines aim to ensure consistency of position calculation by trade repositories to national regulators, including the time of calculations, the scope of the data used in calculations, the treatment of outliers, the recordkeeping of data and the calculation methodologies. They also aim to ensure a consistent methodology is used under SFTR and the European Market Infrastructure Regulation.

View the consultation paper.]]></description>
					      
						      <pubDate>Thu, 09 Jul 2020 16:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Guidelines-for-SFT-Position-Re</guid>
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					      <title>Basel Committee on Banking Supervision Finalizes Credit Valuation Adjustment Risk Framework</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Finalizes</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published final revisions to the credit valuation adjustment risk framework under the Basel III standards. The updated international standard sets out the proposed regulatory capital treatment of CVA risk for derivatives and securities financing transactions. The CVA risk framework is designed to manage the risk of banks incurring mark-to-market losses from deterioration in the creditworthiness of counterparties in derivatives or SFTs. The framework was last revised in December 2017, partly to align it with the Basel Committee&apos;s market risk framework. The latest revisions include:
 

	The reduction of certain risk weights;
	The introduction of new index buckets and revised aggregation of CVA capital requirements;
	An amendment to the scope of portfolios subject to CVA risk capital requirements. SFTs, where the CVA risks stemming from such positions are not material, are excluded and certain client-cleared derivatives are exempt; and
	Revision of the overall calibration of the CVA risk framework, covering both the standardized and the basic approach.


View the updated CVA standard.]]></description>
					      
						      <pubDate>Thu, 09 Jul 2020 15:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Finalizes</guid>
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					      <title>UK Prudential Regulator Proposals to Extend Coverage under the Financial Services Compensation Scheme</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Proposals-to-Extend-Cover</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has opened a consultation on proposals for extending coverage of the Financial Services Compensation Scheme for temporary high balances. Responses to the consultation may be submitted until July 23, 2020. The PRA is proposing to extend coverage under the FSCS for temporary high balances, from six months to 12 months from the date of the deposit or the first date the balance becomes legally transferrable to the depositor. The coverage would revert to six months from February 1, 2021. The proposal is made because of the impact of COVID-19 on consumers.

View the consultation paper.]]></description>
					      
						      <pubDate>Thu, 09 Jul 2020 11:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Proposals-to-Extend-Cover</guid>
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					      <title>Financial Stability Board Makes Recommendations to Support LIBOR Transition</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Makes-Recommendations-to</link>
					      <description><![CDATA[
The Financial Stability Board and Basel Committee on Banking Supervision have published a report to the G20 on supervisory issues associated with benchmark transition. The report focuses on the transition away from using LIBOR, but is relevant to other Interbank Offered Rates. The report presents the findings of a survey on the status of the move from using LIBOR, whose usage U.K. regulators are attempting to cease from the end of 2021, and sets out recommendations for relevant authorities and supervisors. 

Read more.]]></description>
					      
						      <pubDate>Thu, 09 Jul 2020 10:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Makes-Recommendations-to</guid>
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					      <title>European Commission Publishes Notices to Financial Services Stakeholders on UK Withdrawal from EU</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Notices-to-Financial</link>
					      <description><![CDATA[
The European Commission has published a series of updated notices, including many addressed to firms operating in the financial services industry, on the actions that should be taken to prepare for the end of the transition period following the U.K.&apos;s withdrawal from the EU on January 31, 2020. The transition period ends on December 31, 2020. The notices most relevant to the financial services industry relate to asset management, banking and payment services, credit ratings agencies, emissions trading systems and consumer protection and passenger rights. They update and replace the notices originally published in 2018.

Read more.]]></description>
					      
						      <pubDate>Tue, 07 Jul 2020 15:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Notices-to-Financial</guid>
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					      <title>European Commission Consults on Proposed Revisions to EU Cybersecurity Rules</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Consults-on-Proposed-Revision</link>
					      <description><![CDATA[
The European Commission has launched a consultation on proposed revisions to the EU Directive on the security of network and information systems across the Union (commonly known as the NIS Directive), which is designed to protect the security of EU network and information systems. The NIS Directive sets out, among other things, the parameters of national network and information security strategies to be implemented by Member States for providers of &quot;essential services&quot;, which include credit institutions (as defined under the EU Capital Requirements Regulation) and financial market infrastructures.

Read more.]]></description>
					      
						      <pubDate>Tue, 07 Jul 2020 15:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Consults-on-Proposed-Revision</guid>
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					      <title>European Central Bank Publishes Guideline on Default Definition for Less Significant Eurozone Institutions</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Guideline-on-Default</link>
					      <description><![CDATA[
The European Central Bank, Banking Supervision division has published a guideline harmonizing the threshold for assessing the materiality of credit obligations past due for the purposes of default assessments under the EU Capital Requirements Regulation. CRR defines the circumstances in which an obligor under a credit obligation will be deemed to be in default. The materiality of the credit obligation is relevant for these purposes, and CRR grants competent authorities the discretion to determine, according to their view of a reasonable level of risk, the threshold against which materiality should be measured.

Read more.]]></description>
					      
						      <pubDate>Tue, 07 Jul 2020 15:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Guideline-on-Default</guid>
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					      <title>European Banking Authority Report on Implementation of EU Prudential Framework During COVID-19</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Report-on-Implementation</link>
					      <description><![CDATA[
The European Banking Authority has published a report on the implementation of certain prudential policies introduced by the EBA to deal with the effects of the COVID-19 pandemic. The report focuses on two areas in particular: implementation issues around the EBA&apos;s Guidelines on legislative and non-legislative moratoria on loan repayments and the criteria that institutions should follow for the identification and treatment of operational risk events and losses.

Read more.]]></description>
					      
						      <pubDate>Tue, 07 Jul 2020 15:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Report-on-Implementation</guid>
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					      <title>Financial Action Task Force Publishes 12-Month Review on Revised FATF Standards for Virtual Assets</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Publishes-12-Month-Review</link>
					      <description><![CDATA[
The FATF has published the results of its 12-month review into the revised FATF standards published in June 2019, designed to help tackle money laundering and terrorist financing risks connected with virtual assets and virtual asset service providers. The FATF&apos;s revised standards introduced a new Interpretive Note to Recommendation 15 on New Technologies, which clarified how countries should apply the FATF standards to virtual assets and VASPs, as well as updated guidance on a risk-based approach for virtual assets and VASPs. When the revisions were published, the FATF undertook to conduct a 12-month review of the changes.

Read more.]]></description>
					      
						      <pubDate>Tue, 07 Jul 2020 15:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Publishes-12-Month-Review</guid>
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					      <title>European Commission Publishes Proposed Roadmap on Capital Markets Union Action Plan</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Proposed-Roadmap-on-Capital</link>
					      <description><![CDATA[
The European Commission has published a proposed Roadmap setting out details of its new Action Plan on the Capital Markets Union. The CMU is an EU initiative seeking to enhance and further integrate the capital markets of EU Member States. An action plan to develop the initiative was first adopted in 2015 and has been commented upon and updated since then, most recently in June 2020 when a High-Level forum on the CMU published a final report with 17 recommendations for advancing the CMU.

Read more.]]></description>
					      
						      <pubDate>Tue, 07 Jul 2020 11:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Proposed-Roadmap-on-Capital</guid>
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					      <title>Financial Action Task Force Report on Stablecoins</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Report-on-Stablecoins</link>
					      <description><![CDATA[
The Financial Action Task Force has published a report on issues of anti-money laundering and counter-terrorism financing in relation to global stablecoins and stablecoins. The report was mandated by the G20 in October 2019, when it also published its own report on the impact of global stablecoins. The FATF uses the term &quot;so-called stablecoins&quot; in its report to avoid endorsing the use of the phrase &quot;stablecoins&quot;, which it views as a marketing term used by promoters of such coins. The term &quot;so-called stablecoins with the potential for mass production&quot; refers to global stablecoins. The FATF has, in parallel, published a 12-month review of its revised FATF standards on virtual assets and virtual asset service providers setting out areas in which the FATF intends to provide updated guidance to cover newly identified risks and provide clarifications.

Read more.]]></description>
					      
						      <pubDate>Tue, 07 Jul 2020 11:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Report-on-Stablecoins</guid>
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					      <title>UK Resolution Authority Provides Clarity on Impact of LIBOR Transition on Bail-In and Stays Clauses</title>
					      <link>https://finreg.aoshearman.com/UK-Resolution-Authority-Provides-Clarity-on-Impact</link>
					      <description><![CDATA[
Following the letter published on December 18, 2019, to the Chair of the Working Group on Sterling Risk-Free Reference Rates, which provided clarification on the impact that the LIBOR transition is likely to have on the prudential requirements for banks, the Prudential Regulation Authority has published a statement providing clarity on the implications of LIBOR transition for contracts in scope of the PRA&apos;s rules on Contractual Recognition of Bail-In and Stay in Resolution. The PRA states that, where the sole purpose of an amendment to a liability or a financial arrangement is to cease using LIBOR, the amendment should not be considered a material amendment under the PRA rules. 

Read more.]]></description>
					      
						      <pubDate>Tue, 07 Jul 2020 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Resolution-Authority-Provides-Clarity-on-Impact</guid>
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					      <title>UK Conduct Regulator Statement on Open Access Regime for Exchange-Traded Derivatives</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Statement-on-Open-Access-Regime</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published an updated statement on the open access regime for trading and clearing exchange-traded derivatives. The Markets in Financial Instruments Regulation provided a temporary opt-out from the open access requirements for trading venues and clearing houses in relation to ETDs. The opt-out was due to expire on July 3, 2020. However, in light of COVID-19, the EU has announced it is postponing the implementation of the open access regime for ETDs until July 3, 2021. The FCA&apos;s statement acknowledges the EU&apos;s postponement of the regime and states that the amended open access regime will form part of retained EU law that will be transposed by the U.K. post-Brexit and will continue to apply in the U.K. after the end of the transition period.

Read more.]]></description>
					      
						      <pubDate>Mon, 06 Jul 2020 15:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Statement-on-Open-Access-Regime</guid>
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					      <title>UK Government Publishes Global Human Rights Sanctions Regulations 2020</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Publishes-Global-Human-Rights-Sanctions</link>
					      <description><![CDATA[
HM Treasury has published the Global Human Rights Sanctions Regulations 2020, a new piece of U.K. legislation designed to target those involved in serious violations of human rights. The Regulations come into force on July 6, 2020. They apply to relevant conduct by any person across the whole of the U.K. but also have extra-territorial effect, additionally applying to conduct by U.K. persons (including U.K. incorporated companies and overseas branches of such companies) outside the U.K. and by any person in the territorial sea adjacent to the U.K.

Read more.]]></description>
					      
						      <pubDate>Mon, 06 Jul 2020 14:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Publishes-Global-Human-Rights-Sanctions</guid>
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					      <title>EU Notice on Postponement of Open Access Provisions for Exchange-Traded Derivatives</title>
					      <link>https://finreg.aoshearman.com/EU-Notice-on-Postponement-of-Open-Access-Provisions</link>
					      <description><![CDATA[
A notice of information has been published in the Official Journal of the European Union, postponing the entry into application of open access provisions for exchange-traded derivatives under the Markets in Financial Instruments Regulation until July 3, 2021.

MiFIR requires a trading venue to provide open and non-discriminatory access to a CCP so that a CCP can clear trades in transferable securities, money market instruments and ETDs concluded on a trading venue of their choice. There is a reciprocal requirement on CCPs to provide open and non-discriminatory access to a trading venue that wishes to clear financial instruments through a particular CCP. These provisions have been in force for over-the-counter products (i.e. those not traded on a regulated market) for some time. The European Securities and Markets Authority published a statement in June 2020 setting out the circumstances in which trading venues and CCPs may refuse requests for access, acknowledging the strain placed on trading venues and CCPs by COVID-19, which may impact their ability to deal with such requests.

Read more.]]></description>
					      
						      <pubDate>Fri, 03 Jul 2020 15:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Notice-on-Postponement-of-Open-Access-Provisions</guid>
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					      <title>Basel Committee on Banking Supervision Publishes Final Updated AML Guidelines</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Publi</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published final updated guidelines on the &quot;Sound management of risks related to money laundering and financing of terrorism&quot;. The updated guidelines apply to all banks, banking groups and relevant regulators.

The updated guidelines include detailed guidance on the interaction between prudential and AML/CFT supervision to enhance the effectiveness of the supervision of banks&apos; AML/CFT regimes. The updated guidelines also merge and replace two other Basel Committee documents, namely Customer due diligence for banks (October 2001) and Consolidated KYC risk management (October 2004). The guidelines should be read in conjunction with other Basel Committee papers, such as the Core principles for effective bank supervision, as well as relevant guidance published by the Financial Action Task Force.

View the updated guidelines.]]></description>
					      
						      <pubDate>Thu, 02 Jul 2020 14:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Publi</guid>
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					      <title>Financial Stability Board Statement on COVID-19 Impact on Benchmark Reform</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Statement-on-COVID-19-Impact</link>
					      <description><![CDATA[
The Financial Stability Board has published a statement on the impact of COVID-19 on global benchmark reforms. Although the FSB acknowledges some aspects of benchmark reform will be delayed due to the effects of COVID-19, many areas can go on as planned and the FSB considers that firms should continue to make wider use of risk-free rates to reduce reliance on IBORs. Firms should also ensure their transition programs facilitate a transition away from LIBOR before the end of 2021. The FSB will publish a report on the remaining challenges for benchmark transition later in July.

View the FSB&apos;s statement on the impact of COVID-19 on LIBOR benchmark reform.]]></description>
					      
						      <pubDate>Wed, 01 Jul 2020 16:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Statement-on-COVID-19-Impact</guid>
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					      <title>Financial Action Task Force Sets out Priorities for 2020-2022</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Sets-out-Priorities-for</link>
					      <description><![CDATA[
The new German Presidency of the Financial Action Task Force commences today and has set out its objectives for 2020-2022.

Read more.]]></description>
					      
						      <pubDate>Wed, 01 Jul 2020 12:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Sets-out-Priorities-for</guid>
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					      <title>Final EU Guidelines on the Treatment of Structural FX Under Capital Requirements Regulation</title>
					      <link>https://finreg.aoshearman.com/Final-EU-Guidelines-on-the-Treatment-of-Structural</link>
					      <description><![CDATA[
The European Banking Authority has published final guidelines on the implementation of the structural FX provision under the Capital Requirements Regulation. The CRR requires institutions to calculate their net open positions in currencies according to specified formulae but permits institutions to exclude positions that have been taken for hedging purposes and that are structural. The guidelines will apply to both firms and national regulators from January 1, 2022, to allow firms time to comply with the new framework.  However, regulators should review, update or revoke permissions already granted before the guidelines apply.

Read more.]]></description>
					      
						      <pubDate>Wed, 01 Jul 2020 10:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-EU-Guidelines-on-the-Treatment-of-Structural</guid>
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					      <title>UK Conduct Regulator Announces Expectations for Approved Persons Regime for Benchmark Administrators During COVID-19</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Announces-Expectations-for-Approved</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has announced its expectations for benchmark administrators and firms using Appointed Representatives that are subject to the Approved Persons Regime during COVID-19. The APR has been superseded by the Senior Managers and Certification Regime for most solo- and dual-regulated firms. However, as benchmark administrators were a new category of authorized firm, they were granted a one-year extension from the roll-out of the SM&amp;CR and so remain subject to the APR until December 7, 2020, when the SM&amp;CR for benchmark administrators that do not undertake other regulated activities will be implemented.

Read more.]]></description>
					      
						      <pubDate>Tue, 30 Jun 2020 16:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Announces-Expectations-for-Approved</guid>
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					      <title>UK Prudential Regulator Statement on EU CRR &apos;Quick Fix&apos; Package</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Statement-on-EU-CRR-Quick-Fix</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a statement on the EU Capital Requirements Regulation &apos;Quick Fix&apos; package, confirming that it applies directly to all PRA-regulated firms. The CRR Quick Fix package has applied across the EU since June 27, 2020. The CRR Quick Fix package is part of the EU&apos;s response to the coronavirus pandemic.

In its statement, the PRA confirms that U.K.-regulated banks already applying the CRR transitional arrangements for IFRS 9 must implement the revised calculations as a result of the Quick Fix package, which extended by two years the transitional measures for the implementation of IFRS 9. In addition, a bank contemplating ceasing to apply the IFRS 9 transitional measures must first obtain PRA approval to do so. The PRA is encouraging those banks to submit their requests by July 31, 2020, which requests must include a written explanation of the basis on which senior management has satisfied itself with the continuing adequacy of the bank&apos;s financial resources.

Read more.]]></description>
					      
						      <pubDate>Tue, 30 Jun 2020 15:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Statement-on-EU-CRR-Quick-Fix</guid>
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					      <title>Financial Action Task Force Consults on Updating Guidance for Proliferation Financing Risks</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Consults-on-Updating-</link>
					      <description><![CDATA[
The Financial Action Task Force has opened a consultation on amendments to Recommendation 1 and its Interpretive Note. Recommendation 1 provides guidance on assessing risks and applying a risk-based approach to money laundering and terrorist financing risks. The FATF is proposing to update the Recommendation to require countries and the private sector to identify and assess risks of potential breaches, non-implementation or evasion of the targeted financial sanctions obligations referred to in Recommendation 7 linked to proliferation financing risks. Responses to the consultation may be submitted until August 31, 2020. The FATF intends to consider the feedback at its plenary session in October 2020.

View the consultation paper.]]></description>
					      
						      <pubDate>Tue, 30 Jun 2020 12:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Consults-on-Updating-</guid>
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					      <title>Extension of Fitness and Propriety Assessments for UK FCA-Regulated Firms</title>
					      <link>https://finreg.aoshearman.com/Extension-of-Fitness-and-Propriety-Assessments-for</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has announced the extension for solo-regulated firms of the deadline for completion of firms&apos; first assessments of the fitness and propriety of their Certified Persons. In light of the impact of the coronavirus pandemic on financial institutions, HM Treasury agreed to extend the deadline from December 9, 2020, to March 31, 2021, although the legislation to formalize the extension is yet to be finalized. The FCA states that firms that are able to carry out their assessments before the March 2021 deadline, should do so.

Read more.]]></description>
					      
						      <pubDate>Tue, 30 Jun 2020 10:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Extension-of-Fitness-and-Propriety-Assessments-for</guid>
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					      <title>UK Legislation Made to Onshore EMIR 2.2</title>
					      <link>https://finreg.aoshearman.com/UK-Legislation-Made-to-Onshore-EMIR-22</link>
					      <description><![CDATA[
The U.K. has published Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 to onshore the new EU regime for third-country CCPs introduced by amendments to the European Market Infrastructure Regulation, known as EMIR 2.2. EMIR 2.2, which has applied since January 1, 2020, is part of the EU&apos;s push to enhance the regulation of CCPs amid concerns regarding potential CCP failures given their increasing systemic importance and is widely regarded as a direct response to Brexit, given that three of the largest European CCPs are based in the U.K.

Read more.]]></description>
					      
						      <pubDate>Fri, 26 Jun 2020 21:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Legislation-Made-to-Onshore-EMIR-22</guid>
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					      <title>UK Prudential Regulator Updates Statement on Regulatory Reporting</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Updates-Statement-on-Regulatory</link>
					      <description><![CDATA[
The U.K. Prudential Regulator has announced that, given the time firms have had to adjust to working during COVID-19 and the need for prudential regulators to access data in a timely manner, the PRA expects that, in general, firms will submit regulatory reports on time going forward. Firms experiencing difficulty with this should contact their supervisor. This amends the statement made by the PRA on April 2, 2020, when it stated that it would accept delayed submission of certain regulatory returns with deadlines on or before May 31, 2020. The PRA&apos;s previous statement, which confirmed its flexibility on receiving firms&apos; Pillar 3 disclosures, still stands, although the PRA notes that it does not expect publication timelines for Pillar 3 disclosures to be affected by COVID-19 in most cases.

View the PRA&apos;s statement on regulatory reporting during COVID-19.

View the PRA&apos;s April statement on regulatory reporting.]]></description>
					      
						      <pubDate>Fri, 26 Jun 2020 17:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Updates-Statement-on-Regulatory</guid>
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					      <title>EU Banking &apos;Quick Fix&apos; Regulation Published</title>
					      <link>https://finreg.aoshearman.com/EU-Banking-lsquoQuick-Fixrsquo-Regulation-Published</link>
					      <description><![CDATA[
A new EU Regulation amending the Capital Requirements Regulation (and also amending the Regulation amending the CRR, known as CRR2), has been published in the Official Journal of the European Union. It is known as the CRR Quick Fix package and applies from June 27, 2020. The Regulation forms part of the EU&apos;s response to the coronavirus pandemic. 

Read more.]]></description>
					      
						      <pubDate>Fri, 26 Jun 2020 10:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Banking-lsquoQuick-Fixrsquo-Regulation-Published</guid>
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					      <title>EU Amends Technical Standards on Prudent Valuation in Response to COVID-19</title>
					      <link>https://finreg.aoshearman.com/EU-Amends-Technical-Standards-on-Prudent-Valuation</link>
					      <description><![CDATA[An EU Regulation amending the Regulatory Technical Standards on prudent valuation has been published in the Official Journal of the European Union. The amending Regulation amends Delegated Regulation (EU) No 101/2016 (which supplements the EU Capital Requirements Regulation) by increasing the aggregation factor applicable to the core approach from 50% to 66% until December 31, 2020, with the aim of it applying for the June 30, 2020, COREP reporting. The amending Regulation applies from June 26, 2020.

View the amending Regulation.]]></description>
					      
						      <pubDate>Thu, 25 Jun 2020 10:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Amends-Technical-Standards-on-Prudent-Valuation</guid>
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					      <title>International Organization of Securities Commissions Proposes Artificial Intelligence Requirements for Market Intermediaries and Asset Managers</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Securit</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has issued a consultation on proposed guidance on the use of artificial intelligence and machine learning by market intermediaries and asset managers. The draft guidance is intended to assist IOSCO member jurisdictions to develop appropriate regulatory frameworks to mitigate the risks arising from the increased use of AI and ML by financial institutions. Comments on the draft Guidance can be submitted until October 26, 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 25 Jun 2020 09:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Securit</guid>
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					      <title>European Banking Authority Publishes Final Draft Technical Standards for Public Disclosures and Reporting Requirements Under CRR II</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final-Draft-Technical</link>
					      <description><![CDATA[
The European Banking Authority has published its final reports and draft Implementing Technical Standards for public disclosures and supervisory reporting requirements under the revised EU Capital Requirements Regulation. CRR implements the Basel Committee on Banking Supervision&apos;s Pillar 3 disclosure requirements, which require banks to disclose information about their risks and risk management procedures and policies. In 2018, the Basel Committee published updated Pillar 3 requirements. The revised CRR, published in June 2019, incorporates the revised Basel Committee disclosure standards and mandates the EBA to produce the draft ITS to ensure comparability of the disclosures made with international non-EU active banks.

Read more.]]></description>
					      
						      <pubDate>Wed, 24 Jun 2020 16:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final-Draft-Technical</guid>
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					      <title>European Banking Authority Publishes Final Draft Technical Standards for Public Disclosures and Reporting Requirements Under CRR II</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final-Draft-Technical-Standards-for</link>
					      <description><![CDATA[
The European Banking Authority has published its final reports and draft Implementing Technical Standards for public disclosures and supervisory reporting requirements under CRR II. The EU Capital Requirements Regulation implements the Basel Committee on Banking Supervision&apos;s Pillar 3 disclosure requirements, which require banks to disclose information about their risks and risk management procedures and policies. In 2018, the Basel Committee published updated Pillar 3 requirements. The revised CRR, published in June 2019, incorporates the revised Basel Committee disclosure standards and mandates the EBA to produce the draft ITS to ensure comparability of the disclosures made with international non-EU active banks.

Read more.]]></description>
					      
						      <pubDate>Wed, 24 Jun 2020 11:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final-Draft-Technical-Standards-for</guid>
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					      <title>UK Regulator Publishes Discussion Paper on New Investment Firm Prudential Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Publishes-Discussion-Paper-on-New-In</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a discussion paper setting out its initial views on establishing a new Investment Firm Prudential Regime. The EU introduced a new prudential regime for EU investment firms through the Investment Firm Regulation and the Investment Firm Directive, which will (mostly) apply from June 26, 2021. The U.K. encouraged the introduction of the EU IFD and IFR while it was a member of the EU. However, the U.K. will not implement the IFR and IFD into U.K. laws as they come into force after the U.K. has left the EU and after the Brexit transitional period ends.

Read more.]]></description>
					      
						      <pubDate>Tue, 23 Jun 2020 18:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Publishes-Discussion-Paper-on-New-In</guid>
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					      <title>HM Treasury Consults on UK Transposition of Revised EU Bank Recovery &amp; Resolution Directive</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Consults-on-UK-Transposition-of-Revised</link>
					      <description><![CDATA[
HM Treasury has launched a consultation on the U.K.&apos;s intended transposition of the revised EU Bank Recovery and Resolution Directive (known as BRRD 2). BRRD 2 came into force in June 2019 and introduced a series of amendments to BRRD. EU Member States are required to transpose BRRD 2 into their national laws and apply the provisions by no later than December 28, 2020, except for provisions relating to Minimum Requirements for Own Funds and Eligible Liabilities, which apply from January 1, 2024. Under the terms of the Brexit Withdrawal Agreement, the U.K. government has committed to implementing all EU legislation due to be transposed before the end of 2020. HM Treasury has confirmed that, as the implementation of MREL provisions is not required until 2024, the U.K. intends to exercise its discretion to transpose those requirements. The U.K. already has a MREL framework which is based on the Financial Stability Board&apos;s Total Loss Absorbing Capacity standards.

Read more.]]></description>
					      
						      <pubDate>Tue, 23 Jun 2020 17:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Consults-on-UK-Transposition-of-Revised</guid>
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					      <title>HM Treasury Updates Policy Statement on Prudential Standards for Investment Firms in UK Financial Services Bill</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Updates-Policy-Statement-on-Prudential-Standards</link>
					      <description><![CDATA[
HM Treasury has published an updated policy statement on its proposals for the prudential standards in the U.K.&apos;s upcoming Financial Services Bill. The Financial Services Bill will set out a proposed regulatory framework for the financial services industry following the U.K.&apos;s exit from the EU. HM Treasury published its original policy statement on the proposed prudential regime in March 2020, setting out its plans to: (i) complete the U.K.&apos;s implementation of the remaining Basel III standards; and (ii) establish a new prudential regime for U.K. investment firms.

Read more.]]></description>
					      
						      <pubDate>Tue, 23 Jun 2020 12:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Updates-Policy-Statement-on-Prudential-Standards</guid>
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					      <title>EU Sustainable Finance Taxonomy Regulation Published</title>
					      <link>https://finreg.aoshearman.com/EU-Sustainable-Finance-Taxonomy-Regulation-Published</link>
					      <description><![CDATA[
A new EU Regulation on the establishment of a framework to facilitate sustainable investment (commonly referred to as the Taxonomy Regulation) has been published in the Official Journal of the European Union. The Taxonomy is a classification system for sustainable activities that is designed to provide a shared understanding of the environmental sustainability of activities and investments. The Regulation sets out the environment objectives for the Taxonomy and the criteria for determining whether an economic activity qualifies as environmentally sustainable. It also makes various amendments to the Sustainable Finance Disclosure Regulation, including requiring the European Supervisory Authorities to develop regulatory technical standards specifying the content and presentation of information demonstrating that a given investment does not significantly harm relevant environmental objectives. 

Read more.]]></description>
					      
						      <pubDate>Mon, 22 Jun 2020 09:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Sustainable-Finance-Taxonomy-Regulation-Published</guid>
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					      <title>UK Conduct Regulator Consults on Permanent Ban for Marketing Speculative Illiquid Securities to Retail Investors</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Permanent-Ban-for</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation on its proposals to make permanent its ban on the mass-marketing of speculative illiquid securities to retail investors. The FCA&apos;s temporary product intervention measures, restricting the sale of speculative illiquid securities to retail investors other than sophisticated or high net worth investors, came into force on January 1, 2020 for a period of one year. The FCA&apos;s consultation sets out the FCA&apos;s plan for making the measures permanent and extending them to include listed bonds with similar features to speculative illiquid securities that are not regularly traded. Responses to the consultation should be submitted by October 1, 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 18 Jun 2020 16:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Permanent-Ban-for</guid>
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					      <title>European Banking Authority Publishes Amended Draft Technical Standards for Passport Notifications</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Amended-Draft</link>
					      <description><![CDATA[
The European Banking Authority has published amending draft Regulatory Technical Standards and Implementing Technical Standards on passporting notifications under the fourth Capital Requirements Directive. CRD4 requires an EU bank wishing to establish a branch in another EU Member State to notify the national regulator of its home Member State of certain information. In the event of any changes in the information supplied, the relevant bank must notify the national regulators of both the home and host Member State at least one month prior to the change coming into effect. In 2014, the EBA produced RTS on the information to be provided to the national regulators in connection with the exercise of these passporting rights, and ITS on the forms, templates and procedures for such notifications.

Read more.]]></description>
					      
						      <pubDate>Thu, 18 Jun 2020 16:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Amended-Draft</guid>
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					      <title>European Banking Authority Extends Payments Moratoria Guidelines</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Extends-Payments-Moratoria</link>
					      <description><![CDATA[
The European Banking Authority has extended the applicability of its Guidelines on legislative and non-legislative loan repayments in light of the ongoing effects of COVID-19. The Guidelines were originally published in April 2020 and stated that, where payment moratoria were based on national law or a private-sector initiative broadly applied by credit institutions in response to COVID-19, they would not be classified as forbearance or distressed restructuring measures. The Guidelines as originally published applied to moratoria applied before June, 30 2020. That deadline has now been extended to moratoria applied before September 30, 2020.
 
View the EBA&apos;s updated statement on its Guidelines on payments moratoria.
 
View details of the EBA&apos;s original statement on its Guidelines on payments moratoria.]]></description>
					      
						      <pubDate>Thu, 18 Jun 2020 15:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Extends-Payments-Moratoria</guid>
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					      <title>European Banking Authority Publishes Peer Review of Deposit Guarantee Scheme Stress Test Results</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Peer-Review-</link>
					      <description><![CDATA[
The European Banking Authority has published the results of its peer review of EU deposit guarantee schemes. The EU Deposit Guarantee Scheme Directive establishes requirements for EU DGSs, including that Member States conduct stress tests of their DGSs. Member States were required to report on their stress tests by July 3, 2019, and the EBA has based its peer review report on the results of the tests. The report is intended to assess the resilience of EU DGSs and identify good practices and areas for improvement.

Read more.]]></description>
					      
						      <pubDate>Wed, 17 Jun 2020 14:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Peer-Review-</guid>
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					      <title>UK Publishes Post-Brexit Cyber Sanctions Regulations</title>
					      <link>https://finreg.aoshearman.com/UK-Publishes-Post-Brexit-Cyber-Sanctions-Regulations</link>
					      <description><![CDATA[
The U.K. Government has published the Cyber (Sanctions) (EU Exit) Regulations 2020 and an explanatory memorandum. The Regulations are made under the Sanctions and Anti-Money Laundering Act 2018, which was introduced to enable the U.K. Government to implement international sanctions following its departure from the EU. The majority of the SAMLA provisions entered into force on November 22, 2018. The purpose of the Regulations is to ensure that the U.K. has an effective cyber sanctions regime at the end of transitional period (currently scheduled for December 31, 2020) as part of the U.K.&apos;s exit from the EU.

Read more.]]></description>
					      
						      <pubDate>Wed, 17 Jun 2020 09:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Publishes-Post-Brexit-Cyber-Sanctions-Regulations</guid>
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					      <title>UK Payment Systems and Conduct Regulators Publish Joint Statement on Access to Cash</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-and-Conduct-Regulators-Publish</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator and U.K. Financial Conduct Authority have published a joint statement on their approach to maintaining access to cash for those that need it in light of bank branch and cash machine closures due to COVID-19. The regulators have adopted a series of actions, including mapping which regions have seen branch and cash machine closures, working with banks, building societies, the Post Office and Link to ensure access to these facilities is re-established as soon as possible and focusing on the needs of vulnerable consumers who require ongoing access to cash. In the longer-term, the regulators will work to ensure reasonable access to cash is maintained, including through use of shared services and local community initiatives, and anticipate additional powers to preserve access to cash from upcoming legislation announced in the U.K. Government&apos;s 2020 budget.
 
View the PSR&apos;s statement on access to cash.
 
View the FCA&apos;s statement on access to cash.
 
Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Tue, 16 Jun 2020 14:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-and-Conduct-Regulators-Publish</guid>
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					      <title>EU Working Group on Risk-Free Rates Publishes Recommendation on Voluntary Compensation for Swaptions</title>
					      <link>https://finreg.aoshearman.com/EU-Working-Group-on-Risk-Free-Rates-Publishes-Recommendation</link>
					      <description><![CDATA[
The EU Working Group on Risk-Free Rates has published its recommendation on voluntary compensation for swaptions affected by the CCP discounting transition from EONIA to &amp;euro;STR. The recommendation follows the Working Group&apos;s March 2020 consultation on the topic. The Working Group recommends that counterparties exchange voluntary compensation for relevant legacy swaption contracts and that market participants contact their swaption counterparties promptly to determine whether compensation is required. 

Read more.]]></description>
					      
						      <pubDate>Tue, 16 Jun 2020 11:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Working-Group-on-Risk-Free-Rates-Publishes-Recommendation</guid>
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					      <title>European Banking Authority Call for Input on Impact of De-Risking on Financial Institutions and Consumers</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Call-for-Input-on-Impact</link>
					      <description><![CDATA[The European Banking Authority has launched a call for input to understand why financial institutions choose to &quot;de-risk&quot; (meaning they elect not to service a particular customer or category of customers on the basis of higher money laundering and terrorist financing risks) instead of managing the risks of working with those customers. Responses are sought from financial institutions and end users by September 11, 2020. The call for input will inform the EBA&apos;s Opinion on the risks of money laundering and terrorist financing affecting the EU&apos;s financial sector.
 
View the EBA&apos;s call for input.]]></description>
					      
						      <pubDate>Mon, 15 Jun 2020 16:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Call-for-Input-on-Impact</guid>
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					      <title>European Securities and Markets Regulator Publishes 2019 Annual Report and Updated 2020 Work Program</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Regulator-Publishes</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its 2019 Annual Report together with an updated version of its 2020 Work Program, incorporating changes in response to the COVID-19 pandemic.
 
ESMA&apos;s 2019 Annual Report discusses ESMA&apos;s work in 2019, which included: (a) the entry into force of EMIR 2.2, including significant new responsibilities for ESMA in the authorization and supervision of CCPs; (b) ESMA&apos;s common supervisory action on the application of the revised Markets in Financial Instrument Directive&apos;s requirements on the assessment of appropriateness, for which ESMA will consider whether any follow-up work is needed in 2020; (c) reviews of MiFID II and the Markets in Financial Instruments Regulation, including on fair access to, and lowering the cost of, market data and the consolidated tape; and (d) sustainable finance, including technical advice delivered to the European Commission on the integration of sustainability risks for investment firms and investment funds into relevant EU legislation, a report on undue short-termism in securities markets and contributions to the technical expert group on sustainable finance which is due to deliver technical advice on delegated legislation relating to the EU Benchmarks Regulation.

Read more.]]></description>
					      
						      <pubDate>Mon, 15 Jun 2020 09:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Regulator-Publishes</guid>
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					      <title>UK Government Amends Sanctions Legislation</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Amends-Sanctions-Legislation</link>
					      <description><![CDATA[
HM Treasury has published the Sanctions (EU Exit) (Miscellaneous Amendments) Regulations and the Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations, amending certain aspects of the U.K. sanctions regime. The legislation is made under the Sanctions and Anti-Money Laundering Act 2018, which was introduced to enable the U.K. Government to implement international sanctions following its departure from the EU. The majority of the SAMLA provisions entered into force on November 22, 2018.

Read more.]]></description>
					      
						      <pubDate>Sat, 13 Jun 2020 14:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Amends-Sanctions-Legislation</guid>
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					      <title>European Commission Consults on Proposed EU Green Bond Standard</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Consults-on-Proposed-EU-Green</link>
					      <description><![CDATA[
The European Commission has published a consultation on the establishment of an EU Green Bond Standard. The EU&apos;s GBS initiative forms part of the European Green Deal, which aims to increase the EU&apos;s climate action and environmental policy ambitions. The proposed GBS will establish standards and labels for green financial products and instruments. In June 2019, the EU Technical Expert Group on Sustainable Finance published a report on the proposed GBS, setting out ten recommendations for the substance of the GBS and for how market participants and regulators could support and monitor it. In March 2020, the TEG also published a Usability Guide to the GBS, setting out the TEG&apos;s views on its application, including confirming its view that the GBS should be voluntary. The TEG&apos;s March 2020 report also included a series of recommendations for the secondary legislation to be published in connection with the EU&apos;s proposed Taxonomy Regulation. The Commission and TEG recently published joint FAQs on the EU taxonomy and GBS.

Read more.]]></description>
					      
						      <pubDate>Fri, 12 Jun 2020 09:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Consults-on-Proposed-EU-Green</guid>
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					      <title>FICC Markets Standards Board Publishes Case Studies for Managing LIBOR Transition Conduct Risks</title>
					      <link>https://finreg.aoshearman.com/FICC-Markets-Standards-Board-Publishes-Case-Studi</link>
					      <description><![CDATA[
The FICC Markets Standards Board has published a Spotlight Review on case studies for navigating conduct risks during the LIBOR transition, which is due to be completed by the end of 2021. The Review will be of interest to all market participants, including sell-side, buy-side and corporates. It is intended to assist in the identification and management of conduct risks related to the LIBOR transition. The Review assesses risks to market fairness and effectiveness that could arise during the LIBOR transition and discusses how market participants could tackle these risks. Using practical case studies, the Review draws attention to how uncertainties might lead to decision-making challenges for market participants offering new products to clients or changing performance benchmarks.

The U.K. Financial Conduct Authority published a statement in November 2019 setting out its expectations of firms relating to governance and accountability, replacing LIBOR with alternative rates in existing contracts, offering new products with alternative rates, communicating with customers about the transition from LIBOR and best practice for firms investing on behalf of clients.

View the FMSB Spotlight Review on case studies for navigating LIBOR transition conduct risks.

View the FCA&apos;s statement on conduct risks.]]></description>
					      
						      <pubDate>Thu, 11 Jun 2020 16:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FICC-Markets-Standards-Board-Publishes-Case-Studi</guid>
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					      <title>European Commission Publishes Draft Delegated Regulation on Fees Charged to Third-Country Central Counterparties</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Draft-Delegated-Regulation</link>
					      <description><![CDATA[
The European Commission has published a draft delegated regulation on the fees charged by the European Securities and Markets Authority to central counterparties established in third-countries that are recognized by ESMA and able to provide clearing services in the EU. The draft regulation will supplement the European Market Infrastructure Regulation. EMIR was revised twice during 2019. The second revision (known as EMIR 2.2) introduced changes to the procedures and authorities involved in the authorization of CCPs and the requirements for the recognition of third-country CCPs. EMIR 2.2, is part of the EU&apos;s push to enhance the regulation of CCPs amid concerns regarding potential CCP failures given their increasing systemic importance and is widely regarded as a direct response to Brexit, given that three of the largest European CCPs are based in the U.K. Feedback on the draft delegated regulation can be submitted until July 9, 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 11 Jun 2020 14:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Draft-Delegated-Regulation</guid>
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					      <title>EU Statement on Open Access Requests for Exchange-Traded Derivatives</title>
					      <link>https://finreg.aoshearman.com/EU-Statement-on-Open-Access-Requests-for-Exchange</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a statement on the open access provisions for exchange-traded derivatives under the Markets in Financial Instruments Regulation.

MiFIR requires a trading venue to provide open and non-discriminatory access to a CCP so that a CCP can clear trades in transferable securities, money market instruments and ETDs concluded on a trading venue of their choice, which will in turn allow the members of a trading venue to select the CCP they wish to use for clearing. There is a reciprocal requirement on CCPs to provide open and non-discriminatory access to a trading venue that wishes to clear financial instruments through a particular CCP. These provisions are controversial since they mean that valuable intellectual property and IT systems developed by exchanges effectively must be made available to competitors or new market entrants. It has been argued that the open access requirements make the EU unattractive as a location for exchange businesses due to the commercial disadvantages that result for those exchanges which have successfully invested in innovation.

Read more.]]></description>
					      
						      <pubDate>Thu, 11 Jun 2020 12:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Statement-on-Open-Access-Requests-for-Exchange</guid>
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					      <title>European Commission Publishes Draft Delegated Regulations on Criteria for Tiering of Third-Country CCPs and on Comparable Compliance</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Draft-Delegated-Regulations-on</link>
					      <description><![CDATA[
The European Commission has published two draft delegated regulations, the first is on the criteria for determining whether a third-country CCP is systemically important and the second is on the minimum elements to be assessed by the European Securities and Markets Authority when assessing third-country CCPs&apos; requests for comparable compliance and the modalities and conditions of that assessment. The draft regulations will supplement the European Market Infrastructure Regulation. EMIR was revised twice during 2019.  The second revision (known as EMIR 2.2) introduced changes to the procedures and authorities involved in the authorization of CCPs and the requirements for the recognition of third-country CCPs. &quot;EMIR 2.2&quot; is part of the EU&apos;s push to enhance the regulation of CCPs amid concerns regarding potential CCP failures given their increasing systemic importance and is widely regarded as a direct response to Brexit, given that three of the largest European CCPs are based in the U.K. Feedback on the draft delegated regulations can be submitted until July 9, 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 11 Jun 2020 12:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Draft-Delegated-Regulations-on</guid>
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					      <title>Bank of England Confirms Daily Compounded SONIA Index</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Confirms-Daily-Compounded-SONIA-Index</link>
					      <description><![CDATA[
Following the discussion paper published on February 26, 2020, the Bank of England has announced that it will begin publishing a daily compounded Sterling Overnight Index. It is expected that this will start in early August, although the BoE will confirm the date in due course. The daily compounded index would represent the return on an investment earning daily interest at the SONIA rate; market participants could calculate the interest payable on their instruments by reference to the change in the index between two dates. The BoE has decided not to proceed with publishing the proposed SONIA period averages due to lack of industry consensus on the usefulness of such data and the underlying conventions. The BoE will consider producing this data if market participants are able to reach a more united view.

Read more.]]></description>
					      
						      <pubDate>Thu, 11 Jun 2020 12:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Confirms-Daily-Compounded-SONIA-Index</guid>
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					      <title>Final Recommendations on EU Capital Markets Union Published</title>
					      <link>https://finreg.aoshearman.com/Final-Recommendations-on-EU-Capital-Markets-Union-Published</link>
					      <description><![CDATA[
The High Level Forum on the Capital Markets Union has published its final report setting out 17 recommendations aimed at moving the EU&apos;s capital markets forward and completing the Capital Markets Union. The recommendations are grouped into four main clusters, which focus on: (i) creating a vibrant and competitive business environment; (ii) building stronger and more efficient market infrastructure; (iii) fostering retail investments in capital markets; and (iv) going beyond boundaries across the internal market.

Read more.]]></description>
					      
						      <pubDate>Wed, 10 Jun 2020 11:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Recommendations-on-EU-Capital-Markets-Union-Published</guid>
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					      <title>European Commission Publishes FAQs on Sustainable Finance Initiatives</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-FAQs-on-Sustainable</link>
					      <description><![CDATA[
The European Commission has published Frequently Asked Questions on the EU taxonomy and Green Bond Standard. The EU taxonomy is a classification system that will create a common language for sustainable activities, to help determine whether an economic activity is environmentally sustainable. The Green Bond Standard establishes labels for financial products that are judged to be &quot;green&quot;. The taxonomy and Standard are two products of the Commission&apos;s 2018 Action Plan on Financing Sustainable growth. 

Read more.]]></description>
					      
						      <pubDate>Wed, 10 Jun 2020 09:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-FAQs-on-Sustainable</guid>
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					      <title>UK Regulators Acknowledge European Systemic Risk Board Recommendation on Financial Institution Distributions</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Acknowledge-European-Systemic-Risk-</link>
					      <description><![CDATA[
The Bank of England and U.K. Prudential Regulation Authority have publicly acknowledged the ESRB&apos;s Recommendation on the restriction of distributions during COVID-19. The ESRB recommends that EU financial institutions refrain from making dividend distributions, entering into buy-backs of ordinary shares or creating obligations to pay variable remuneration to material risk takers where those actions reduce the quantity or quality of own funds at the EU group level and sub-consolidated or individual level. The BoE and PRA note that the Recommendation applies to U.K. authorities during the Brexit transition period.

View the BoE and PRA&apos;s joint statement on the ESRB&apos;s Recommendation.

View details of the ESRB&apos;s Recommendation.

Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Mon, 08 Jun 2020 16:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Acknowledge-European-Systemic-Risk-</guid>
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					      <title>European Systemic Risk Board Announces Further Actions to Combat Impact of COVID-19</title>
					      <link>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Announces-Further-Ac</link>
					      <description><![CDATA[
The European Systemic Risk Board has announced a series of further actions designed to combat the impact of COVID-19 on European financial markets. The actions relate to the five priority areas already identified by the ESRB as requiring particular focus in the context of the COVID-19 pandemic, as follows:

	Implications for the financial system of guarantee schemes and other fiscal measures to protect the economy: the ESRB has published a Recommendation introducing minimum requirements for national monitoring of the financial stability implications of the various debt moratoria and guarantee schemes introduced by Member States to support economies through COVID-19 (Recommendation A); national regulators are also advised to regularly report information on these schemes to the ESRB in accordance with reporting templates to be published by the ESRB by June 30, 2020 (Recommendation B); national regulators implicated by the Recommendation should communicate the actions they have taken, or intend to take, in response to the Recommendation A by July 31, 2020 and Recommendation B by December 31, 2020;

Read more.]]></description>
					      
						      <pubDate>Mon, 08 Jun 2020 14:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Announces-Further-Ac</guid>
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					      <title>Final EU Guidelines on Compliance Function Requirements Under MIFID II</title>
					      <link>https://finreg.aoshearman.com/Final-EU-Guidelines-on-Compliance-Function-Requirements</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published final guidelines on the compliance function requirements that are set out in the revised Markets in Financial Instruments package. The final guidelines replace ESMA&apos;s 2012 guidelines issued under MiFID I.

Read more.]]></description>
					      
						      <pubDate>Fri, 05 Jun 2020 09:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-EU-Guidelines-on-Compliance-Function-Requirements</guid>
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					      <title>UK Conduct Regulator Publishes Guidance on Branch Access During COVID-19</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Guidance-on-Branch</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published guidance for banks on continuing to make branch access available for essential services. In considering reopening and operating branches, banks should balance the needs of their customers against the safety and welfare of their staff. Maintaining access to essential services for vulnerable customers, such as access to cash, telephone banking and in-person payments, should be a particular priority. Firms should also prioritize the reinstatement of access to cash and essential services in local areas which have lost access to bank branches as a result of the pandemic, and, where this is not possible, should ensure they communicate clearly with customers through websites and physical signs at branches to point them to alternatives, including Post Office services.
 
View the FCA&apos;s guidance on branch access during COVID-19.
 
Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Thu, 04 Jun 2020 15:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Guidance-on-Branch</guid>
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					      <title>UK Prudential Regulator Publishes Further Guidance on IFRS 9 and Capital Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Further-Guidance</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a &quot;Dear CEO&quot; letter providing further guidance on IFRS 9 and capital requirements in the context of COVID-19. The PRA published a &quot;Dear CEO&quot; letter in March 2020, advising firms on the application of certain key concepts (including the definition of &quot;default&quot; in the Capital Requirements Regulation and expected credit loss accounting under IFRS 9). This guidance related in large part to payment holidays, many of which are now coming to an end. The PRA&apos;s latest guidance therefore focuses on exits from those initial payment deferrals. 

Read more.]]></description>
					      
						      <pubDate>Thu, 04 Jun 2020 11:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Further-Guidance</guid>
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					      <title>Bank of England Warns Financial Market Infrastructures Against Profit Distributions</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Warns-Financial-Market-Infrastructures</link>
					      <description><![CDATA[
The Bank of England has written to CEOs of U.K. financial market infrastructure providers, urging them to carefully consider the additional risks and potential financial and operational demands of COVID-19 when determining shareholder distributions or variable remuneration. U.K. FMI providers are expected to discuss any intended shareholder distributions with the Bank of England.
 
View the BoE&apos;s Dear CEO letter to FMIs.
 
Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Thu, 04 Jun 2020 11:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Warns-Financial-Market-Infrastructures</guid>
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					      <title>EU Consultation on Proposed Capital Requirements of Non-Modellable Risks Under the Fundamental Review of the Trading Book</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Proposed-Capital-Requirements-</link>
					      <description><![CDATA[
The European Banking Authority has opened a consultation on proposed Regulatory Technical Standards on capital requirements of non-modellable risks under the Fundamental Review of the Trading Book. The Regulation amending CRR, which was finalized in June 2019, implements, among other things, the Basel III revised requirements to calculate own funds requirements for market risk (FRTB). It will apply directly across the EU from June 28, 2021. The consultation closes on September 4, 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 04 Jun 2020 09:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Proposed-Capital-Requirements-</guid>
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					      <title>UK Conduct Regulator Update on COVID-19 Response and 2020 Expectations</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Update-on-COVID-19-Response-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority&apos;s Executive Director of Supervision for Investment, Wholesale and Specialists, Megan Butler, has given a speech setting out the FCA&apos;s current priorities, its expectations of firms during the COVID-19 pandemic and the outcomes it is focusing on for the wealth management sector, as well as the future priorities for financial regulation.
 
The FCA initially prioritized immediate relief for firms and consumers, including on mortgages and unsecured lending products, at the outset of the COVID-19 crisis, but is now looking at how it will respond to the challenges of COVID-19 on a more long-term basis. This longer-term approach includes ensuring a good level of operational resilience (in line with the FCA&apos;s ongoing consultation on that topic), that markets can continue to function well, that customers are treated fairly and protected from scams and that the FCA understands firms&apos; financial resilience so that they can fail in an orderly manner. 

Read more.]]></description>
					      
						      <pubDate>Thu, 04 Jun 2020 09:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Update-on-COVID-19-Response-</guid>
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					      <title>First Consultations on Proposed Technical Standards for New EU Investment Firm Prudential Regime</title>
					      <link>https://finreg.aoshearman.com/First-Consultations-on-Proposed-Technical-Standar</link>
					      <description><![CDATA[
The European Banking Authority has opened consultations on several draft technical standards required to implement the new prudential framework for investment firms. The Investment Firm Regulation and the Investment Firm Directive introduce a more tailored prudential regulatory regime for many EU investment firms that reflect the risks inherent in the diverse activities those firms undertake. It also aims to amend the prudential requirements imposed on certain investment firms to avoid the imposition of undue administrative burdens by removing those firms from the scope of the revised Capital Requirements Regulation and Capital Requirements Directive. Only the largest investment firms will be subject to, and need to obtain bank authorization under, CRD and CRR. The majority of both the IFR and IFD will apply from June 26, 2021. The EBA&apos;s consultations are on proposed technical standards that will supplement the IFR and IFD.

Read more.]]></description>
					      
						      <pubDate>Thu, 04 Jun 2020 08:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/First-Consultations-on-Proposed-Technical-Standar</guid>
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					      <title>European Banking Authority Provides Additional Opinion on Strong Customer Authentication Requirements for Account Servicing Payment Service Providers</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Provides-Additional-Opinion</link>
					      <description><![CDATA[
The European Banking Authority has published an Opinion on the obstacles to the provision by third-party service providers of account information and payment initiation services under the revised Payment Services Directive. PSD2 and the related Regulatory Technical Standards on strong customer authentication and common and secure communication require account servicing payment service providers to establish access interfaces through which third-party service providers can securely access a customers&apos; payment accounts. Where the ASPSP provides a dedicated interface (as opposed to a modified customer interface), the SCA RTS require it to ensure that there are no obstacles to the provision of services by third-party service providers. The EBA has published the Opinion in response to queries from market participants on issues arising in this area.

Read more.]]></description>
					      
						      <pubDate>Thu, 04 Jun 2020 07:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Provides-Additional-Opinion</guid>
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					      <title>EU Consultation on Draft Guidelines on Outsourcing to Cloud Service Providers</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Draft-Guidelines-on-Outsourcin</link>
					      <description><![CDATA[
The European Securities and Markets Authority has opened a consultation on draft guidelines on outsourcing to cloud service providers. The draft guidelines cover: (i) governance, documentation, systems and procedures that firms should have in place; (ii) the assessment and due diligence to be undertaken before outsourcing arrangements are entered; (iii) minimum elements that outsourcing agreements should include; (iv) exit strategies; and (v) access and audit rights. The consultation closes on September 1, 2020. ESMA expects to publish the final guidelines in Q4 2020 or Q1 2021.

Read more.]]></description>
					      
						      <pubDate>Wed, 03 Jun 2020 15:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Draft-Guidelines-on-Outsourcin</guid>
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					      <title>European Securities and Markets Authority Publishes Updated Transparency and Position Limits Opinions for Third-Country Trading Venues</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Updated-Transparency</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published two opinions on the application of post-trade transparency and position limits rules to third-country trading venues.
 
The first opinion relates to post-trade transparency requirements under the Markets in Financial Instruments Regulation. Under MiFIR, EU investment firms must publish information on transactions in financial instruments traded on an EU trading venue. ESMA&apos;s opinion states that information about transactions concluded on a third-country trading venue should also be made public in accordance with MiFIR, but it is unnecessary for EU firms to republish such information where the transparency rules of the third-country trading venue are similar to those applicable to EU trading venues under MiFIR. 

Read more.]]></description>
					      
						      <pubDate>Wed, 03 Jun 2020 14:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Updated-Transparency</guid>
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					      <title>EU Extends Period for Lower Short Sale Disclosures</title>
					      <link>https://finreg.aoshearman.com/EU-Extends-Period-for-Lower-Short-Sale-Disclosures</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a Decision renewing the temporary lower threshold for disclosures of net short positions in shares. ESMA&apos;s original Decision has been in effect since March 16, 2020 and was due to expire on June 16, 2020. The Decision to renew the measures will apply from June 17, 2020 for a further three months. The lower thresholds apply to all holders of net short positions in shares traded on an EU regulated market (i.e., exchange) who must notify the relevant national regulator if the position reaches or exceeds 0.1% of the issued share capital and of each 0.1% above that threshold.

Read more.]]></description>
					      
						      <pubDate>Wed, 03 Jun 2020 12:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Extends-Period-for-Lower-Short-Sale-Disclosures</guid>
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					      <title>European Banking Authority Publishes Roadmap on Investment Firm Regulation and Directive Deliverables</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Roadmap-on-I</link>
					      <description><![CDATA[
The European Banking Authority has published a new roadmap under the Investment Firm Regulation and the Investment Firm Directive. The IFR and IFD introduce a more tailored regulatory regime for many EU investment firms that reflects the risks inherent in the diverse activities those firms undertake. It also aims to amend the prudential requirements imposed on certain investment firms to avoid the imposition of undue administrative burdens by removing them from the scope of the revised Capital Requirements Regulation and Capital Requirements Directive. The majority of both the IFR and IFD will apply from June 26, 2021.

The EBA&apos;s roadmap sets out the timing for the EBA to produce final versions of Regulatory Technical Standards, Implementing Technical Standards, Guidelines and Reports. The EBA must also establish a list of capital instruments and a database of administrative sanctions. The mandates will be delivered in four phases, starting from December 2020, and cover:

	Thresholds and criteria for investment firms to be subject to the CRR;
	Capital requirements and composition;
	Reporting and disclosure;
	Remuneration and governance;
	Supervisory convergence and supervisory review and Pillar 2; and
	Environmental, social and governance exposures.


View the EBA&apos;s IFR and IFD Roadmap.

View details of the IFR and IFD.]]></description>
					      
						      <pubDate>Tue, 02 Jun 2020 15:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Roadmap-on-I</guid>
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					      <title>Extension of Senior Managers Regime to Benchmark Administrators</title>
					      <link>https://finreg.aoshearman.com/Extension-of-Senior-Managers-Regime-to-Benchmark-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Policy Statement and final rules and guidance on the application of the Senior Managers Regime to Benchmark Administrators. The final rules will apply from December 7, 2020 to Benchmark Administrators authorized in the U.K. that do not undertake any other regulatory activities. The FCA&apos;s SMR was originally implemented for banks in 2016 and was extended to all FCA solo-regulated firms authorized under the Financial Services and Markets Act 2000 in December 2019. Benchmark administrators were only obliged to become FCA-authorized by the end of 2019 pursuant to the EU Benchmark Regulation, and so were granted a one-year extension from the roll-out of the SMR.

Read more.]]></description>
					      
						      <pubDate>Tue, 02 Jun 2020 11:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Extension-of-Senior-Managers-Regime-to-Benchmark-</guid>
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					      <title>European Securities and Markets Authority Publishes Final Technical Advice on FRANDT Clearing Services Provision Under EMIR REFIT</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Final-Technical</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its final report and technical advice on the conditions for clearing services providers&apos; commercial terms to be considered fair, reasonable, non-discriminatory and transparent, in accordance with changes introduced under the revised European Market Infrastructure Regulation, or EMIR Refit. EMIR Refit requires the European Commission to adopt legislation setting out these conditions by June 18, 2021. The Commission tasked ESMA with publishing technical advice on the conditions, which ESMA launched a consultation on in October 2019. ESMA&apos;s final technical advice takes account of the responses received to the consultation. 

Read more.]]></description>
					      
						      <pubDate>Tue, 02 Jun 2020 11:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Final-Technical</guid>
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					      <title>UK Prudential Regulator Publishes Statement on Electronic Signatures</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Statement-on-Electronic</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a statement on the use of electronic signatures in the context of remote working arrangements during the COVID-19 pandemic. The PRA has stated that, in the absence of specific legal provisions to the contrary, firms are entitled to use electronic signatures to submit forms and other regulatory documents to the PRA. The advice does not extend to the use of electronic signatures more generally.

Read more.]]></description>
					      
						      <pubDate>Tue, 02 Jun 2020 11:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Statement-on-Electronic</guid>
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					      <title>European Banking Authority Publishes Guidelines on COVID-19 Exposures Reporting</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Guidelines-on-COVID</link>
					      <description><![CDATA[
The European Banking Authority has published guidelines on bank reporting and disclosure of exposures subject to measures designed to protect borrowers from the economic impact of the COVID-19 crisis. The measures include payment moratoria, which are exempt from prudential treatment as forbearance measures and therefore not subject to the usual supervisory reporting framework. Public guarantee schemes introduced in many Member States are also not captured by existing reporting frameworks. This has created a data gap, which has implications for the risk-analysis of individual institutions and for overall financial stability in the EU.

Read more.]]></description>
					      
						      <pubDate>Tue, 02 Jun 2020 11:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Guidelines-on-COVID</guid>
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					      <title>FCA Publishes Final Guidance on COVID-19 Measures for Mortgage Providers</title>
					      <link>https://finreg.aoshearman.com/FCA-Publishes-Final-Guidance-on-COVID-19-Measures</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published final guidance on how mortgage lenders should treat customers coming to the end of a payment holiday, or those yet to request one, in light of the COVID-19 pandemic. The guidance will come into force on June 4, 2020 and remain in force until October 31, 2020, unless renewed or updated. The guidance covers: (i) fair treatment of customers seeking, or coming to the end of, a payment deferral; (ii) options for customers able, or unable, to resume full payments; (iii) the interaction of the guidance with the FCA&apos;s Mortgage Conduct of Business Sourcebook; (iv) training, monitoring, record keeping and Credit Reference Agency reporting; (v) repossessions; and (vi) debt help and money guidance.

Read more.]]></description>
					      
						      <pubDate>Tue, 02 Jun 2020 10:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FCA-Publishes-Final-Guidance-on-COVID-19-Measures</guid>
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					      <title>UK Joint Money Laundering Steering Group Publishes Revised Guidance</title>
					      <link>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group-Publis</link>
					      <description><![CDATA[
The Joint Money Laundering Steering Group has published amendments to its Guidance following its consultation launched on February 3, 2020. The revisions to the Guidance account for changes introduced by The Money Laundering and Terrorist Financing (Amendment) Regulations 2019, which came into force on January 10, 2020. The 2019 Regulations amend the existing Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 to incorporate changes arising from the EU&apos;s Fifth Anti-Money Laundering Directive.

The JMLSG&apos;s consultation on proposed new Guidance on how the U.K. Money Laundering Regulations apply to crypto-asset exchange providers and custodian wallet providers closed on May 18, 2020. The final new Guidance is still to be published.

The JMLSG is currently consulting on draft guidance on Pooled Client Accounts, with comments due by June 10, 2020.

View the June 2020 JMLSG Guidance.

View details of the JMLSG&apos;s consultation on pooled client accounts.

View details of the JMLSG&apos;s consultation on crypto-asset exchange provider and custodian wallet provider guidance.]]></description>
					      
						      <pubDate>Mon, 01 Jun 2020 16:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group-Publis</guid>
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					      <title>Guidance Published on Financial Services Exclusions in the UK Corporate Insolvency and Governance Bill</title>
					      <link>https://finreg.aoshearman.com/Guidance-Published-on-Financial-Services-Exclusio</link>
					      <description><![CDATA[
Following the introduction of the Corporate Insolvency and Governance Bill into Parliament on May 20, 2020, the U.K. government has published a series of guidance notes on the measures proposed in the Bill. The proposed measures, first announced by Secretary of State for Business, Energy and Industrial Strategy on March 28, 2020, are intended to protect companies and businesses facing major funding and operational difficulties in the current COVID-19 pandemic. Once final, the Bill will amend current U.K. insolvency law by, among other things, introducing a new moratorium, establishing a new restructuring plan procedure for failing companies that includes a mechanism to bind a dissenting class of creditors to the plan, and banning termination clauses that would come into effect when a company enters into insolvency, begins a moratorium or starts the new restructuring plan procedure. The Bill will also temporarily remove the threat of personal liability from wrongful trading for directors of companies where they face financial difficulties as a result of COVID-19, which will apply retrospectively from March 1, 2020.

Read more.]]></description>
					      
						      <pubDate>Mon, 01 Jun 2020 08:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Guidance-Published-on-Financial-Services-Exclusio</guid>
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					      <title>UK Working Group Publishes Paper on Identifying Tough Legacy Issues in the LIBOR Transition</title>
					      <link>https://finreg.aoshearman.com/UK-Working-Group-Publishes-Paper-on-Identifying-T</link>
					      <description><![CDATA[
The Working Group on Sterling Risk-Free Reference Rates has published a paper on the identification of tough legacy issues. The paper concerns those instances where a contract cannot be amended to reference a suitable alternative rate to LIBOR or use a robust fallback so that the contract moves to a suitable alternative rate on the occurrence of certain events. The Working Group is advocating for the U.K. Government to consider legislation to address tough legacy exposures in contracts governed by English law that reference LIBOR (in sterling or other LIBOR currencies) that remain in operation when LIBOR is proposed to be phased out at the end of 2021. The recommendation is similar to the proposed solution of the Alternative Reference Rates Committee under New York law. The Group advises that other steps should also be taken, including the methodology for LIBOR being modified by either an administrator or official intervention. The latter option of official intervention is controversial, in that the benchmark administrator and its committees would lose control over how the benchmark operates, yet remain liable to regulators for its operation and face other legal risks resulting from external decisions. In the Group&apos;s view, the only path for certainty over contracts is for market participants to proactively transition away from LIBOR before the end of 2021.

The paper also sets out the Working Group&apos;s analysis of whether tough legacy issues exist for certain types of contracts, covering derivatives, bonds, mortgages and loans.

View the RFRWG paper on tough legacy issues.]]></description>
					      
						      <pubDate>Fri, 29 May 2020 14:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Working-Group-Publishes-Paper-on-Identifying-T</guid>
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					      <title>International Organization of Securities Commissions Publishes Statement on COVID-19 Disclosure for Issuers</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions-Publishes</link>
					      <description><![CDATA[
The International Organization of Securities Commissions, the international policy forum for securities regulators, has published a statement on the disclosure standards that securities issuers should adhere to in the context of COVID-19.

Read more.]]></description>
					      
						      <pubDate>Fri, 29 May 2020 11:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions-Publishes</guid>
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					      <title>UK Conduct Regulator Announcement on Continuing Professional Development for Regulated Firms</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Announcement-on-Continuing-Professional</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority will temporarily allow regulated firms subject to continuing professional development requirements to carry over any uncompleted CPD hours to the following 12-month period, for years ending before April 1, 2021. Firms should review the FCA&apos;s conditions for carrying over CPD requirements, which include where an individual, due to the current exceptional circumstances arising from COVID-19, will be unable to complete their CPD hours in their current CPD period. The FCA also notes that firms are still expected to demonstrate that relevant individuals remain competent to carry out their work and it expects most individuals to be able to continue to complete CPD while on furlough or working from home.
 
View the FCA&apos;s announcement on CPD requirements.
 
Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Wed, 27 May 2020 12:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Announcement-on-Continuing-Professional</guid>
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					      <title>European Commission Publishes Adjusted 2020 Work Program</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Adjusted-2020-Work-Program</link>
					      <description><![CDATA[
The European Commission has published an adjusted 2020 Work Program to reflect the unexpected challenges arising from COVID-19. The Commission still intends to deliver on the commitments made under its original Work Program, published in January 2020, but has adjusted the timing of certain actions necessary to achieve its objectives. An update on the delivery and expected timing of the objectives under the adjusted Work Program are set out in an amended version of Annex 1 on the Commission&apos;s website.

Read more.]]></description>
					      
						      <pubDate>Wed, 27 May 2020 09:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Adjusted-2020-Work-Program</guid>
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					      <title>EU Consultation on Enhancing Intra-EU Investor Protection</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Enhancing-Intra-EU-Investor-Pr</link>
					      <description><![CDATA[
The European Commission has launched a consultation on the intra-EU investment protection and facilitation framework. The Commission is seeking views on the current EU system for investor protection, in particular, how it might be strengthened to encourage further cross-border investment within the EU. The Commission is also investigating how to make cross-border investments easier in the context of the Capital Markets Union. Both legislative and non-legislative options are being considered to address the divergence of investor protection across the EU and concerns about enforcements of rights and remedies. The consultation closes on September 8, 2020. If its assessment of the feedback indicates that it would be appropriate to do so, the Commission intends to publish a legislative proposal in Q1 2021.

View the consultation page.]]></description>
					      
						      <pubDate>Tue, 26 May 2020 16:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Enhancing-Intra-EU-Investor-Pr</guid>
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					      <title>European Banking Authority Reports on Impact of COVID-19 on EU Banking Sector</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Reports-on-Impact-of-COVID-19</link>
					      <description><![CDATA[
The European Banking Authority has published a report on the impact of the COVID-19 pandemic on the financial health of EU banks. The report is mostly based on supervisory data submitted by banks in Q4 2019 and Q1 2020. The EBA&apos;s report confirms that banks have activated their contingency plans in response to the crisis, however, their operational capabilities remain under pressure. In addition, some banks have used parts of their capital and liquidity buffers and are expected to continue to do so in the coming months. The report also confirms that the asset quality of banks is likely to continue deteriorating as non-performing loan volumes increase.

View the EBA&apos;s report.

Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Mon, 25 May 2020 11:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Reports-on-Impact-of-COVID-19</guid>
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					      <title>EU Response to UK Letter on Negotiating Positions</title>
					      <link>https://finreg.aoshearman.com/EU-Response-to-UK-Letter-on-Negotiating-Positions</link>
					      <description><![CDATA[
The EU&apos;s chief negotiator, Michel Barnier, has responded to the letter of May 19, 2020 of U.K. chief negotiator, David Frost. Mr. Frost had notified Mr. Barnier that the U.K. government had published U.K. drafts of the proposed Comprehensive Free Trade Agreement between the U.K. and EU, as well as other agreements and schedules. Mr. Frost&apos;s letter had also included comments on some of the EU positions in the negotiations. In his letter, Mr. Barnier states that he does not think that the substantive points of the negotiation should be debated through written correspondence, however, he does go on to respond to the comments. Mr. Barnier states that the EU is not bound to follow as precedent deals that the EU has concluded with other countries, and that the EU is only following the commitments made in the Political Declaration agreed between the EU and the U.K. in October 2019. Mr. Barnier also emphasises that the EU is seeking to obtain a &quot;level playing field&quot;, which, according to the EU&apos;s chief negotiator means upholding the current common high standards applicable in the EU and in the U.K. at the end of the transition period in the areas of state aid, competition, social and employment standards, environment, climate change and relevant tax matters. It would mean that the U.K. could impose tougher regulations after the transitional period, but would be tied to the existing EU level of standards.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 May 2020 11:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Response-to-UK-Letter-on-Negotiating-Positions</guid>
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					      <title>Bank of England to Discontinue Three-Month Contingent Term Repo Facility</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-to-Discontinue-Three-Month-Contingent</link>
					      <description><![CDATA[
The Bank of England has announced that it will discontinue its three-month Contingent Term Repo Facility at the end of May 2020, with the final operation scheduled to take place on May 28, 2020. The BoE&apos;s one-month CTRF operations will continue on a weekly basis until at least June 26, 2020. The BoE has also said that it will reintroduce the operations if necessary. 
 
The CTRF was established by the BoE in March 2020, at the outset of the COVID-19 outbreak, allowing financial market participants to borrow central bank reserves in exchange for less liquid assets.
 
View the BoE&apos;s market notice on amendments to the CTRF.]]></description>
					      
						      <pubDate>Fri, 22 May 2020 11:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-to-Discontinue-Three-Month-Contingent</guid>
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					      <title>UK Prudential Regulator Publishes Guidance on Treatment of COVID-19 Payment Holidays</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Guidance-on-Treatment</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a new statement on the application of regulatory capital and IFRS 9 requirements to payment holidays granted or extended to address COVID-19. The statement follows the announcements made by the PRA, the U.K. Financial Conduct Authority and the U.K. Financial Reporting Council in March 2020 on financial reporting and audit requirements in light of COVID-19. Those announcements included a letter from the PRA to banks on the application of IFRS 9 (including expected credit loss accounting) to loan arrangements during the pandemic.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 May 2020 11:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Guidance-on-Treatment</guid>
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					      <title>UK Conduct Authority Consults on Guidance on COVID-19 Measures for Mortgage Lenders and Payments Firms</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Authority-Consults-on-Guidance-on-COVID-19</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published two consultations on its draft guidance for firms on mortgages and safeguarding customers&apos; funds during the COVID-19 pandemic.
 
The first consultation relates to the FCA&apos;s proposed guidance on how mortgage lenders should treat customers coming to the end of a payment holiday or those yet to request one. The timeframe for customers who have not yet benefited from a payment holiday to apply for one will be extended to October 31, 2020. The current ban on house repossessions will also be extended to October 31, 2020.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 May 2020 11:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Authority-Consults-on-Guidance-on-COVID-19</guid>
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					      <title>UK Insolvency and Governance Bill Published</title>
					      <link>https://finreg.aoshearman.com/UK-Insolvency-and-Governance-Bill-Published</link>
					      <description><![CDATA[
The U.K. Government has published the U.K. Corporate Governance and Insolvency Bill. The Bill amends aspects of insolvency and company law to assist firms struggling to cope with the effects of the COVID-19 pandemic. The measures include:
 

	A new moratorium giving companies breathing space from creditors while they investigate rescue options;
	A prohibition on contractual termination upon insolvency clauses, preventing suppliers from refusing to supply goods while a company is going through a rescue process;
	A temporary removal of liability for wrongful trading for company directors who try to keep their businesses operating through the pandemic;
	A temporary prohibition on the filing of statutory demands and winding up petitions by creditors; and
	Temporary permission for companies to hold closed Annual General Meetings.


Read more.]]></description>
					      
						      <pubDate>Wed, 20 May 2020 17:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Insolvency-and-Governance-Bill-Published</guid>
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					      <title>EU Single Resolution Board Publishes Revised MREL Policy</title>
					      <link>https://finreg.aoshearman.com/EU-Single-Resolution-Board-Publishes-Revised-MREL-Policy</link>
					      <description><![CDATA[
The EU Single Resolution Board has published a revised policy on minimum requirements for own funds and eligible liabilities. The policy is applicable to Eurozone banks and reflects the changes made in 2019 to the EU Banking Package (which includes the Bank Recovery and Resolution Directive, the Capital Requirements Regulation and the Capital Requirements Directive).

Read more.]]></description>
					      
						      <pubDate>Wed, 20 May 2020 16:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Single-Resolution-Board-Publishes-Revised-MREL-Policy</guid>
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					      <title>EU Single Resolution Board Publishes Revised MREL Policy</title>
					      <link>https://finreg.aoshearman.com/EU-Single-Resolution-Board-Publishes-Revised-MREL</link>
					      <description><![CDATA[
The EU Single Resolution Board has published a revised policy on minimum requirements for own funds and eligible liabilities. The policy is applicable to Eurozone banks and reflects the changes made in 2019 to the EU Banking Package (which includes the Bank Recovery and Resolution Directive, the Capital Requirements Regulation and the Capital Requirements Directive). 

Read more.]]></description>
					      
						      <pubDate>Wed, 20 May 2020 16:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Single-Resolution-Board-Publishes-Revised-MREL</guid>
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					      <title>European Banking Authority Report on Links Between Bank Recovery and Resolution Planning</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Report-on-Links-Between</link>
					      <description><![CDATA[
The European Banking Authority has published a report on the links between recovery and resolution planning for EU credit institutions and investment firms subject to the EU Bank Recovery and Resolution Directive.
 
BRRD sets out the actions that must be taken where EU credit institutions and certain EU investment firms run into financial difficulty. Recovery and resolution are the BRRD &quot;crisis preparation tools&quot; designed, in the case of recovery, by the firm itself to help the firm recover from a severe stress scenario and, in the case of resolution, by the resolution authority where recovery is no longer viable and resolution action must be taken. The EBA notes that, while the two processes are separate, they are related and recovery may often lead to resolution. By assessing links between planning for each process, synergies could be maximized and material inconsistencies addressed to ensure a more effective application of the regime.

Read more.]]></description>
					      
						      <pubDate>Wed, 20 May 2020 16:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Report-on-Links-Between</guid>
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					      <title>EU Call for Transparency in Financial Reports of EU-Listed Issuers</title>
					      <link>https://finreg.aoshearman.com/EU-Call-for-Transparency-in-Financial-Reports-of-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a statement calling for transparency in the half-year financial reports of EU-listed issuers. The statement focuses on interim financial statements that need to be prepared according to IFRS standards and on interim management reports for 2020 half-yearly reporting periods. However, the statement is also relevant to the reporting of financial information in other interim periods. ESMA highlights that issuers must provide updated and useful information that covers the current and expected impact of the coronavirus pandemic on their financial position, performance and cash-flows. In addition, issuers should identify the principal risks and uncertainties to which they are exposed.

View ESMA&apos;s statement.]]></description>
					      
						      <pubDate>Wed, 20 May 2020 14:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Call-for-Transparency-in-Financial-Reports-of-</guid>
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					      <title>European Central Bank Consults on Climate-Related and Environmental Risks Guide for Banks</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Climate-Related</link>
					      <description><![CDATA[
The European Central Bank has launched a consultation on its proposed guide on how Eurozone banks should manage and disclose climate-related and environmental risks in accordance with the EU prudential framework. The guide is not legally binding, but aims to raise awareness within the Eurozone banking industry of climate-related and environmental risks and to improve the management of such risks. The consultation closes on September 25, 2020.
 
The guide applies to significant institutions directly supervised by the ECB, although national regulators in Eurozone member states are expected to apply the guide&apos;s expectations proportionately when supervising less significant Eurozone banks. It should be read in the context of the wider EU bank prudential framework, with particular reference to the Capital Requirements Regulation, the Capital Requirements Directive and relevant ECB guidelines. The guide includes an overview of the nature and characteristics of climate-related and environmental risks as well as the ECB&apos;s supervisory expectations of banks&apos; business models and strategies, governance and risk appetite and integration of climate-related and environment risks into their credit, operational, market and liquidity risk management frameworks.
 
View the ECB&apos;s consultation on its Climate-Related and Environmental Risks Guide.]]></description>
					      
						      <pubDate>Wed, 20 May 2020 10:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Climate-Related</guid>
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					      <title>Single Resolution Board Launches Consultation on Standardized Data Set for Resolution Valuations</title>
					      <link>https://finreg.aoshearman.com/Single-Resolution-Board-Launches-Consultation-on-Standardized</link>
					      <description><![CDATA[
The EU Single Resolution Board has launched a consultation on two proposed documents providing further guidance on the SRB&apos;s expectations for the minimum data sets required to support a robust valuation for Eurozone bank resolutions. Responses to the consultation should be submitted by June 30, 2020.
 
In February 2019, the SRB published its Framework for Valuation, a guidance document for independent valuers and the public setting out the SRB&apos;s expectations on the principles upon which valuations for resolution under the Bank Recovery and Resolution Directive and the Single Resolution Mechanism Regulation should be based. 

Read more.]]></description>
					      
						      <pubDate>Tue, 19 May 2020 16:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Single-Resolution-Board-Launches-Consultation-on-Standardized</guid>
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					      <title>UK Draft Negotiating Documents Published</title>
					      <link>https://finreg.aoshearman.com/UK-Draft-Negotiating-Documents-Published</link>
					      <description><![CDATA[
The U.K. government has published a letter from U.K. chief negotiator David Frost to EU counterpart Michel Barnier and U.K. draft legal texts of the proposed U.K.-EU Comprehensive Free Trade Agreement, as well as other agreements and schedules. The documents set out the U.K. government&apos;s position on the future U.K.-EU relationship. In the letter, key points on the U.K.&apos;s position are made. These are:
 

	The U.K. is seeking to conclude a suite of agreements with the EU with an FTA at the core, all of which are based on precedent agreements that the EU has with other countries. The U.K. is not seeking to remain in the Single Market or the Customs Union.
	The EU&apos;s drafts do not include the same text as that agreed with other countries. For example, the EU is not proposing to replicate the inclusion of provisions on regulatory cooperation for financial services that are agreed between the EU and Japan.
	The EU proposals are unaligned with the commitment made by both parties to maintain a level playing field. For example, the EU is proposing that the U.K. accept EU state aid rules and be subject to tariffs on trade if those rules were to be breached.

Read more.]]></description>
					      
						      <pubDate>Tue, 19 May 2020 10:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Draft-Negotiating-Documents-Published</guid>
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					      <title>EU Consultation on Requirements for Contractual Provisions for Recognition of Stay Powers</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Requirements-for-Contractual-P</link>
					      <description><![CDATA[
The European Banking Authority has opened a consultation on proposed Regulatory Technical Standards on the contractual recognition of stay powers under the Bank Recovery and Resolution Directive. Revisions to the BRRD were published in June 2019. EU Member States are required to transpose the amending Directive into their national laws and to apply the provisions by no later than December 28, 2020, except for provisions relating to the minimum requirement for own funds and eligible liabilities (MREL), which apply from January 1, 2024. The consultation closes on August 15, 2020.

The BRRD provides resolution authorities with powers to stay the contractual rights of parties in financial contracts. These powers allow resolution authorities, for a limited period of time, to suspend contractual payment or delivery obligations due under a contract with a firm under resolution. In certain circumstances before resolution, a resolution authority may also restrict the enforcement of security interests and suspend certain rights of counterparties, such as rights of close-out, netting, accelerating future payments or terminating financial contracts.

Read more.]]></description>
					      
						      <pubDate>Fri, 15 May 2020 15:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Requirements-for-Contractual-P</guid>
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					      <title>UK Regulator Confirms Policy on Credit Risk</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Confirms-Policy-on-Credit-Risk</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a Policy Statement on its approach to implementing the European Banking Authority&apos;s Technical Standards and Guidelines on Probability of Default estimation, Loss Given Default estimation and the treatment of defaulted exposures in the Internal Ratings Based approach to credit risk. The EBA&apos;s regulatory products are designed to address concerns about the variability of own funds requirements arising from the internal models that firms use to calculate their minimum credit risk capital requirements under the Capital Requirements Regulation. The Policy Statement is relevant to U.K. banks, building societies and PRA-designated U.K. investment firms.

Read more.]]></description>
					      
						      <pubDate>Thu, 14 May 2020 17:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Confirms-Policy-on-Credit-Risk</guid>
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					      <title>Financial Services Exemptions in UK Insolvency and Governance Bill</title>
					      <link>https://finreg.aoshearman.com/Financial-Services-Exemptions-in-UK-Insolvency-and</link>
					      <description><![CDATA[
The U.K. Government intends to exempt financial services firms from certain provisions of the new U.K. Corporate Governance and Insolvency Bill. The Bill, announced on March 28, 2020, will amend aspects of the U.K. insolvency regime (as set out under the Insolvency Act 1986) in light of the financial difficulties faced by many businesses as a result of the COVID-19 pandemic. The Bill also includes provisions for companies&apos; annual general meetings and filing requirements during the COVID-19 crisis.

Read more.]]></description>
					      
						      <pubDate>Thu, 14 May 2020 16:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Services-Exemptions-in-UK-Insolvency-and</guid>
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					      <title>UK Joint Money Laundering Steering Group Consults on Pooled Client Accounts Guidance</title>
					      <link>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group-Consult</link>
					      <description><![CDATA[
The U.K. Joint Money Laundering Steering Group has launched a consultation on draft guidance on Pooled Client Accounts. The JMLSG Guidance is provided for firms in the financial sector. A PCA is a bank account opened with a financial institution by a customer, to administer funds that belong to the customer&apos;s clients. The customers clients&apos; money will be co-mingled but the customer&apos;s clients will not be able to directly instruct the financial institution to carry out transactions. The JMLSG is proposing guidance on the risks, risk assessments, written agreements and due diligence that might be needed when a financial institution opens and administers a PCA for a customer. The consultation closes on June 10, 2020.

View the consultation paper.]]></description>
					      
						      <pubDate>Thu, 14 May 2020 16:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group-Consult</guid>
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					      <title>Revised ISDA 2006 Definitions Implementing Pre-Cessation Fallbacks Expected in July 2020</title>
					      <link>https://finreg.aoshearman.com/Revised-ISDA-2006-Definitions-Implementing-Pre-Ce</link>
					      <description><![CDATA[
The International Swaps and Derivatives Association has published a summary, prepared by the Brattle group, of the responses to the ISDA 2020 consultation on how to implement pre-cessation fallbacks in derivatives. Pre-cessation triggers would cause LIBOR-based derivative contracts to fall back to an alternative reference rate in the event that the U.K. Financial Conduct Authority deemed LIBOR no longer to be representative. ISDA sought views as to whether provisions should be included in its standard documentation specifying that rate options for LIBOR in USD, GBP, CHF, JPY and EUR all contain fallbacks that would apply upon the earlier of: (i) a permanent cessation trigger; and (ii) a &apos;non-representativeness&apos; trigger.

The report confirms the preliminary findings, published by ISDA on April 15, 2020. The majority of respondents are in favor of including the pre-cessation fallbacks in ISDA documentation via either an amended version of the ISDA 2006 definitions (for new contracts) or a protocol (for legacy contracts).

In July 2020, ISDA intends to publish the amended 2006 ISDA Definitions to incorporate the fallbacks for new trades. The protocol will be published at the same time. Both the revised Definitions and the new protocol will come into effect before the end of 2020.

View the report.

View ISDA&apos;s press release.]]></description>
					      
						      <pubDate>Thu, 14 May 2020 15:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Revised-ISDA-2006-Definitions-Implementing-Pre-Ce</guid>
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					      <title>European Systemic Risk Board Actions on Five COVID-19 Priority Areas</title>
					      <link>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Actions-on-Five-COVI</link>
					      <description><![CDATA[
The European Systemic Risk Board has established five priority areas on which it intends to take action to combat the impact of COVID-19 on the EU financial system. In determining its actions, the ESRB hopes to ensure an effective response to the pandemic across the EU that prevents individual Member State actions from negatively impacting the EU Single Market and to take advantage of flexibility in regulatory standards to support financial institutions in providing financial services and liquidity.

Read more.]]></description>
					      
						      <pubDate>Thu, 14 May 2020 13:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Actions-on-Five-COVI</guid>
				    </item>
			
					 <item>
					      <title>Bank for International Settlements Reports on Financial Crime During COVID-19</title>
					      <link>https://finreg.aoshearman.com/Bank-for-International-Settlements-Reports-on-Fin</link>
					      <description><![CDATA[
The Bank for International Settlements has published a report on financial crime during the COVID-19 pandemic. The Report provides an overview of the increase in financial crime observed since the COVID-19 outbreak, which includes an increase in cyber threats, greater misuse of online financial services and virtual assets to move illicit funds and possible corruption associated with government stimulus funds. The Report also describes the cyber resilience measures proposed by national and international agencies and the AML actions taken by supervisory bodies, including the issuance of public statements to raise awareness of COVID-19-related AML risks, provision of guidance on the application of existing AML/CTF frameworks and coordination with the financial sector for the reporting of COVID-19-related fraud.

Read more.]]></description>
					      
						      <pubDate>Thu, 14 May 2020 12:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-for-International-Settlements-Reports-on-Fin</guid>
				    </item>
			
					 <item>
					      <title>European Securities and Markets Authority Publishes Statement on Fund Managers&apos; Liquidity Risk Management During COVID-19</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Ma</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a statement confirming its support for the European Systemic Risk Board&apos;s Recommendation on tackling the implications of market illiquidity for asset managers with exposures to corporate debt and real estate. In accordance with the ESRB&apos;s Recommendation, ESMA intends to coordinate with Member State national regulators to engage closely with these asset managers. The supervisory engagement ties in with ESMA&apos;s common supervisory action, announced in January 2020, on liquidity risk management by managers of Undertakings for the Collective Investment in Transferable Securities.

View ESMA&apos;s statement on fund managers&apos; liquidity risk management.

View details of the ESRB&apos;s Recommendation.

View details of ESMA&apos;s common supervisory action on liquidity risk management for UCITS.

Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Thu, 14 May 2020 08:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Ma</guid>
				    </item>
			
					 <item>
					      <title>EU Report on CLO Rating Risks</title>
					      <link>https://finreg.aoshearman.com/EU-Report-on-CLO-Rating-Risks</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a report highlighting certain issues related to rating-collateralized loan obligations. ESMA launched a review in May 2019 on the arrangements that the three main credit rating agencies (Fitch Ratings, Moody&apos;s Investors Service and S&amp;P Global Ratings) have adopted to assign and monitor credit ratings on CLO instruments issued and rated in the EU. The review is part of ESMA&apos;s work on identifying vulnerabilities to financial stability arising from leveraged loans. Leveraged loans are of concern because of: (i) the excessive level of financial leverage of some corporate issuers; (ii) the weakening of underwriting criteria applied by lending entities; and (iii) the expected evolutions in the credit cycle.

Read more.]]></description>
					      
						      <pubDate>Wed, 13 May 2020 17:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Report-on-CLO-Rating-Risks</guid>
				    </item>
			
					 <item>
					      <title>UK Working Group Updates LIBOR Expectations in Wake of COVID-19</title>
					      <link>https://finreg.aoshearman.com/UK-Working-Group-Updates-LIBOR-Expectations-in-Wake</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has announced a series of updates to the Working Group on Sterling Risk-Free Reference Rates&apos; proposed implementation of LIBOR reforms. In March 2020, the RFRWG published a roadmap for the discontinuation of new sterling LIBOR lending by the end of Q3 2020. The FCA, Bank of England and RFRWG now acknowledge that, in light of the COVID-19 pandemic, it will no longer be feasible to transition away from LIBOR across all sterling LIBOR-linked loans by this proposed deadline.

Read more.]]></description>
					      
						      <pubDate>Wed, 13 May 2020 16:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Working-Group-Updates-LIBOR-Expectations-in-Wake</guid>
				    </item>
			
					 <item>
					      <title>UK Conduct Regulator Guidance on Post and Paper Documents During COVID-19</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Guidance-on-Post-and-Paper-Documents</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published guidance on how firms should handle post and paper documents during COVID-19. The FCA expects firms to continue to comply with requirements for post and paper-based processes and, where this is not possible, firms should notify the FCA. The FCA also expects firms to contact customers who do not use online services in a timely manner and should be able to demonstrate any steps they have taken to mitigate the impact of any non-compliance with usual post and paper-based processes.

Firms should also ask customers who have sent cheques via post that have not yet been processed to contact the firm. The firm should consider whether the cheque relates to client money under the FCA&apos;s Client Assets Sourcebook regime, whether they are able to provide the services without cashing the cheque and, if so, whether their intended actions are in compliance with the FCA Client Assets Sourcebook.

View the FCA&apos;s statement on post and paper documents.

Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Wed, 13 May 2020 09:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Guidance-on-Post-and-Paper-Documents</guid>
				    </item>
			
					 <item>
					      <title>European Banking Authority to Act on Dividend Arbitrage Trading Schemes</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-to-Act-on-Dividend-Arb</link>
					      <description><![CDATA[
In response to the November 2018 request of the European Parliament to conduct an enquiry into dividend arbitrage trading schemes, the European Banking Authority has published a report (dated April 28, 2020) on the approach of national regulators across the EU to tackle market integrity risks associated with dividend arbitrage trading schemes. The EBA has also published a ten-point Action Plan to address the risks arising from such schemes. Both the report and Action Plan accompanied the EBA&apos;s letter to the European Parliament that describes its actions and the steps it intends to take in the future on this issue.

The report sets out the findings arising from the enquiry, which consisted of surveys of national authorities responsible for anti-money laundering and counter terrorist financing and of national prudential regulators. The EBA found that dividend arbitrage trading schemes are not possible in all EU member states and that, where they are possible, they are not always regarded as a tax crime. The EBA concluded that AML and prudential authorities approach dividend arbitrage trading schemes in different ways and there are variations in the extent to which the handling of the proceeds from these schemes by financial institutions constitutes money laundering.

Read more.]]></description>
					      
						      <pubDate>Tue, 12 May 2020 16:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-to-Act-on-Dividend-Arb</guid>
				    </item>
			
					 <item>
					      <title>FICC Market Standards Board Publishes Report on Data Management</title>
					      <link>https://finreg.aoshearman.com/FICC-Market-Standards-Board-Publishes-Report-on-D</link>
					      <description><![CDATA[
The FICC Market Standards Board has published a report on the critical role of data management in the financial system. The Report is part of the FMSB&apos;s Spotlight Reviews, which highlight significant emerging issues in the FICC markets. The Report discusses the principal areas of data risk, which are business continuity, data confidentiality, trading, aggregate exposure, regulatory enforcement, ownership rights and security risks relating to misconduct. The Report also outlines the work of regulators on data governance and analyzes eight key components of data governance, being the data lifecycle, data policies, data taxonomy, mapping data sources, data movement and lineage, data classification, data leakage detection and data quality.

View the FMSB&apos;s report on data management in the financial system.]]></description>
					      
						      <pubDate>Mon, 11 May 2020 16:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FICC-Market-Standards-Board-Publishes-Report-on-D</guid>
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					 <item>
					      <title>UK Prudential Regulator Statement on Pillar 2A Capital Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Statement-on-Pillar-2A-Capital</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a statement announcing its decision to set all Pillar 2A requirements to a nominal amount for the purposes of the 2020 and 2021 Supervisory Review and Evaluation Processes, instead of their usual percentage of Risk Weighted Assets. The statement applies to all firms subject to the Capital Requirements Regulation and Capital Requirements Directive. The PRA has said that it is making the change as it does not consider that RWAs are a useful measure for the evolution of risks in the stressed situation that the pandemic represents. The outcome of the change is that banks are freed up to use their Pillar 2A capital to fund lending and other activities.

Read more.]]></description>
					      
						      <pubDate>Thu, 07 May 2020 14:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Statement-on-Pillar-2A-Capital</guid>
				    </item>
			
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					      <title>Bank of England Publishes Interim Financial Stability Report on Impact of COVID-19</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Publishes-Interim-Financial-Stability</link>
					      <description><![CDATA[
The Bank of England&apos;s Financial Policy Committee and Monetary Policy Committee have published reports focusing on the impact of COVID-19 on the U.K. economy and banking sector, together with the minutes of their May Committee meetings and a transcript of the BoE&apos;s joint FPC and MPC press conference, discussing the findings of the Committee reports.

Read more.]]></description>
					      
						      <pubDate>Thu, 07 May 2020 14:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Publishes-Interim-Financial-Stability</guid>
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					      <title>Bank of England Weighs in on LIBOR Transition with a Mandatory Additional LIBOR Collateral Haircut</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Weighs-in-on-LIBOR-Transition-wit</link>
					      <description><![CDATA[
The Bank of England has published a market notice on risk management approaches to collateral referencing LIBOR for use in the Sterling Monetary Framework. The market risk notice applies to GBP LIBOR, USD LIBOR, EUR LIBOR, JPY LIBOR and CHF LIBOR. It states that from April 1, 2021, a haircut add-on will be applied to all LIBOR Linked Collateral maturing after December 31, 2021. LIBOR Linked Collateral is LIBOR Linked Loan Portfolios, Collateral Securities where the coupon pays interest calculated by reference to LIBOR, Collateral Securities where embedded swap payments are calculated by reference to LIBOR and Collateral Securities backed by loans where one or more loans in the portfolio is a LIBOR Linked Loan. The add-on will be 10% from April 1, 2021, 40% from September 1, 2021 and 100% from December 31, 2021.

The market notice also stipulates that from April 2021, LIBOR Linked Collateral that matures after December 2021 will be ineligible for use in the Sterling Monetary Framework.

View the market notice.]]></description>
					      
						      <pubDate>Thu, 07 May 2020 14:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Weighs-in-on-LIBOR-Transition-wit</guid>
				    </item>
			
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					      <title>UK Conduct Regulator Issues Guidance on Financial Crime Controls and Information Security During COVID-19</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Issues-Guidance-on-Financial</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has issued guidance on financial crime controls and information security for financial services firms during COVID-19. The FCA notes the increase in cyber-crime during the COVID-19 pandemic, the risks of which may be magnified by operational disruptions arising from working from home arrangements. Firms are expected to be proactive in managing the increased risks during this period, including being vigilant about the potential increase in cyber risks, ensuring they maintain appropriate governance and oversight arrangements, reviewing the impact of COVID-19 on their information security defenses and ensuring that general notification requirements are followed and significant cyber incidents are reported.

Read more.]]></description>
					      
						      <pubDate>Wed, 06 May 2020 15:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Issues-Guidance-on-Financial</guid>
				    </item>
			
					 <item>
					      <title>UK Conduct Regulator Extends Absence Cover Under Senior Managers Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Extends-Absence-Cover-Under-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has extended the maximum period for which FCA solo-regulated firms are permitted to arrange cover for a Senior Manager without seeking the FCA&apos;s approval from 12 to 36 weeks, within a consecutive 12-month period. Firms will be able to reallocate an absent Senior Manager&apos;s prescribed responsibilities for up to a 36-week period via an application for a modification by consent of the FCA&apos;s standard 12-week rule. The modification by consent will apply from the date of the firm&apos;s application until April 30, 2021. The FCA is yet to issue any further guidance regarding the application of the 12-week rule to U.K. dual-regulated firms.

View the FCA&apos;s modification by consent to the 12-week rule.]]></description>
					      
						      <pubDate>Wed, 06 May 2020 15:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Extends-Absence-Cover-Under-</guid>
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					 <item>
					      <title>European Securities and Markets Authority Statement on MiFID II Conduct of Business Obligations in Light of COVID-19</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Statement-on-MiFID</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a statement reminding firms of their MiFID II conduct of business obligations in light of a significant increase in investment accounts opened by retail clients, together with a surge in retail clients&apos; trading activities.

Read more.]]></description>
					      
						      <pubDate>Wed, 06 May 2020 15:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Statement-on-MiFID</guid>
				    </item>
			
					 <item>
					      <title>EU Consultation on SME Growth Markets</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-SME-Growth-Markets</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a consultation on the functioning of the small and medium-sized Growth Markets regime under the Markets in Financial Instruments Directive II and on draft technical standards for the promotion of the use of SME Growth Markets to be developed under the Market Abuse Regulation. SME Growth Markets were a new sub-category of multilateral trading facility introduced by MiFID II in January 2018 to facilitate access to capital for SMEs. The consultation closes on July 15, 2020.

Read more.]]></description>
					      
						      <pubDate>Wed, 06 May 2020 09:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-SME-Growth-Markets</guid>
				    </item>
			
					 <item>
					      <title>EU Recommendations For STS Framework For Synthetic Securitization</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-STS-Framework-for-Synthetic-Se</link>
					      <description><![CDATA[
The European Banking Authority has published a report on the feasibility of developing a framework for simple, transparent and standardized synthetic securitization that is limited to balance-sheet securitization under the EU Securitization Regulation.

The EBA is recommending:

	The establishment of a cross-sectoral framework for STS synthetic securitization that is limited to balance-sheet securitization;
	To be eligible for &apos;STS&apos; status, a synthetic securitization must comply with the proposed STS criteria, including the criteria adapted appropriately for synthetic securitization;
	The European Commission should consider the potential for a differentiated capital treatment for STS balance-sheet synthetic securitization; and
	Any proposal for STS synthetic securitization should include a mandate to the EBA to monitor the functioning of the STS synthetic market.


The European Commission will consider the report and recommendations in preparing its own report and, if appropriate, legislative proposal.

View the EBA&apos;s report on a STS framework for synthetic securitization.]]></description>
					      
						      <pubDate>Wed, 06 May 2020 08:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-STS-Framework-for-Synthetic-Se</guid>
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					 <item>
					      <title>UK Bounce Back Loan Scheme Launches</title>
					      <link>https://finreg.aoshearman.com/UK-Bounce-Back-Loan-Scheme-Launches</link>
					      <description><![CDATA[
HM Treasury&apos;s Bounce Back Loan Scheme has launched today. The scheme provides government guarantees for loans between &amp;pound;2,000 to &amp;pound;50,000 and will enable small businesses to apply for loans quickly and easily. The loans will also be subject to a flat interest rate of 2.5% and firms that have already taken out a Coronavirus Business Interruption Loan of &amp;pound;50,000 are entitled to apply for it to be switched to the BBLS. HM Treasury has also published a Dear CEO letter addressed to accredited lenders describing the pricing and regulation of the BBLS and the interaction between the BBLS and the CBILS. Loans of &amp;pound;25,000 or less made under the BBLS will also fall outside the regulatory perimeter for the purposes of the Consumer Credit Act 1974 and the Financial Services and Markets Act 2000.

View HM Treasury&apos;s announcement on the BBLS.

View HMT&apos;s Dear CEO letter on BBLS.

View details of the regulatory perimeter exemption for the BBLS.]]></description>
					      
						      <pubDate>Mon, 04 May 2020 15:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Bounce-Back-Loan-Scheme-Launches</guid>
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					      <title>UK Prudential Regulator on Regulatory Treatment of UK Bounce Back Loan Scheme</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-on-Regulatory-Treatment-of-UK</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a statement on credit risk mitigation eligibility and the leverage ratio treatment of loans made under HM Treasury&apos;s Bounce Back Loan Scheme and a separate modification by consent of the exclusion of loans under the BBLS from the calculation of the total exposure measure of the leverage ratio.

Read more.]]></description>
					      
						      <pubDate>Mon, 04 May 2020 15:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-on-Regulatory-Treatment-of-UK</guid>
				    </item>
			
					 <item>
					      <title>EU Moves to Further Delay the Bilateral Margin Requirements for Uncleared Derivatives</title>
					      <link>https://finreg.aoshearman.com/EU-Moves-to-Further-Delay-the-Bilateral-Margin-Re</link>
					      <description><![CDATA[
The European Supervisory Authorities have published updated joint draft Regulatory Technical Standards amending the existing EU risk mitigation techniques for uncleared OTC derivatives. In December 2019, the ESAs published a draft RTS to amend existing bilateral margin requirements made under the European Market Infrastructure Regulation in line with certain clarifications made to the related international framework by the Basel Committee on Banking Supervision and the International Organization of Securities Commissions. These updated draft RTS include all those amendments and also delay the upcoming bilateral margin requirements to bring the EU framework in line with the global timeline. In response to the coronavirus outbreak, the Basel Committee announced in April 2020, a one-year deferral for the implementation of the final two phases of the joint Basel Committee and International Organization of Securities Commissions&apos; framework for non-centrally cleared derivatives margin requirements.

Read more.]]></description>
					      
						      <pubDate>Mon, 04 May 2020 14:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Moves-to-Further-Delay-the-Bilateral-Margin-Re</guid>
				    </item>
			
					 <item>
					      <title>UK Conduct Regulator Announces New Digital Sandbox in Response to COVID-19</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Announces-New-Digital-Sandbo</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has announced a new digital sandbox pilot program, which will provide regulatory support for innovative firms whose business plan addresses issues arising from the coronavirus pandemic. The FCA intends to open the sandbox for applications in summer and, in the meantime, welcomes any expressions of interest from interested innovative firms. The FCA had been planning a digital sandbox before the pandemic, but is fast-tracking the process in light of the challenges facing firms and how the sandbox might assist them.

View the FCA&apos;s announcement.]]></description>
					      
						      <pubDate>Mon, 04 May 2020 13:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Announces-New-Digital-Sandbo</guid>
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					      <title>Financial Action Task Force Reports on Financial Crime During COVID-19</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Reports-on-Financial-</link>
					      <description><![CDATA[
The Financial Action Task Force has published a report on financial crime (including money laundering and terrorism financing activities) during COVID-19, identifying challenges, good practices and policy responses to the emerging threats and vulnerabilities.

The increased threats identified include fraud from criminals attempting to profit from the pandemic, a spike in cyber crime, particularly phishing emails and spam campaigns and a corresponding impact on other predicate crimes including human trafficking, exploitation of workers, online child exploitation and organized property crime. In conjunction, confinement and social distancing measures designed to combat COVID-19 are impacting government and private sector capacity to implement AML and CTF obligations.

Read more.]]></description>
					      
						      <pubDate>Mon, 04 May 2020 11:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Reports-on-Financial-</guid>
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					      <title>Bank of England Announces COVID-19 Changes to Resolution Measures</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Announces-COVID-19-Changes-to-Resolution</link>
					      <description><![CDATA[
The Bank of England and U.K. Prudential Regulation Authority have issued a statement on changes to the resolution measures applicable to the major U.K. banks and building societies, designed to ease the operational burden on firms in the wake of COVID-19.

The dates by which firms must submit their first reports describing their preparations for resolution, and publish summaries of those reports, under the BoE and PRA&apos;s new Resolvability Assessment Framework have been extended by one year. The first reports should be submitted to the PRA by October 2021 and public disclosures should be made by June 2022.

Read more.]]></description>
					      
						      <pubDate>Fri, 01 May 2020 14:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Announces-COVID-19-Changes-to-Resolution</guid>
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					      <title>HM Treasury Exempts Certain Bounce Back Loans From Regulatory Regime</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Exempts-Certain-Bounce-Back-Loans-From</link>
					      <description><![CDATA[
HM Treasury has published the Financial Services and Markets Act 2000 (Regulated Activities) (Coronavirus) (Amendment) Order 2020, exempting certain loans made under the U.K. Government&apos;s Bounce Back Loan Scheme from regulation under the U.K. financial regulatory regime. The Order applies to loans of &amp;pound;25,000 or less made under the BBLS by commercial lenders to sole traders, unincorporated associations and partnerships of four people. These loans will be classed as exempt credit agreements and will therefore largely not be subject to the provisions of the Consumer Credit Act 1974. 

Read more.]]></description>
					      
						      <pubDate>Fri, 01 May 2020 11:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Exempts-Certain-Bounce-Back-Loans-From</guid>
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					      <title>UK Conduct Regulator Grants Regulatory Forbearance From Strong Customer Authentication for E-Commerce Transactions</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Grants-Regulatory-Forbearance</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has granted firms an additional six months to implement strong customer authentication for e-commerce, extending the deadline from March 14, 2021 to September 14, 2021. The forbearance has been granted in light of the exceptional circumstances arising from COVID-19, in a bid to minimize disruption to consumers and merchants.

Read more.]]></description>
					      
						      <pubDate>Thu, 30 Apr 2020 14:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Grants-Regulatory-Forbearance</guid>
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					      <title>European Central Bank Modifies Terms of Targeted Lending Operations and Announces New Refinancing Operations</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Modifies-Terms-of-Targeted-</link>
					      <description><![CDATA[
The European Central Bank has announced a series of modifications to its targeted longer-term refinancing operations (referred to as TLTRO III) to facilitate ongoing access of firms and households to bank credit. TLTRO III is the latest in the series of Eurosystem refinancing operations that provide financing to Eurozone credit institutions.
 

Read more.]]></description>
					      
						      <pubDate>Thu, 30 Apr 2020 13:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Modifies-Terms-of-Targeted-</guid>
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					      <title>Council of the European Union Publishes Working Paper on Interoperability Arrangements and MiFIR Open Access for Exchange Traded Derivatives</title>
					      <link>https://finreg.aoshearman.com/Council-of-the-European-Union-Publishes-Working-Paper</link>
					      <description><![CDATA[
The Council of the European Union has published a working paper on interoperability arrangements as a source of contagion risk and open access provisions for exchange-traded derivatives under the Markets in Financial Instruments Regulation.

Interoperability arrangements are links between CCPs that involve the cross-system execution of transactions. They are relevant where multiple CCPs service the same trading venue and allow clearing members of one CCP to centrally clear trades carried out with members of another CCP, without requiring the first counterparty to be a member of the second CCP. The European Market Infrastructure Regulation contains provisions governing CCP interoperability arrangements, including the need for non-discriminatory access, adequate risk management policies and the need for prior approval of relevant national regulators.

Read more.]]></description>
					      
						      <pubDate>Wed, 29 Apr 2020 15:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Council-of-the-European-Union-Publishes-Working-Paper</guid>
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					      <title>UK Regulators Respond to Amended COVID-19 Support Packages</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Respond-to-Amended-COVID-19-Support-Packages</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority and the U.K. Financial Conduct Authority have published guidance for firms on the implications of HM Treasury&apos;s amendments to the U.K. Coronavirus Business Interruption Loan Scheme and Coronavirus Large Business Interruption Loan Scheme and the introduction of the Bounce Back Loan Scheme.

HM Treasury has announced the new BBLS which will run alongside the existing CBILS and CLBILS, providing government guarantees for loans to small businesses of between &amp;pound;2,000 and &amp;pound;50,000. The minimum threshold for CBILS loans will be increased to &amp;pound;50,001, and firms with existing CBILS loans of &amp;pound;50,000 or less will be entitled to switch their facility to the BBLS. The BBLS will launch for applications from May 4, 2020.

Read more.]]></description>
					      
						      <pubDate>Mon, 27 Apr 2020 11:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Respond-to-Amended-COVID-19-Support-Packages</guid>
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					      <title>European Supervisory Authorities Consult on Technical Standards on Sustainability Disclosures</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Consult-on-Techn</link>
					      <description><![CDATA[
The European Supervisory Authorities have launched a joint consultation on proposed Regulatory Technical Standards on content, methodologies and presentation of disclosures under the EU Regulation on sustainability‐related disclosures in the financial services sector, known as the Sustainable Finance Disclosure Regulation. Responses to the consultation can be submitted until September 1, 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 23 Apr 2020 10:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Consult-on-Techn</guid>
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					      <title>European Banking Authority Publishes Guidance on Prudential Flexibility for COVID-19</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Guidance-on-Prudential</link>
					      <description><![CDATA[
The European Banking Authority has published guidance on its supervisory flexibility for certain aspects of the European bank prudential regulatory framework, in light of the COVID-19 pandemic.

Read more.]]></description>
					      
						      <pubDate>Wed, 22 Apr 2020 10:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Guidance-on-Prudential</guid>
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					      <title>Financial Stability Board Consults on Cyber Incident Responses</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Consults-on-Cyber-Incident</link>
					      <description><![CDATA[
The Financial Stability Board has launched a consultation on its proposed guidance on Effective Practices for Cyber Incident Response and Recovery. The consultation seeks input on a toolkit of cyber incident responses compiled by the FSB based on effective actions taken by organizations across the world. The consultation paper opens with a series of specific questions for respondents to consider, before setting out the draft toolkit of responses on which feedback should be given. Responses should be submitted by July 20, 2020.

Read more.]]></description>
					      
						      <pubDate>Mon, 20 Apr 2020 16:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Consults-on-Cyber-Incident</guid>
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					      <title>UK Prudential Regulator Publishes Q&amp;A on Use of Liquidity and Capital Buffers During COVID-19</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-QA-on-Use-of</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a Q&amp;A guide on how banks should use their capital and liquidity buffers during the COVID-19 crisis. The PRA and Financial Policy Committee have stressed the important role that banks must play in providing liquidity to the economy in the wake of the pandemic, using all tools at their disposal, including the buffers built up in the years since the 2007-2009 financial crisis.

Read more.]]></description>
					      
						      <pubDate>Mon, 20 Apr 2020 16:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-QA-on-Use-of</guid>
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					      <title>UK Conduct Regulator Confirms Regulatory Rules Allow Electronic Signatures</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Confirms-Regulatory-Rules-Al</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a statement on its expectations for wet-ink signatures in light of the coronavirus pandemic. The FCA confirms that FCA rules do not require wet-ink signatures for agreements and do not prevent the use of electronic signatures either. However, the FCA stresses the validity of electronic signatures is a legal matter, for which firms should seek legal advice, if appropriate.

The FCA also states that firms may use electronic signatures in submitting forms.

View the FCA&apos;s statement on wet-ink signatures.

Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Mon, 20 Apr 2020 12:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Confirms-Regulatory-Rules-Al</guid>
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					      <title>UK Conduct Regulator Statement on Financial Resilience for Solo-Regulated Firms</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Statement-on-Financial-Resilience</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a statement on its intended approach to prudential regulation of FCA solo-regulated firms during the COVID-19 pandemic. Firms are expected to plan ahead and prudently manage their financial resources. Firms that have been set capital buffers are permitted to use them to support the continuation of their activities, but should contact the FCA if they intend to draw down a buffer. Firms should also maintain up-to-date wind-down plans taking account of the impact of COVID-19 and should contact the FCA if they are concerned about their ability to meet debts as they fall due or their wind-down plans identify material execution risks. Boards should be satisfied that any discretionary distributions of capital to fund share buy-backs, dividends, or upstream cash are prudent.
 
View the FCA&apos;s statement on financial resilience for solo-regulated firms.]]></description>
					      
						      <pubDate>Fri, 17 Apr 2020 14:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Statement-on-Financial-Resilience</guid>
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					      <title>European Central Bank Announces Capital Requirements Relief for Market Risk</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Announces-Capital-Requireme</link>
					      <description><![CDATA[
The European Central Bank has announced its decision to temporarily reduce capital requirements for market risk in response to high levels of volatility arising from the COVID-19 pandemic. The reduction will be effected via the reduction of the qualitative market risk multiplier, a supervisory measure that is set by regulators and used to compensate for underestimation of market risk capital requirements. The ECB&apos;s decision will be reviewed after six months.
 
View the ECB&apos;s announcement on capital requirements relief for market risk.]]></description>
					      
						      <pubDate>Thu, 16 Apr 2020 14:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Announces-Capital-Requireme</guid>
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					      <title>International Swaps and Derivatives Association Announces Preliminary Results of LIBOR Pre-Cessation Fallbacks Consultation</title>
					      <link>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Association-Announces-</link>
					      <description><![CDATA[
The International Swaps and Derivatives Association has announced the preliminary results of its consultation on pre-cessation fallbacks for LIBOR-referencing derivatives. The consultation was launched in February 2020, and sought industry responses on ISDA&apos;s proposals to add a pre-cessation trigger to the LIBOR cessation fallbacks ISDA is proposing to implement in its standard documentation. The trigger would cause LIBOR-based derivative contracts to fall back to an alternative reference rate in the event that the U.K. Financial Conduct Authority deemed LIBOR to be no longer representative.

Read more.]]></description>
					      
						      <pubDate>Wed, 15 Apr 2020 16:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Association-Announces-</guid>
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					      <title>G20 Action Plan for COVID-19</title>
					      <link>https://finreg.aoshearman.com/G20-Action-Plan-for-COVID-19</link>
					      <description><![CDATA[
The G20 finance ministers and central bank governors have published an Action Plan for the international response to the COVID-19 pandemic. The Action Plan covers the healthcare, economic and fiscal responses that G20 members have agreed to undertake, as well as measures to ensure a return to a strong and sustainable global economy, the provision of support to countries in need and the learning of lessons in preparation for future crises.

Read more.]]></description>
					      
						      <pubDate>Wed, 15 Apr 2020 16:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/G20-Action-Plan-for-COVID-19</guid>
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					      <title>COVID-19: European Central Bank Confirms Easing of Prudential Measures for Large Eurozone Banks</title>
					      <link>https://finreg.aoshearman.com/COVID-19-European-Central-Bank-Confirms-Easing-of</link>
					      <description><![CDATA[
The European Central Bank, Banking Supervision has published a letter addressed to the significant Eurozone banks that it directly prudentially supervises under the Single Supervisory Mechanism. The ECB, Banking Supervision, expresses its support of the EBA&apos;s statement dated March 31, 2020 on supervisory reporting and Pillar 3 disclosures. In line with the EBA&apos;s statement, the ECB: (i) confirms that significant Eurozone banks may delay by one month the submission of supervisory data for remittance dates between March 2020 and May 2020; (ii) excludes information on the liquidity coverage ratio; and (iii) is allowing firms an additional two months to submit information on funding plans.

The ECB recommends that Eurozone national regulators should apply the same delays to the smaller Eurozone banks.

View the ECB&apos;s letter to significant banks.

View details of the EBA&apos;s statement on supervisory reporting and Pillar 3 disclosures.

Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Wed, 15 Apr 2020 14:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/COVID-19-European-Central-Bank-Confirms-Easing-of</guid>
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					      <title>Financial Stability Board Reports to G20 on COVID-19 Response</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Reports-to-G20-on-COVID</link>
					      <description><![CDATA[
The Financial Stability Board has published a report to the G20 on the financial stability implications and policy measures taken in response to the coronavirus pandemic. The report provides an overview of the impact on financial stability of the outbreak and describes the policy actions taken by FSB member jurisdictions. The FSB confirms that it is monitoring financial resilience, focusing on the ability of:

	financial institutions and markets to channel funds to the real economy;
	market participants to obtain U.S. dollar funding, particularly in emerging markets;
	financial intermediaries to manage liquidity risk; and
	market participants and financial market infrastructures, such as CCPs, to manage evolving counterparty risks.


The report also sets out how the FSB is supporting international cooperation and coordination on the COVID-19 response by: (i) information sharing; (ii) conducting financial stability risk assessments; and (iii) assisting with coordinating responses on policy issues.

View the FSB&apos;s report to the G20 on the COVID-19 response.

Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Wed, 15 Apr 2020 14:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Reports-to-G20-on-COVID</guid>
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					      <title>European Banking Authority Updates Guidelines on Equivalence of Non-EU Confidentiality Regimes</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Updates-Guidelines-on-</link>
					      <description><![CDATA[
The European Banking Authority has published updated Guidelines on the equivalence of confidentiality regimes under the Capital Requirements Directive. The EBA has added one new third-country national regulator—the New York State Department of Financial Services—to the current list of third-country national regulators whose confidentiality regimes can be regarded as equivalent to those in the EU, following an assessment of the professional secrecy and confidentiality frameworks under which they operate. The updated recommendations apply from April 16, 2020. The Guidelines are intended to assist national regulators in the EU in their assessment of third-country equivalence with the aim of facilitating cooperation with third-country supervisory authorities and their participation in supervisory colleges overseeing international banks.

View the updated Guidelines.]]></description>
					      
						      <pubDate>Wed, 15 Apr 2020 11:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Updates-Guidelines-on-</guid>
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					      <title>UK Conduct Regulator Says Banks Must Have a Senior Manager Responsible for the Unregulated Activity of Lending to Small Businesses</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Says-Banks-Must-Have-a-Senio</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Dear CEO letter to U.K. regulated banks on lending to small businesses. In the letter, the interim Chief Executive, Christopher Woolard, reminds banks about the importance of ensuring that the benefits of the Government&apos;s Coronavirus Business Interruption Loan Scheme are passed to the businesses and consumers that need it. The FCA confirms that it and the PRA are monitoring the level of lending to businesses.

Read more.]]></description>
					      
						      <pubDate>Wed, 15 Apr 2020 11:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Says-Banks-Must-Have-a-Senio</guid>
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					      <title>Financial Stability Board Consults on Global Stablecoins</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Consults-on-Global-Stab</link>
					      <description><![CDATA[
The Financial Stability Board has launched a consultation on global stablecoin arrangements. The consultation is in response to the G20 mandating the FSB to analyze potential regulatory issues posed by global stablecoins and to advise on multilateral responses. Responses to the consultation should be submitted by July 15, 2020. The FSB&apos;s final report is expected to be published in October 2020.

Read more.]]></description>
					      
						      <pubDate>Tue, 14 Apr 2020 12:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Consults-on-Global-Stab</guid>
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					      <title>Financial Stability Board Writes to G20 on COVID-19 Response</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Writes-to-G20-on-COVID-</link>
					      <description><![CDATA[
The Financial Stability Board has published a letter from Randal K. Quarles, the FSB Chair, to G20 Finance Ministers and Central Bank Governors on the response to the coronavirus pandemic. The letter highlights that the financial sector needs to respond to a &quot;twin challenge&quot;: the increased demand for credit throughout the global economy and the uncertainty around the value of assets. The letter describes how the FSB and its member jurisdictions have responded to the pandemic to support local and global market functioning, discussing in particular, the steps taken to maintaining financial stability and supporting the real economy during the COVID-19 crisis. The letter also outlines the work to promote a global financial system that supports a strong recovery, including the FSB&apos;s prioritizing of certain areas, namely non-bank financial intermediation, the orderly transition away from LIBOR, utilizing technological innovation to assist in cybersecurity and promoting efficient and resilient cross-border payments.

View the FSB&apos;s letter.

Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Tue, 14 Apr 2020 11:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Writes-to-G20-on-COVID-</guid>
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					      <title>International Organization of Securities Commissions Highlights Cross-Border Issues in Sustainable Finance</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Securiti</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published a final report on Sustainable Finance and the Role of Securities Regulators and IOSCO. The report underlines the negative impact on cross-border financial activities and the investor protection concerns caused by the existence of multiple and diverse sustainability frameworks and standards, including sustainability-related disclosure, the absence of common definitions of sustainable activities and greenwashing and other challenges to investor protection.

As a result of the findings, the IOSCO Board is establishing a Board-level Task Force on Sustainable Finance. The Task Force will aim to: (i) improve sustainability disclosures by issuers and asset managers; (ii) collaborate with other international standard-setters and regulators to avoid duplicative efforts and to enhance regulatory coordination; and (iii) develop case studies and analyses of transparency, investor protection and other issues to demonstrate the practical implications.

View the report.]]></description>
					      
						      <pubDate>Tue, 14 Apr 2020 10:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Securiti</guid>
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					      <title>UK Conduct Regulator Announces Details of Post-Brexit Temporary Permissions Regime for EEA Firms and Funds</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Announces-Details-of-Post-Brexit</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published details of the temporary permissions regime that will allow FCA-regulated EEA firms to continue providing financial services in the U.K. for a limited period following the U.K.&apos;s exit from the EU, in the event that no implementation or transitional period is agreed under the Withdrawal Agreement. Without an implementation or transitional period, EEA firms&apos; passporting rights to provide financial services would cease on the date that the U.K. leaves the EU.

Read more.]]></description>
					      
						      <pubDate>Sat, 11 Apr 2020 14:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Announces-Details-of-Post-Brexit</guid>
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					      <title>EU Delays Publication Dates for Annual Transparency Calculations for Non-Equities</title>
					      <link>https://finreg.aoshearman.com/EU-Delays-Publication-Dates-for-Annual-Transparency</link>
					      <description><![CDATA[
The European Securities and Markets Authority has issued a public statement announcing the delay of the publication dates of the annual transparency calculations for non-equity instruments. ESMA&apos;s statement is made in response to the impact of the coronavirus. The Markets in Financial Instruments Directive and Markets in Financial Instruments Regulation, which became effective on January 3, 2018, introduced pre- and post-trade transparency requirements for equity and non-equity financial instruments. ESMA is postponing the publication of the annual transparency calculation for derivatives, exchange traded commodities, exchange traded notes, emission allowances and structured finance products from April 30, 2020 to July 15, 2020 and their application from June 1, 2020 to September 15, 2020. The transitional transparency calculations will continue to apply until September 14, 2020 (inclusive). The publication and application of the annual transparency calculations for bonds remain unchanged. The new thresholds will be applicable from June 1, 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 09 Apr 2020 16:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Delays-Publication-Dates-for-Annual-Transparency</guid>
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					      <title>European Securities and Markets Authority Recommends Regulatory Forbearance for Funds&apos; Periodic Reporting Obligations</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Recommends-Regulatory</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced its expectation that national regulators should, where possible, deprioritize supervisory action against certain fund managers for failure to comply with periodic financial reporting deadlines for funds they manage for the periods ending from December 31, 2019 to April 30, 2020 (inclusive). The fund managers covered by ESMA&apos;s statement are: (i) undertakings for the collective investment in transferable securities (UCITS) management companies; (ii) self-managed UCITS investment companies; (iii) authorized alternative investment fund managers; (iv) non-EU AIFMs marketing AIFs; (v) European Venture Capital Fund managers; and (vi) European Social Entrepreneurship managers.

Read more.]]></description>
					      
						      <pubDate>Thu, 09 Apr 2020 16:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Recommends-Regulatory</guid>
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					      <title>UK Prudential Regulator Announces Delays for Certain Regulatory Reporting and Disclosure Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Announces-Delays-for-Certain</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has announced a series of amendments to regulatory reporting and disclosure requirements applicable to U.K. banks, building societies, designated investment firms and credit unions, in light of the global COVID-19 pandemic. The PRA&apos;s changes follow recent statements and recommendations made by the European Banking Authority, providing clarity on measures to mitigate the impact of COVID-19 on the EU banking sector.

Read more.]]></description>
					      
						      <pubDate>Thu, 09 Apr 2020 15:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Announces-Delays-for-Certain</guid>
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					      <title>UK Prudential Regulator Publishes 2020/2021 Business Plan</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-20202021-Business</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published its Business Plan for 2020/2021, which sets out its strategic goals for the next 12 months and its work plan to deliver them. The PRA has had to tailor its intended Business Plan to take account of the impact of the COVID-19 pandemic. In particular, it has elected to cancel its 2020 annual cyclical scenario stress tests, delay the publication of the results of the 2019 biennial exploratory scenario, postpone less critical aspects of its supervisory program for individual firms and extend consultation periods and implementation timeframes for new initiatives where possible.

Read more.]]></description>
					      
						      <pubDate>Thu, 09 Apr 2020 14:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-20202021-Business</guid>
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					      <title>Financial Stability Board Report on Global Enhancement of Cross-Border Payments</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Report-on-Global-Enhancement</link>
					      <description><![CDATA[
The Financial Stability Board has published a report addressed to the G20 on international cross-border payment arrangements, where the sender and recipient of funds are in different jurisdictions. The report forms the first stage of the G20&apos;s three-stage process to develop a roadmap that will enable countries to enhance their cross-border payments systems. The second stage will see the Committee on Payments and Market Infrastructures set out the building blocks of a system to improve cross-border payments and is due to be submitted to the G20 in July 2020. The third stage will involve coordination between the FSB and CPMI, together with other international organizations, to compile a roadmap for implementing the improvements. A report on the full three-stage process is expected to be delivered to the G20 in October 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 09 Apr 2020 14:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Report-on-Global-Enhancement</guid>
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					      <title>EU Regulatory Forbearance for Audit Requirements for Interest Rate Benchmark Administrators and Contributors</title>
					      <link>https://finreg.aoshearman.com/EU-Regulatory-Forbearance-for-Audit-Requirements-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has issued a public statement asking national regulators across the EU not to prioritize supervisory actions against interest rate benchmark administrators and contributors for failing to comply with the external audit requirements under the Benchmark Regulation, where those audits are carried out by September 30, 2020. The EU Benchmark Regulation requires an interest rate benchmark administrator to have an external audit conducted of its compliance with the benchmark methodology and Benchmark Regulation. Contributors to interest rate benchmarks are required to have an external audit conducted of their input data and compliance with the Benchmark Regulation. ESMA is granting the regulatory forbearance in response to the impact of COVID-19. ESMA states that administrators and contributors that anticipate a delay to the required audits should inform their nation regulator.

View ESMA&apos;s statement.

Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Thu, 09 Apr 2020 11:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Regulatory-Forbearance-for-Audit-Requirements-</guid>
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					      <title>UK Prudential Regulator Takes Further Steps in Response to COVID-19</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Takes-Further-Steps-in-Response</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has announced two further measures in response to the coronavirus outbreak. The first is the PRA&apos;s decision to maintain the systemic risk buffer rates at the rate set in December 2019. The rates determine the amount of additional regulatory capital that must be held by &quot;systemic risk buffer institutions&quot; (i.e. U.K. financial institutions deemed to be systemically important). In scope firms are the so-called &quot;ring-fenced bodies&quot; within the meaning in the Financial Services and Markets Act 2000 and include banks and large building societies holding more than &amp;pound;25bn in deposits. The buffer applicable to each institution is intended to reflect the relative costs to the U.K. economy if the institution in question were to fall into distress. In December 2019, the PRA maintained the rates that had first been set in May 2019. The SRB rates will be re-assessed in December 2021 and the decision taken then will take effect in January 2023.

Read more.]]></description>
					      
						      <pubDate>Thu, 09 Apr 2020 11:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Takes-Further-Steps-in-Response</guid>
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					      <title>European Banking Authority Report on Impact of Basel III Reforms</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Report-on-Impact-of-Basel</link>
					      <description><![CDATA[
The European Banking Authority has published two reports on the impact of the Basel III liquidity coverage ratio, as implemented in the EU, and the estimated impact of the Basel III credit and market risk, and credit valuation adjustment reforms, which are yet to be implemented by the EU. The reports are based on 2019 data that was collected prior to the outbreak of COVID-19.

Read more.]]></description>
					      
						      <pubDate>Wed, 08 Apr 2020 14:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Report-on-Impact-of-Basel</guid>
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					      <title>European Commission Launches Consultation on Sustainable Finance Strategy</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Launches-Consultation-on-Sustainable</link>
					      <description><![CDATA[
The European Commission has launched a consultation on its renewed sustainable finance strategy. The consultation was proposed at the beginning of 2020 as part of the Commission&apos;s next steps for sustainable finance. It poses a series of questions to all EU citizens, public authorities and private organizations, as well as experts with particular knowledge of finance and sustainability, on the aspects of the EU&apos;s renewed strategy. Responses to the consultation should be submitted by July 15, 2020.

Read more.]]></description>
					      
						      <pubDate>Wed, 08 Apr 2020 10:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Launches-Consultation-on-Sustainable</guid>
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					 <item>
					      <title>UK Conduct Regulator Publishes 2020/2021 Business Plan</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-20202021-Business-Plan</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published its Business Plan for 2020/2021, which sets out its five key priorities for the next one to three years.

Read more.]]></description>
					      
						      <pubDate>Tue, 07 Apr 2020 14:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-20202021-Business-Plan</guid>
				    </item>
			
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					      <title>European Commission Consults on Retail Payments Strategy for the EU</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Consults-on-Retail-Payments-S</link>
					      <description><![CDATA[
The European Commission has launched a consultation on a retail payments strategy for the EU. The Commission&apos;s final strategy will be published in Q3 2020 alongside the new digital finance strategy, on which the Commission launched a consultation on the same day. The consultation closes on June 26, 2020.

The Commission states that the RPS will be a key to reinforcing the international role of the euro, strengthening Europe&apos;s influence and enhancing its economic autonomy. In addition, the Commission notes that safe and efficient payment systems and services will assist the EU in tackling emergencies, such as the coronavirus outbreak.

Read more.]]></description>
					      
						      <pubDate>Fri, 03 Apr 2020 19:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Consults-on-Retail-Payments-S</guid>
				    </item>
			
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					      <title>Basel Committee on Banking Supervision Announces Further Measures to Alleviate COVID-19 Impact</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Announces-Further</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has announced a series of measures designed to reduce the impact of COVID-19 on the global banking sector. The latest measures are designed to facilitate bank lending to the real economy and boost banks&apos; operational capacity to the financial strain of COVID-19. They follow the extension to Basel III implementation deadlines announced by the Group of Central Bank Governors and Heads of Supervision on March 27, 2020.

Read more.]]></description>
					      
						      <pubDate>Fri, 03 Apr 2020 16:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Announces-Further</guid>
				    </item>
			
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					      <title>UK Conduct Regulator Publishes Guidance on Senior Managers and Certification Regime for Solo-Regulated Firms in Response to COVID-19</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Guidance-on-Senior</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published guidance for solo-regulated firms on adherence to the Senior Managers and Certification Regime in light of COVID-19. The FCA has separately issued joint Guidance with the Prudential Regulation Authority on the SM&amp;CR for dual-regulated firms.

Read more.]]></description>
					      
						      <pubDate>Fri, 03 Apr 2020 16:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Guidance-on-Senior</guid>
				    </item>
			
					 <item>
					      <title>HM Treasury Announces Further Funding Support for Businesses During COVID-19</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Announces-Further-Funding-Support-for</link>
					      <description><![CDATA[
HM Treasury has announced further funding to support businesses during COVID-19. The actions include extending the Coronavirus Business Interruption Loan Scheme to make all small businesses affected by COVID-19 eligible for funding, as opposed to just those unable to secure regular commercial financing. Lenders will also no longer be permitted to seek personal guarantees for loans under &amp;pound;250,000. The government has also announced the introduction of the new Coronavirus Large Business Interruption Loan Scheme, which will make government-backed loans of up to &amp;pound;25 million available to firms with an annual turnover of between &amp;pound;45 million and &amp;pound;500 million.
 
The funding schemes will not be available to banks, insurers or building societies. Further details of all of the government&apos;s funding schemes can be found on the government&apos;s website.
 
View the government&apos;s announcement on COVID-19 support measures.
 
View the Government&apos;s COVID-19 support packages.]]></description>
					      
						      <pubDate>Fri, 03 Apr 2020 15:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Announces-Further-Funding-Support-for</guid>
				    </item>
			
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					      <title>UK Regulators Publish Guidance on Senior Managers and Certification Regime for Dual-Regulated Firms in Response to COVID-19</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Publish-Guidance-on-Senior-Managers</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority and Prudential Regulation Authority have published joint guidance for dual-regulated firms on adherence to the Senior Managers and Certification Regime in light of COVID-19. The U.K. regulators intend to be flexible in enforcing SM&amp;CR requirements given the disruption to personnel and operations triggered by the pandemic. The FCA has issued separate guidance for solo-regulated firms subject to the SM&amp;CR.

Read more.]]></description>
					      
						      <pubDate>Fri, 03 Apr 2020 11:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Publish-Guidance-on-Senior-Managers</guid>
				    </item>
			
					 <item>
					      <title>European Commission Consults on a New Digital Finance Strategy for the EU</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Consults-on-a-New-Digital-Fin</link>
					      <description><![CDATA[
The European Commission has launched a consultation on a new digital finance strategy and FinTech action plan for Europe. The Commission states that although it is prioritizing fighting the coronavirus pandemic, it has decided not to delay this work because the digital finance can help to tackle issues arising as a result of the coronavirus pandemic. The Commission&apos;s final strategy, due to be published in Q3 2020, will set out the focus FinTech policy areas for the next five years. The consultation closes on June 26, 2020.

Read more.]]></description>
					      
						      <pubDate>Fri, 03 Apr 2020 10:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Consults-on-a-New-Digital-Fin</guid>
				    </item>
			
					 <item>
					      <title>Financial Stability Board COVID-19 Actions</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-COVID-19-Actions</link>
					      <description><![CDATA[
The Financial Stability Board has announced its coordinated actions with FSB members to support the real economy and maintain financial stability in the wake of COVID-19. Key actions include:

	Information sharing - FSB members are sharing information on the actions taken to deal with COVID-19, which include lending and liquidity support, market functioning support and measures to support business continuity of both financial institutions and regulators;


Read more.]]></description>
					      
						      <pubDate>Thu, 02 Apr 2020 15:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-COVID-19-Actions</guid>
				    </item>
			
					 <item>
					      <title>UK Conduct Regulator Consults on COVID-19 Financial Relief for Consumers Guidance</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-COVID-19-Financial-Relief</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority is consulting on proposed measures to ease the financial implications of COVID-19 on consumers. The measures would be introduced via guidance issued by the FCA on areas of particular concern to consumers. The consultation, which is deliberately short given the unprecedented circumstances arising from the pandemic, is open until 9am on April 6, 2020 and, if confirmed, the measures will take effect from April 9, 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 02 Apr 2020 14:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-COVID-19-Financial-Relief</guid>
				    </item>
			
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					      <title>UK Prudential Regulator Welcomes Postponement of Basel III Implementation</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Welcomes-Postponement-of-</link>
					      <description><![CDATA[HM Treasury and the U.K. Prudential Regulation Authority have published a joint statement welcoming the delay to implementation of certain aspects of the Basel III regulatory reforms, announced by the Group of Central Bank Governors and Heads of Supervision. The GHOS has delayed the deadlines for introducing certain Basel III standards by one year until 2023 (or, in the case of the output flow, 2028). The Treasury and PRA intend to work together to produce a U.K. implementation timetable that is consistent with the GHOS&apos;s delay.

View the PRA&apos;s statement on the delayed implementation of Basel III.

View details of the GHOS&apos;s delays to the implementation of Basel III.

Details of other regulatory responses to COVID-19 are available at our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Thu, 02 Apr 2020 14:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Welcomes-Postponement-of-</guid>
				    </item>
			
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					      <title>European Banking Authority Guidelines on Treatment of COVID-19 Payments Moratoria</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Guidelines-on-Treatment</link>
					      <description><![CDATA[
The European Banking Authority has published guidelines on legislative and non-legislative moratoria on loan repayments applied in light of the COVID-19 crisis. The Guidelines state that, where payment moratoria are based on national law or a private-sector initiative broadly applied by credit institutions in response to COVID-19, they will not be classified as forbearance or distressed restructuring measures. 

Read more.]]></description>
					      
						      <pubDate>Thu, 02 Apr 2020 10:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Guidelines-on-Treatment</guid>
				    </item>
			
					 <item>
					      <title>European Commission Acknowledges Postponement of COP26</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Acknowledges-Postponement-of-</link>
					      <description><![CDATA[
The European Commission has acknowledged the U.K. Presidency&apos;s decision to postpone the UN Climate Change Conference of the Parties (commonly known as COP26) in order to focus efforts on containing COVID-19. The Commission&apos;s work to produce a plan to raise the EU&apos;s 2030 climate-change ambitions and cut greenhouse gas emissions by 50-55% compared to 1990 levels is on track to be presented by September 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 02 Apr 2020 10:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Acknowledges-Postponement-of-</guid>
				    </item>
			
					 <item>
					      <title>Financial Action Task Force Issues Statement on Remaining Vigilant to AML and CFT Risks During the COVID-19 Pandemic</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Issues-Statement-on-R</link>
					      <description><![CDATA[
The Financial Action Task Force has published a statement on measures to combat illicit financing during the coronavirus pandemic. The key messages are that the FATF supports the use of the flexibility built into the risk-based approach to anti-money laundering and counter-financing terrorism. However, it warns financial institutions to remain vigilant to new and emerging finance risks arising due to COVID-19, such as frauds arising due to difficulties in customer due diligence in person or reductions of monitoring due to remote working, or due to possible risks of fraud in government cash handout schemes. It reminds firms that they should ensure that they continue to effectively mitigate risks and are able to detect and report suspicious activities. In addition, the FATF urges financial institutions to use responsible digital customer onboarding and the delivery of financial services wherever possible and refers institutions to the FATF&apos;s recently released Guidance on Digital ID. Furthermore, the FATF encourages countries and financial institutions to consider appropriate use of simplified due diligence measures to assist in the delivery of government benefits established in response to the pandemic.

View the FATF&apos;s statement.

View details of the FATF&apos;s Guidance on Digital ID.

Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Wed, 01 Apr 2020 17:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Issues-Statement-on-R</guid>
				    </item>
			
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					      <title>Single Resolution Board Letter to Eurozone Banks on COVID-19 Relief Measures</title>
					      <link>https://finreg.aoshearman.com/Single-Resolution-Board-Letter-to-Eurozone-Banks-</link>
					      <description><![CDATA[
The EU Single Resolution Board has written to Eurozone banks about potential COVID-19 relief measures. It is united with the European Supervisory Authorities and national regulators in aiming to alleviate operational burdens on banks to enable them to deal with the COVID-19 crisis. The SRB intends to apply a pragmatic and flexible approach to 2020 resolution plans and MREL decisions and will consider postponing less urgent information requests where necessary. It does, however, confirm that Eurozone banks still need to submit the following reports: Liability Data Report, Additional Liability Report and MREL quarterly template.

View the SRB&apos;s letter to Eurozone banks.]]></description>
					      
						      <pubDate>Wed, 01 Apr 2020 15:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Single-Resolution-Board-Letter-to-Eurozone-Banks-</guid>
				    </item>
			
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					      <title>EU Consultation on Standardized Information for Facilitating Cross-Border Distribution of Funds</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Standardized-Information-for-F</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a consultation on the forms, templates and procedures that national regulators should use to publish information on their websites to facilitate cross-border distribution of funds. The Regulation on facilitating cross-border distribution of funds aims to increase transparency on the rules and procedures applicable to cross-border marketing of investment funds and regulatory fees and charges levied by national regulators. It was brought in at the same time amendments were made to the Directive on Undertakings for Collective Investment in Transferable Securities and the Alternative Investment Fund Managers Directive through an amending Directive. Member states are required to transpose the amending Directive into national laws by, and apply those laws from, August 2, 2021. Certain provisions of the Regulation applied directly across the EU from August 1, 2019, while the remaining provisions will apply from August 2, 2021.

Read more.]]></description>
					      
						      <pubDate>Tue, 31 Mar 2020 18:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Standardized-Information-for-F</guid>
				    </item>
			
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					      <title>European Securities and Markets Authority Publishes Advice on Fines and Penalties for Third-Country CCPs</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Advice</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its final technical advice to the European Commission on procedural rules for imposing fines and penalties on third-country CCPs and trade repositories. The technical advice also covers the alignment of the rules with those applicable to EU credit rating agencies, which ESMA directly supervises. The European Commission mandated ESMA to produce the technical advice in response to changes made to the European Market Infrastructure Regulation by EMIR Refit and EMIR 2.2. EMIR Refit updated (amongst other things) the requirements applicable to trade repositories, including with respect to fines and penalties. EMIR 2.2 introduced investigatory and supervisory powers over CCPs for ESMA to ensure compliance with the new requirements, including the ability to request information from CCPs, appoint an independent investigation officer to investigate any possible infringements under EMIR 2.2 and impose fines.

Read more.]]></description>
					      
						      <pubDate>Tue, 31 Mar 2020 17:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Advice</guid>
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					      <title>UK Prudential Regulator Statement on Bank Dividends and Bonuses in Light of COVID-19</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Statement-on-Bank-Dividends</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a statement supporting the decisions of the U.K.&apos;s largest banks to suspend dividends and buybacks on ordinary shares until the end of 2020 and to cancel outstanding 2019 dividends. The PRA also makes it clear that it expects banks to refrain from paying cash bonuses to senior staff, including material risk takers. In parallel, the PRA has written to the CEOs of the largest U.K. banks (HSBC, Nationwide, Santander, Standard Chartered, Barclays, RBS and Lloyds Banking Group), notifying them of the PRA&apos;s expectation that they should not pay cash bonuses to senior staff.

View the PRA&apos;s statement.]]></description>
					      
						      <pubDate>Tue, 31 Mar 2020 15:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Statement-on-Bank-Dividends</guid>
				    </item>
			
					 <item>
					      <title>UK Conduct Regulator Dear CEO Letter to Firms on Consumer Protection During COVID-19 Pandemic</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Dear-CEO-Letter-to-Firms-on-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Dear CEO letter addressed to firms providing services to retail investors on the actions they should be taking to protect consumers during the COVID-19 pandemic. Firms are expected to provide strong support and service to consumers, to be transparent with their customers and to report to the FCA immediately if they foresee themselves getting into financial difficulty.

Read more.]]></description>
					      
						      <pubDate>Tue, 31 Mar 2020 15:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Dear-CEO-Letter-to-Firms-on-</guid>
				    </item>
			
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					      <title>UK Prudential Regulator Publishes Capital Requirements Guidance for UK Firms in Light of COVID-19</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Capital-Requirements</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published two statements addressed to U.K. firms on the application of certain requirements of the EU Capital Requirements Regulation.
 
The first statement sets out the PRA&apos;s approach to calculating exposure under the internal models method for counterparty credit risk in light of the significant moves in counterparty credit risk exposures during the COVID-19 pandemic. Firms are reminded of their notification obligations in relation to any changes they make to their internal models method models as a result of the PRA&apos;s guidance.

Read more.]]></description>
					      
						      <pubDate>Tue, 31 Mar 2020 15:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Capital-Requirements</guid>
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					      <title>European Banking Authority Issues Statements on Addressing COVID-19 Impact for EU Banking Sector</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Issues-Statements-on-A</link>
					      <description><![CDATA[
The European Banking Authority has published three statements providing clarity on measures to mitigate the impact of COVID-19 on the EU banking sector. The statements are: Statement on supervisory reporting and Pillar 3 disclosures in light of COVID-19: referring to its statement issued on March 12, 2020, the EBA outlines further details on actions that firms, national regulators and resolution authorities can take to mitigate the impact of COVID-19. The EBA stresses the importance of firms providing reliable data for supervisory purposes, particularly given market fluctuations. However, the EBA reiterates that some leeway can be given to firms for certain areas and asks national regulators to consider the extent to which a delay to submission of data may be justified. In general, the EBA suggests that firms should be given an additional month to submit data (with an additional two months given for remittance of data on funding plans), but national regulators should confirm the precise requirements. The EBA excludes from the forbearance information on the liquidity coverage ratio (LCR) and reporting for resolution planning purposes. The EBA also encourages national regulators to be flexible about the deadline for firms to publish their Pillar 3 data. Firms should contact their regulator if they expect that there will be a delay to their Pillar 3 disclosures.

Read more.]]></description>
					      
						      <pubDate>Tue, 31 Mar 2020 14:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Issues-Statements-on-A</guid>
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					      <title>European Securities and Markets Authority Encourages Regulatory Forbearance for Best Execution Reporting in Light of COVID-19</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Encourages</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a statement encouraging national regulators to deprioritize supervisory actions against firms that fail to meet best execution reporting deadlines under the revised Markets in Financial Instruments Directive. The MiFID II best execution requirements oblige investment firms to obtain the best possible result for their clients when executing client orders, and require execution venues and investment firms to make data relating to the quality of execution of transactions publicly available.

Read more.]]></description>
					      
						      <pubDate>Tue, 31 Mar 2020 11:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Encourages</guid>
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					      <title>European Securities and Markets Association Publishes Call for Evidence on Credit Rating Information and Data</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Association-Publishes</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a call for evidence on credit rating information and data, the purpose of which is to understand the activities of those who use credit ratings.
 
In doing so ESMA wants to identify each users&apos; requirements of credit ratings information, including:
 

	the format of the information;
	the frequency with which the information is required; and
	the scope.

 
ESMA also aims to understand why users prefer to rely on paid-for third-party providers, rather than rely on the freely published information provided by the European Rating Platform.

Read more.]]></description>
					      
						      <pubDate>Mon, 30 Mar 2020 16:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Association-Publishes</guid>
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					      <title>Basel Committee on Banking Supervision Defers Basel III Implementation in Response to COVID-19</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Defers-Basel</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has delayed the implementation timeline for Basel III to allow firms to focus on tackling the challenges resulting from the coronavirus (COVID-19) pandemic.

Read more.]]></description>
					      
						      <pubDate>Mon, 30 Mar 2020 09:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Defers-Basel</guid>
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					      <title>European Securities and Markets Authority Maintains MiFID II Equity Transparency Calculations Application Date</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Maintai</link>
					      <description><![CDATA[
The European Securities and Markets Authority has issued a statement in which it confirms that the existing date for the application of the equity transparency calculations will remain unchanged. The Markets in Financial Instruments Directive and Markets in Financial Instruments Regulation, which became effective on January 3, 2018, introduced pre- and post-trade transparency requirements for equity and non-equity financial instruments. On February 28, 2020, ESMA published the transparency calculations that will apply to new instruments from April 1, 2020 until March 31, 2021. Further calculations will be released ahead of that date once the data quality review for those instruments has been completed.

ESMA&apos;s statement confirms that the new calculations will apply from April 1, 2020, as intended, because firms have had to implement new transparency calculations in the past and so do not need to revise their IT systems to comply with the obligation. In addition, ESMA is of the view that a delay could negatively impact those firms that have planned for the new calculations.

View ESMA&apos;s statement.

Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Centre.]]></description>
					      
						      <pubDate>Fri, 27 Mar 2020 15:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Maintai</guid>
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					      <title>UK Financial Conduct Authority Clarifies Senior Manager Responsibility For Work-Related Travel</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Clarifies-Senior-M</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a statement emphasizing the responsibility of relevant Senior Managers or equivalent persons in prioritizing which of their firm&apos;s employees cannot work from home and need to travel into an office or business continuity site to perform their role. The FCA&apos;s statement is relevant to all FCA-regulated firms across the U.K. and is made in relation to the COVID-19 pandemic. The FCA states that it expects the number of individuals that need to travel into an office or other place of work to be considerably less than would be required for a business-as-usual basis. The FCA provides a list of roles that it considers are capable of being performed from home. These are: financial advisers, staff who can safely and securely trade shares and financial instruments from home, business support staff, claims management companies and those selling non-essential goods and credit.

View the FCA&apos;s statement.

Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Centre.]]></description>
					      
						      <pubDate>Fri, 27 Mar 2020 15:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Clarifies-Senior-M</guid>
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					      <title>COVID-19: European Central Bank Recommends Suspension of Dividends by Large Eurozone Banks</title>
					      <link>https://finreg.aoshearman.com/COVID-19-European-Central-Bank-Recommends-Suspens</link>
					      <description><![CDATA[
The European Central Bank has published an updated Recommendation requiring the largest Eurozone-based banks to suspend the payment of any dividends and buyback of shares until at least October 1, 2020. The Recommendation is addressed to significant institutions that are directly prudentially supervised by the ECB. Eurozone national regulators of smaller banks are expected to apply the Recommendation, as deemed appropriate. The Recommendation applies to both 2019 and 2020 dividends, but does not retroactively apply to dividends that have already been paid for the 2019 financial year. Where a bank believes that it is legally obliged to make a dividend pay-out, it should explain the reasons to its joint supervisory team.

The purpose of the Recommendation is to ensure that banks are able to maintain their lending and therefore the support of businesses during the current global pandemic.

View the ECB recommendation here.

View the ECB press release here.

Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Fri, 27 Mar 2020 11:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/COVID-19-European-Central-Bank-Recommends-Suspens</guid>
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					      <title>European Securities and Markets Authority Grants Regulatory Forbearance for Financial Reporting in Wake of COVID-19</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Grants-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published guidance for issuers on compliance with their financial reporting requirements in light of the challenges presented by the coronavirus (COVID-19) pandemic. Under the EU Transparency Directive, issuers of debt securities or shares must publish annual and half-yearly financial reports within four months and three months, respectively, of the end of the relevant reporting period.

Read more.]]></description>
					      
						      <pubDate>Fri, 27 Mar 2020 09:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Grants-</guid>
				    </item>
			
					 <item>
					      <title>COVID-19: EU Regulatory Forbearance for Banks and Investment Firms for Reporting Securities Financing Transactions</title>
					      <link>https://finreg.aoshearman.com/COVID-19-EU-Regulatory-Forbearance-for-Banks-and-</link>
					      <description><![CDATA[
UPDATE: Further to its statement published on March 18, 2020, the European Securities and Markets Authority has published a clarifying statement to confirm that the regulatory forbearance granted for banks and investment firms subject to the upcoming reporting obligation under the Securities Financing Transaction Regulation also applies to securities financing transactions subject to the backloading requirement.

ESMA published its initial public statement on steps it is taking to mitigate the impact of the coronavirus (COVID-19) on the EU financial markets. ESMA is granting regulatory forbearance for banks and investment firms subject to the upcoming reporting obligation under the SFTR. Banks and investment banks were due to start reporting SFTs from April 13, 2020. EU banks and investment firms have been rolling out necessary diligence to categorize their clients and confidentiality waivers ahead of the launch, as well as installing new IT systems to report. ESMA&apos;s regulatory forbearance delays the reporting obligation for banks and investment firms from April 13, 2020 to July 13, 2020, which is the date from which CCPs and central securities depositories must begin reporting SFTs. Other Financial Counterparties must report from October 12, 2020 and Non-Financial Counterparties from January 11, 2021.

Read more.]]></description>
					      
						      <pubDate>Thu, 26 Mar 2020 18:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/COVID-19-EU-Regulatory-Forbearance-for-Banks-and-</guid>
				    </item>
			
					 <item>
					      <title>UK Financial Conduct Authority Expectations on Financial Resilience of Firms</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Expectations-on-Fi</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a statement reminding firms that they are able to use capital and liquidity buffers during the COVID-19 pandemic. The FCA also stated that firms should plan ahead and ensure that any potential exit from the market is conducted in an orderly manner. The statement is relevant for firms that are solo-regulated by the FCA.

Firms are encouraged to contact the FCA if they are unable to meet their capital requirements.

View the FCA announcement.

Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Thu, 26 Mar 2020 13:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Expectations-on-Fi</guid>
				    </item>
			
					 <item>
					      <title>COVID-19: UK Regulators Issue Joint Statement on Financial Statement Requirements</title>
					      <link>https://finreg.aoshearman.com/COVID-19-UK-Regulators-Issue-Joint-Statement-on-F</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority, the Financial Reporting Council and the Prudential Regulation Authority have announced a number of measures and initiatives to assist firms during the current global coronavirus pandemic. These include:

	a statement from the FCA on the publishing of audited financial reports for listed companies;
	guidance from the FRC for companies preparing financial statements to be read in conjunction with PRA guidance on assessing expected loss under IFRS9; and
	guidance from the FRC for audit firms.


Read more.]]></description>
					      
						      <pubDate>Thu, 26 Mar 2020 09:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/COVID-19-UK-Regulators-Issue-Joint-Statement-on-F</guid>
				    </item>
			
					 <item>
					      <title>UK Conduct Regulator: COVID-19 Will Not Impact LIBOR Deadline</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-COVID-19-Will-Not-Impact-LIBOR</link>
					      <description><![CDATA[
On March 25, 2020, the U.K. Financial Conduct Authority confirmed that COVID-19 is not expected to affect LIBOR preparations and the target date for LIBOR cessation of the end of 2021 still stands. The FCA does acknowledge, however, that some interim LIBOR milestones may not be met as a result of the pandemic, and it will continue to monitor the impact on such timelines carefully.
 
View the FCA&apos;s statement on COVID-19 and LIBOR.
 
Details of other regulatory responses to COVID-19 are available at our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Wed, 25 Mar 2020 15:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-COVID-19-Will-Not-Impact-LIBOR</guid>
				    </item>
			
					 <item>
					      <title>COVID-19: European Securities and Markets Authority Publishes Statement on Accounting Implications</title>
					      <link>https://finreg.aoshearman.com/COVID-19-European-Securities-and-Markets-Authority-Publishes</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a statement to ensure the consistent application by issuers of International Financial Reporting Standards within the European Union. In particular, it addresses the requirement for consistent application of IFRS 9 related to the classification of financial assets and liabilities. ESMA considers a range of accounting implications that may arise for Issuers as a result of national governments&apos; and EU bodies&apos; responses to the COVID-19 pandemic. 

Read more.]]></description>
					      
						      <pubDate>Wed, 25 Mar 2020 11:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/COVID-19-European-Securities-and-Markets-Authority-Publishes</guid>
				    </item>
			
					 <item>
					      <title>European Banking Authority Provides Clarity on the Prudential Framework in Light of COVID-19 </title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Provides-Clarity-on-the-Prudential</link>
					      <description><![CDATA[
The European Banking Authority has released two separate statements in response to the COVID-19 pandemic, the first covering bank prudential regulation and the second dealing with consumer protection and payment services.

Read more.]]></description>
					      
						      <pubDate>Wed, 25 Mar 2020 11:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Provides-Clarity-on-the-Prudential</guid>
				    </item>
			
					 <item>
					      <title>European Banking Authority Announces Postponement of Certain of its Activities</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Announces-Postponement-of</link>
					      <description><![CDATA[
In order to ensure that banks are able to focus on key operations throughout the current COVID-19 pandemic, the European Banking Authority has announced a postponement and extension of certain activities.

Read more.]]></description>
					      
						      <pubDate>Wed, 25 Mar 2020 11:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Announces-Postponement-of</guid>
				    </item>
			
					 <item>
					      <title>Bank of England Financial Policy Summary and Record of the Financial Policy Committee March 2020 Meetings</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Financial-Policy-Summary-and-Record</link>
					      <description><![CDATA[
The Bank of England&apos;s Financial Policy Committee met on March 9 and 19, 2020, a time when the COVID-19 pandemic dominated the news and in turn presented challenges for markets.

Read more.]]></description>
					      
						      <pubDate>Tue, 24 Mar 2020 11:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Financial-Policy-Summary-and-Record</guid>
				    </item>
			
					 <item>
					      <title>International Organization of Securities Commissions Publishes Report on Global Stablecoins</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Securitie</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published a report analyzing the regulatory issues arising from the use of global stablecoins and setting out how the existing IOSCO principles would apply to a global stablecoin, depending on its structure. IOSCO states that global stablecoins, depending on how they are set up, share features with regulated securities and other regulated financial instruments and services. Using a hypothetical global stablecoin case, the report analyzes how the IOSCO Principles and Standards would apply and also considers some of the broader implications. The report also includes an analysis, jointly conducted by IOSCO and the Committee on Payment and Market Infrastructures, of the applicability of the CPMI-IOSCO Principles for Financial Market Infrastructures. The conclusion is that the PFMI will apply to global stablecoin arrangements involving the performance of systemically important payment system functions or other FMI functions.

View IOSCO&apos;s report on global stablecoin initiatives.]]></description>
					      
						      <pubDate>Mon, 23 Mar 2020 15:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Securitie</guid>
				    </item>
			
					 <item>
					      <title>COVID-19: UK Financial Conduct Authority Confirms No Short Selling Ban (Yet)</title>
					      <link>https://finreg.aoshearman.com/COVID-19-UK-Financial-Conduct-Authority-Confirms-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a statement confirming that, in the wake to the COVID-19 pandemic, it is working with regulators in the U.S., the EU and elsewhere to ensure that the financial markets can remain orderly and open. Noting the recent volatility in the financial markets, the FCA confirms that the U.K. has not imposed a short selling ban and neither has the U.S. or any other major financial market. The EU has however temporarily reduced the threshold for the reporting of short positions. Net short position holders are required to notify the relevant national regulator of any net short position of 0.1% of the issued share capital of a company and of each 0.1% above that threshold. This also applies to listed shares on UK markets.  It is not necessary to notify existing positions above the new lower threshold that were not previously notifiable, until new trading takes place.

Read more.]]></description>
					      
						      <pubDate>Mon, 23 Mar 2020 11:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/COVID-19-UK-Financial-Conduct-Authority-Confirms-</guid>
				    </item>
			
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					      <title>HM Treasury Exempts COVID Corporate Financing Facility from Regulated Activity Regime</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Exempts-COVID-Corporate-Financing-Facility</link>
					      <description><![CDATA[
HM Treasury has published the Financial Services and Markets Act 2000 (Exemption) (Amendment) Order 2020, exempting the COVID Corporate Financing Facility from the U.K.&apos;s regulated activity regime. The Order will come into effect from March 23, 2020. The exemption means that the COVID Corporate Financing Facility is not subject to the U.K. prohibition on conducting regulated activities in the U.K. under section 19 of the Financial Services and Markets Act 2000. 

Read more.]]></description>
					      
						      <pubDate>Fri, 20 Mar 2020 17:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Exempts-COVID-Corporate-Financing-Facility</guid>
				    </item>
			
					 <item>
					      <title>Financial Stability Board Announces Coordinated Financial Sector Response to COVID-19</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Announces-Coordinated-Financial</link>
					      <description><![CDATA[
The Financial Stability Board is coordinating with its members to support coordinated action required to preserve global financial stability. National regulators and financial institutions are encouraged to take advantage of regulatory flexibility to protect funding for market participants and the real economy, and international standard setting bodies are working together, including with reference to financial policy responses in their respective jurisdictions, to ensure the financial system can continue to finance growth.
 
View the FSB&apos;s announcement.]]></description>
					      
						      <pubDate>Fri, 20 Mar 2020 17:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Announces-Coordinated-Financial</guid>
				    </item>
			
					 <item>
					      <title>European Securities and Markets Authority Announces MiFID II Tick-Size Regime Forbearance</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Announces-MiFID</link>
					      <description><![CDATA[
The European Securities and Markets Authority expects national regulators to de-prioritize their supervision of the new tick-size regime for systematic internalizers under the Markets in Financial Instruments Regulation in light of the challenges posed by COVID-19. Amendments to the MiFIR tick-size regime were introduced by the Investment Firms Regulation and are due to come into effect on March 26, 2020. ESMA&apos;s statement demands that national regulators do not prioritize supervisory actions in relation to the new regime from March 26, 2020 until June 26, 2020.
 
View ESMA&apos;s statement on regulatory forbearance for new tick-size regime.
 
View details of the Investment Firms Regulation.]]></description>
					      
						      <pubDate>Fri, 20 Mar 2020 17:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Announces-MiFID</guid>
				    </item>
			
					 <item>
					      <title>Bank of England Announces COVID-19 Policy Measures</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Announces-COVID-19-Policy-Measure</link>
					      <description><![CDATA[
The Bank of England has announced a series of supervisory and policy measures designed to help firms prudentially regulated by the U.K. Prudential Regulation Authority (banks, building societies, insurers and large investment firms) and BoE-regulated financial market infrastructures (CCPs, central securities depositories and recognized payment systems) with the impact of COVID-19. 

Read more.]]></description>
					      
						      <pubDate>Fri, 20 Mar 2020 15:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Announces-COVID-19-Policy-Measure</guid>
				    </item>
			
					 <item>
					      <title>COVID-19: European Securities and Markets Authority Extends Consultation Deadlines</title>
					      <link>https://finreg.aoshearman.com/COVID-19-European-Securities-and-Markets-Authority-Extends</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced that it is extending the consultation response dates to assist market participants as they implement arrangements to ensure business continuity during the coronavirus outbreak.

Read more.]]></description>
					      
						      <pubDate>Fri, 20 Mar 2020 12:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/COVID-19-European-Securities-and-Markets-Authority-Extends</guid>
				    </item>
			
					 <item>
					      <title>COVID-19: European Securities and Markets Authority Clarifies MiFID II Telephone Recording Requirements</title>
					      <link>https://finreg.aoshearman.com/COVID-19-European-Securities-and-Markets-Authority</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a statement on the telephone recording obligations in the Markets in Financial Instruments Directive. MiFID II requires records to be kept of all services, activities and transactions undertaken by an investment firm, including recordings of telephone conversations or electronic communications relating to: (i) transactions concluded when a firm deals on own account (proprietary trading); and (ii) the provision of client order services that relate to the reception, transmission and execution of client orders. Firms are also required to implement and maintain a policy for the recording of these telephone conversations.

Read more.]]></description>
					      
						      <pubDate>Fri, 20 Mar 2020 11:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/COVID-19-European-Securities-and-Markets-Authority</guid>
				    </item>
			
					 <item>
					      <title>UK Joint Money Laundering Steering Group Consults on Crypto-Asset Exchange and Custodian Wallet Provider Guidance</title>
					      <link>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group-Consults-on</link>
					      <description><![CDATA[
The U.K. Joint Money Laundering Steering Group has launched a consultation on its proposed new Guidance on how the U.K. Money Laundering Regulations apply to crypto-asset exchange providers and custodian wallet providers. The proposed Guidance will form a new Sector 22 section in Part II of the existing JMLSG Guidance. Comments on the proposed Guidance should be submitted by May 18, 2020.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Mar 2020 15:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group-Consults-on</guid>
				    </item>
			
					 <item>
					      <title>Brexit Negotiations: European Commission Publishes Draft EU-UK Agreement</title>
					      <link>https://finreg.aoshearman.com/Brexit-Negotiations-European-Commission-Publishes</link>
					      <description><![CDATA[
The European Commission has published a draft of the proposed agreement between the U.K. and the EU to govern the future relationship between the two, including provisions on financial services. The list of in-scope services includes all services under the Markets in Financial Instruments Directive, the EU Capital Requirements legislation, the European Market Infrastructure Regulation and other legislation. Other provisions of the draft bring market developments in scope and ensure that U.K. financial institutions can provide, subject to certain conditions being met, new services and products in the EU. Notably, the Commission&apos;s draft text provides a carve-out that allows either side to adopt prudential measures for financial stability reasons or for the protection of investors, depositors, policy-holders or persons to whom a fiduciary duty is owed by a financial service supplier. The draft text also includes a commitment by both the EU and U.K. to implement internationally-agreed standards for financial services regulation and supervision, anti-money laundering and counter terrorism and tax evasion.

View the European Commission&apos;s Draft Text of the Agreement on the New Partnership with the United Kingdom.]]></description>
					      
						      <pubDate>Wed, 18 Mar 2020 15:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Brexit-Negotiations-European-Commission-Publishes</guid>
				    </item>
			
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					      <title>EU Lowers Short Sale Disclosure Threshold</title>
					      <link>https://finreg.aoshearman.com/EU-Lowers-Short-Sale-Disclosure-Threshold</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced a Decision to lower the threshold for disclosing short positions in shares. Effective March 16, 2020, all holders of net short positions in shares traded on an EU regulated market (i.e., exchange) must notify the relevant national regulator if the position reaches or exceeds 0.1% of the issued share capital. Net short position holders must notify the relevant national regulator of any net short position of 0.1% of the issued share capital of a company and of each 0.1% above that threshold.

Read more.]]></description>
					      
						      <pubDate>Mon, 16 Mar 2020 17:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Lowers-Short-Sale-Disclosure-Threshold</guid>
				    </item>
			
					 <item>
					      <title>EU Working Group on Risk-Free Rates Consults on Voluntary Compensation for Legacy Swaptions</title>
					      <link>https://finreg.aoshearman.com/EU-Working-Group-on-Risk-Free-Rates-Consults-on-V</link>
					      <description><![CDATA[
The EU Working Group on Risk-Free Rates has launched a consultation on a proposed recommendation for voluntary compensation for legacy swaptions impacted by the CCP discounting transition to Euro Short-Term Rate (&amp;euro;STR). A Swaption is a type of interest-rate derivative contract. The CCP discounting switch from EONIA to &amp;euro;STR is planned for June 2020. The Working Group has identified that if the exercise date of swaptions is after the CCP transition date, the valuation of the products may change because of the discounting switch from EONIA to &amp;euro;STR. However, because the contracts are bilateral, the CCP compensation mechanism will not apply. The Working Group is seeking feedback on whether it should issue recommendations on the voluntary exchange of a cash compensation between bilateral counterparties to swaption contracts.

The consultation closes on April 3, 2020.

View the consultation paper.]]></description>
					      
						      <pubDate>Fri, 13 Mar 2020 17:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Working-Group-on-Risk-Free-Rates-Consults-on-V</guid>
				    </item>
			
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					      <title>EU Single Resolution Board Announces Staff Teleworking Arrangements</title>
					      <link>https://finreg.aoshearman.com/EU-Single-Resolution-Board-Announces-Staff-Telewo</link>
					      <description><![CDATA[
The EU Single Resolution Board has announced that SRB staff will commence teleworking from March 16, 2020, following relevant decisions from the European Commission and Belgian government. SRB staff remain contactable via email or phone.

View the SRB&apos;s announcement. ]]></description>
					      
						      <pubDate>Fri, 13 Mar 2020 17:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Single-Resolution-Board-Announces-Staff-Telewo</guid>
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					      <title>European Central Bank Announces Temporary Capital and Operational Relief for Banks</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Announces-Temporary-Capital</link>
					      <description><![CDATA[
The European Central Bank has announced a series of measures designed to support banks to continue their vital role of funding the real economy in the wake of COVID-19. Banks will be permitted temporarily to operate below the level of capital required by Pillar 2 Guidance, the capital conservation buffer and the liquidity ratio. They will also be permitted partially to use capital instruments that do not qualify as Common Equity Tier 1 capital to meet Pillar 2 Requirements. The ECB hopes that, together with EU national regulators&apos; relaxation of the countercyclical capital buffer, these measures will provide significant capital relief to banks.

Read more.]]></description>
					      
						      <pubDate>Thu, 12 Mar 2020 17:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Announces-Temporary-Capital</guid>
				    </item>
			
					 <item>
					      <title>European Banking Authority Prioritizes Supporting Core Bank Operations</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Prioritizes-Supporting</link>
					      <description><![CDATA[
The European Banking Authority has published a statement on actions to mitigate the impact of COVID-19 on the EU banking sector. In the statement, the EBA states that it is working with the European Central Bank and EU national regulators to ease the immediate operational burden on EU banks and recommends that national regulators should use, where appropriate, the flexibility embedded in the regulatory framework.

The EBA views supporting banks&apos; focus on core operations as a priority and has decided to postpone the EU-wide stress test to 2021. However, the EBA will conduct an additional EU-wide transparency exercise to provide updated information on banks&apos; exposures and asset quality. The EBA also recommends that national regulators grant some flexibility on the remittance dates for supervisory reporting by banks.

The EBA states that banks should adopt prudent dividend and other distribution policies, including variable remuneration.

View the EBA&apos;s statement.

Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.]]></description>
					      
						      <pubDate>Thu, 12 Mar 2020 13:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Prioritizes-Supporting</guid>
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					      <title>UK Bank of England Opens Discussion on Central Bank Digital Currency Options</title>
					      <link>https://finreg.aoshearman.com/UK-Bank-of-England-Opens-Discussion-on-Central-Bank</link>
					      <description><![CDATA[
The Bank of England has published a Discussion Paper on central bank digital currency opportunities, challenges and design. The BoE is one of several banks exploring introducing a CBDC. The Discussion Paper describes a platform model of CBDC that demonstrates the issues raised by the concept of a CBDC, highlighting both the risks and opportunities. The BoE stresses that the model does not represent any decision by the BoE on the design of a CBDC and is merely intended to aid the overall discussion. Indeed, the BoE emphasizes that no decision has been made on whether to introduce a CBDC and that it would need to ensure that the benefits outweigh any risks. If a CBDC were to be introduced in the U.K. it would be denominated in pounds sterling and would exist alongside cash and commercial bank deposits.

Read more.]]></description>
					      
						      <pubDate>Thu, 12 Mar 2020 10:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Bank-of-England-Opens-Discussion-on-Central-Bank</guid>
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					      <title>HM Treasury Policy Statement on Prudential Standards for Investment Firms in UK Financial Services Bill</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Policy-Statement-on-Prudential-Standards-for</link>
					      <description><![CDATA[
HM Treasury has published a policy statement on its proposals for the prudential standards in the U.K.&apos;s upcoming Financial Services Bill. The Financial Services Bill will set out a proposed regulatory framework for the financial services industry following the U.K.&apos;s exit from the EU. The U.K. has historically wished and repeatedly sought to impose higher capital requirements on banks and investment firms than the EU has accepted, in part driven by the better capitalization of U.K. banks compared to some EU institutions. The new policy statement establishes four overarching principles which will govern HM Treasury&apos;s approach to prudential standards: (i) financial stability and high international standards; (ii) supporting growth, competition and competitiveness; (iii) giving U.K. regulators a central role in designing technical prudential requirements; and (iv) flexibility, allowing the U.K. to maintain its relationship with the EU and take account of U.K.-specific requirements.

Read more.]]></description>
					      
						      <pubDate>Wed, 11 Mar 2020 12:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Policy-Statement-on-Prudential-Standards-for</guid>
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					      <title>Working Group on Sterling Risk-Free Reference Rates Publishes Roadmap for Ceasing New GBP LIBOR Lending by Q4 2020</title>
					      <link>https://finreg.aoshearman.com/Working-Group-on-Sterling-Risk-Free-Reference-Rates-Publishes</link>
					      <description><![CDATA[
The Working Group on Sterling Risk-Free Reference Rates has published two documents relevant to the transition away from the use of LIBOR. The first is a statement on bond market conventions and the second is a path for discontinuation of new GBP LIBOR lending by the end of Q3 2020.

Read more.]]></description>
					      
						      <pubDate>Tue, 10 Mar 2020 15:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Working-Group-on-Sterling-Risk-Free-Reference-Rates-Publishes</guid>
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					      <title>UK Financial Conduct Authority Opens Call for Input on Access to Wholesale Data</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Opens-Call-for-Inp</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a call for input on accessing and using wholesale data. The FCA has launched the call for input to assess the use and value of data and advanced analytics in wholesale financial markets. The regulator would like to know if there are concerns about access to data and how it is priced and sold because the market may be causing harm to investors. The focus of the call for input is benchmarks, trading data and market data vendor services. However, the FCA welcomes input on whether there are other areas where data access is giving rise to issues. Responses to the call for input may be submitted until January 7, 2021 (extended in response to the impact of COVID-19). The FCA will publish a feedback statement setting out its analysis and next steps.]]></description>
					      
						      <pubDate>Mon, 09 Mar 2020 12:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Opens-Call-for-Inp</guid>
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					      <title>EU Technical Expert Group on Sustainable Finance Publishes Final Taxonomy Recommendations </title>
					      <link>https://finreg.aoshearman.com/EU-Technical-Expert-Group-on-Sustainable-Finance-</link>
					      <description><![CDATA[
The European Commission has published a final Taxonomy report of the Technical Expert Group on Sustainable Finance. The EU Taxonomy is the EU&apos;s classification system of sustainable activities, the legal basis of which is set out in the proposed Taxonomy Regulation (agreed at political level in December 2019). The proposed Taxonomy Regulation sets the environment objectives for the Taxonomy and imposes new obligations for market participants, large companies, the EU and EU Member States. The Taxonomy Regulation will be supplemented by secondary legislation that will set out detailed technical screening criteria to establish when an economic activity can be considered sustainable. The Taxonomy Report provides the TEG&apos;s final recommendations to the European Commission on certain content for much of that secondary legislation and replaces the earlier reports of the TEG. 

Read more.]]></description>
					      
						      <pubDate>Mon, 09 Mar 2020 10:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Technical-Expert-Group-on-Sustainable-Finance-</guid>
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					      <title>Guidance Published on Digital Identification Technologies for Anti-Money Laundering Purposes</title>
					      <link>https://finreg.aoshearman.com/Guidance-Published-on-Digital-Identification-Tech</link>
					      <description><![CDATA[
The Financial Action Task Force has published Guidance on how digital identification technologies can be used to conduct some aspects of customer due diligence for anti-money laundering purposes. The FATF presents a risk-based approach to the use of digital ID software, relying on a set of open source, consensus-driven assurance frameworks and technical standards for digital ID systems. In addition, the FATF sets out a series of recommendations for relevant authorities, regulated entities (meaning financial institutions, virtual asset service providers and designated non-financial businesses and professions) and digital ID services providers. The Guidance is non-binding, however, it clarifies the FATF&apos;s standards.

View the FATF&apos;s Guidance on digital ID.]]></description>
					      
						      <pubDate>Fri, 06 Mar 2020 11:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Guidance-Published-on-Digital-Identification-Tech</guid>
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					      <title>UK Regulator Consults on Enhancing Climate-Related Disclosures by Certain Issuers</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Enhancing-Climate-Related</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a consultation paper on proposals to enhance climate-related disclosures by listed issuers and to clarify the existing disclosure obligations of issuers in relation to climate, environmental, social and governance matters. The FCA proposals would implement the disclosure recommendations of the Financial Stability Board&apos;s Taskforce on Climate-related Financial Disclosures. Responses to the consultation may be submitted until October 1, 2020. 

Read more.]]></description>
					      
						      <pubDate>Fri, 06 Mar 2020 11:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Enhancing-Climate-Related</guid>
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					      <title>UK Regulator Highlights Board Diversity Expectations for Banks and Investment Firms</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Highlights-Board-Diversity-Expectati</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a letter addressed to the chairpersons of banks, large investment firms and insurance companies on board diversity. The letter is intended to remind firms of the importance of board diversity in achieving effective challenge and improving decision-making and of the need to comply with the PRA&apos;s rules. The European Banking Authority published a report on benchmarking of diversity practices in February 2020. The report shows a huge improvement in board diversity in banks and investment firms since 2015. However, the PRA notes that compliance is not comprehensive.

The PRA asks chairs of all firms subject to its diversity requirements to ensure that their firm is in compliance and to take remedial action if not.

View the PRA&apos;s letter on board diversity.]]></description>
					      
						      <pubDate>Wed, 04 Mar 2020 12:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Highlights-Board-Diversity-Expectati</guid>
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					      <title>Brexit Negotiations: UK Government Publishes Approach to Future EU-UK Relationship</title>
					      <link>https://finreg.aoshearman.com/Brexit-Negotiations-UK-Government-Publishes-Approach</link>
					      <description><![CDATA[
The U.K. government has published a document setting out its negotiating proposals for a future relationship with the EU. The U.K. left the EU on January 31, 2020 and is no longer an EU member state. However, during an agreed transitional period (currently scheduled to end on December 31, 2020), EU laws and regulations will continue to apply in the U.K. The EU and U.K. will be negotiating during that period on their future relationship.

Read more.]]></description>
					      
						      <pubDate>Thu, 27 Feb 2020 16:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Brexit-Negotiations-UK-Government-Publishes-Approach</guid>
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					      <title>UK Launch of COP26 Private Finance Agenda</title>
					      <link>https://finreg.aoshearman.com/UK-Launch-of-COP26-Private-Finance-Agenda</link>
					      <description><![CDATA[
The outgoing Governor of the Bank of England has announced the launch of the COP26 Private Finance Agenda. In January this year, Mark Carney was appointed as Finance Adviser for COP26 to assist the U.K. Government to build a sustainable financial system that supports the transition to a net zero emissions economy. Andrew Bailey will replace Mr. Carney as the Governor of the Bank of England from March 16, 2020. The objective of the COP26 Private Finance Agenda is for every professional financial decision to take climate change into account.

View the Bank of England&apos;s press release of the launch.

View Mark Carney&apos;s speech to launch the COP26 Private Finance Agenda.]]></description>
					      
						      <pubDate>Thu, 27 Feb 2020 11:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Launch-of-COP26-Private-Finance-Agenda</guid>
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					      <title>Bank of England Announces LIBOR Initiatives and Publishes Discussion Paper on Risk-Free Rates Transition</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Announces-LIBOR-Initiatives-and-Publishes</link>
					      <description><![CDATA[
Andrew Hauser, the Executive Directive of Markets at the Bank of England, today announced the launch of two significant initiatives to boost the U.K.&apos;s transition away from sterling LIBOR. Firstly, the BoE intends to begin publishing a compounded Sterling Overnight Index Average index from July 2020, enabling market participants to construct compounded SONIA rates which can be used as a replacement reference rate for term LIBOR-linked instruments. Secondly, from October 2020, the BoE will progressively increase the haircuts applied to LIBOR-linked collateral placed with the BoE as security against central bank loans, with a final haircut of 100% by the end of 2021.

Read more.]]></description>
					      
						      <pubDate>Wed, 26 Feb 2020 11:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Announces-LIBOR-Initiatives-and-Publishes</guid>
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					      <title>EU Council Authorizes European Commission to Negotiate Post-Brexit Trade Agreement with the UK</title>
					      <link>https://finreg.aoshearman.com/EU-Council-Authorizes-European-Commission-to-Nego</link>
					      <description><![CDATA[
The Council of the European Union has authorized the opening of negotiations with the U.K. for a new partnership agreement between the U.K. and the EU. The Council&apos;s Decision (dated February 13, 2020) authorizes the opening of the negotiations, appoints the Commission as negotiator and stipulates that the negotiations must be conducted in consultation with the Working Party on the United Kingdom and in accordance with the Council&apos;s directives.

The EU intends to enter into a free trade agreement with the U.K. For financial services, the Council directs that the arrangements between the EU and U.K. should be based on their respective equivalence frameworks, complemented by close and voluntary cooperation and consultation and transparency on equivalence decisions. The EU envisages that the FTA should be in line with existing EU FTAs with other countries for specific sectors, including the financial services sector.

It is expected that the first session of negotiations will take place in early March.

View the Council&apos;s decision authorising the opening of the negotiations.

View the negotiating directives.]]></description>
					      
						      <pubDate>Tue, 25 Feb 2020 12:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Council-Authorizes-European-Commission-to-Nego</guid>
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					      <title>Draft UK Legislation to Onshore EMIR 2.2 Published for Feedback</title>
					      <link>https://finreg.aoshearman.com/Draft-UK-Legislation-to-Onshore-EMIR-22-Published</link>
					      <description><![CDATA[
HM Treasury has published for feedback a draft statutory instrument to implement the revised provisions for CCPs in the European Market Infrastructure Regulation (known as EMIR 2.2.) into U.K. law once the Brexit implementation period ends (currently scheduled for December 31, 2020). HM Treasury is publishing the draft instrument to provide Parliament and stakeholders the opportunity to provide feedback on the proposed approach before the instrument is laid before Parliament. The draft instrument-Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020-is due to be laid before Parliament in the Spring.

Read more.]]></description>
					      
						      <pubDate>Mon, 24 Feb 2020 13:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-UK-Legislation-to-Onshore-EMIR-22-Published</guid>
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					      <title>International Swaps and Derivatives Association Announces Results of LIBOR Fallbacks Consultation and New Pre-Cessation Fallbacks Consultation</title>
					      <link>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Association-Announces-Results</link>
					      <description><![CDATA[
The International Swaps and Derivatives Association has published the results of its consultation on fallbacks to be introduced into standard ISDA documentation based on alternative risk-free rates for EUR LIBOR and EURIBOR. The fallbacks would apply if the relevant IBOR were to be permanently discontinued. Respondents to the consultation agreed with ISDA&apos;s proposed approach of adopting a compounded setting in arrears rate with a backward-shift adjustment and historical median over a five-year lookback period approach to address technical issues associated with the fallback rates. ISDA therefore intends to develop fallback provisions on this basis. It will publish an anonymized summary of the consultation feedback in the coming weeks.

Read more.]]></description>
					      
						      <pubDate>Mon, 24 Feb 2020 12:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Association-Announces-Results</guid>
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					      <title>EU High-Level Forum Sets Out Vision for European Capital Markets</title>
					      <link>https://finreg.aoshearman.com/EU-High-Level-Forum-Sets-Out-Vision-for-European-</link>
					      <description><![CDATA[
The European Commission&apos;s High-Level Forum on the Capital Markets Union has published an interim report setting out its vision for the future of European capital markets. The CMU is an EU initiative which aims to enhance integration of EU capital markets, further safeguard financial stability, strengthen the international role of the euro and diversify sources of finance for small- and medium-sized enterprises. The High-Level Forum was established in November 2019 and consists of experienced industry executives and international experts who will work together to propose policy recommendations designed to contribute to the CMU.

Read more.]]></description>
					      
						      <pubDate>Thu, 20 Feb 2020 12:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-High-Level-Forum-Sets-Out-Vision-for-European-</guid>
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					      <title>EU Working Group on Risk-Free Rates Publishes Report on Liquidity in EONIA transition</title>
					      <link>https://finreg.aoshearman.com/EU-Working-Group-on-Risk-Free-Rates-Publishes-Report</link>
					      <description><![CDATA[
The EU Working Group on Risk-Free Rates has published a report setting out recommendations for the transition of financial products from EONIA to the Euro Short-Term Rate (&amp;euro;STR). The recommendations aim to ensure liquidity in &amp;euro;STR cash and derivatives products and include practical recommendations, such as replacing EONIA with &amp;euro;STR products at the earliest opportunity and communicating with customers and other market participants about the transition.

Read more.]]></description>
					      
						      <pubDate>Wed, 19 Feb 2020 12:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Working-Group-on-Risk-Free-Rates-Publishes-Report</guid>
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					      <title>European Systemic Risk Board to Evaluate Systemic Cyber-security Risk</title>
					      <link>https://finreg.aoshearman.com/European-Systemic-Risk-Board-to-Evaluate-Systemic</link>
					      <description><![CDATA[
The European Systemic Risk Board has published a report on cyber-security risk, which it has identified as a source of systemic risk to the global financial system. The report notes that the increased digitalization and interconnectedness of the global financial system makes it heavily reliant on ICT infrastructure and vulnerable to cyber attacks. The report provides an overview of key regulatory and industry initiatives aimed at combatting cyber risk, which include: (i) the 2019 International Organization of Securities Commissions&apos; Cyber Task Force report on cyber regulation; (ii) the European Banking Authority&apos;s Guidelines on management of information and communication technology and security risks; and (iii) the European Securities and Markets Authority&apos;s 2020-2022 Strategic Orientation, which establishes the dangers of cyber threats as an area of focus for ESMA and the other European Supervisory Authorities.

Read more.]]></description>
					      
						      <pubDate>Wed, 19 Feb 2020 12:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Systemic-Risk-Board-to-Evaluate-Systemic</guid>
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					      <title>European Commission Launches Strategy for Data and Artificial Intelligence</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Launches-Strategy-for-Data-and</link>
					      <description><![CDATA[
The European Commission has published a set of documents presenting its strategies for data and Artificial Intelligence. The main document is a Communication to the European Parliament, the European Council and relevant committees, entitled &quot;A European strategy for data.&quot; The Communication describes the policy measures put forward by the European Commission for an EU data economy that aims to increase the use of, and demand for, data and data-enabled products and services in the EU over the next five years. The Commission argues for an attractive policy environment that provides for access to data, the flow of data across the EU, protection of personal data protection rights and an open yet assertive approach to international data flows that is based on European values. 

Read more.]]></description>
					      
						      <pubDate>Wed, 19 Feb 2020 11:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Launches-Strategy-for-Data-and</guid>
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					      <title>Financial Stability Board Highlights Vulnerabilities in Global Financial System</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Highlights-Vulnerabilities</link>
					      <description><![CDATA[
The Financial Stability Board has written to G20 Finance Ministers and Central Bank Governors outlining the key focus areas for the FSB&apos;s work ahead of the next G20 summit in Saudi Arabia in November 2020. The communication builds on certain areas highlighted as priorities in the FSB&apos;s 2020 Work Program, published in December 2019.

Read more.]]></description>
					      
						      <pubDate>Tue, 18 Feb 2020 12:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Highlights-Vulnerabilities</guid>
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					      <title>European Systemic Risk Board Appoints Vice-Chair and Board Members</title>
					      <link>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Appoints-Vice-Chair-</link>
					      <description><![CDATA[
The European Systemic Risk Board has appointed Jan Reinder De Carpentier as its new Vice Chair. New board members Pedro Machado and Jes&amp;uacute;s Saurina have also been appointed. The new appointees will take up their positions on March 1, 2020 and will hold them for five years.
 
View the SRB&apos;s announcement.
 
View the Council Implementing Decision giving effect to the appointments of the Vice-Chair and Board Members.]]></description>
					      
						      <pubDate>Mon, 17 Feb 2020 17:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Appoints-Vice-Chair-</guid>
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					      <title>Single Resolution Board Launches Consultation on Minimum Requirements for Own Funds and Eligible Liabilities Policy</title>
					      <link>https://finreg.aoshearman.com/Single-Resolution-Board-Launches-Consultation-on-</link>
					      <description><![CDATA[
The Single Resolution Board has launched a consultation on proposed changes to its policy on minimum requirements for own funds and eligible liabilities (MREL) for Eurozone banks, designed to bring the SRB&apos;s MREL policy in line with the changes introduced by the 2019 EU banking package for EU banks.  MREL is the EU&apos;s precursor to total loss-absorbing capacity (TLAC) standards at international level.  The SRB is responsible for ensuring the compliance of Eurozone-based institutions that are subject to the Single Resolution Mechanism (primarily Eurozone countries) with their resolution and recovery planning requirements.  It works with national regulators from Eurozone countries to determine MREL requirements. Responses to the consultation should be submitted by March 6, 2020. The SRB expects to publish its final MREL Policy Statement based on these responses by the end of April 2020 and will apply the policy to MREL decisions taken in early 2021.

Read more.]]></description>
					      
						      <pubDate>Mon, 17 Feb 2020 17:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Single-Resolution-Board-Launches-Consultation-on-</guid>
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					      <title>European Commission Consults on MiFID II</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Consults-on-MiFID-II</link>
					      <description><![CDATA[
The European Commission has launched a consultation on reviewing the EU Markets in Financial Instruments package. The Markets in Financial Instruments Directive and Markets in Financial Instruments Regulation have applied across the EU since January 1, 2018 and regulate the functioning and transparency of EU financial markets. The consultation closes on May 18, 2020. The Commission is due to publish a legislative proposal to amend MiFID II and MiFIR in Q4 2020.

Read more.]]></description>
					      
						      <pubDate>Mon, 17 Feb 2020 12:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Consults-on-MiFID-II</guid>
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					      <title>UK Payment Systems Regulator Publishes Policy Statement on Confirmation of Payee Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Publishes-Policy-Statement</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator has published a policy statement setting out its final decision on varying Specific Direction 10, which requires payment service providers to implement the Confirmation of Payee system by March 31, 2020. Confirmation of Payee is a system which ensures that certain identifiers (including name, sort code and account number) of a payee are verified against the records of a payment services provider before a payment is made.
Read more.]]></description>
					      
						      <pubDate>Fri, 14 Feb 2020 15:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Publishes-Policy-Statement</guid>
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					      <title>International Organization of Securities Commissions Reports on Risks and Regulatory Considerations for Crypto-Asset Trading Platforms</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions-Reports</link>
					      <description><![CDATA[
Following its consultation last year, the International Organization of Securities Commissions has published a report on the key issues and risks related to trading of crypto-assets on crypto-asset trading platforms (referred to as CTPs). The report aims to assist IOSCO member jurisdictions to assess the issues and risks relating to CTPs and sets out key considerations to be taken into account, including related toolkits for regulators. The considerations are: (i) access to CTPs; (ii) safeguarding assets; (iii) conflicts of interest; (iv) operations of CTPs; (v) market integrity; (vi) price discovery; and (vii) technology. IOSCO states that where a regulator has determined that a crypto-asset is a security, the provisions on securities trading and regulation apply.

Read more.]]></description>
					      
						      <pubDate>Wed, 12 Feb 2020 17:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions-Reports</guid>
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					      <title>European Banking Authority Consults on Guidelines on Systemic Risk Buffers for Sectoral Exposures</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Guidelines-on-Systemic</link>
					      <description><![CDATA[
The European Banking Authority has launched a consultation on proposed Guidelines on the appropriate subsets of sectoral exposures to which national regulators may apply a systemic risk buffer under the Capital Requirements Directive. CRD 5 amended the provisions on when a national regulator may set a systemic risk buffer for sectoral exposures.  The EBA is mandated to prepare Guidelines to enhance harmonization of the approach across the EU. CRD 5 must be transposed into Member State laws by December 28, 2020 and those laws must be applied from December 29, 2020. Responses to the consultation can be submitted until July 13, 2020. Once finalized, the Guidelines will apply to the relevant national regulators from December 29, 2020.

View the consultation paper.

View details of CRD 5 and CRR 2.]]></description>
					      
						      <pubDate>Wed, 12 Feb 2020 15:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Guidelines-on-Systemic</guid>
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					      <title>European Banking Authority Publishes Final Set of Recommendations for Improving the EU Deposit Guarantee Scheme Directive</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final-Set-of</link>
					      <description><![CDATA[
The European Banking Authority has published the third in a series of three opinions on the implementation of the Deposit Guarantee Scheme Directive in the EU. This opinion relates to DGS funding and uses of DGS funds. It is dated January 23, 2020. The first opinion related to the eligibility of deposits, coverage level and cooperation between deposit guarantee schemes and was published in August 2019. The second opinion, published in October 2019, was on DGS payouts. The opinions have been prepared to assist the European Commission in its obligation to report on the implementation of the DGSD.

Read more.]]></description>
					      
						      <pubDate>Tue, 11 Feb 2020 08:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final-Set-of</guid>
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					      <title>European Commission Confirms Scope of Securities Financing Transactions Regulation for Non-EU Funds</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Confirms-Scope-of-Securities-</link>
					      <description><![CDATA[
In a letter published by the International Securities Lending Association, the European Commission confirms that the reporting obligations of the EU Securities Financing Transactions Regulation will not apply to non-EU Alternative Investment Funds, even if the manager is an EU AIFM, except for SFTs concluded in the course of the operations of the non-EU AIF&apos;s EU branch.

View the letter.]]></description>
					      
						      <pubDate>Mon, 10 Feb 2020 17:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Confirms-Scope-of-Securities-</guid>
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					      <title>European Central Bank Proposes Guide on Assessing Counterparty Credit Risk</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Proposes-Guide-on-Assessing</link>
					      <description><![CDATA[
The Banking Supervision arm of the European Central Bank has opened a consultation on a proposed guide on assessing counterparty credit risk. The proposed guide sets out the ECB&apos;s approach to assessing the internal models that banks use to calculate their exposure to counterparty credit risk under the Capital Requirements Regulation. The proposed guide would apply to those Eurozone banks for which the ECB is responsible for direct prudential supervision as part of the Single Supervisory Mechanism, and that are permitted to use internal model methods. The consultation closes on March 18, 2020.

View the ECB public consultation.]]></description>
					      
						      <pubDate>Fri, 07 Feb 2020 17:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Proposes-Guide-on-Assessing</guid>
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					      <title>EU Recommendations for Alignment of the EU Derivatives Trading and Clearing Obligations</title>
					      <link>https://finreg.aoshearman.com/EU-Recommendations-for-Alignment-of-the-EU-Deriva</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report and recommendations on aligning the trading obligation under the Markets in Financial Instruments Regulation with recent changes made to the clearing obligation under the European Markets Infrastructure Regulation by the EMIR Refit Regulation. ESMA&apos;s report to the European Commission will support the Commission&apos;s report to the European Parliament and Council that is due by December 18, 2020.

Read more.]]></description>
					      
						      <pubDate>Fri, 07 Feb 2020 17:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Recommendations-for-Alignment-of-the-EU-Deriva</guid>
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					      <title>Macroprudential Weaknesses in EU&apos;s Alternative Investment Fund Managers Directive to Be Addressed in AIFMD Review</title>
					      <link>https://finreg.aoshearman.com/Macroprudential-Weaknesses-in-EU39s-Alternative-I</link>
					      <description><![CDATA[
The European Systemic Risk Board has published a letter (dated February 3, 2020) to the European Commission on the weaknesses of the Alternative Investment Fund Managers Directive. The ESRB is responsible for macro-prudential oversight within the European Union. The AIFMD framework provides the ESRB with data to assist it to analyze systemic risks. The ESRB considers that the AIFMD reporting framework could be improved and wants the Commission to consider these issues as part of the review of the AIFMD. The letter sets out the ESRB&apos;s experiences with the scope and application of the AIFMD, in particular considering:
 

	The suitability of the reporting framework and access to data for monitoring systemic risk: the ESRB highlights that the AIFMD framework could be improved, particularly with regards to fund identification, fund classification, information on the interconnectedness of funds, information on leverage and liquidity risk, reporting frequency and access to data.


Read more.]]></description>
					      
						      <pubDate>Wed, 05 Feb 2020 17:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Macroprudential-Weaknesses-in-EU39s-Alternative-I</guid>
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					      <title>Further Consultation on Pre-Cessation Fallbacks Announced</title>
					      <link>https://finreg.aoshearman.com/Further-Consultation-on-Pre-Cessation-Fallbacks-Announced</link>
					      <description><![CDATA[
The International Swaps and Derivatives Association has announced that it will be issuing later in February 2020 a further consultation on how to implement pre-cessation fallbacks. A &quot;pre-cessation&quot; trigger in derivative contracts would cause LIBOR-based contracts to fall back to an alternative reference rate in the event that the U.K. Financial Conduct Authority deemed LIBOR no longer to be representative. 

Read more.]]></description>
					      
						      <pubDate>Wed, 05 Feb 2020 17:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Further-Consultation-on-Pre-Cessation-Fallbacks-Announced</guid>
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					      <title>EU-Wide Supervisory Focus on MiFID II Suitability Compliance</title>
					      <link>https://finreg.aoshearman.com/EU-Wide-Supervisory-Focus-on-MiFID-II-Suitability</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced an EU-wide common supervisory action in 2020 on the application of the suitability requirements under the Markets in Financial Instruments Directive. National regulators of EU member states will simultaneously assess compliance with the applicable requirements by market participants established in their jurisdictions. The knowledge and experience of the national regulators will be shared through ESMA to enhance the convergence of supervisory practices. ESMA&apos;s Suitability Supervisory Briefing and Suitability Guidelines are relevant to this initiative.

View ESMA&apos;s announcement.

View details of ESMA&apos;s suitability supervisory briefing.

View details of ESMA&apos;s suitability guidelines.]]></description>
					      
						      <pubDate>Wed, 05 Feb 2020 17:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Wide-Supervisory-Focus-on-MiFID-II-Suitability</guid>
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					      <title>EU Consultation on Revised Risk Factor Guidelines for Assessing Money Laundering Risks</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Revised-Risk-Factor-Guidelines</link>
					      <description><![CDATA[
The European Banking Authority has launched a consultation on proposed revisions to the Risk Factor Guidelines for financial institutions to assess money laundering and terrorist financing risks. The proposed changes aim to take into account the most recent revisions to the EU Anti-Money Laundering Directive (i.e. 5MLD) and newly identified risks, including those specified in the EBA&apos;s implementation reviews. The consultation closes on July 6, 2020.

Read more.]]></description>
					      
						      <pubDate>Wed, 05 Feb 2020 15:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Revised-Risk-Factor-Guidelines</guid>
				    </item>
			
					 <item>
					      <title>EU Recommendations on MiFID II Product Intervention Amendments</title>
					      <link>https://finreg.aoshearman.com/EU-Recommendations-on-MiFID-II-Product-Interventi</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published Technical Advice on the impact and functioning of the product intervention rules in the Markets in Financial Instruments Regulation. MiFIR gives ESMA powers temporarily to prohibit or restrict the marketing, distribution or sale of financial instruments or types of financial activity. The European Banking Authority has similar powers in relation to certain structured deposits. National regulators of EU Member States are able to impose permanent product intervention measures. ESMA&apos;s Technical Advice to the European Commission is on the functioning of the MiFIR provisions and their impact, taking into account its experience and the feedback from market participants to its Call for Input last year.

Read more.]]></description>
					      
						      <pubDate>Tue, 04 Feb 2020 20:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Recommendations-on-MiFID-II-Product-Interventi</guid>
				    </item>
			
					 <item>
					      <title>Amended EU Guidelines for National Regulators on Enforcing Financial Information Publication by EU Issuers</title>
					      <link>https://finreg.aoshearman.com/Amended-EU-Guidelines-for-National-Regulators-on-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published amended Guidance for national regulators on the enforcement of financial information that issuers listed on regulated markets are required to publish under the EU Transparency Directive. The amended Guidelines will apply from January 1, 2022. ESMA is making the amendments following the peer review exercise it conducted in 2017. The amendments focus on the methods that regulators use to select issuers for financial information examination and the procedures applied during such examinations.

View the amended Guidelines.]]></description>
					      
						      <pubDate>Tue, 04 Feb 2020 17:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Amended-EU-Guidelines-for-National-Regulators-on-</guid>
				    </item>
			
					 <item>
					      <title>EU Consultation on Potential Amendments to MiFID II&apos;s Equity Transparency Regime</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Potential-Amendments-to-MiFID-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has commenced a consultation on proposed amendments to the provisions of the Markets in Financial Instruments package on the transparency regime for equity and equity-like instruments, the double volume cap mechanism and the trading obligation for shares. The consultation is part of the larger review on the implementation of the revised Markets in Financial Instruments Directive and the Markets in Financial Instruments Regulation. Feedback to the consultation will aid ESMA in preparing its report to the European Commission, which in turn is expected to report in 2020 to the European Parliament and Council of the European Union. ESMA&apos;s consultation closes on March 17, 2020. It intends to publish its final report to the Commission in July 2020. ESMA will be consulting separately on the transparency regime for non-equity instruments, such as bonds and derivatives.

Read more.]]></description>
					      
						      <pubDate>Tue, 04 Feb 2020 16:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Potential-Amendments-to-MiFID-</guid>
				    </item>
			
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					      <title>EU Moves to Delay Securities Settlement Discipline Rules to 2021</title>
					      <link>https://finreg.aoshearman.com/EU-Moves-to-Delay-Securities-Settlement-Discipline</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published draft amending Regulatory Technical Standards to delay the implementation of the settlement discipline requirements under the EU&apos;s Central Securities Depositories Regulation. The draft RTS would postpone the application date of the settlement discipline rules from September 13, 2020 to February 1, 2021, by amending the existing RTS (Commission Delegated Regulation (EU) 2018/1229). The RTS cover measures for preventing settlement fails through automated matching, a hold and release mechanism and partial settlement. The RTS also provide measures for monitoring and addressing settlement fails, such as a mechanism for cash penalties and a buy-in process. ESMA has acted amid calls from industry associations and other stakeholders to delay the application date so that systems, procedures and measures can be put in place properly.

View the draft RTS.]]></description>
					      
						      <pubDate>Tue, 04 Feb 2020 09:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Moves-to-Delay-Securities-Settlement-Discipline</guid>
				    </item>
			
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					      <title>UK Joint Money Laundering Steering Group Proposes Amendments to Guidance</title>
					      <link>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group</link>
					      <description><![CDATA[
The Joint Money Laundering Steering Group has opened a consultation on proposed amendments to its Guidance. The revisions to the Guidance are to account for changes introduced by The Money Laundering and Terrorist Financing (Amendment) Regulations 2019. The Regulations amend the existing Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, incorporating changes arising from the EU&apos;s Fifth Anti-Money Laundering Directive. 

Read more.]]></description>
					      
						      <pubDate>Mon, 03 Feb 2020 17:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group</guid>
				    </item>
			
					 <item>
					      <title>European Banking Authority Publishes Report on Diversity Practices in Banks and Investment Firms</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Report-on-Diversity</link>
					      <description><![CDATA[
The European Banking Authority has issued a report on diversity practices in credit institutions and investment firms. The report is based on diversity data collected by national regulators under the Capital Requirements Directive. CRD requires banks (known as &quot;credit institutions&quot;) and investment firms to adopt policies promoting diversity in their management bodies. The report finds that 41% of institutions still do not have a diversity policy, despite a CRD obligation to implement one. Even amongst institutions that have implemented a policy, not all promote gender diversity. The EBA is calling on institutions and Member States to consider additional measures to promote a more balanced gender representation and to ensure compliance with diversity policy requirements. It intends to continue monitoring diversity in management bodies and to issue further benchmark studies in the future.
 
View the EBA&apos;s report on diversity practices. ]]></description>
					      
						      <pubDate>Mon, 03 Feb 2020 17:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Report-on-Diversity</guid>
				    </item>
			
					 <item>
					      <title>European Securities and Markets Authority Consults on Pre-Trade Transparency Regime</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Consults-on-Pre-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a consultation to collect the views of market participants on the pre-trade transparency regime applicable to systematic internalizers for &quot;non-equity instruments&quot; (which include bonds, structured-finance products, emission allowances and derivatives) under the Markets in Financial Instruments Regulation. A consultation on the transparency regime for equity and equity-like instruments has been launched separately.

Read more.]]></description>
					      
						      <pubDate>Mon, 03 Feb 2020 17:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Consults-on-Pre-</guid>
				    </item>
			
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					      <title>UK Prime Minister Sets Out Plan for Post-Brexit Relationship with EU</title>
					      <link>https://finreg.aoshearman.com/UK-Prime-Minister-Sets-Out-Plan-for-Post-Brexit-Relationship</link>
					      <description><![CDATA[
The U.K. Prime Minister, Boris Johnson, has published a written statement on the U.K. Government&apos;s proposed approach to negotiations on the U.K.&apos;s future relationship with the EU. The U.K. formally left the EU on January 31, 2020 and entered an 11-month transition period, expiring on December 31, 2020, during which most EU legislation will continue to apply. The U.K. must now negotiate how the U.K. will interact with the EU after the end of the implementation period. 

Read more.]]></description>
					      
						      <pubDate>Mon, 03 Feb 2020 12:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prime-Minister-Sets-Out-Plan-for-Post-Brexit-Relationship</guid>
				    </item>
			
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					      <title>European Commission Takes First Step to Formally Open Negotiations With UK on Future Relationship</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Takes-First-Step-to-Formally-</link>
					      <description><![CDATA[
The European Commission has published a Recommendation for a Decision by the Council of the European Union authorizing the opening of negotiations for a trade deal between the U.K. and the EU. The draft Recommendation authorizes the opening of the negotiations, appoints the Commission as negotiator and establishes a special committee for consultation. The annex to the draft Recommendation sets out the proposed negotiating directives and describes the EU&apos;s vision for its future relationship with the U.K., based on the EU-U.K. Withdrawal Agreement. Once the Council adopts the decision, the Commission will formally open the negotiations.

View the draft Recommendation and negotiating directives.]]></description>
					      
						      <pubDate>Mon, 03 Feb 2020 11:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Takes-First-Step-to-Formally-</guid>
				    </item>
			
					 <item>
					      <title>EU Consultation on Draft Technical Standards For Third-Country Firm Registration and Disclosure Under MiFID II</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Draft-Technical-Standards-For-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a consultation on proposed draft Technical Standards on the provision of investment services and activities in the EU by third-country firms under the Markets in Financial Instruments package. The consultation closes on April 28, 2020 and ESMA intends to submit the final draft Technical Standards to the European Commission in Q3 2020.

The provisions in the Markets in Financial Instruments Directive and Markets in Financial Instruments Regulation on third-country firms were recently amended. Among other things, the changes require third-country firms providing services to all types of clients to provide ESMA with further information. In addition, ESMA has increased powers over third-country firms providing services to eligible counterparties and per se professional clients, such as the ability to conduct on-site inspections and impose product restrictions or prohibitions.

ESMA&apos;s consultation paper covers the proposed:

	draft Regulatory Technical Standards on the information for registration of third-country firms and the information to be reported annually by third-country firms registered with ESMA;
	draft Implementing Technical Standards on the format of applications for registration of third-country firms and the format of the information to be reported annually; and
	draft ITS on the format of the information to be reported annually to national regulators by branches of third-country firms.


View the consultation paper.]]></description>
					      
						      <pubDate>Fri, 31 Jan 2020 16:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Draft-Technical-Standards-For-</guid>
				    </item>
			
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					      <title>EU Opinion on Italian Accepted Market Practice in Accordance with the Market Abuse Regulation</title>
					      <link>https://finreg.aoshearman.com/EU-Opinion-on-Italian-Accepted-Market-Practice-in</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published an opinion supporting the Italian Commissione Nazionale per le Societ&amp;agrave; e la Borsa&apos;s (Consob) revised accepted market practice on liquidity contracts for the purposes of the Market Abuse Regulation. The Market Abuse Regulation provides certain prohibitions against market manipulation but allows &quot;accepted market practices&quot; (AMPs) as a defense against allegations of market manipulation. To benefit from the defense, it is necessary to establish that a relevant transaction was conducted for legitimate reasons and in accordance with a formally accepted AMP. AMPs must be established by national regulators and notified to ESMA. ESMA will then issue an opinion on the compatibility of the AMP with MAR and whether its establishment would threaten market confidence.
Read more.]]></description>
					      
						      <pubDate>Fri, 31 Jan 2020 15:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Opinion-on-Italian-Accepted-Market-Practice-in</guid>
				    </item>
			
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					      <title>European Securities and Markets Authority Confirms Brexit Implementation Period Requirements</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Confir</link>
					      <description><![CDATA[
The European Securities and Markets Authority has released a statement confirming that, during the Brexit implementation or transitional period, the reporting and notification requirements for U.K. firms under EU legislation, such as the Markets in Financial Instruments package and the European Market Infrastructure Regulation, will continue to apply. In addition, ESMA will continue directly to supervise U.K. established credit rating agencies, trade repositories and securitization repositories until January 1, 2021. Under the EU-U.K. Withdrawal Act, the U.K. will leave the EU on January 31, 2020. However, EU laws will continue to apply in the U.K. until the end of the implementation period that will run from February 1, 2020 to December 31, 2020.

View ESMA&apos;s statement.]]></description>
					      
						      <pubDate>Fri, 31 Jan 2020 15:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Confir</guid>
				    </item>
			
					 <item>
					      <title>Scope of Jurisdiction of Court of Justice Over UK Matters Confirmed</title>
					      <link>https://finreg.aoshearman.com/Scope-of-Jurisdiction-of-Court-of-Justice-Over-UK</link>
					      <description><![CDATA[
The Court of Justice of the European Union has published a press release on the consequences for it of the U.K.&apos;s withdrawal from the EU on January 31, 2020. The announcement confirms that U.K. judges will no longer serve the Court of Justice and of the General Court. The statement also confirms that the Court of Justice will continue to have jurisdiction in proceedings brought by or against the U.K. until the end of the implementation period (December 31, 2020). The Court will also have jurisdiction to give preliminary rulings on requests from U.K. courts that are made before the end of the implementation period.

View the press release.]]></description>
					      
						      <pubDate>Fri, 31 Jan 2020 11:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Scope-of-Jurisdiction-of-Court-of-Justice-Over-UK</guid>
				    </item>
			
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					      <title>EU Debate on Usefulness of Equivalence Regime Under the Prospectus Regulation</title>
					      <link>https://finreg.aoshearman.com/EU-Debate-on-Usefulness-of-Equivalence-Regime-Und</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a letter it addressed to the European Commission about the technical advice that the Commission requested from ESMA on the general equivalence criteria to guide future equivalence assessments for prospectuses prepared under the laws of third countries. The Prospectus Regulation allows national regulators of EU member states to approve a prospectus for an offer of securities to the EU public or for admission to trading on an EU exchange, prepared in accordance with the laws of a third country, provided the disclosure laws of the third country are equivalent to those of the Prospectus Regulation. The Commission is empowered to adopt legislation setting out general equivalence criteria and may also adopt a decision determining that the laws of a specific third country are equivalent.

Read more.]]></description>
					      
						      <pubDate>Fri, 31 Jan 2020 10:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Debate-on-Usefulness-of-Equivalence-Regime-Und</guid>
				    </item>
			
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					      <title>UK Conduct Regulator Confirms EU Regulatory Reporting Regime Applies During Brexit Implementation Period</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Confirms-EU-Regulatory-Repor</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has announced that during the Brexit implementation period, all existing regulatory reporting will continue under the EU regime. The FCA&apos;s announcement follows the adoption by the Council of the European Union of the Withdrawal Agreement on the same day, which means that the U.K. will leave the EU on January 31, 2020. Although the U.K. will have left the EU, EU law will apply in the U.K. until the transitional or implementation period ends on December 31, 2020. The FCA confirmed that EEA firms wanting to enter the Temporary Permissions Regime or fund managers wanting to continue to market funds in the U.K. under the Temporary Marketing Permissions Regime had until the end of the day on January 30, 2020 to notify the FCA.

View the FCA&apos;s announcement.]]></description>
					      
						      <pubDate>Thu, 30 Jan 2020 18:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Confirms-EU-Regulatory-Repor</guid>
				    </item>
			
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					      <title>Bank for International Settlement Says Buy-Side Firms Need to Adopt Global FX Code</title>
					      <link>https://finreg.aoshearman.com/Bank-for-International-Settlement-Says-Buy-Side-F</link>
					      <description><![CDATA[
The Chair of the Markets Committee of the Bank for International Settlements has written to the Chair of the Global Foreign Exchange Committee providing a brief assessment of the effectiveness of the FX Global Code. The FX Global Code was first published by the GFXC in May 2017. It superseded and substantively updated existing guidance for participants in FX markets previously provided by the Non-Investment Products (NIPs) Code. The Code comprises a set of global principles of good practice for the FX market, covering a broad range of areas, including ethics, governance, execution, information-sharing, risk management, compliance, trade confirmation and settlement. The Global FX Committee committed to reviewing the code every three years.

In the letter, the BIS Markets Committee sets out its assessment of and recommendations for improving the effectiveness of the FX Global Code. In particular, the Committee recommends that additional action is taken by the Global FX Committee to ensure that more of the large buy-side firms sign up to the Code.

View the letter.]]></description>
					      
						      <pubDate>Thu, 30 Jan 2020 17:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-for-International-Settlement-Says-Buy-Side-F</guid>
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					      <title>UK Conduct Regulator Publishes Brexit-Related Updates to Handbook</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Brexit-Related-Updated</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a series of updates to the FCA Handbook relating to the U.K.&apos;s exit from the EU on January 31, 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 30 Jan 2020 17:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Brexit-Related-Updated</guid>
				    </item>
			
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					      <title>EU Agrees Final Brexit Legislation</title>
					      <link>https://finreg.aoshearman.com/EU-Agrees-Final-Brexit-Legislation</link>
					      <description><![CDATA[
Following the signature of the EU-U.K. Withdrawal Agreement on January 24, 2020, the European Central Bank has issued a statement expressing its regret that the U.K. is leaving the EU but stating its intention to ensure that Brexit causes the minimum disruption possible.

Read more.]]></description>
					      
						      <pubDate>Thu, 30 Jan 2020 17:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Agrees-Final-Brexit-Legislation</guid>
				    </item>
			
					 <item>
					      <title>International Organization of Securities Commissions Priorities for 2020</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Securities-C</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published its annual work program, setting out its priorities for 2020. IOSCO will continue to focus on the five areas identified by its Board in 2019 as well as one new issue. The areas of focus are:

	Crypto-assets: following its consultation last year, in February 2020, IOSCO will publish a final report on issues, risks and regulatory considerations relating to crypto-asset trading platforms. IOSCO will also publish the outcome of its review of the regulatory risks relating to investment funds exposures to crypto-assets. Finally, a report will be issued in early 2020 on issues relating to Global Stablecoins.

Read more.]]></description>
					      
						      <pubDate>Thu, 30 Jan 2020 16:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Securities-C</guid>
				    </item>
			
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					      <title>EU-Wide Supervisory Focus on UCITS Liquidity Risk Management Announced</title>
					      <link>https://finreg.aoshearman.com/EU-Wide-Supervisory-Focus-on-UCITS-Liquidity-Risk</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced an EU-wide common supervisory action on liquidity risk management by managers of Undertakings for the Collective Investment in Transferable Securities will be undertaken in 2020. This would appear to be a response to the Woodford scandal. The EU UCITS Regulation requires UCITS managers to manage a UCITS liquidity risk to ensure, among other things, that investors can redeem their investments on demand. National regulators of EU member states are going to simultaneously assess compliance with the requirements by market participants established in their jurisdictions. The knowledge and experience of the national regulators will be shared through ESMA to enhance the convergence of supervisory practices.

View ESMA&apos;s announcement.]]></description>
					      
						      <pubDate>Thu, 30 Jan 2020 15:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Wide-Supervisory-Focus-on-UCITS-Liquidity-Risk</guid>
				    </item>
			
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					      <title>EU Adopts Withdrawal Agreement</title>
					      <link>https://finreg.aoshearman.com/EU-Adopts-Withdrawal-Agreement</link>
					      <description><![CDATA[
The Council of the European Union has adopted a decision to conclude the EU-U.K. Withdrawal Agreement. The European Parliament consented to the Agreement on January 29, 2020.

The Withdrawal Agreement will enter into force when the U.K. leaves the EU on January 31, 2020 (midnight CET / 11 p.m. GMT). Although the U.K. will have left the EU, it will still apply EU laws until December 31, 2020, which is the agreed transitional or implementation period under the Agreement.

View the Council&apos;s press release.]]></description>
					      
						      <pubDate>Thu, 30 Jan 2020 11:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Adopts-Withdrawal-Agreement</guid>
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					      <title>European Commission Seeks Feedback on Changes to Non-Financial Reporting Regime</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Seeks-Feedback-on-Changes-to-</link>
					      <description><![CDATA[
The European Commission is seeking feedback on a roadmap for its proposed changes to the Non-Financial Reporting Directive. The Directive specifies the non-financial information (e.g., regarding the environment, social issues and bribery and corruption) that large listed companies, banks and insurance companies must report on annually. The Commission has committed to review the Directive in order to strengthen firms&apos; reporting in this area, particularly with respect to the adequacy of reporting on sustainable investment. Policy options include: (i) revising the existing non-binding guidelines on reporting under the Directive; (ii) endorsing existing or future voluntary standards on non-financial reporting; and (iii) revising and strengthening the provisions of the Directive itself. Feedback on the roadmap should be submitted by February 27, 2020. The Commission intends to launch a further consultation on the possible revision of the Directive in Q1 2020.

View the Commission&apos;s roadmap on revision of the Non-Financial Reporting Directive.]]></description>
					      
						      <pubDate>Thu, 30 Jan 2020 11:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Seeks-Feedback-on-Changes-to-</guid>
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					      <title>EU Amends Implementing Standards for Diversified Stock Indices Under Capital Requirements Legislation</title>
					      <link>https://finreg.aoshearman.com/EU-Amends-Implementing-Standards-for-Diversified-</link>
					      <description><![CDATA[
A Commission Implementing Regulation amending existing Implementing Technical Standards under the Capital Requirements Regulation has been published in the Official Journal of the European Union. The ITS specify the stock indices that are sufficiently diversified to be counted as individual equities, without requiring market participants to take account of their specific risk under CRR for any stock index future placed on them. The amendments to the ITS update the stock indices listed in light of the latest available data. The ITS will apply directly across Member States from February 19, 2020.

View the amending Commission Implementing Regulation.  ]]></description>
					      
						      <pubDate>Wed, 29 Jan 2020 17:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Amends-Implementing-Standards-for-Diversified-</guid>
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					      <title>UK Legislation Published Introducing Commencement of Brexit Withdrawal Act</title>
					      <link>https://finreg.aoshearman.com/UK-Legislation-Published-Introducing-Commencement</link>
					      <description><![CDATA[
The European Union (Withdrawal Agreement) Act 2020 (Commencement No. 1) Regulations 2020 have been published by the U.K. Government. The Commencement Regulations establish &quot;exit day&quot; (January 31, 2020), as the day upon which certain provisions of the European Union (Withdrawal Agreement) Act 2020 will come into force, including provisions that give domestic legal effect to the Withdrawal Agreement and EEA EFTA separation agreement and those providing for the retention of existing grounds for deportation of relevant persons. 

Read more.]]></description>
					      
						      <pubDate>Wed, 29 Jan 2020 17:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Legislation-Published-Introducing-Commencement</guid>
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					      <title>European Commission Publishes 2020 Work Programme</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-2020-Work-Programme</link>
					      <description><![CDATA[
The European Commission has published its 2020 Work Programme, setting out the EU&apos;s strategic priorities for the next 12 months.

Read more.]]></description>
					      
						      <pubDate>Wed, 29 Jan 2020 11:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-2020-Work-Programme</guid>
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					      <title>UK Legislation Published Delaying Brexit Transitional Regimes to End of Implementation Period</title>
					      <link>https://finreg.aoshearman.com/UK-Legislation-Published-Delaying-Brexit-Transitional-Regimes</link>
					      <description><![CDATA[
The Financial Services (Consequential Amendments) Regulations 2020 have been published by the U.K. Government. The Regulations delay the application of various financial services temporary permissions and transitional regimes until the end of the implementation or transitional period (December 31, 2020) which was established under the European Union (Withdrawal Agreement) Act 2020. The Regulations come into force immediately before exit day, which is due to occur on January 31, 2020.

Read more.]]></description>
					      
						      <pubDate>Tue, 28 Jan 2020 16:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Legislation-Published-Delaying-Brexit-Transitional-Regimes</guid>
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					      <title>UK Payment Systems Regulator Consults on Competition and Innovation Issues in the New Payments Architecture</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Consults-on-Competit</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator has published a Call for Input on competition and innovation in the U.K.&apos;s New Payments Architecture. Feedback was originally requested by March 24, 2020, but in light of COVID-19 that deadline has been extended to May 1, 2020. The PSR confirms that it will consult further on this issue, including on a draft policy statement. All of the feedback will assist the PSR to develop the NPA regulatory policy, the final version of which will be published before the end of 2020. The NPA will reorganize the clearing and settlement of most of the U.K.&apos;s domestic interbank payments, including payments that currently use the BACS and Faster Payments systems. The consultation paper sets out certain potential harms to competition and innovation and possible mitigating measures to address these.

View the call for input.]]></description>
					      
						      <pubDate>Tue, 28 Jan 2020 10:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Consults-on-Competit</guid>
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					      <title>UK Government Confirms Aim of Achieving Equivalence for Financial Services by End June 2020</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Confirms-Aim-of-Achieving-Equivalen</link>
					      <description><![CDATA[
HM Treasury has published a letter addressed to the Chair of the European Union Committee of the House of Lords concerning equivalence for financial services as a result of Brexit. In the letter, HM Treasury confirms that the priority for the U.K. Government is to obtain equivalence from the EU (and grant the same to the EU for U.K. purposes) by June 30, 2020 across all areas of the financial services sector where the EU framework currently provides for equivalence. There are just over 40 areas within the existing EU equivalence framework. This is in line with the EU-U.K. Withdrawal Agreement. The Withdrawal Agreement is subject to approval by the EU on January 29, 2020. The U.K. legislation to implement the Withdrawal Agreement, the European Union (Withdrawal Agreement) Act 2020, received Royal Assent on January 23, 2020.

HM Treasury also confirms that discussions have already been held with countries outside the EU regarding the U.K.&apos;s equivalence framework and states that the U.K. could grant equivalence even where there is no EU equivalence, confirming the U.K.&apos;s sovereign rights following Brexit.

View the letter.

You may like to view our client note: &quot;The EU-UK Future Relationship: EU Announces its Timetable For Cross-Border Equivalence in Financial Services&quot;, dated January 15, 2020.]]></description>
					      
						      <pubDate>Mon, 27 Jan 2020 14:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Confirms-Aim-of-Achieving-Equivalen</guid>
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					      <title>UK Government Launches Consultation on Application of EU Fifth Money Laundering Directive to Trusts</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Launches-Consultation-on-Application</link>
					      <description><![CDATA[
HM Treasury and HM Revenue and Customs have launched a consultation on the implementation of rules governing the registration of trusts under the EU Fifth Anti Money Laundering Directive. Responses to the consultation should be submitted by February 21, 2020.

Read more.]]></description>
					      
						      <pubDate>Fri, 24 Jan 2020 16:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Launches-Consultation-on-Application</guid>
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					 <item>
					      <title>UK Legislation Published Implementing Revised Brexit Deal</title>
					      <link>https://finreg.aoshearman.com/UK-Legislation-Published-Implementing-Revised-Bre</link>
					      <description><![CDATA[
The European Union (Withdrawal Agreement) Act 2020 has received Royal Assent and has been published by the U.K. Government. The EUWA Act 2020 implements the revised Withdrawal Agreement agreed between the EU and the U.K. last October and provides for that Agreement to have direct legal effect in the U.K. Subject to final EU sign-off, the U.K. is scheduled to leave the EU with this deal on January 31, 2020.

Read more.]]></description>
					      
						      <pubDate>Fri, 24 Jan 2020 14:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Legislation-Published-Implementing-Revised-Bre</guid>
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					      <title>Christopher Woolard Appointed as Interim Chief Executive of UK Conduct Authority</title>
					      <link>https://finreg.aoshearman.com/Christopher-Woolard-Appointed-as-Interim-Chief-Ex</link>
					      <description><![CDATA[
Christopher Woolard has been appointed Interim Chief Executive of the U.K. Financial Conduct Authority from March 16, 2020. Mr. Woolard is currently the Executive Director of Strategy and Competition and an Executive member of the FCA&apos;s Board. He will take on the role when the current FCA Chief Executive Andrew Bailey becomes Governor of the Bank of England. HM Treasury will be running an open process for the role of permanent CEO in due course.

View the announcement.]]></description>
					      
						      <pubDate>Fri, 24 Jan 2020 12:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Christopher-Woolard-Appointed-as-Interim-Chief-Ex</guid>
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					      <title>UK Regulator Outlines Priorities for Supervising Benchmark Administrators</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Outlines-Priorities-for-Supervising-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has written to the CEOs of benchmark administrators that it supervises. In the letter, the FCA sets out its supervisory strategy as well as the potential harms that benchmark administrators pose to their customers and to the financial markets. The FCA is asking all benchmark administrators to consider the harm that their firm may present and to consider how those could be mitigated. The FCA intends to focus over the next two years on the following areas to ensure that its supervision of benchmark administrators mitigates the identified risks:

	Quality of standards: the quality of an administrator&apos;s governance and controls, the information provided in their Benchmark Statement, their recalculation and cessation policies, their outsourcing arrangements and their approach to operational resilience; and
	Excessive fees and costs: the FCA is concerned that competition may not be working well in the provision of benchmarks following the feedback received to its Wholesale Sector Competition Review and Asset Management Market Study. The FCA intends to carry out a Call for Input on access to data in wholesale markets so that it can gain a better understanding of the issues and determine whether any action is needed.

Read more.]]></description>
					      
						      <pubDate>Fri, 24 Jan 2020 11:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Outlines-Priorities-for-Supervising-</guid>
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					      <title>UK Prudential Regulator Publishes Policy Statement on Changes to Pillar 2 Capital Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Policy-Stateme</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a Policy Statement following its consultation last year on changes to the Pillar 2 capital requirements for banks and large investment firms. The amendments will apply from January 23, 2020. The PRA has made some changes to the proposed text following feedback from respondents that further clarification would be helpful, in particular on the setting of the PRA buffer using the hurdle rate in stress, buffer interactions and usability. The amendments are implemented in:

	Statement of Policy, &quot;The PRA&apos;s methodologies for setting Pillar 2 capital&quot;;
	Supervisory Statement, &quot;The Internal Capital Adequacy Assessment Process (ICAAP) and the Supervisory Review and Evaluation Process (SREP)&quot; (SS31/15); and
	Supervisory Statement, &quot;Implementing CRD IV: Capital buffers&quot; (SS6/14).


View the Policy Statement.

View the updated Statements.

View details of the PRA&apos;s consultation.]]></description>
					      
						      <pubDate>Thu, 23 Jan 2020 15:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Policy-Stateme</guid>
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					      <title>UK Regulators Take Steps to Establish Financial Services AI Public Private Forum</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Take-Steps-to-Establish-Financial-S</link>
					      <description><![CDATA[
The Bank of England and the U.K. Financial Conduct Authority are establishing the Financial Services AI Public Private Forum that Governor Mark Carney announced in June 2019. The regulators are calling for expressions of interest to join the forum from a range of sectors, including, but not limited to: (i) asset and investment management; (ii) banking; (iii) financial market infrastructure; (iv) fintech; (v) insurance; (vi) non-governmental organizations; and (vii) technology service providers.

The purpose of the forum is to:

	share information and understand the practical challenges of using AI and machine learning in financial services, including obstacles to implementation and potential risks and trade-offs;
	establish the potential areas where principles, guidance, regulation or good practice might assist in the safe adoption of AI and machine learning; and
	assess whether ongoing industry input would be useful and what form that could take, such as through industry codes of conduct or an industry standard board.


View the FCA&apos;s announcement.

View the BoE&apos;s webpage.

View the terms of reference.]]></description>
					      
						      <pubDate>Thu, 23 Jan 2020 11:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Take-Steps-to-Establish-Financial-S</guid>
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					      <title>Revised EU Guidelines on Fraud Reporting Under the Payment Services Directive Published</title>
					      <link>https://finreg.aoshearman.com/Revised-EU-Guidelines-on-Fraud-Reporting-Under-th</link>
					      <description><![CDATA[
The European Banking Authority has published amendments to the 2018 Guidelines on fraud reporting under the revised Payment Services Directive (known as PSD2). The Regulatory Technical Standards on &quot;strong customer authentication&quot; requirements for payments services providers, setting out the process by which service providers authenticate the identity of customers have applied directly across the EU since September 14, 2019. Following clarifications by the European Commission on the application of SCA to certain transaction types, the EBA has amended the reporting templates linked to the guidelines to cater for reporting of transactions where SCA is not applied for reasons other than an exemption under the SCA RTS. The amendments will apply to the reporting of payment transactions initiated and executed from July 1, 2020.

View the EBA&apos;s announcement and the consolidated Guidelines.

View details of the SCA RTS.]]></description>
					      
						      <pubDate>Wed, 22 Jan 2020 15:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Revised-EU-Guidelines-on-Fraud-Reporting-Under-th</guid>
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					      <title>EU Proposals to Amend the EU-Wide Stress Test Framework for Banks</title>
					      <link>https://finreg.aoshearman.com/EU-Proposals-to-Amend-the-EU-Wide-Stress-Test-Fra</link>
					      <description><![CDATA[
The European Banking Authority has commenced a consultation on proposed changes to the EU-wide stress test framework for banks. The EU-wide stress test contributes to improving the financial resilience of banks. Responses to the consultation may be submitted until June 30, 2020. The EBA is holding a public hearing on the proposals on February 21, 2020.

The EBA is proposing to amend the framework to have two parts. The first would be the supervisory element, based on a common EU methodology. It would include the current constrained bottom-up approach, but also have an option for national regulators to adjust or replace banks&apos; estimates based on top-down models and other tools. The second part would be the bank element and would be based on the same common methodology applied in the supervisory part. However, banks would be given more discretion to calculate their projections, provided an explanation and disclosure of the rational and impact of any deviations is possible. The quality of disclosure of the results would remain high, with only the supervisory leg being amended to limit the quantity of disclosure. Feedback is also sought on the approach to scenario designs.

View the consultation paper and other details.]]></description>
					      
						      <pubDate>Wed, 22 Jan 2020 15:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Proposals-to-Amend-the-EU-Wide-Stress-Test-Fra</guid>
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					      <title>UK Conduct Regulator Wants Asset Management Sector to Reflect on Risks to Customers and Markets</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Wants-Asset-Management-Secto</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published two letters addressed to the CEOs of firms in the asset management and funds sectors. The first letter is addressed to CEOs of FCA-authorized firms directly managing mainstream investment vehicles or advising on mainstream investments, excluding wealth managers and financial advisers. The second letter is addressed to CEOs of FCA-authorized firms managing alternative investment vehicles, such as hedge funds or private equity funds, or managing alternative assets directly or advising on these types of investments. The letters follow the FCA&apos;s report on its review of how firms in the asset management sector selected and used risk modeling and other portfolio management tools.

Read more.]]></description>
					      
						      <pubDate>Wed, 22 Jan 2020 14:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Wants-Asset-Management-Secto</guid>
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					      <title>UK Conduct Authority to Review Suitability of Retirement Income Financial Advice</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Authority-to-Review-Suitability-of-Ret</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has announced the focus of its second review assessing suitability - advice received by consumers on retirement income. The FCA intends to publish a report on the outcome of the review in 2020. Alongside the announcement, the FCA has published a letter addressed to the CEOs of financial advice firms describing its approach to tackling key areas of concern with financial advice firms and setting out the action it expects these firms to undertake. The letter covers assessing suitability of advice, defined benefit pension transfer advice, pensions and investment scams, adequate financial resources and professional indemnity insurance, the FCA&apos;s recently imposed ban on the promotion of speculative mini-bonds to retail consumers, the Senior Managers and Certification Regime and preparing for the end of the Brexit implementation period.

View the FCA&apos;s statement.

View the Dear CEO letter.]]></description>
					      
						      <pubDate>Tue, 21 Jan 2020 11:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Authority-to-Review-Suitability-of-Ret</guid>
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					      <title>Group of Central Banks to Collaborate on Potential of Central Bank Digital Currencies</title>
					      <link>https://finreg.aoshearman.com/Group-of-Central-Banks-to-Collaborate-on-Potentia</link>
					      <description><![CDATA[
The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Sveriges Riksbank, the Swiss National Bank and the Bank for International Settlements have announced that they have created a group to share experience as they assess the potential cases for central bank digital currency. The group will assess CBDC use cases, economic, functional and technical design choices, including cross-border interoperability and the sharing of knowledge on emerging technologies.

View the announcement.]]></description>
					      
						      <pubDate>Tue, 21 Jan 2020 11:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Group-of-Central-Banks-to-Collaborate-on-Potentia</guid>
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					      <title>European Central Bank Sets Out Expectations of Eurozone Banks&apos; Dividend and Variable Remuneration Policies</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Sets-Out-Expectations-of-Eu</link>
					      <description><![CDATA[
The Banking Supervision arm of the European Central Bank has set out its expectations of Eurozone banks regarding their dividend distribution and variable remuneration policies. The ECB is responsible for direct prudential supervision of certain significant banks based in the Eurozone as part of the Single Supervisory Mechanism and has certain powers relating to the supervision by national Eurozone regulators of smaller banks. The ECB has published a letter addressed to significant banks warning them to take a &quot;prudent, forward-looking stance&quot; when setting the banks&apos; remuneration policy and has also published a Recommendation (dated January 17, 2020) on requiring significant banks to &quot;establish dividend policies using conservative and prudent assumptions&quot;. The Recommendation will apply directly to significant Eurozone banks. The ECB expects national Eurozone regulators to consider how it might be applied proportionally to the smaller banks. The ECB expects Eurozone banks to consider how their variable remuneration policies and dividend distribution policies will impact their ability to continue to meet their regulatory capital requirements, particularly taking into account the transitional provisions of the Capital Requirements Directive (version IV) and the transitional arrangements for mitigating the impact of the introduction of IFRS 9 on own funds.

View the ECB&apos;s letter.

View the ECB&apos;s Recommendation.]]></description>
					      
						      <pubDate>Tue, 21 Jan 2020 11:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Sets-Out-Expectations-of-Eu</guid>
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					      <title>UK Conduct Regulator Clarifies Rules on Publication of Non-Representative LIBOR</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Clarifies-Rules-on-Publicatication</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has responded to a request from the International Swaps and Derivatives Association for clarification on the expected timeframes for publication of a non-representative LIBOR. The FCA (in conjunction with the Financial Stability Board) had previously requested ISDA to introduce &quot;pre-cessation&quot; triggers in its derivative contracts, causing LIBOR-based contracts to fall back to an alternative reference rate in the event that the FCA deemed LIBOR to no longer be representative. ISDA requested clarity about the length of the period during which such a non-representative LIBOR might be published prior to its total cessation.

Read more.]]></description>
					      
						      <pubDate>Mon, 20 Jan 2020 12:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Clarifies-Rules-on-Publicatication</guid>
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					      <title>European Central Bank Consults on Proposed Guidelines on Materiality Threshold for Credit Obligations Past Due for Small Eurozone Banks</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Proposed-Guidel</link>
					      <description><![CDATA[
The European Central Bank has opened a consultation on proposed guidelines on the materiality threshold for credit obligations past due for less significant institutions based in the Eurozone. The EU Capital Requirements Regulation risk quantification provisions set out that a default occurs when an obligor is past due more than 90 days on any material credit obligation to a firm, its parent or any of its subsidiaries. The materiality of the credit obligation is to be assessed against a threshold set by the national regulator according to its view of a reasonable level of risk. The ECB is responsible for direct prudential supervision of certain significant banks based in the Eurozone as part of the Single Supervisory Mechanism and has set the materiality threshold for these firms. The proposed guidelines are addressed to national Eurozone regulators within the SSM responsible for setting the threshold for less significant institutions. The ECB is proposing a single materiality threshold for all less significant institutions, both for retail and non-retail exposures.

The consultation closes on February 17, 2020.

View the consultation paper.]]></description>
					      
						      <pubDate>Mon, 20 Jan 2020 12:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Proposed-Guidel</guid>
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					      <title>UK Conduct Authority Halts UK Operation of MiFID Transparency Regime in Light of Commitment to Brexit Deal</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Authority-Halts-UK-Operation-of-MiFID-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has updated its webpage and statement on the operation of the transparency regime under the Markets in Financial Instruments Directive post-Brexit. The U.K. Government has stated that it is committed to leaving the EU with a deal on January 31, 2020, followed by an implementation period. As a result, the FCA confirms that during the implementation period, all MiFID systems will remain connected to the European Securities and Markets Authority. A further update will be provided in due course.

View the FCA&apos;s updated statement.]]></description>
					      
						      <pubDate>Mon, 20 Jan 2020 11:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Authority-Halts-UK-Operation-of-MiFID-</guid>
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					      <title>UK Proposals for Confirmation of Payee Exemptions</title>
					      <link>https://finreg.aoshearman.com/UK-Proposals-for-Confirmation-of-Payee-Exemptions</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator has opened a consultation on proposals to vary its Specific Direction 10 on Confirmation of Payee. Confirmation of Payee is a system that ensures that certain identifiers (including name, sort code and account number) of a payee are verified against the records of a payment services provider before a payment is made. On August 1, 2019, the PSR issued Specific Direction 10 to certain institutions within the six largest U.K. payment service providers - Lloyds Group, Barclays Group, HSBC Group, Royal Bank of Scotland Group, Santander Group and Nationwide Building Society - requiring them to implement &quot;Confirmation of Payee&quot; by March 31, 2020. The PSR is consulting on amending the Direction to introduce a new basis for a payment service provider to request an exemption from the requirements. The existing text of the Direction only allows exemptions in exceptional circumstances. The PSR also intends to include a limited exemption for HSBC UK Bank plc in the revised Direction. Responses to the consultation can be submitted until January 29, 2020.

View the consultation.]]></description>
					      
						      <pubDate>Mon, 20 Jan 2020 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Proposals-for-Confirmation-of-Payee-Exemptions</guid>
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					      <title>Proposed EU Guidelines for Securitization Repositories Assessing Data Completeness and Consistency</title>
					      <link>https://finreg.aoshearman.com/Proposed-EU-Guidelines-for-Securitization-Reposit</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a consultation on proposed guidelines on securitization repository data completeness and consistency thresholds. The proposed guidelines would apply to EU securitization repositories that are registered with and supervised by ESMA. The consultation closes on March 16, 2020.

Read more.]]></description>
					      
						      <pubDate>Fri, 17 Jan 2020 12:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Proposed-EU-Guidelines-for-Securitization-Reposit</guid>
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					      <title>UK Court Confirms Bitcoin Status as Property for Certain Proprietary Claims</title>
					      <link>https://finreg.aoshearman.com/UK-Court-Confirms-Bitcoin-Status-as-Property-for-</link>
					      <description><![CDATA[
A U.K. court has granted an interim proprietary injunction over Bitcoin held in an account of a cryptocurrency exchange after it had been transferred there as part of a cyber attack on a Canadian insurance company. The judgment in AA v Persons Unknown &amp; Ors, Re Bitcoin [2019] EWHC 3556 (Comm) was given on December 13, 2019, and following the lifting of reporting restrictions, was released for publication on January 17, 2020. In coming to its decision, the High Court adopted the analysis as to the proprietary status of crypto assets set out in the recent legal statement by the UK Jurisdiction Taskforce. Although each case will depend on the relevant facts and issues, the decision confirms that crypto assets are a form of property capable of being the subject of a proprietary injunction.

Read more.]]></description>
					      
						      <pubDate>Fri, 17 Jan 2020 12:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Court-Confirms-Bitcoin-Status-as-Property-for-</guid>
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					      <title>UK Regulators Push For More Action on LIBOR Transition</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Push-For-More-Action-on-LIBOR-Transition</link>
					      <description><![CDATA[
The Bank of England, U.K. Prudential Regulation Authority, U.K. Financial Conduct Authority and the Working Group on Sterling Risk-Free Reference Rates have published a set of documents outlining priorities and milestones for 2020 on LIBOR transition.

Read more.]]></description>
					      
						      <pubDate>Thu, 16 Jan 2020 17:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Push-For-More-Action-on-LIBOR-Transition</guid>
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					      <title>Global Financial Innovation Network Announces Plans to Improve the Framework for Cross-Border Testing of Innovative Firms</title>
					      <link>https://finreg.aoshearman.com/Global-Financial-Innovation-Network-Announces-Plans-to-Improve</link>
					      <description><![CDATA[
The Global Financial Innovation Network has published a report on lessons learned during the cross-border testing of innovative firms and their products. The GFIN was launched at the start of 2019 and is a network of organizations committed to supporting financial innovation in the interests of consumers. One of GFIN&apos;s priorities is to facilitate cross-border trials of emerging technologies across global jurisdictions (a global sandbox). The GFIN began a pilot with eight firms in April 2019, which aimed to develop testing plans for their cross-border trials. However, as none of the firms developed a testing plan that satisfied each jurisdiction&apos;s requirements, the GFIN could not progress things further. The GFIN has since met to consider how to take things forward and will further develop the framework of cross-border testing.

The report describes the accomplishments and the challenges that arose during the pilot and sets out the proposed next steps and solutions to improve cross-border testing for the next phase. The solutions include establishing a central website for GFIN and creating a single application form for applicants, both of which should make it easier for prospective firms to find relevant information and submit an application. In the first half of 2020, the GFIN will open applications for the first formal cohort of participants.

View the report.]]></description>
					      
						      <pubDate>Thu, 16 Jan 2020 12:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Global-Financial-Innovation-Network-Announces-Plans-to-Improve</guid>
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					      <title>International Organization of Securities Commissions Recommends UTC Clock Synchronization to Facilitate Market Abuse Monitoring</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions-Recommends</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published a report in which it recommends that where jurisdictions require clock synchronization for trading purposes, clocks should be synchronized to Coordinated Universal Time (UTC). In its 2013 report - Technological Challenges to Effective Market Surveillance - Issues and Regulatory Tools (FR04/13) - IOSCO recommended the introduction of a requirement for trading venues and their participants to synchronize the business clocks used to record the date and time of a reportable event. The practice assists regulators in monitoring the markets for market abuse and identifying market abuse. Certain jurisdictions have already implemented clock synchronization according to UTC, including Australia, Canada and the EU.

View IOSCO&apos;s report.]]></description>
					      
						      <pubDate>Thu, 16 Jan 2020 12:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions-Recommends</guid>
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					      <title>Mark Carney Appointed as Finance Adviser to UK Government on Sustainable Finance</title>
					      <link>https://finreg.aoshearman.com/Mark-Carney-Appointed-as-Finance-Adviser-to-UK-Government</link>
					      <description><![CDATA[
Mark Carney, the outgoing Governor of the Bank of England, has been appointed as Finance Adviser for COP26. The role will be to assist the U.K. Government to build a sustainable financial system that supports the transition to a net zero economy. Andrew Bailey will replace Mr. Carney as the Governor of the Bank of England from March 16, 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 16 Jan 2020 12:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Mark-Carney-Appointed-as-Finance-Adviser-to-UK-Government</guid>
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					      <title>European Commission Announces Next Steps for Sustainable Finance</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Announces-Next-Steps-for-Sustainable-Finance</link>
					      <description><![CDATA[
The European Commission has published a Communication detailing the Sustainable Europe Investment Plan that will support the European Green Deal Investment Plan. The Communication is accompanied by a proposed Regulation to establish a Just Transition Fund and a Factsheet explaining the Plan. Feedback on the proposed Regulation can be submitted until March 12, 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 16 Jan 2020 11:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Announces-Next-Steps-for-Sustainable-Finance</guid>
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					      <title>European Banking Authority Launches Consultation on Technical Standards Governing Own-Funds Requirements for Non-Trading Book Positions</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Launches-Consultation</link>
					      <description><![CDATA[
The European Banking Authority has launched a consultation on its draft regulatory technical standards specifying how institutions should calculate their own funds requirements for market risk in respect of non-trading book positions that are subject to foreign-exchange risk or commodity risk. The draft RTS have been published for consultation in accordance with the revised Capital Requirements Regulation, which came into force on June 7, 2019 and (subject to certain exceptions) will apply directly across the EU from June 28, 2021. Responses to the consultation should be submitted by April 10, 2020. The EBA is expected to consult in 2020 on other technical standards to supplement CRR II and has published a roadmap providing the due dates for its deliverables.

Read more.]]></description>
					      
						      <pubDate>Mon, 13 Jan 2020 15:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Launches-Consultation</guid>
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					      <title>UK Conduct Authority Publishes Findings of Review of Risk Modelling and Other Portfolio Management Tools in the Asset Management Sector</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Authority-Publishes-Findings-of-Review</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a report on its review of how firms in the asset management sector selected and used risk modelling and other portfolio management tools. The review was undertaken to assess how firms identify and manage the risks as well as firms&apos; ability to respond to system failures or service interruptions.

Read more.]]></description>
					      
						      <pubDate>Mon, 13 Jan 2020 12:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Authority-Publishes-Findings-of-Review</guid>
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					      <title>European Banking Authority Publishes Report on Big Data and Advanced Analytics</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Report-on-Big-Data</link>
					      <description><![CDATA[
The European Banking Authority has published a report on big data and advanced analytics in the banking sector. The report sets out the findings of the EBA&apos;s review of big data and analytics and presents key pillars and elements of trust for the development, implementation and adoption of BD&amp;AA by banks.

Read more.]]></description>
					      
						      <pubDate>Mon, 13 Jan 2020 09:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Report-on-Big-Data</guid>
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					      <title>International Swaps and Derivatives Association Publishes FAQs on IBOR Fallback Rate Adjustments</title>
					      <link>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Associat</link>
					      <description><![CDATA[
The International Swaps and Derivatives Association has published a set of Frequently Asked Questions on Interbank Offered Rate Fallback Rate adjustments. The FAQs are part of ISDA&apos;s preparations for the sweeping changes being made to global interest rate benchmarks, which may see a transition from IBORs to overnight risk free rates. Parties to derivatives contracts that currently reference IBORs are being encouraged to include contractual fallback provisions providing for adjusted RFRs that could replace IBORs if they are discontinued before a contract is concluded. RFRs are structurally different to IBORs, hence why the RFRs must be adjusted in order to be incorporated into contracts that currently reference IBORs.

Read more.]]></description>
					      
						      <pubDate>Fri, 10 Jan 2020 10:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Associat</guid>
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					      <title>European Systemic Risk Board Recommends Options for Addressing Procyclicality in Derivatives Markets and Securities Financing Transactions</title>
					      <link>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Recommends-Options-for-Addressing</link>
					      <description><![CDATA[
The European Systemic Risk Board has published a report on mitigating the procyclicality of margins and haircuts in derivatives markets and securities financing transactions. The report assesses the systemic risks arising from procyclicality associated with margin and haircut practices and makes recommendations for addressing the risks. 

Read more.]]></description>
					      
						      <pubDate>Thu, 09 Jan 2020 12:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Recommends-Options-for-Addressing</guid>
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					      <title>European Securities and Markets Authority Publishes 2020-2022 Strategic Orientation</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Market</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its Strategic Orientation for 2020-2022, setting out its longer-term objectives for regulating financial markets. The previous Strategic Orientation covered the period from 2016-2020 and so is coming to an end this year. Looking forward, ESMA aims to:

	develop the EU Capital Markets Union by encouraging wider retail investor participation, which would assist with the diversification of funding sources and efficiency of capital markets;
	promote sustainable finance and long-term oriented capital markets as part of the EU&apos;s commitment to meet the UN&apos;s Sustainable Development Goals by 2030;
	examine the opportunities and risks of digitalization and technology for market participants and regulators;
	guarantee the EU&apos;s voice in financial markets, aiming to maintain the openness of EU financial markets and develop EU co-operation with third-country authorities to ensure investor protection and financial stability; and
	encourage proportionality, particularly with respect to SMEs and innovative companies, where ESMA may need to tailor its initiatives to meet its objectives.


View ESMA 2020-2022 Strategic Orientation.]]></description>
					      
						      <pubDate>Thu, 09 Jan 2020 11:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Market</guid>
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					      <title>European Securities and Markets Authority Publishes Final Report and Updated Q&amp;A on CCP Membership Criteria and Due Diligence</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Mark</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report on the 2018 survey it conducted on central counterparties&apos; membership criteria and due diligence practices, together with an update to its Q&amp;As providing guidance on the correct implementation of the European Markets Infrastructure Regulation. The survey was prompted by the default in September 2018 of an individual who was acting as a clearing member of Nasdaq Clearing AB. This triggered ESMA&apos;s investigation into CCPs&apos; membership and due diligence practices and their compliance with participation requirements under EMIR and the joint Principles for Financial Market Infrastructures issued by the Committee on Payment and Settlement Systems and the International Organization of Securities Commissions.

Read more.]]></description>
					      
						      <pubDate>Tue, 07 Jan 2020 14:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Mark</guid>
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					      <title>Bank of England and UK Conduct Regulator Announce Proposals for Financial Sector Data Reforms</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-and-UK-Conduct-Regulator-Announce</link>
					      <description><![CDATA[
The Bank of England and U.K. Financial Conduct Authority have published a series of proposals setting out their plans to enhance their data and analytics capabilities. The proposals include a revised FCA data strategy, a BoE discussion paper on transforming data collection and a viability report published by the FCA and BoE, together with seven regulated firms, on the possibilities of digital regulatory reporting. The FCA and BoE depend on data to conduct their supervisory responsibilities.  

Read more.]]></description>
					      
						      <pubDate>Tue, 07 Jan 2020 10:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-and-UK-Conduct-Regulator-Announce</guid>
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					      <title>European Securities and Markets Authority Publishes Evidence on Market Impacts of Circuit Breakers</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Evidence-on</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a working paper setting out its findings on the market impacts of &quot;circuit breakers&quot;, instruments used by trading venues to interrupt excessive price movements in financial instruments. The revised Markets in Financial Instruments Directive places obligations on national regulators to require a regulated market in their jurisdiction to be able to temporarily halt or constrain trading if there is significant price movement in a financial instrument on that market during a short period and, in exceptional cases, to be able to cancel, vary or correct any transaction. 

Read more.]]></description>
					      
						      <pubDate>Tue, 07 Jan 2020 10:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Evidence-on</guid>
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					      <title>International Swaps and Derivatives Association Publishes Guide on Cross-Border Application of Margin Rules</title>
					      <link>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Association-Publishes-</link>
					      <description><![CDATA[
The International Swaps and Derivatives Association has published a guide on the cross-border application of margin rules established under the U.S., EU and Japanese regimes for uncleared derivatives. While most jurisdictions base their margin rules on the framework established by the Basel Committee on Banking Supervision and the International Organization of Securities Commissions, there is still scope for differences to arise under national regimes. The guide provides an overview of the margin rules in each of the three jurisdictions, focussing on the cross-border and substituted compliance elements. It also includes a series of charts showing the application and availability of substituted compliance under each regime.

Read more.]]></description>
					      
						      <pubDate>Mon, 06 Jan 2020 14:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Association-Publishes-</guid>
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					      <title>European Securities and Markets Authority Publishes Clarifications on Reporting of Securities Financing Transactions</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Clarifications-on</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report and guidelines on reporting under the Securities Financing Transaction Regulations, together with amended SFTR validation rules and a statement on Legal Entity Identifiers. The SFTR requires all securities financing transactions to be reported to EU-recognized trade repositories. SFTs involve the use of securities to borrow cash or other high investment-grade securities and include repurchase transactions, securities lending and sell/buy backs.

Read more.]]></description>
					      
						      <pubDate>Mon, 06 Jan 2020 10:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Clarifications-on</guid>
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					      <title>New EU Regulation Enhances European Supervisory Authorities&apos; Powers</title>
					      <link>https://finreg.aoshearman.com/New-EU-Regulation-Enhances-European-Supervisory-A</link>
					      <description><![CDATA[
An EU Regulation has been published amending the European Supervisory Authorities&apos; powers under various pieces of EU legislation. The Regulation grants ESMA additional powers to monitor market data and authorize benchmark administrators under the Markets in Financial Instruments Regulation and the Benchmarks Regulation, respectively. It also amends the legislation founding the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority, granting them additional powers to facilitate their supervisory duties. The Regulation will enter into force on December 30, 2019. The provisions regarding ESMA&apos;s enhanced supervisory powers over market data and benchmarks will apply from January 1, 2022. All other provisions regarding the European Supervisory Authorities&apos; enhanced powers will apply from January 1, 2020.

Read more.]]></description>
					      
						      <pubDate>Fri, 27 Dec 2019 16:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-EU-Regulation-Enhances-European-Supervisory-A</guid>
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					      <title>European Supervisory Authorities Publish New Risk Mitigation Technique Standards for OTC Derivative Contracts</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-New-Risk</link>
					      <description><![CDATA[
The European Supervisory Authorities have published joint draft Regulatory Technical Standards amending the existing EU risk mitigation techniques for uncleared OTC derivatives, together with a joint statement on the introduction of fallbacks in OTC derivative contracts and the requirement to exchange collateral. The draft RTS amend existing bilateral margin requirements made under the European Market Infrastructure Regulation, in line with certain clarifications made to the related international framework by the Basel Committee on Banking Supervision and the International Organization of Securities Commissions. The draft RTS were originally published on December 5, 2019, but have been republished with one additional amendment. The Final Report has been submitted to the European Commission for endorsement.

Read more.]]></description>
					      
						      <pubDate>Mon, 23 Dec 2019 17:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-New-Risk</guid>
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					      <title>EU Temporary Equivalence and Recognition for UK CCPs Extended in Event of a No-Deal Brexit</title>
					      <link>https://finreg.aoshearman.com/EU-Temporary-Equivalence-and-Recognition-for-UK-C</link>
					      <description><![CDATA[
An amended temporary equivalence decision on the regulatory framework applicable to central counterparties in the U.K. and Northern Ireland has been published in the Official Journal of the European Union. The decision amends the existing EU equivalence decision, which applies from the date that the U.K. leaves the EU in the event that no withdrawal agreement has been agreed, and ends on March 30, 2020. The amended decision extends the period of equivalence to one year following a U.K. no-deal exit from the EU and will apply from December 24, 2019. It would not apply in the event that the Withdrawal Agreement is ratified by both sides.

Read more.]]></description>
					      
						      <pubDate>Mon, 23 Dec 2019 17:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Temporary-Equivalence-and-Recognition-for-UK-C</guid>
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					      <title>European Parliament Publishes Resolution on EU Financial Services Regulation for Third Countries</title>
					      <link>https://finreg.aoshearman.com/European-Parliament-Publishes-Resolution-on-EU-Financial</link>
					      <description><![CDATA[
The European Parliament has published a resolution on relationships between the EU and third countries concerning financial services regulation and supervision. The resolution follows the publication of a report in August 2018 by the European Parliament&apos;s Committee on Economic and Monetary Affairs setting out its proposal for the European Parliament&apos;s resolution, which comes in the wake of the U.K.&apos;s upcoming exit from the EU. The key factors prompting the resolution include the need to mitigate risks to financial stability arising from a possible no-deal Brexit, the need for clarification of the relationship between third-country markets and the EU&apos;s single market in the interests of broader financial stability and the fact that existing third-country equivalence rules are not currently subject to a single framework.

Read more.]]></description>
					      
						      <pubDate>Mon, 23 Dec 2019 16:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Parliament-Publishes-Resolution-on-EU-Financial</guid>
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					      <title>EU Publishes Handbook for Climate Benchmarks</title>
					      <link>https://finreg.aoshearman.com/EU-Publishes-Handbook-for-Climate-Benchmarks</link>
					      <description><![CDATA[
The EU Technical Expert Group on Sustainable Finance has published a Handbook providing guidance on the EU&apos;s new climate transition benchmarks (EU CTB) and Paris-aligned benchmarks (EU PAB), as well as on the environmental, social and governance disclosures that will be applicable to all investment benchmarks (other than currency and interest rate benchmarks) in the future. Conventional benchmarks do not typically reflect low-carbon considerations, but an increasing focus on sustainability has led to a proliferation in recent years of specific low-carbon benchmarks that were not subject to clear or comparable standards.

Read more.]]></description>
					      
						      <pubDate>Fri, 20 Dec 2019 11:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Publishes-Handbook-for-Climate-Benchmarks</guid>
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					      <title>European Securities and Markets Authority Publishes Follow-Up Report on Credit Rating Agency and Trade Repository Fees</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Follow-up-Report</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a follow-up report on its 2018 Thematic Report on the fees charged by credit rating agencies and trade repositories. ESMA directly supervises all CRAs and trade repositories that are established in the EU. The 2018 Thematic Report highlighted three key areas of concern in the fee charging practices of CRAs and trade repositories, namely: (i) transparency and disclosure to clients and ESMA of fees; (ii) the process of setting fees; and (iii) how interactions with other group entities may pose challenges to the principles of non-discrimination and cost-related fees to which credit rating agencies and trade repositories are expected to adhere.

Read more.]]></description>
					      
						      <pubDate>Fri, 20 Dec 2019 11:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Follow-up-Report</guid>
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					      <title>UK Chancellor Appoints New Governor of Bank of England</title>
					      <link>https://finreg.aoshearman.com/UK-Chancellor-Appoints-New-Governor-of-Bank-of-England</link>
					      <description><![CDATA[
The U.K. Chancellor of the Exchequer, Sajid Javid, has announced the appointment of Andrew Bailey as the new Governor of the Bank of England. 

Read more.]]></description>
					      
						      <pubDate>Fri, 20 Dec 2019 10:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Chancellor-Appoints-New-Governor-of-Bank-of-England</guid>
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					      <title>Financial Stability Board Publishes Feedback to Resolution Planning Disclosures Consultation</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Feedback-to-Resolution</link>
					      <description><![CDATA[
The Financial Stability Board has published a statement summarizing the feedback it received to its June 2019 consultation on firms&apos; public disclosures on resolution planning and resolvability. The consultation sought feedback on a series of questions regarding general and firm-specific disclosures made by systemically important banks and other firms subject to resolution planning requirements.

Read more.]]></description>
					      
						      <pubDate>Fri, 20 Dec 2019 10:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Feedback-to-Resolution</guid>
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					      <title>Financial Stability Board Publishes Feedback to Derivatives and Trading Portfolios&apos; Solvent Wind-Down Consultation</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Feedback-to-Derivatives-and</link>
					      <description><![CDATA[
The Financial Stability Board has published a statement summarizing the feedback it received to its June 2019 consultation on the solvent wind-down of derivatives and trading portfolios. The consultation sought feedback on a series of questions regarding existing wind-down practices that may be used as a recovery option for global systemically important institutions that find themselves under stress. The FSB intended to consider publishing guidance on solvent wind-down planning depending on the responses elicited by the consultation.

Read more.]]></description>
					      
						      <pubDate>Fri, 20 Dec 2019 10:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Feedback-to-Derivatives-and</guid>
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					      <title>UK Secondary Legislation Published Implementing EU Fifth Money Laundering Directive</title>
					      <link>https://finreg.aoshearman.com/UK-Secondary-Legislation-Published-Implementing-EU-Fifth</link>
					      <description><![CDATA[
The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 have been published, amending the existing Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The amending Regulations incorporate changes made to EU legislation under the EU&apos;s Fifth Anti-Money Laundering Directive. The majority of the amending Regulations provisions will come into force on January 10, 2020, with the exception of those governing: (i) customer due diligence on anonymous prepaid cards; and (ii) requests for information about accounts and safe-deposit boxes, which will come into force on July 10, 2020 and September 10, 2020 respectively.

Read more.]]></description>
					      
						      <pubDate>Fri, 20 Dec 2019 10:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Secondary-Legislation-Published-Implementing-EU-Fifth</guid>
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					      <title>EU Political Agreement on Proposed Regulation on Cross-Border Crowdfunding Service Providers</title>
					      <link>https://finreg.aoshearman.com/EU-Political-Agreement-on-Proposed-Regulation-on-</link>
					      <description><![CDATA[
The EU legislative bodies have announced that political agreement has been reached on the proposed Regulation on European Crowdfunding Service Providers for Business. The proposed ECSP Regulation is part of the EU Capital Markets Union initiative and the Commission&apos;s FinTech Action Plan. It aims to increase access to finance through crowdfunding for innovative companies, start-ups and SMEs. The European Commission published the original legislative proposal on March 8, 2018. Since then, the text of the proposed ECSP Regulation has been amended.

Read more.]]></description>
					      
						      <pubDate>Thu, 19 Dec 2019 16:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Political-Agreement-on-Proposed-Regulation-on-</guid>
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					      <title>Consultation on Credit Adjustment Spread Methodologies for Fallbacks in Cash Products Referencing GBP LIBOR</title>
					      <link>https://finreg.aoshearman.com/Consultation-on-Credit-Adjustment-Spread-Methodologies</link>
					      <description><![CDATA[
The Working Group on Sterling Risk-Free Reference Rates has opened a consultation on credit adjustment spread methodologies for fallbacks in cash products referencing GBP LIBOR. The consultation focuses on cash products, including, but not limited to, syndicated loans, floating rate notes, retail loans, bilateral corporate loans and securitizations.  It only covers GBP LIBOR and credit adjustment spreads to be applied to a SONIA-derived rate. Responses to the consultation can be submitted until February 6, 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 19 Dec 2019 14:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Consultation-on-Credit-Adjustment-Spread-Methodologies</guid>
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					      <title>Financial Stability Board Assesses Financial Stability Implications of Expanding Leveraged Loans and Collateralized Loan Obligations Markets</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Assesses-Financial-Stab</link>
					      <description><![CDATA[
The Financial Stability Board has published a report on the vulnerabilities associated with leveraged loans and collateralized loan obligations. In the report, the FSB assesses how the leveraged loan and CLO markets have developed and analyzes the potential implications for global financial stability.

Noting that there are data gaps, the FSB makes the following conclusions:

	there are indications that weaknesses in the leveraged loan and CLO markets have increased since the 2008-09 global financial crisis;
	banks have the largest direct exposures to leveraged loans and CLOs. These exposures are concentrated among a limited number of large global banks and have a significant cross-border dimension; and
	non-bank investors, such as investment funds, insurance companies, pension funds, broker-dealers and holding companies, also have exposures to leveraged loans and CLOs.


The FSB intends to consider whether there is scope to close data gaps, but will continue to analyze the financial stability risks and will examine the regulatory and supervisory implications related to leveraged loans and CLOs.

View the report.]]></description>
					      
						      <pubDate>Thu, 19 Dec 2019 14:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Assesses-Financial-Stab</guid>
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					      <title>European Banking Authority Launches Consultation on Draft Technical Standards Identifying Material Risk Impact Staff Subject to Compensation Requirements</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Launches-Consultation-on-Draft-Technical-Standards</link>
					      <description><![CDATA[
The European Banking Authority has launched a consultation on its draft Regulatory Technical Standards setting out the criteria for identifying staff whose professional activities have a material impact on credit institutions&apos; risk profiles. The EBA is required to produce the RTS under the revised Capital Requirements Directive (CRD V), in support of the CRD requirement that remuneration policies for staff whose professional activities have a material impact on the credit institution&apos;s risk profile are appropriate to the size, nature and complexity of the credit institution in question. 

Read more.]]></description>
					      
						      <pubDate>Thu, 19 Dec 2019 10:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Launches-Consultation-on-Draft-Technical-Standards</guid>
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					      <title>European Commission Launches Consultations on Digitalization in the Financial Sector</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Launches-Consultations-on-Digitalization</link>
					      <description><![CDATA[
The European Commission has launched two consultations on digitalization in the financial sector. They form part of the EU&apos;s new Digital Finance Strategy which aims to deepen the Single Market for digital financial services, promote a data-driven EU financial sector while addressing the risks inherent in that and enhance the digital operational resilience of the financial system. 

Read more.]]></description>
					      
						      <pubDate>Thu, 19 Dec 2019 10:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Launches-Consultations-on-Digitalization</guid>
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					      <title>European Banking Authority Publishes Final Technical Standards for the Standardized Approach to Counterparty Credit Risk</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final-Techni</link>
					      <description><![CDATA[
The European Banking Authority has published final draft Regulatory Technical Standards governing the standardized approach to counterparty credit risk in derivatives transactions. The final draft SA-CCR RTS will supplement the requirements set out in the EU&apos;s Capital Requirements Regulation, as amended by CRR 2. The SA-CCR requirements aim to address the shortcomings of existing calculation methods to ensure parties are adequately protected in the event of default by a counterparty to a derivatives transaction and these final draft RTS aim to ensure a more harmonized calculation of own funds requirements for counterparty credit risk than has been the case under CRR.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Dec 2019 16:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final-Techni</guid>
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					      <title>International Swaps and Derivatives Association Consults on Fallbacks Based on Alternative Risk-Free Rates For Derivatives Referencing EUR Libor and EURIBOR</title>
					      <link>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Association-Consults-on-Fallbacks</link>
					      <description><![CDATA[
The International Swaps and Derivatives Association has launched a consultation in which it proposes to amend its standard documentation to implement fallbacks based on alternative risk-free rates for certain key Interbank Offered Rates - EUR LIBOR and EURIBOR. ISDA states that the back-ups will apply if the relevant IBOR is permanently discontinued, based on defined triggers. Responses to the consultation should be submitted to ISDA by January 21, 2020.
Read more.]]></description>
					      
						      <pubDate>Wed, 18 Dec 2019 12:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Association-Consults-on-Fallbacks</guid>
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					      <title>UK Prudential Regulatory Authority Responds on Prudential Impediments for Banks Arising from the LIBOR Transition</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulatory-Authority-Responds-on-Pr</link>
					      <description><![CDATA[
The Prudential Regulation Authority has published a letter addressed to the Chair of the Working Group on Sterling Risk-Free Reference Rates. The letter responds to the Working Group&apos;s letter in October 2019 requesting regulatory forbearance or clarification from regulators on the impact that the LIBOR transition is likely to have on the prudential requirements for banks. The main issues raised by the Working Group include: (i) the potential for certain capital instruments to no longer qualify as regulatory capital; (ii) the potential for securitizations and MREL-eligible instruments to be considered as &quot;new contracts&quot; as a result of changes to contractual terms, leading to the need to insert bail-in or other bank recovery contractual terms; and (iii) that many banks will need to obtain regulatory approvals for alterations to the models used to determine their regulatory capital arising from their exposures and risks.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Dec 2019 12:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulatory-Authority-Responds-on-Pr</guid>
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					      <title>Financial Stability Board Calls for Sustained Efforts to Migrate From LIBOR</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Calls-for-Sustained-Eff</link>
					      <description><![CDATA[
The Financial Stability Board has published a progress report on reforms to major interest rate benchmarks. The report provides the FSB&apos;s annual update on progress taken by the official sector and market participants to move from interbank offered rates to overnight risk-free rates by the end of 2021 in line with the FSB&apos;s 2014 recommendations. The FSB highlights that the continued reliance by global financial markets on LIBOR poses significant financial stability risks and urges all participants to continue with their efforts to transition to the alternative risk-free rates. The FSB also warns regulated firms to expect increased examination from regulators of their efforts to transition as the end of 2021 approaches.

View the report.]]></description>
					      
						      <pubDate>Wed, 18 Dec 2019 12:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Calls-for-Sustained-Eff</guid>
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					      <title>EU Recommendations to Combat Undue Short-Term Pressure From Financial Sector on Corporates</title>
					      <link>https://finreg.aoshearman.com/EU-Recommendations-to-Combat-Undue-Short-Term-Pre</link>
					      <description><![CDATA[
The European Supervisory Authorities have each published advice to the European Commission on undue short-term pressure from the financial sector on corporations. The ESAs comprise the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority. The ESAs&apos; advice responds to the European Commission&apos;s request in June 2019 for evidence and possible advice on potential undue short-term pressure by financial service participants on corporations. The Commission asked the ESAs to: (i) provide evidence of any short-termism and, if any, the consequences thereof; (ii) assess the drivers of such short-termism, including the effects of regulation on financial market participants, for example, the guidance on remuneration practices; (iii) identify existing regulations that either mitigate or exacerbate short-term pressures; and (iv) evaluate the need for regulatory or policy action and propose specific areas where action is needed. The ESAs&apos; advice, summarized below, may result in the Commission proposing amendments to several pieces of EU legislation, such as the Capital Requirements Directive and related Regulation, the Markets in Financial Instruments package and the Non-Financial Reporting Directive.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Dec 2019 11:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Recommendations-to-Combat-Undue-Short-Term-Pre</guid>
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					      <title>Bank of England Consults on Proposed 2021 Climate Change Stress Tests</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Proposed-2021-Climate</link>
					      <description><![CDATA[
The Bank of England has published a discussion paper seeking feedback on its proposals for a series of 2021 stress-tests on climate-related risks for the largest banks, insurers and the financial system. The stress tests will help to quantify potential climate change risks faced by the financial system and enable market participants and oversight bodies like the BoE to develop measures to prepare for those risks. Responses to the consultation should be submitted by March 18, 2020. The final stress testing framework will be published in the second half of 2020 with the results of the exercise published in 2021.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Dec 2019 11:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Proposed-2021-Climate</guid>
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					      <title>EU Regulation and Directive on Covered Bonds Published</title>
					      <link>https://finreg.aoshearman.com/EU-Regulation-and-Directive-on-Covered-Bonds-Published</link>
					      <description><![CDATA[
A new Regulation and Directive amending certain provisions of the Capital Requirements Regulation on covered bonds and introducing standards on the issuance of covered bonds and covered bond public supervision has been published in the Official Journal of the European Union. The Regulation and Directive will both enter into force on January 7, 2020. The Regulation will apply directly in all Member States from July 8, 2022, while Member States must publish national legislation implementing the Directive by July 8, 2021 and must apply that legislation from July 8, 2022.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Dec 2019 10:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Regulation-and-Directive-on-Covered-Bonds-Published</guid>
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					      <title>UK Prudential Regulator Finalizes Revisions to Pillar 2 Liquidity Reporting Frequency</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Finalizes-Revisions-to-Pillar</link>
					      <description><![CDATA[
The U.K. Prudential Regulatory Authority has published a Policy Statement, revised reporting rules and a revised Supervisory Statement on the PRA&apos;s approach to supervising liquidity and funding risks (SS 25/15).

Read more.]]></description>
					      
						      <pubDate>Tue, 17 Dec 2019 16:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Finalizes-Revisions-to-Pillar</guid>
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					      <title>Financial Stability Board Publishes 2020 Work Program</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-2020-Work-Pro</link>
					      <description><![CDATA[
The Financial Stability Board has published its work program for 2020. The FSB confirms that it will continue to monitor developments to identify and manage new and emerging risks, work to finalize the outstanding components of the post-crisis reforms and assess the implementation of reforms as well as their effects. Key areas of focus will be:

	LIBOR transition: the FSB will monitor implementation of the benchmark reforms and report on outstanding issues.
	Global stablecoins: the FSB will launch a consultation on global stablecoins in April 2020.
	Global payment systems: the FSB will work with other international bodies to develop and deliver a roadmap for using digital innovations to improve global cross-border payments.
	FinTech: the FSB will report on the perspective of emerging market and developing economies.


View the FSB work program for 2020.]]></description>
					      
						      <pubDate>Tue, 17 Dec 2019 12:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-2020-Work-Pro</guid>
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					      <title>UK Financial Policy Committee Highlights Risks of Open-Ended Funds and Global Stablecoins</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Policy-Committee-Highlights-Risks-of</link>
					      <description><![CDATA[
The Financial Policy Committee of the Bank of England has published its latest financial stability report. The report sets out the FPC&apos;s view of the resilience of the U.K. financial system and the main risks to the U.K.&apos;s financial stability as well as the work being carried out to address those risks. The FPC states that the 2019 annual cyclical scenario stress test indicates that the U.K. banking system would be resilient to deep simultaneous U.K. and global recessions. Furthermore, the U.K. financial system is resilient to and prepared for any disruptions that may arise from a disorderly Brexit.

Read more.]]></description>
					      
						      <pubDate>Mon, 16 Dec 2019 17:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Policy-Committee-Highlights-Risks-of</guid>
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					      <title>International Organization of Securities Commissions Consults on Combating Conduct Risks in Debt Capital Raising</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions-Consults-on-Combating</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has launched a consultation on methods of addressing potential conflicts of interest and other conduct risks that arise from market intermediaries&apos; participation in the debt capital raising process. Responses should be submitted by February 16, 2020.

Read more.]]></description>
					      
						      <pubDate>Mon, 16 Dec 2019 16:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions-Consults-on-Combating</guid>
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					      <title>European Supervisory Authorities Publish Guidelines on AML/CTF Cooperation</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Guidelines-on</link>
					      <description><![CDATA[
The European Banking Authority, European Insurance and Occupational Pensions Authority and European Securities and Markets Authority (collectively known as the European Supervisory Authorities) have published joint guidelines aimed at enhancing cooperation between national regulators in combating anti-money laundering and counter-terrorist financing. The EU Fourth Money Laundering Directive requires national regulators to cooperate in their AML/CTF supervision of entities that operate on a cross-border basis. 

Read more.]]></description>
					      
						      <pubDate>Mon, 16 Dec 2019 16:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Guidelines-on</guid>
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					      <title>European Securities and Markets Authority Publishes Information on Pending Applications for Benchmark Administrators</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Information-on-Pending</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a list of the entities that are awaiting their national regulator&apos;s approval for authorization and registration as EU benchmark administrators. Under the EU Benchmark Regulation, existing EU and third country benchmark administrators are entitled to apply for authorization to continue as administrators.

Read more.]]></description>
					      
						      <pubDate>Fri, 13 Dec 2019 19:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Information-on-Pending</guid>
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					      <title>EU Expert Group on Regulatory Obstacles to Financial Innovation Publishes Recommendations on Regulatory Framework for FinTech</title>
					      <link>https://finreg.aoshearman.com/EU-Expert-Group-on-Regulatory-Obstacles-to-Financial-Innovation</link>
					      <description><![CDATA[
The EU Expert Group on Regulatory Obstacles to Financial Innovation (or ROFIEG) has published a set of Recommendations and a Q&amp;A on the establishment of an accommodative framework for FinTech in the EU. The ROFIEG was established by the European Commission in 2018 to provide expertise on technology in the financial services sector and, in particular, to review the EU&apos;s legal and regulatory FinTech framework.

Read more.]]></description>
					      
						      <pubDate>Fri, 13 Dec 2019 17:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Expert-Group-on-Regulatory-Obstacles-to-Financial-Innovation</guid>
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					      <title>International Organization of Securities Commissions Publishes Framework for Monitoring Leverage in Funds</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions-Publishes-Framework</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published a framework designed to facilitate regulators&apos; monitoring of leverage in investment funds, assisting regulators in identifying potential risks to financial stability.

Read more.]]></description>
					      
						      <pubDate>Fri, 13 Dec 2019 17:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Securities-Commissions-Publishes-Framework</guid>
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					      <title>EU Report on Accepted Market Practices Under the Market Abuse Regulation</title>
					      <link>https://finreg.aoshearman.com/EU-Report-on-Accepted-Market-Practices-Under-the-Market</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published an annual report to the European Commission on the application of accepted market practices under the Market Abuse Regulation. The Market Abuse Regulation provides certain prohibitions against market manipulation. Accepted market practices, which are established by national regulators and notified to ESMA, provide a defense against any allegations of market manipulation.

Read more.]]></description>
					      
						      <pubDate>Fri, 13 Dec 2019 16:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Report-on-Accepted-Market-Practices-Under-the-Market</guid>
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					      <title>Proposed EU Procedural Rules for Penalties Imposed on Third-Country CCPs, Trade Repositories and Credit Rating Agencies</title>
					      <link>https://finreg.aoshearman.com/Proposed-EU-Procedural-Rules-for-Penalties-Imposed-on</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a consultation on proposed procedural rules for penalties imposed on third-country CCPs, trade repositories and credit rating agencies. Responses are invited by January 18, 2020. ESMA intends to finalize its technical advice by the end of Q1 2020.

Read more.]]></description>
					      
						      <pubDate>Fri, 13 Dec 2019 12:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Proposed-EU-Procedural-Rules-for-Penalties-Imposed-on</guid>
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					      <title>EMIR 2.2 Regulation on the Authorization and Recognition of CCPs Published</title>
					      <link>https://finreg.aoshearman.com/EMIR-22-Regulation-on-the-Authorization-and-Recognition</link>
					      <description><![CDATA[
A new Regulation amending the European Market Infrastructure Regulation has been published in the Official Journal of the European Union, introducing changes to the procedures and authorities involved in the authorization of central counterparties and the requirements for the recognition of third-country CCPs. The Regulation, known as &quot;EMIR 2.2&quot;, is part of the EU&apos;s push to enhance the regulation of CCPs amid concerns regarding potential CCP failures given their increasing systemic importance. 

Read more.]]></description>
					      
						      <pubDate>Thu, 12 Dec 2019 17:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EMIR-22-Regulation-on-the-Authorization-and-Recognition</guid>
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					      <title>European Securities and Markets Authority Publishes Final Report on Suspicious Transaction Reporting Under the Market Abuse Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Final-Report-on-Suspicious</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its final report on the compliance of Member States with suspicious transaction and order reports under the Market Abuse Regulation, in which it sets out the results of its peer review into certain aspects of the STOR framework. Experts from national regulators and ESMA were appointed to conduct the review and issued a self-assessment questionnaire to all 31 EEA national regulators, as well as conducting on-site visits to six national regulators.

Read more.]]></description>
					      
						      <pubDate>Thu, 12 Dec 2019 16:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Final-Report-on-Suspicious</guid>
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					      <title>Basel Committee on Banking Supervision Consults on Prudential Treatment of Crypto-Assets</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Consults-on-Prudential</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published a discussion paper seeking the views of stakeholders on the prudential regulatory treatment of crypto-assets. The paper is relevant for academics, banks, central banks, finance ministries, market participants, payment system operators and providers, supervisory authorities and technology companies. Responses should be submitted by March 13, 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 12 Dec 2019 16:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Consults-on-Prudential</guid>
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					      <title>European Securities and Markets Authority Reports on Sanctions Imposed Under UCITS Directive</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Reports-on-Sanctions</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its second annual report on the sanctions imposed in 2018 under the Undertakings for Collective Investments in Transferable Securities Directive. The UCITS Directive requires national regulators to inform ESMA annually of information relating to all penalties and measures they have imposed under the Directive during the previous calendar year, which ESMA then compiles in a single annual report. 

Read more.]]></description>
					      
						      <pubDate>Thu, 12 Dec 2019 16:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Reports-on-Sanctions</guid>
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					      <title>Committee on Payments and Market Infrastructures Publishes Report on Wholesale Digital Tokens</title>
					      <link>https://finreg.aoshearman.com/Committee-on-Payments-and-Market-Infrastructures-Publishes-Report</link>
					      <description><![CDATA[
The Committee on Payments and Market Infrastructures has published a report on wholesale digital tokens. The report focuses on how digital tokens might be used to effect settlement in wholesale transactions, replacing existing systems where such transactions are settled by updating balances in account records on a centralized register. The CPMI confirms that any wholesale digital token arrangement would need to comply with the applicable regulatory requirements, including, if the arrangement is systemically important, the Principles for Financial Market Infrastructure.

Read more.]]></description>
					      
						      <pubDate>Thu, 12 Dec 2019 16:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Committee-on-Payments-and-Market-Infrastructures-Publishes-Report</guid>
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					      <title>New EU Regulation on Promotion of Small- and Medium-Sized Enterprise Growth Markets</title>
					      <link>https://finreg.aoshearman.com/New-EU-Regulation-on-Promotion-of-Small--and-Medium-Sized</link>
					      <description><![CDATA[
A new Regulation amending the revised Markets in Financial Instruments Directive, Market Abuse Regulation and Prospectus Regulation has been published in the Official Journal of the European Union, introducing changes to support small- and medium-sized enterprise growth markets as trading venues. 

Read more.]]></description>
					      
						      <pubDate>Wed, 11 Dec 2019 16:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-EU-Regulation-on-Promotion-of-Small--and-Medium-Sized</guid>
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					      <title>European Securities and Markets Authority Publishes Amendments to Eligible Collateral Standards Under Capital Requirements Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Amendments-to</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published draft Implementing Technical Standards amending the existing ITS that establish the standards for the main indices and recognized exchanges that can hold securities eligible as collateral under the revised Capital Requirements Regulation (or &quot;CRR II&quot;).

Read more.]]></description>
					      
						      <pubDate>Wed, 11 Dec 2019 10:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Amendments-to</guid>
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					      <title>European Securities and Markets Authority Publishes Report on Costs Disclosure Standards for Fund Managers</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Report-on</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its final report on its proposed Regulatory Technical Standards on costs disclosure requirements for European Long-Term Investment Fund Managers.

Read more.]]></description>
					      
						      <pubDate>Tue, 10 Dec 2019 10:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Report-on</guid>
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					      <title>European Systemic Risk Board Publishes Recommendation on Collection of Information from Banks</title>
					      <link>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Publishes-Recommendation-on-</link>
					      <description><![CDATA[
The European Systemic Risk Board has published a Recommendation on the exchange and collection of information for macroprudential purposes by national regulators about branches of banks (credit institutions) that have their head office in another Member State or in a third country. 

Read more.]]></description>
					      
						      <pubDate>Mon, 09 Dec 2019 16:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Publishes-Recommendation-on-</guid>
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					      <title>European Commission Publishes Regulation on Sustainability-Related Disclosures in Financial Services</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Regulation-on-Sustainability-Related</link>
					      <description><![CDATA[
A new Regulation on sustainability-related disclosures in the financial services sector has been published in the Official Journal of the European Union. The Regulation is intended to encourage the financial services sector to disclose information about their approaches to sustainability risk and consideration of adverse sustainability impacts in the course of their businesses, as part of wider EU efforts to combat climate change and other sustainability-related issues. Climate change and sustainable finance are particular areas of focus for the EU.  

Read more.]]></description>
					      
						      <pubDate>Mon, 09 Dec 2019 11:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Regulation-on-Sustainability-Related</guid>
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					      <title>European Commission Publishes Regulation Amending EU Benchmarks Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Regulation-Amending-EU</link>
					      <description><![CDATA[
The European Commission has published a Regulation amending the EU Benchmarks Regulation in the Official Journal of the European Union. The amending Regulation aims to introduce minimum requirements for EU Climate Transition Benchmarks and EU Paris-aligned Benchmarks to improve the accuracy and integrity of those benchmarks for their users. 

Read more.]]></description>
					      
						      <pubDate>Mon, 09 Dec 2019 11:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Regulation-Amending-EU</guid>
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					      <title>European Commission Publishes Amendments to Closely Correlated Currencies Standards Under the Capital Requirements Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Amendments-to-Closely</link>
					      <description><![CDATA[
The European Commission&apos;s Implementing Technical Standards amending the existing Implementing Regulation on closely correlated currencies has been published in the Official Journal of the European Union.

Read more.]]></description>
					      
						      <pubDate>Mon, 09 Dec 2019 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Amendments-to-Closely</guid>
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					      <title>European Banking Authority Publishes Final Report on Banks&apos; Funding Plans Guidelines</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final-Report-on-Banks</link>
					      <description><![CDATA[
The European Banking Authority has published its final report on an update of its guidelines on harmonized definitions and templates for banks (credit institutions) to report their funding plans in accordance with the European Systemic Risk Board&apos;s Recommendation on the funding of banks. The Guidelines apply to national regulators and banks that report their funding plans to national regulators in accordance with the local implementation of the European Systemic Risk Board&apos;s Recommendation.

Read more.]]></description>
					      
						      <pubDate>Mon, 09 Dec 2019 10:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final-Report-on-Banks</guid>
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					      <title>Financial Stability Board Publishes Reports on Implications of BigTech and Cloud Services</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Reports-on-Implications</link>
					      <description><![CDATA[
The Financial Stability Board has published two reports on: (i) BigTech in finance and (ii) third-party dependencies on cloud services. The reports form part of the FSB&apos;s ongoing work to analyze structural changes within the financial system in order to harness benefits and mitigate risks.

Read more.]]></description>
					      
						      <pubDate>Mon, 09 Dec 2019 10:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Reports-on-Implications</guid>
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					      <title>European Securities and Markets Authority Publishes Annual Report on Regulators&apos; Supervisory Measures under EMIR</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Annual</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its annual report on the supervisory measures and penalties imposed by national regulators in respect of certain provisions under the European Markets Infrastructure Regulation. The relevant provisions govern: (i) the clearing obligation; (ii) the reporting obligation; (iii) non-financial counterparties; and (iv) the risk mitigation techniques under EMIR.

Read more.]]></description>
					      
						      <pubDate>Mon, 09 Dec 2019 10:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Annual</guid>
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					      <title>UK Conduct Regulator Publishes Consultation on Proposed Miscellaneous Changes to Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Consultation-on-Proposed</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a consultation on its proposed changes to various aspects of the FCA Handbook.

Read more.]]></description>
					      
						      <pubDate>Fri, 06 Dec 2019 16:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Consultation-on-Proposed</guid>
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					      <title>European Banking Authority Publishes Action Plan on Sustainable Finance</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Action-Plan-</link>
					      <description><![CDATA[
The European Banking Authority has published an action plan on sustainable finance, setting out how it intends to deliver on its aims to help combat environmental, social and governance risks and providing clarity on the direction of its policy in this area. The EBA has been mandated to contribute to work on ESG risks under various pieces of EU legislation and will focus on environmental factors and climate change in its initial phase of work. The action plan also sets out the EBA&apos;s projected timelines and milestones on sustainable finance.

Read more.]]></description>
					      
						      <pubDate>Fri, 06 Dec 2019 11:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Action-Plan-</guid>
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					      <title>EU MiFID II Review: First Review Report on Prices for Market Data and on the Consolidated Tape</title>
					      <link>https://finreg.aoshearman.com/EU-MiFID-II-Review-First-Review-Report-on-Prices-for-Market-Data</link>
					      <description><![CDATA[
Following its consultation earlier this year, the European Securities and Markets Authority has published a report on the development of prices for market data and on the consolidated tape for equity. The report is the first review report on the implementation of the revised Markets in Financial Instruments Directive and the Markets in Financial Instruments Regulation and will assist the Commission in preparing its reports to the European Parliament and Council of the European Union, which are expected in 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 05 Dec 2019 17:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-MiFID-II-Review-First-Review-Report-on-Prices-for-Market-Data</guid>
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					      <title>UK Prudential Regulator Consults on Outsourcing and Third Party Risk Management Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Outsourcing-and</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority is consulting on proposals for modernizing the regulatory framework on outsourcing and third party risk management by the financial services sector. The proposals are relevant to banks, building societies, PRA-designated investment firms, insurance and reinsurance firms and groups in scope of the Solvency II Directive as well as U.K. branches of overseas banks and insurers. Responses to the consultation should be submitted by April 3, 2020. The PRA aims to publish its final policy on the proposals in the second half of 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 05 Dec 2019 16:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Outsourcing-and</guid>
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					      <title>European Securities and Markets Authority Launches Consultation on Credit Ratings Agencies&apos; Internal Control Functions</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Launches-Consultation-on</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a consultation on its proposed guidelines setting out the criteria that Credit Ratings Agencies should have in place to demonstrate that their internal control systems are adequate and effective to maintain the independence of their activities, in line with the EU Credit Ratings Agencies Regulation. Responses to the consultation should be submitted by March 16, 2020. ESMA intends to publish a final report in 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 05 Dec 2019 16:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Launches-Consultation-on</guid>
				    </item>
			
					 <item>
					      <title>EU Statement on Stablecoins</title>
					      <link>https://finreg.aoshearman.com/EU-Statement-on-Stablecoins</link>
					      <description><![CDATA[
The Council of the European Union and the European Commission have published a joint statement on stablecoins. The statement reiterates many of the messages of the G7 working group paper on the impact of stablecoins. The EU statement confirms that no global stablecoin arrangement should begin to operate in the EU until the legal, regulatory and supervisory issues can be identified and dealt with appropriately. In the statement, the two EU bodies allude to the lack of information as a key impediment to global stablecoin arrangements being able to operate in the EU, in particular, because without it the authorities are unable to consider the impact on monetary policies or assess how to address other risks presented by this type of cryptoasset.

View the EU statement on stablecoins.

View details of the G7 working group paper on stablecoins.]]></description>
					      
						      <pubDate>Thu, 05 Dec 2019 15:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Statement-on-Stablecoins</guid>
				    </item>
			
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					      <title>EU Council Pushes for Further Harmonization of EU Anti-Money Laundering Rules</title>
					      <link>https://finreg.aoshearman.com/EU-Council-Pushes-for-Further-Harmonization-of-EU-Anti</link>
					      <description><![CDATA[
The Council of the European Union has adopted strategic priorities for reforms to the EU&apos;s anti-money laundering and countering the financing of terrorism regime and has called upon the European Commission to put those priorities into action.

Read more.]]></description>
					      
						      <pubDate>Thu, 05 Dec 2019 11:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Council-Pushes-for-Further-Harmonization-of-EU-Anti</guid>
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					      <title>New Regulation and Directive Governing Prudential Requirements for EU Investment Firms</title>
					      <link>https://finreg.aoshearman.com/New-Regulation-and-Directive-Governing-Prudential</link>
					      <description><![CDATA[
The new EU Investment Firms Regulation and Investment Firms Directive have been published in the Official Journal of the European Union. The new legislation aims to create a more tailored regulatory regime for many EU investment firms that reflects the risks inherent in the diverse activities those firms undertake.

Read more.]]></description>
					      
						      <pubDate>Thu, 05 Dec 2019 11:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-Regulation-and-Directive-Governing-Prudential</guid>
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					      <title>UK Regulators Launch Consultation on Operational Resilience in Financial Services</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Launch-Consultation-on-Operational-</link>
					      <description><![CDATA[
The Bank of England, U.K. Prudential Regulation Authority and U.K. Financial Conduct Authority have published a shared policy summary and consultation papers on strengthening operational resilience in the financial services sector. The consultation impacts banks, building societies, PRA-designated investment firms, firms subject to the Solvency II Directive, recognized investment exchanges, CCPs, central securities depositories, payment system operators, FCA enhanced scope SM&amp;CR firms and entities authorized and registered under the Payment Services Regulations 2017 and Electronic Money Regulations 2011. Responses to the consultation should be submitted by April 3, 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 05 Dec 2019 10:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Launch-Consultation-on-Operational-</guid>
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					      <title>International Swaps and Derivatives Association Seeks Clarity on Implications of Potential &quot;Non-Representative&quot; LIBOR Statement</title>
					      <link>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Association-S</link>
					      <description><![CDATA[
The International Swaps and Derivatives Association has published a letter in which it responds to the Financial Stability Board&apos;s November 15, 2019 letter on pre-cessation triggers. The co-Chairs of the FSB&apos;s Official Sector Steering Group requested ISDA to include a &quot;pre-cessation trigger&quot; alongside the cessation trigger in its standard language in derivatives contracts, via either definitions for new contracts or in a single protocol (without embedded optionality) for outstanding contracts. The pre-cessation trigger would cause a LIBOR-based contract to fall back to an alternative reference rate in the event that the U.K. Financial Conduct Authority, as the regulator of LIBOR, deemed that LIBOR was no longer representative.

Read more.]]></description>
					      
						      <pubDate>Wed, 04 Dec 2019 13:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Association-S</guid>
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					 <item>
					      <title>UK Competition Authority Removes Part 6 of Retail Banking Market Investigation Order</title>
					      <link>https://finreg.aoshearman.com/UK-Competition-Authority-Removes-Part-6-of-Retail-Banking</link>
					      <description><![CDATA[
Following its consultation earlier this year, the U.K. Competition and Markets Authority has published its final decision to vary the Retail Banking Market Investigation Order 2017 by removing Part 6 of the Order, which governs automatic enrollment in personal current account alerts.

Read more.]]></description>
					      
						      <pubDate>Wed, 04 Dec 2019 11:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Competition-Authority-Removes-Part-6-of-Retail-Banking</guid>
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					 <item>
					      <title>European Banking Authority Publishes Advice on EU Implementation of Basel III</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Advice-on-EU-Implementation</link>
					      <description><![CDATA[
The European Banking Authority has published the second part of its two-part technical advice on the impact of the Basel III reforms in the EU. The Basel III reforms aim to reduce excessive variability of risk weighted assets and improve the comparability of banks&apos; capital ratios, and in 2018, the European Commission requested the EBA to provide technical advice on their implementation in the EU. The first part of the EBA&apos;s advice was delivered in August 2019, relating to Basel III reforms to credit risk, operational risk, output floor and securities financing transactions.

Read more.]]></description>
					      
						      <pubDate>Wed, 04 Dec 2019 10:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Advice-on-EU-Implementation</guid>
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					      <title>Report on Loan Enforcement Laws Across the EU Published</title>
					      <link>https://finreg.aoshearman.com/Report-on-Loan-Enforcement-Laws-Across-the-EU-Published</link>
					      <description><![CDATA[
The European Commission has published a study analyzing the individual and collective loan enforcement laws in the 28 EU member states. The report, authored by Dr Steffek, University of Cambridge, sets out in anonymized format the results of the study on member state loan enforcement laws from the perspective of the bank as lender enforcing a loan contract against a company, a sole trader, a partnership or a consumer as borrower.

Read more.]]></description>
					      
						      <pubDate>Tue, 03 Dec 2019 11:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Report-on-Loan-Enforcement-Laws-Across-the-EU-Published</guid>
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					      <title>UK Conduct Regulator to be Appointed as Supervisor of UK Cryptoasset Businesses</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-to-be-Appointed-as-Supervisor</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority will be appointed as the supervisor of U.K. cryptoasset businesses under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 as a result of amendments that will be made to the Money Laundering Regulations due to come into force on January 10, 2020. The amendments are being made in order to implement the EU&apos;s Fifth Money Laundering Directive, which Member States must introduce as part of their national laws by January 2020.

Read more.]]></description>
					      
						      <pubDate>Mon, 02 Dec 2019 16:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-to-be-Appointed-as-Supervisor</guid>
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					      <title>UK FICC Market Standards Board Consults on Draft Statement of Good Practice for Sovereign and Supranational Fixed Income Markets Auctions</title>
					      <link>https://finreg.aoshearman.com/UK-FICC-Market-Standards-Board-Consults-on-Draft-</link>
					      <description><![CDATA[
The U.K. FICC Market Standards Board is consulting on its draft Statement of Good Practice for Participation in Sovereign and Supranational Auctions in Fixed Income Markets. The FMSB is a standards setting body operated by wholesale market participants that was established in 2015. It is mandated to issue Standards that improve conduct in the wholesale Fixed Income, Currencies and Commodities markets. FMSB Member Firms are expected to consider their practices in light of the Standards, but the Standards are not binding and non-compliance will not affect whether a firm is deemed to have met its regulatory obligations.

Read more.]]></description>
					      
						      <pubDate>Mon, 02 Dec 2019 15:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FICC-Market-Standards-Board-Consults-on-Draft-</guid>
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					      <title>UK Conduct Regulator Publishes Consultation on Extension of Senior Managers Regime to Benchmark Administrators</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Consultation-on-Extension</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a consultation paper seeking feedback on its proposals for the extension of the Senior Managers&apos; Regime to benchmark administrators. The FCA&apos;s SMR was originally implemented for banks in 2016 and was extended to all authorized investment firms in December 2019. Benchmark administrators were only obliged to become FCA-authorized by the end of 2019 pursuant to the EU Benchmark Regulation, and so were granted a one-year extension from the roll-out of the SMR.

Read more.]]></description>
					      
						      <pubDate>Fri, 29 Nov 2019 17:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Consultation-on-Extension</guid>
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					      <title>Financial Stability Board Publishes Final Report on Impact of Regulatory Reforms for SME Financing</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Final-Report-</link>
					      <description><![CDATA[
The Financial Stability Board has published its final report on the impact of financial regulatory reforms on the provision of financing to small- and medium-sized enterprises. The report follows the FSB&apos;s consultation in June 2019 on its draft paper examining the way in which the Basel III and certain national and regional regulatory reforms have impacted SME financing. 

Read more.]]></description>
					      
						      <pubDate>Fri, 29 Nov 2019 17:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Final-Report-</guid>
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					      <title>European Banking Authority Publishes Guidelines on Technology and Security Risk Management</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Guidelines-on-Technology</link>
					      <description><![CDATA[
The European Banking Authority has published its final guidelines on the management of information and communication technology and security risks by financial institutions in the EU. The Guidelines set out how financial institutions should comply with relevant provisions on the governance and risk management of ICT and security risks under the Fourth Capital Requirements Directive and the Second Payment Services Directive. 

Read more.]]></description>
					      
						      <pubDate>Thu, 28 Nov 2019 17:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Guidelines-on-Technology</guid>
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					      <title>Basel Committee on Banking Supervision Publishes Consultation on Credit Valuation Adjustment Risk</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Publis</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published a consultation paper seeking feedback on its final amendments to the credit valuation adjustment risk framework set out under the Basel III standards. The paper provides a detailed description of the amendments and sets out the proposed revised standards. Responses to the consultation should be submitted by February 25, 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 28 Nov 2019 12:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Publis</guid>
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					      <title>European Central Bank Publishes Paper on Stablecoins</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Paper-on-Stableco</link>
					      <description><![CDATA[
The European Central Bank has published a paper providing an overview of the stablecoins market and looking ahead to its future development. The paper contains no binding rules or guidance and is designed for information purposes only. It outlines how stablecoins have emerged as an alternative to highly volatile cryptoassets, such as Bitcoin, by incorporating &quot;stabilization&quot; mechanisms that back the value of the stablecoins by tying them to underlying assets such as fiat currencies or commodities. Facebook&apos;s unveiling of its Libra stablecoin has attracted much attention from regulators, demonstrating the ongoing challenges faced by the cryptoassets. It goes on to describe the different types of stablecoins, the current status of stablecoin initiatives and considers potential use cases for stablecoins, such as transferring money without using financial institutions or cash. The ECB determines that it remains to be seen how the more innovative types of stablecoin will develop given their greater volatility and foresees that improvements in stablecoin governance may need to be made.

Read more.]]></description>
					      
						      <pubDate>Thu, 28 Nov 2019 11:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Paper-on-Stableco</guid>
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					      <title>UK Conduct Regulator Consults on Guidance on Managing Inside Information</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Guidance-on-Mana</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a newsletter for primary market participants seeking feedback on draft best practice guidance for government departments, industry regulators and public bodies on the identification, control and disclosure of inside information. Comments on the best practice note should be submitted by January 15, 2020.

The FCA determined that new, up-to-date guidance on inside information was required to reflect recent legal and regulatory developments, including the introduction of the Market Abuse Regulation in July 2016. Certain of these developments are directly applicable to the actions of government departments, industry regulators and public bodies. The guidance is targeted at these entities and feedback on the guidance is therefore sought particularly from them. The note sets out certain relevant aspects of the Market Abuse Regulation and provides suggestions for how these entities can identify inside information that they become privy to, including questioning whether the information has been made public, whether it is precise and whether a reasonable investor might use it as part of the basis of an investment decision. It also provides suggestions on controlling and handling inside information once it has been identified and on the systems and controls that should be adopted around disclosing the information.

View the FCA&apos;s guidance.]]></description>
					      
						      <pubDate>Wed, 27 Nov 2019 11:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Guidance-on-Mana</guid>
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					      <title>Basel Committee on Banking Supervision Publishes Guidance on Sector-Specific Capital Buffers</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Publish</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has today published its guiding principles for the operationalization of a sectoral countercyclical capital buffer (or &quot;SCCyB&quot;). The SCCyB complements the Basel Committee&apos;s countercyclical buffer by establishing capital requirements that could be imposed on a particular sector, in addition to the countercyclical buffer that is based on banks&apos; total risk weighted assets. The SCCyB will only apply to jurisdictions that choose to implement it on a voluntary basis and will not form part of the Basel standards.

Read more.]]></description>
					      
						      <pubDate>Wed, 27 Nov 2019 11:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Publish</guid>
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					      <title>New EU Directive on Protection of Persons Reporting Breaches of Union Law</title>
					      <link>https://finreg.aoshearman.com/New-EU-Directive-on-Protection-of-Persons-Reporti</link>
					      <description><![CDATA[
A new EU Directive, known as the &quot;EU Whistleblowing Directive&quot;, that aims to enhance the enforcement of EU law and policies by providing protection for individuals that report breaches has been published in the Official Journal of the European Union. The Directive will apply to whistleblowers working in the private or public sector, whether they are classed as workers, self-employed, shareholders or working under the supervision and direction of contractors, subcontractors and suppliers, as well as those who acquired information in previous employment or through the recruitment process for a job they are yet to begin.

The Directive will come into force on December 16, 2019. Member States must implement the majority of the provisions into their national laws by December 17, 2021.

View the Directive.]]></description>
					      
						      <pubDate>Tue, 26 Nov 2019 13:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-EU-Directive-on-Protection-of-Persons-Reporti</guid>
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					      <title>UK Conduct Regulator Announces 2020 Mini-Bond Product Intervention Measures</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Announces-2020-Mini-Bond-Pro</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has announced that it will introduce temporary product intervention measures for 12 months from January 1, 2020 to December 31, 2020 to combat risks to consumers of the promotion of speculative mini-bonds. The measures follow the high profile failure of mini-bond issuer London Capital &amp; Finance plc, which has prompted an investigation by the FCA into the circumstances surrounding LC&amp;F&apos;s collapse and the FCA&apos;s supervision of the firm. HM Treasury is also conducting an ongoing investigation into the wider policy questions raised by LC&amp;F&apos;s failure, focusing on a review of the regulatory regime governing non-transferable debt securities and an assessment of Innovative Finance ISA rules.

Read more.]]></description>
					      
						      <pubDate>Tue, 26 Nov 2019 12:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Announces-2020-Mini-Bond-Pro</guid>
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					      <title>Financial Stability Board Provides Technical Clarifications on Implementation of Haircuts for Uncleared Securities Financing Transactions</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Provides-Technical-Clar</link>
					      <description><![CDATA[
The Financial Stability Board has published an updated report on the regulatory framework for haircuts on uncleared securities financing transactions. The technical guidance on the implementation of the FSB&apos;s framework has been updated to provide clarification through text amendments and the addition of questions and answers.

View the report.

View details of the FSB&apos;s delay to the implementation timetable.]]></description>
					      
						      <pubDate>Tue, 26 Nov 2019 11:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Provides-Technical-Clar</guid>
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					      <title>Basel Committee on Banking Supervision Publishes Statement on Proportionate Implementation of Basel Framework</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Publishe</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published a joint statement with the Basel Consultative Group on the proportionality of the implementation of the Basel Framework by the banks and jurisdictions to which it applies. The Basel Consultative Group is the Basel Committee&apos;s sub-group responsible for enhancing the Basel Committee&apos;s engagement with global supervisors, including those from non-member countries. The Basel Framework is the set of bank prudential standards established by the Basel Committee that Basel members have agreed to implement. The joint statement confirms the role of proportionality that is established in the Basel Committee&apos;s &quot;Core principles for effective banking supervision&quot;.

The statement follows the Basel Committee&apos;s survey on proportionality in bank regulation and supervision, in which it found that a majority of Basel Committee and BCG jurisdictions apply proportionality measures in supervision of banks.

View the Basel Committee&apos;s statement on proportionality.

View the Basel Committee&apos;s Core principles for effective banking supervision.

View the Basel Committee&apos;s survey on proportionality in bank regulation and supervision.]]></description>
					      
						      <pubDate>Tue, 26 Nov 2019 11:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Publishe</guid>
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					      <title>UK Conduct Regulator Publishes Feedback and Final Rules on Proxy Advisors Regulations</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Feedback-and-Final</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Policy Statement incorporating its response to the feedback it received on its proposals for the implementation of the Proxy Advisors (Shareholders&apos; Rights) Regulations 2019, together with the final rules. The final rules make amendments to the FCA&apos;s Decision Procedure and Penalties Manual and Enforcement Guide, reflecting the new Regulations that came into force on June 10, 2019.

The Regulations implemented new obligations imposed upon proxy advisors by the revised EU Shareholder Rights Directive into the U.K. statutory regime. The FCA has the power to discipline and investigate proxy advisors under the Proxy Advisors Regulations and changes were therefore required to the FCA&apos;s rules to take account of these powers. The following new provisions have been included in the Decision Procedures and Penalties Manual:

	the FCA will publish a statement about a proxy advisor who has breached a relevant requirement; it will impose a public censure in contested cases and allow decision makers to use executive powers to decide on settled cases;
	the FCA will decide when to impose a financial penalty on a proxy advisor; and
	the FCA will decide when to impose a restitution requirement.


The FCA has also included a new section in its Enforcement Guide explaining how it will use its powers under the Regulations. The intended approach will broadly mirror that taken by the FCA in conducting investigations, sanctioning and using its regulatory powers under FSMA.

View the FCA&apos;s Feedback and final rules.]]></description>
					      
						      <pubDate>Mon, 25 Nov 2019 11:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Feedback-and-Final</guid>
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					      <title>European Banking Authority Publishes Consultation on Draft MREL and TLAC Disclosure and Reporting Standards</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Consultation-on-Draft</link>
					      <description><![CDATA[
The European Banking Authority has published a consultation paper on its draft Implementing Technical Standards for supervisory reporting and public disclosure of minimum requirements for own funds and eligible liabilities (or &quot;MREL&quot;) and total loss-absorbing capacity (or &quot;TLAC&quot;). Responses to the consultation should be submitted by February 22, 2020. The EBA expects to submit the final draft ITS to the European Commission in June 2020.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 Nov 2019 16:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Consultation-on-Draft</guid>
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					      <title>Eurozone Single Resolution Board Publishes Opinions on Internal Rules for its use of Personal Data</title>
					      <link>https://finreg.aoshearman.com/Eurozone-Single-Resolution-Board-Publishes-Opinion</link>
					      <description><![CDATA[
The Eurozone Single Resolution Board has published a series of three opinions setting out its own internal rules for the circumstances in which it may restrict the rights of data subjects under Regulation (EU) 2018/1725, data protection legislation that is commonly understood as the public sector equivalent of the General Data Protection Regulation. The Regulation governs the use of personal data by EU institutions and agencies. 

Read more.]]></description>
					      
						      <pubDate>Fri, 22 Nov 2019 16:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Eurozone-Single-Resolution-Board-Publishes-Opinion</guid>
				    </item>
			
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					      <title>Financial Stability Board Publishes 2019 List of Global Systemically Important Banks</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-2019-List-of-</link>
					      <description><![CDATA[
The Financial Stability Board has published the 2019 list of global systemically important banks. Alongside the 2019 G-SIB list, the Basel Committee on Banking Supervision has published further information relating to its 2019 assessment of G-SIBs, including:
 

	The denominators of each of the 12 high-level indicators used to calculate the banks&apos; scores under the G-SIB methodology;
	The 12 high-level indicators used to calculate these denominators; and
	The cutoff score used to identify the G-SIBs in the updated list and the thresholds used to allocate G-SIBs to buckets for the purpose of calculating the specific higher loss absorbency requirements.


The Basel Committee assessment was based on its 2013 methodology for identifying G-SIBs. A revised assessment methodology was published by the Basel Committee in July 2018, which is expected to be implemented by member jurisdictions by 2021.

View the 2019 G-SIB list.

View the Basel Committee&apos;s statement on its G-SIB assessment methodology.

View details of the Basel Committee&apos;s revised assessment framework for G-SIBs.

Read more.
 ]]></description>
					      
						      <pubDate>Fri, 22 Nov 2019 14:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-2019-List-of-</guid>
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					      <title>European Banking Authority Launches Consultation on Specific Supervisory Reporting Requirements for Market Risk</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Launches-Consultation-on-</link>
					      <description><![CDATA[
The European Banking Authority has launched a consultation on its proposed draft Implementing Technical Standards on specific supervisory reporting requirements for market risk. &quot;Market risk&quot; relates to the risk of losses that banks face to their on- and off-balance sheet positions from adverse movements in market prices. The EBA was mandated to produce the ITS under the Capital Requirements Regulation II, published in June 2019, which made extensive changes to the EU&apos;s capital requirements regime, including through the implementation of the Basel Committee on Banking Supervision&apos;s international standards on market risk. 

Read more.]]></description>
					      
						      <pubDate>Thu, 21 Nov 2019 15:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Launches-Consultation-on-</guid>
				    </item>
			
					 <item>
					      <title>European Banking Authority Publishes Roadmap for Technical Standards and Guidelines Supplementing the Risk Reduction Package</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Roadmap-for-</link>
					      <description><![CDATA[
The European Banking Authority has published a roadmap for the risk reduction package that involved changes to the EU Capital Requirements Regulation, the Capital Requirements Directive and the Bank Recovery and Resolution Directive. The EBA is mandated within the changed legislation to prepare technical standards, guidelines and reports on governance and remuneration, large exposures, resolution, reporting and disclosure. The EBA&apos;s roadmaps set out the timelines for delivery of all of the mandates, including where deadlines have been adjusted by the EBA.

View the EBA&apos;s roadmaps for the risk reduction package.

View details of CRD5 and CRR2.

View details of BRRD 2.]]></description>
					      
						      <pubDate>Thu, 21 Nov 2019 11:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Roadmap-for-</guid>
				    </item>
			
					 <item>
					      <title>European Commission Publishes Report on Liability for Artificial Intelligence</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Report-on-Liability-for</link>
					      <description><![CDATA[
The New Technologies formation of the European Commission&apos;s Expert Group on Liability and New Technologies has published a report on liability regimes for artificial intelligence. The report discusses existing laws concerning liability for emerging digital technologies and describes how those laws could be improved to cater for the new risks and challenges associated with new technologies. The New Technologies formation is a panel that was established by the European Commission in March 2018 and was asked to examine existing EU liability regimes and make recommendations for amendments to take account of emerging digital technologies where necessary.

Read more.]]></description>
					      
						      <pubDate>Thu, 21 Nov 2019 11:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Report-on-Liability-for</guid>
				    </item>
			
					 <item>
					      <title>Basel Committee Publishes Report on Open Banking and Application Programming Interfaces</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-Publishes-Report-on-Open-Banking-</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published a report on &quot;open banking&quot; and the use of application programming interfaces. The term &quot;open banking&quot; refers to the sharing and leveraging of customer-permissioned data by banks with third-party developers and firms to build applications and services, including for example those that provide real-time payments, greater financial transparency options for account holders, marketing and cross-selling opportunities. Application programming interfaces are software intermediaries that enable information to be exchanged between applications. 

Read more.]]></description>
					      
						      <pubDate>Tue, 19 Nov 2019 14:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-Publishes-Report-on-Open-Banking-</guid>
				    </item>
			
					 <item>
					      <title>UK Conduct Regulator Sets Out Conduct Expectations of Firms For LIBOR Transition</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Sets-Out-Conduct-Expectation</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a statement on conduct risk during the LIBOR transition, which is due to be completed by the end of 2021. The statement is in the form of questions and answers and sets out the FCA&apos;s expectations of firms relating to governance and accountability, replacing LIBOR with alternative rates in existing contracts, offering new products with alternative rates, communicating with customers about the transition from LIBOR and best practice for firms investing on behalf of clients.

View the FCA&apos;s statement.]]></description>
					      
						      <pubDate>Tue, 19 Nov 2019 12:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Sets-Out-Conduct-Expectation</guid>
				    </item>
			
					 <item>
					      <title>UK Legal Statement on CryptoAssets and Smart Contracts</title>
					      <link>https://finreg.aoshearman.com/UK-Legal-Statement-on-CryptoAssets-and-Smart-Cont</link>
					      <description><![CDATA[
The UK Jurisdiction Taskforce has published a legal statement on cryptoassets and smart contracts under English private law. UKJT is part of the LawTech Delivery Panel, an industry-led group established in 2018, with the aim of identifying barriers and opportunities for growth. The legal statement provides the UKJT&apos;s view of the principles applicable under English and Welsh private law for determining when a cryptoasset will be considered property and when an enforceable contract is concluded through a smart contract. The intention of the statement is to help improve confidence among market participants and investors due to the perception of legal uncertainty on the legal status of cryptoassets and smart contracts.

Read more.]]></description>
					      
						      <pubDate>Mon, 18 Nov 2019 15:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Legal-Statement-on-CryptoAssets-and-Smart-Cont</guid>
				    </item>
			
					 <item>
					      <title>European Commission Vice President Addresses CCP Temporary Equivalence and Sustainable Finance in London Speech</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Vice-President-Addresses-CCP-</link>
					      <description><![CDATA[
The Vice President of the European Commission, Valdis Dombrovskis, has given a keynote speech at the Guildhall in London covering, amongst other things, the EU&apos;s proposals for the development of the European sustainable finance framework and a proposed extension to the temporary equivalence regime for U.K. central counterparties.

Read more.]]></description>
					      
						      <pubDate>Fri, 15 Nov 2019 15:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Vice-President-Addresses-CCP-</guid>
				    </item>
			
					 <item>
					      <title>Financial Stability Board&apos;s LIBOR Steering Group Encourages ISDA to Roll Out Pre-Cessation Trigger</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Boards-LIBOR-Steering-Group</link>
					      <description><![CDATA[
The co-Chairs of the Financial Stability Board&apos;s Official Sector Steering Group, whose work focuses on interest rate benchmarks that are deemed to play a critical role in the global financial system, have written to the International Swaps and Derivatives Association requesting that it includes a &quot;pre-cessation trigger&quot; alongside the cessation trigger in its standard language in derivatives contracts, via either definitions for new contracts or in a single protocol (without embedded optionality) for outstanding contracts. The pre-cessation trigger would cause a LIBOR-based contract to fall back to an alternative reference rate in the event that the U.K. Financial Conduct Authority, as the regulator of LIBOR, deemed that LIBOR was no longer representative. 

Read more.]]></description>
					      
						      <pubDate>Fri, 15 Nov 2019 12:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Boards-LIBOR-Steering-Group</guid>
				    </item>
			
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					      <title>Basel Committee on Banking Supervision Consults on Pillar 3 Disclosure Requirements for Market Risk and Sovereign Exposures</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Consult</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has opened two consultations on revisions to the Basel III Pillar 3 disclosure requirements, one related to market risk disclosures and one on sovereign exposures disclosures. Responses to both consultations should be submitted by February 14, 2020. No indication is given as to when the sovereign exposure disclosure requirements might be introduced. The Basel Committee intends to publish the revisions of the market risk disclosure requirements in time for implementation of the revisions by member jurisdictions by no later than January 1, 2022.

Read more.]]></description>
					      
						      <pubDate>Thu, 14 Nov 2019 16:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Consult</guid>
				    </item>
			
					 <item>
					      <title>Financial Stability Board Publishes 2019 Resolution Report</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-2019-Resolution</link>
					      <description><![CDATA[
The Financial Stability Board has published its 2019 Resolution Report, providing updates on its implementation of policy measures to enhance the resolvability of systemically important financial institutions.  

Read more.]]></description>
					      
						      <pubDate>Thu, 14 Nov 2019 15:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-2019-Resolution</guid>
				    </item>
			
					 <item>
					      <title>European Banking Authority Consults on Draft Technical Standards on Passport Notifications Under Capital Requirements Directive</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Draft-Technical</link>
					      <description><![CDATA[
The European Banking Authority has published draft amended Regulatory and Implementing Technical Standards regarding the exercise of credit institutions&apos; rights to freedom of establishment and freedom to provide services (i.e. passporting rights) under the Capital Requirements Directive. The EBA reviewed the original Technical Standards in 2018 and found several areas for improvement that would enhance the quality and consistency of passport notifications and the ability of EU national regulators to use them. It has produced the draft amended standards with a view to updating the information requirements that must be notified by a credit institution to its home national regulator. Responses to the consultation should be submitted by February 13, 2020.

Read more.]]></description>
					      
						      <pubDate>Wed, 13 Nov 2019 16:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Draft-Technical</guid>
				    </item>
			
					 <item>
					      <title>Working Group on Euro Risk-Free Rates Makes Recommendations for &amp;euro;STR Fall-Back Arrangements</title>
					      <link>https://finreg.aoshearman.com/Working-Group-on-Euro-Risk-Free-Rates-Makes-Recom</link>
					      <description><![CDATA[
The European Central Bank has published a report by the working group on euro risk-free rates on &amp;euro;STR fall-back arrangements. The EU Benchmark Regulation requires regulated entities to have put in place written plans on the steps that they would take should a benchmark used in their contracts be materially amended or ceases. The Working Group recommends that instead of selecting an alternative rate, regulated entities should take into account the ECB&apos;s regular review of &amp;euro;STR&apos;s methodology and the policies and procedures for the possible cessation of &amp;euro;STR, together with the use of contractual fallbacks.

View the report.]]></description>
					      
						      <pubDate>Tue, 12 Nov 2019 11:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Working-Group-on-Euro-Risk-Free-Rates-Makes-Recom</guid>
				    </item>
			
					 <item>
					      <title>Final EMIR 2.2 Technical Advice Published</title>
					      <link>https://finreg.aoshearman.com/Final-EMIR-22-Technical-Advice-Published</link>
					      <description><![CDATA[
Following its consultation earlier this year, the European Securities and Markets Authority has published final reports and the final technical advice on third-country CCP tiering, comparable compliance and fees under draft revisions to the European Market Infrastructure Regulation, known as EMIR 2.2. EMIR 2.2 will change the requirements for the supervision of both EU and third-country CCPs, and includes the controversial formal EU &quot;location policy&quot; for CCPs. The technical advice will assist the Commission in preparing the final delegated legislation that will supplement the EMIR 2.2.

Read more.]]></description>
					      
						      <pubDate>Mon, 11 Nov 2019 15:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-EMIR-22-Technical-Advice-Published</guid>
				    </item>
			
					 <item>
					      <title>European Commission Publishes EU Delegated Regulation Aligning KID Publication Requirements under PRIIPS Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-EU-Delegated-Regulation</link>
					      <description><![CDATA[
A Commission Delegated Regulation amending secondary legislation supplementing the Packaged Retail and Insurance-Based Investment Products Regulation has been published in the Official Journal of the European Union. 

Read more.]]></description>
					      
						      <pubDate>Fri, 08 Nov 2019 17:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-EU-Delegated-Regulation</guid>
				    </item>
			
					 <item>
					      <title>EU Single Resolution Board Launches Consultation on Expectations for Banks</title>
					      <link>https://finreg.aoshearman.com/EU-Single-Resolution-Board-Launches-Consultation-</link>
					      <description><![CDATA[
The Eurozone Single Resolution Board has launched a public consultation on its proposed &quot;Expectations for Banks&quot;, a draft document outlining best practice for banks in implementing resolution planning. The consultation is being undertaken as part of the SRB&apos;s endeavours to work with Eurozone banks and other stakeholders and to demonstrate transparency in its approaches and decisions. 

Read more.]]></description>
					      
						      <pubDate>Fri, 08 Nov 2019 17:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Single-Resolution-Board-Launches-Consultation-</guid>
				    </item>
			
					 <item>
					      <title>UK Information Commissioner&apos;s Office Consults on Application of Powers under Proceeds of Crime Act</title>
					      <link>https://finreg.aoshearman.com/UK-Information-Commissionerrsquos-Office-Consults</link>
					      <description><![CDATA[
The U.K. Information Commissioner&apos;s Office, the U.K.&apos;s independent body for the upholding of information rights in the public interest, has issued a consultation paper on proposals that it be granted investigative and other powers under the Proceeds of Crime Act 2002. The proposals are in response to the increasing number of cases in which financial gains are made by criminals involved in the theft of personal data.

Read more.]]></description>
					      
						      <pubDate>Fri, 08 Nov 2019 16:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Information-Commissionerrsquos-Office-Consults</guid>
				    </item>
			
					 <item>
					      <title>European Commission Publishes Commission Delegated Regulation Amending Auctioning Allowances Rules</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Commission-Delegated-Regulation</link>
					      <description><![CDATA[
A Commission Delegated Regulation amending the EU Auctioning Regulation has been published in the Official Journal of the European Union. The Delegated Regulation will apply directly in all EU Member States from November 28, 2019. The EU Auctioning Regulation provides for EU emission allowances to be auctioned and specifies key aspects of the auctions, including their design, timing and eligibility requirements. 

Read more.]]></description>
					      
						      <pubDate>Fri, 08 Nov 2019 15:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Commission-Delegated-Regulation</guid>
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					 <item>
					      <title>US Securities and Exchange Commission Extends No-Action Relief for MiFID II Inducements and Research</title>
					      <link>https://finreg.aoshearman.com/US-Securities-and-Exchange-Commission-Extends-No-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has welcomed the U.S. Securities and Exchange Commission&apos;s extension of no-action relief addressing a potential conflict between U.S. regulation and the inducements and research provisions of the revised Markets in Financial Instruments Directive. One of MiFID II&apos;s objectives is to give investors transparency into the cost of both research and trading commissions by requiring payments for these elements to be unbundled. 

Read more.]]></description>
					      
						      <pubDate>Fri, 08 Nov 2019 15:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Securities-and-Exchange-Commission-Extends-No-</guid>
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					 <item>
					      <title>European Banking Authority Reports Reduction in EU Banks&apos; Non-Performing Loans</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Reports-Reduction-in-EU</link>
					      <description><![CDATA[
The European Banking Authority has published a report on non-performing loans in the EU banking sector, in which it finds that total NPLs have decreased from over &amp;euro;1.5 trillion in June 2015 to &amp;euro;636 billion in June 2019. The level of European NPLs was a key concern for EU supervisors and market participants following the financial crisis, triggering efforts to deal with the issue at a supervisory, political and market participant level.

Read more.]]></description>
					      
						      <pubDate>Fri, 08 Nov 2019 15:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Reports-Reduction-in-EU</guid>
				    </item>
			
					 <item>
					      <title>Basel Committee on Banking Supervision Publishes Consultation on Coordination of Prudential and AML/CFT Supervision</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Publishes-Consultation</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published a consultation paper on the &quot;Introduction of guidelines on interaction and cooperation between prudential and anti-money laundering/counter-terrorism financing supervision&quot;. Under the consultation paper, the Basel Committee proposes to amend its guidelines on the &quot;Sound management of risks related to money laundering and financing of terrorism&quot; to include guidance on the interaction between prudential and AML/CFT supervision in a bid to enhance the effectiveness of the supervision of banks&apos; AML/CFT regimes. Responses to the consultation should be submitted by February 6, 2020.

Read more.]]></description>
					      
						      <pubDate>Fri, 08 Nov 2019 15:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Publishes-Consultation</guid>
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					 <item>
					      <title>Financial Stability Board Plenary Meets to Review Global Financial System Vulnerabilities, FinTech and its 2020 Work Program</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Plenary-Meets-to-Review</link>
					      <description><![CDATA[
The Financial Stability Board has met in Paris to review key issues facing financial markets, including vulnerabilities in the global financial system, FinTech developments and its 2020 work program. 

Read more.]]></description>
					      
						      <pubDate>Thu, 07 Nov 2019 15:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Plenary-Meets-to-Review</guid>
				    </item>
			
					 <item>
					      <title>European Commission Confirms Fitness of EU Supervisory Reporting Requirements for Financial Services</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Confirms-Fitness-of-EU-Supervisory</link>
					      <description><![CDATA[
The European Commission has published the results of its &quot;fitness check&quot; of EU supervisory reporting requirements.  The reporting requirements imposed by EU and national regulatory authorities require regulated institutions to provide information to their respective authorities regarding their financial condition and activities. The European Commission assessed the effectiveness, coherence, relevance and efficiency of existing reporting requirements in order to identify areas that may be simplified or streamlined.

Read more.]]></description>
					      
						      <pubDate>Thu, 07 Nov 2019 15:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Confirms-Fitness-of-EU-Supervisory</guid>
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					      <title>EU Technical Standards On Homogeneity Conditions For STS Securitizations</title>
					      <link>https://finreg.aoshearman.com/EU-Technical-Standards-On-Homogeneity-Conditions-</link>
					      <description><![CDATA[
Regulatory Technical Standards under the EU Securitization Regulation on the conditions for a securitization to be considered &quot;homogenous&quot; have been published in the Official Journal of the European Union. Homogeneity is one of the requirements for a securitization to be classed as a simple, transparent and standardized securitization or STS securitization. Exposures related to STS securitizations will attract lower risk weightings for firms subject to the Capital Requirements Regulation. The RTS will apply directly across the EU from November 26, 2019.

Read more.]]></description>
					      
						      <pubDate>Wed, 06 Nov 2019 15:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Technical-Standards-On-Homogeneity-Conditions-</guid>
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					      <title>HM Treasury Publishes Equivalence Determinations for EU Financial Services Legislation</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Equivalence-Determinations-</link>
					      <description><![CDATA[
HM Treasury has published the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019, providing U.K. government ministers with a temporary power to make equivalence and exemptions directions for the EU and EEA Member States under relevant financial services legislation. The temporary power will come into force on the date that the U.K. leaves the EU (currently expected to be no later than January 31, 2020) and can only be used for up to twelve months from that date.

Read more.]]></description>
					      
						      <pubDate>Wed, 06 Nov 2019 15:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Equivalence-Determinations-</guid>
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					      <title>Working Group on Euro Risk-Free Rates Recommends Fallback Provisions Contracts Referencing EURIBOR</title>
					      <link>https://finreg.aoshearman.com/Working-Group-on-Euro-Risk-Free-Rates-Recommends-</link>
					      <description><![CDATA[
The European Central Bank has published a report by the working group on euro risk-free rates providing high-level recommendations for fall-back provisions in contracts for cash products and derivatives transactions referencing EURIBOR. The recommendations are not legally binding and market participants can decide whether, and to the extent to which, they wish to adopt them. EURIBOR were identified as critical benchmarks for the purposes of the EU Benchmarks Regulation  and the methodology for calculating EURIBOR has been revised to be Benchmark Regulation-compliant, to be implemented by the end of 2019.

Read more.]]></description>
					      
						      <pubDate>Wed, 06 Nov 2019 10:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Working-Group-on-Euro-Risk-Free-Rates-Recommends-</guid>
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					      <title>EU Consultation on Changes to Position Limits for Commodity Derivatives</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Changes-to-Position-Limits-for</link>
					      <description><![CDATA[
Following its Call for Evidence issued in May this year, the European Securities and Markets Authority has launched a consultation on proposed revisions to the legal framework for position limits and position management in commodity derivatives. The position limits regime was introduced by the revised Markets in Financial Instruments Directive. MiFID II requires the European Commission to report to the European Parliament and the Council on the impact of the application of position limits and position management on liquidity, market abuse and orderly pricing and settlement conditions in commodity derivatives markets. ESMA must provide the Commission with advice regarding this new regime to support the Commission&apos;s preparation of the report, including any recommendations for changing the legislative requirements. Responses to ESMA&apos;s consultation should be submitted by January 8, 2020.

Read more.]]></description>
					      
						      <pubDate>Tue, 05 Nov 2019 17:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Changes-to-Position-Limits-for</guid>
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					      <title>EU Recommendations on Financial Accounting Implications of Transition to &amp;euro;STR</title>
					      <link>https://finreg.aoshearman.com/EU-Recommendations-on-Financial-Accounting-Implications</link>
					      <description><![CDATA[
The European Central Bank has published a report by the working group on euro risk-free rates on the financial accounting implications of the transition from EONIA to &amp;euro;STR and the introduction of &amp;euro;STR-based fallbacks for EURIBOR. 

Read more.]]></description>
					      
						      <pubDate>Tue, 05 Nov 2019 11:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Recommendations-on-Financial-Accounting-Implications</guid>
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					      <title>IOSCO Confirms That Stablecoins Are Potentially Within the Securities Regulatory Perimeter</title>
					      <link>https://finreg.aoshearman.com/IOSCO-Confirms-That-Stablecoins-Are-Potentially-W</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has issued a statement confirming that it is possible, depending on their structure, for stablecoins to fall within the scope of securities market regulation. IOSCO has undertaken an in-depth study (not published) of stablecoins and has concluded that each proposed stablecoin, the manner in which it is intended to operate and the rights and obligations conferred on participants needs to be analyzed to assess the risks and benefits of the particular stablecoin. The statement is widely considered to be in response to Facebook&apos;s announcement about its proposed stablecoin, Libra. According to IOSCO, certain stablecoins may have features that are similar to securities and accordingly will be within the regulatory perimeter of some countries. IOSCO calls on entities that wish to launch stablecoins to engage with regulators so that any risks associated with the operation of the stablecoin might be mitigated.

View IOSCO&apos;s statement.]]></description>
					      
						      <pubDate>Mon, 04 Nov 2019 17:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/IOSCO-Confirms-That-Stablecoins-Are-Potentially-W</guid>
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					      <title>UK Conduct Regulator Requests Fund Managers to Review Liquidity Management Practices</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Requests-Fund-Managers-to-Review</link>
					      <description><![CDATA[
The U.K. Financial Conduct Regulator has published a &quot;Dear Chairman&quot; letter addressed to Authorized Fund Managers requesting them to review certain aspects of the liquidity management arrangements for the authorized funds that they manage. The letter follows the FCA&apos;s recent policy statement establishing new rules for open-ended funds that invest in inherently illiquid assets and aims to address concerns that open-ended funds may not always be able to liquidate funds fast enough to comply with redemption requests. In its policy statement, the FCA acknowledged that its new rules did not capture open-ended UCITS funds such as the LF Woodford Equity Income Fund. This latest letter urges firms to recognise that effective liquidity management is a core function for all open-ended funds.

Read more.]]></description>
					      
						      <pubDate>Mon, 04 Nov 2019 16:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Requests-Fund-Managers-to-Review</guid>
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					      <title>Financial Action Task Force Consults on Digital Identity in Customer Due Diligence Guidance</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Consults-on-Digital-I</link>
					      <description><![CDATA[
The Financial Action Task Force is seeking feedback from private sector stakeholders on its draft guidance on the use of digital identity systems in customer due diligence. The guidance will supplement Recommendation 10 of the FATF&apos;s Recommendations regarding customer due diligence and demonstrates how authentication of customer identities in the digital finance and digital ID context supports broader anti-money laundering/counter-terrorism financing efforts. Stakeholders should submit responses to the consultation by November 29, 2019. The FATF intends to make further amendments to its draft guidance at its February 2020 meetings.

Read more.]]></description>
					      
						      <pubDate>Thu, 31 Oct 2019 13:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Consults-on-Digital-I</guid>
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					      <title>Basel Committee on Banking Supervision Considers Key Supervisory and Policy Initiatives</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Considers-</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision met on October 30-31, 2019 to discuss key policy and supervisory issues, including: (i) a proposed consultation on adjustments to the credit valuation adjustment risk framework; (ii) a proposed consultation on revised market risk and sovereign exposure disclosure requirements; (iii) a proposed discussion paper on the prudential treatment of cryptoassets; (iv) a proposed consultation on guidelines for enhanced cooperation between prudential regulatory authorities and anti-money laundering/counter-terrorism financing authorities; and (v) its reports into the implementation of the Net Stable Funding Ratio and large exposures standards in Argentina and China. All of the proposed consultation papers, as well as the NSFR/large exposures reports, are expected to be published in November 2019.

Other topics under discussion included benchmark rate reforms, the implementation of the Basel Committee&apos;s guidance on managing foreign exchange settlement risk and the usability of capital buffers. On the latter subject, the Basel Committee has also published a newsletter reiterating the importance of the capital buffer framework and emphasizing that the buffers are designed to be usable. The Basel Committee has announced that Canada will host the 21 International Conference of Banking Supervisors on October 21-22, 2020.

View the Basel Committee&apos;s press release on its October 30-31 2019 meeting.

View the Basel Committee&apos;s newsletter on capital buffers.

View details of the 21 International Conference of Banking Supervisors.]]></description>
					      
						      <pubDate>Thu, 31 Oct 2019 11:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Considers-</guid>
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					      <title>UK Conduct Regulator Postpones Implementation Date for Brexit Contingency Plans</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Postpones-Implementation-Date</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has extended the date by which firms must implement Brexit contingency plans following the extension of the Brexit deadline from October 31, 2019 to January 31, 2020. Firms and funds should now notify the FCA for entry into the temporary permissions regime by January 30, 2020 and fund managers have until January 15, 2020 to notify the FCA if they wish to change their existing notification. Firms should continue to comply with transaction and trade reporting requirements under the Markets in Financial Instruments Directive and European Market Infrastructure Directive, respectively.
 
View the FCA&apos;s statement on contingency planning deadlines.]]></description>
					      
						      <pubDate>Wed, 30 Oct 2019 15:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Postpones-Implementation-Date</guid>
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					      <title>European Banking Authority Publishes Opinion on Strengthening Depositor Protection in the EU</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Opinion-on-</link>
					      <description><![CDATA[
The European Banking Authority has published the second in a series of three opinions on the implementation of the Deposit Guarantee Scheme Directive in the EU. This opinion relates to DGS payouts. The first opinion related to the eligibility of deposits, coverage level and cooperation between deposit guarantee schemes and was published in August 2019. The third opinion will cover DGS funding and the uses of DGS funds. The opinions have been prepared to assist the European Commission in its obligation to report on the implementation of the DGSD.

Read more.]]></description>
					      
						      <pubDate>Wed, 30 Oct 2019 15:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Opinion-on-</guid>
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					      <title>UK Government Agrees Extension of Brexit Deadline With European Union</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Agrees-Extension-of-Brexit-Deadline</link>
					      <description><![CDATA[
The U.K. Government has published legislation extending the deadline for the U.K.&apos;s withdrawal from the European Union, following an agreement reached with relevant European Union bodies on the extended Brexit deadline. The European Union (Withdrawal) Act 2018 (Exit Day) (Amendment) (No. 3) Regulations 2019 amend the day of the U.K.&apos;s exit from the European Union from October 31, 2019 to January 31, 2020, granting the U.K. government an additional three months in which to ratify its proposed Brexit deal.

Read more.]]></description>
					      
						      <pubDate>Wed, 30 Oct 2019 14:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Agrees-Extension-of-Brexit-Deadline</guid>
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					      <title>UK Conduct Regulator Further Extends Deadline for E-Money and Payment Services Temporary Permissions Notifications</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Further-Extends-Deadline-for</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published two amending Directions under the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 extending the deadlines by which e-money and payment services firms should notify the FCA of their intention to rely on the temporary permissions regime following the U.K.&apos;s exit from the EU. These firms should now make notifications by January 30, 2020. The extended deadline falls immediately before the revised Brexit deadline of January 31, 2020.

View the FCA&apos;s amended Direction on notifications for the e-money services temporary permissions regime.

View the FCA&apos;s amended Direction on notifications for the payment services temporary permissions regime. ]]></description>
					      
						      <pubDate>Wed, 30 Oct 2019 09:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Further-Extends-Deadline-for</guid>
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					      <title>European Banking Authority Urges EU Legislative Update for Cross-Border Banking and Payment Services in the Digital Era</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Urges-EU-Legislative-Update</link>
					      <description><![CDATA[
The European Banking Authority has published a report identifying potential barriers to customer choice and the cross-border provision of banking and payment services in the EU, together with proposals for how to overcome these issues. Building on the EBA&apos;s FinTech Roadmap and the European Commissioner&apos;s Consumer Financial Services Action Plan, the report sets out the areas where the institutions, including FinTech firms, may face challenges when seeking to provide intra-EU cross-border services, focusing on authorizations and licensing, consumer protection and conduct of business requirements and anti-money laundering and countering the financing of terrorism. The EBA makes recommendations for where changes to EU primary legislation or further guidelines could address the issues to enhance the EU&apos;s single market.

Read more.]]></description>
					      
						      <pubDate>Tue, 29 Oct 2019 15:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Urges-EU-Legislative-Update</guid>
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					      <title>UK Regulator Publishes Final Technical Standards on Strong Customer Authentication in the Event of a No-Deal Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Publishes-Final-Technical-Standards-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Policy Statement, final Technical Standards and changes to the Handbook rules on strong customer authentication and common and secure open standards of communication to be applicable when the U.K. leaves the EU. The FCA consulted on the proposed SCA RTS in early 2019 when the U.K. was due to leave the EU on March 29, 2019, and before the EU SCA Regulatory Technical Standards application date. Since then, Brexit has been extended and the EU SCA RTS has applied directly across the EU since September 14, 2019. As a result, the EU SCA RTS would be onshored into U.K. law under the Withdrawal Act. However, in preparation for a no-deal Brexit, the U.K. Payment Services Regulations would require firms to apply the U.K. SCA RTS. As a result, the EU SCA RTS would be revoked and the FCA&apos;s SCA RTS will apply in the U.K. in the event of a no-deal Brexit.

Read more.]]></description>
					      
						      <pubDate>Fri, 25 Oct 2019 17:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Publishes-Final-Technical-Standards-</guid>
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					      <title>Regulatory Oversight Committee Launches Consultation on Legal Entity Identifiers for General Government Entities</title>
					      <link>https://finreg.aoshearman.com/Regulatory-Oversight-Committee-Launches-Consultation</link>
					      <description><![CDATA[
The Legal Entity Identifier Regulatory Oversight Committee has launched a consultation on the allocation of LEIs to government entities. LEIs are reference codes allocated to legal entities for the purposes of unique identification in financial transactions and for other public sector uses. General government entities are eligible for LEIs as they are legal entities, but many (such as Ministries, Agencies and Republics) are not incorporated or do not otherwise have legal personality

Read more.]]></description>
					      
						      <pubDate>Fri, 25 Oct 2019 16:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Regulatory-Oversight-Committee-Launches-Consultation</guid>
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					      <title>UK Prudential Regulator Launches Consultation on More Proportionate Capital Requirements for Credit Unions</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Launches-Consultation-on-More</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has launched a consultation on the capital requirements that apply to credit unions. The PRA considers that credit unions approaching the thresholds of &amp;pound;10 million in assets or 15,000 members may find barriers to expansion under the current capital regime. It also finds that the risks that the capital regime endeavours to tackle could be addressed in a simpler manner than the link between capital and credit union membership size and activity which is currently used. The PRA also considers that engaging with small credit unions earlier could increase chances of a non-failure solution.

Read more.]]></description>
					      
						      <pubDate>Thu, 24 Oct 2019 16:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Launches-Consultation-on-More</guid>
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					      <title>UK Conduct Regulator Publishes Feedback on Regulatory Framework for Stewardship Discussion Paper</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Feedback-on-Regulatory</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a feedback statement on the discussion paper, &quot;Building a regulatory framework for effective stewardship&quot; that it published in January 2019 together with the Financial Reporting Council. The discussion paper called for input on how best to encourage the capital markets community to engage more actively in &quot;stewardship&quot; of the assets in which they invest. 

Read more.]]></description>
					      
						      <pubDate>Thu, 24 Oct 2019 15:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Feedback-on-Regulatory</guid>
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					      <title>Financial Action Task Force Publishes Best Practices for Beneficial Ownership Transparency</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Publishes-Best-Practi</link>
					      <description><![CDATA[
The Financial Action Task Force has published best practices on beneficial ownership for legal persons. Global standards require authorities to be able to ascertain the ultimate owner of a company or foundation to provide transparency and mitigate against the use of legal persons for financial crime purposes. The FATF&apos;s Best Practices document identifies the issues faced in achieving transparency of beneficial ownership and provides recommendations for an effective system that ensures accurate and up-to-date information to authorities in a timely manner. The FATF highlights that using a multi-pronged approach with numerous information sources is considered more effective and the document sets out the key features of an effective multi-pronged system.

View the FATF best practices on beneficial ownership for legal persons.]]></description>
					      
						      <pubDate>Thu, 24 Oct 2019 10:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Publishes-Best-Practi</guid>
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					      <title>European Supervisory Authorities Issue Guidance on Scope of Application to Bonds of the PRIIPs Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Issue-Guidance-o</link>
					      <description><![CDATA[
The Joint Committee of the European Supervisory Authorities has published a Supervisory Statement on the scope of application to bonds of the EU Packaged Retail and Insurance-based Investment Products Regulation. The ESAs have issued the Supervisory Statement in an attempt to avoid the adoption of diverse approaches by national regulators across the EU as to when a Key Information Document is required for different types of bonds under the PRIIPs Regulation. The PRIIPs Regulation, directly applicable across the EU since January 1, 2018, imposes a requirement upon issuers of packaged retail and insurance-based investment products to issue KIDs to retail investors describing key features of their products, in order to enhance transparency and improve investor protection in the PRIIPs market.

Read more.]]></description>
					      
						      <pubDate>Thu, 24 Oct 2019 09:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Issue-Guidance-o</guid>
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					      <title>European Banking Authority Publishes Opinion on Regulatory Treatment of Non-Performing Exposure Securitizations</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Opinion-on-Regulatory</link>
					      <description><![CDATA[
The European Banking Authority has published an opinion recommending amendments to the regulatory treatment of the securitization of non-performing exposures. The opinion examines how securitizations may be used to fund the reduction of NPEs and outlines regulatory constraints imposed on the use of securitizations in this way, alongside its proposals for amendments to the regulatory framework.

Read more.]]></description>
					      
						      <pubDate>Wed, 23 Oct 2019 16:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Opinion-on-Regulatory</guid>
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					      <title>Working Group on Sterling Risk-Free Reference Rates Asks Regulators to Act on Prudential Impediments to LIBOR Transition</title>
					      <link>https://finreg.aoshearman.com/Working-Group-on-Sterling-Risk-Free-Reference-Rat</link>
					      <description><![CDATA[
The Working Group on Sterling Risk-Free Reference Rates has written to the Prudential Regulation Authority raising issues in the banking prudential regulation regime that, in its view, will require changes and/or regulatory forbearance if a smooth transition from LIBOR to SONIA is to be achieved. Although the letter focuses on the U.K. regime, the issues are likely to be relevant globally.

Read more.]]></description>
					      
						      <pubDate>Wed, 23 Oct 2019 11:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Working-Group-on-Sterling-Risk-Free-Reference-Rat</guid>
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					      <title>European Securities and Markets Authority Publishes Enforcement Priorities for 2019 Financial Reports</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Enforcement</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its annual Public Statement on European enforcement priorities for listed companies&apos; 2019 financial reports. The priorities will guide the areas of focus when ESMA and relevant national enforcement authorities assess the reports. 

Read more.]]></description>
					      
						      <pubDate>Tue, 22 Oct 2019 16:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Enforcement</guid>
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					      <title>European Commission Consults on Alternative Standardized Approach for Market Risk</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Consults-on-Alternative-Standardized</link>
					      <description><![CDATA[
The European Commission has invited responses to its consultation on proposed changes to the standardized approach for market risk. The changes follow the Basel Committee on Banking Supervision&apos;s revisions to the Basel III market risk capital framework, which were published in January 2019. 

Read more.]]></description>
					      
						      <pubDate>Tue, 22 Oct 2019 16:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Consults-on-Alternative-Standardized</guid>
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					      <title>Committee on Payments and Market Infrastructures Publishes Toolkit for Reducing Wholesale Payments Fraud</title>
					      <link>https://finreg.aoshearman.com/Committee-on-Payments-and-Market-Infrastructures-Publishes</link>
					      <description><![CDATA[
The Committee on Payments and Market Infrastructures has prepared a &quot;toolkit&quot; to assist central banks to reduce the risk of wholesale payments fraud related to endpoint security. The Financial Stability Institute at the Bank for International Settlements has also announced that it will make tutorials on wholesale payments security freely available to central banks on request.

Read more.]]></description>
					      
						      <pubDate>Tue, 22 Oct 2019 16:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Committee-on-Payments-and-Market-Infrastructures-Publishes</guid>
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					      <title>EU and UK Agree Revised Brexit Deal</title>
					      <link>https://finreg.aoshearman.com/EU-and-UK-Agree-Revised-Brexit-Deal</link>
					      <description><![CDATA[
The EU and U.K. have, in principle, agreed new terms for the withdrawal agreement giving effect to the U.K.&apos;s exit from the European Union. These include a revised political declaration and protocol concerning Northern Ireland replacing the controversial backstop. An amended unilateral declaration on consent in Northern Ireland by the U.K. has also been published. The new Withdrawal Agreement provides for a transitional period from the day the U.K. exits the EU until December 31, 2020. That period may be extended for a period of one to two years, if agreed between the EU and the U.K by July 31, 2020.

View the revised Withdrawal Agreement and Political Declaration.

View our client note providing comparisons to the previous versions.]]></description>
					      
						      <pubDate>Sat, 19 Oct 2019 11:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-and-UK-Agree-Revised-Brexit-Deal</guid>
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					      <title>G7 Working Group Reports on the Impact of Global Stablecoins</title>
					      <link>https://finreg.aoshearman.com/G7-Working-Group-Reports-on-the-Impact-of-Global-</link>
					      <description><![CDATA[
The G7 working group on stablecoins has published a report investigating the impact of global stablecoins. The working group is comprised of senior officials from the G7 central banks, the International Monetary Fund, the Bank for International Settlements and the Financial Stability Board, and is chaired by Beno&amp;icirc;t C&amp;oelig;ur&amp;eacute; (Chair of the Committee on Payments and Market Infrastructures). 

Read more.]]></description>
					      
						      <pubDate>Fri, 18 Oct 2019 11:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/G7-Working-Group-Reports-on-the-Impact-of-Global-</guid>
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					      <title>Financial Stability Board to Assess Potential Risks of Stablecoins</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-to-Assess-Potential-Risks</link>
					      <description><![CDATA[
The Financial Stability Board has published a report on regulatory issues arising with respect to so-called stablecoins. The FSB defines a stablecoin as &quot;a crypto-asset designed to maintain a stable value relative to another asset (typically a unit of currency or commodity) or a basket of assets&quot; which may be &quot;collateralised by fiat currency or commodities, or supported by algorithms&quot;.

Read more.]]></description>
					      
						      <pubDate>Fri, 18 Oct 2019 08:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-to-Assess-Potential-Risks</guid>
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					      <title>UK Prudential Regulator Launches Consultation on Supervision of Liquidity and Funding Risk</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Launches-Consultation-on-Supervision</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has launched a consultation on proposed amendments to its Supervisory Statement, &quot;The PRA&apos;s approach to supervising liquidity and funding risk&quot;. The amendments are intended to clarify the appropriate use of the Bank of England&apos;s liquidity facilities and the credibility of recovery plans that rely on such facilities.  

Read more.]]></description>
					      
						      <pubDate>Thu, 17 Oct 2019 13:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Launches-Consultation-on-Supervision</guid>
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					      <title>European Securities and Markets Authority Finds Improvement in Supervision of Derivatives Data</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Finds-Improvement</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published the results of its peer review into the supervisory actions of six national regulators in enhancing the quality of derivatives data under the European Market Infrastructure Regulation. EMIR requires EU counterparties to a derivative contract to report details of their contract to one of the seven registered trade repositories supervised by ESMA. 

Read more.]]></description>
					      
						      <pubDate>Thu, 17 Oct 2019 13:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Finds-Improvement</guid>
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					      <title>European Central Bank Publishes Report on the Risk Management Implications of the Euro Risk-Free Rates Provisions</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Report-on-the-Risk-Management</link>
					      <description><![CDATA[
The European Central Bank has published a report on the risk management implications of the upcoming move away from the Euro Overnight Index Average (the overnight reference rate for the euro) and EURIBOR (the term reference rate for the euro) to alternative risk-free rates. Both EONIA and EURIBOR were identified as critical benchmarks for the purposes of the EU Benchmarks Regulation. 

Read more.]]></description>
					      
						      <pubDate>Thu, 17 Oct 2019 09:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Report-on-the-Risk-Management</guid>
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					      <title>European Banking Authority Launches Consultation on Technical Standards for Public Disclosures under CRR II</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Launches-Consultation-on-Technical-Standards</link>
					      <description><![CDATA[
The European Banking Authority has launched a consultation on its draft Implementing Technical Standards for public disclosures by financial institutions under the Capital Requirements Regulation. CRR implements the Basel Committee on Banking Supervision&apos;s Pillar 3 disclosure requirements, which require relevant financial institutions to disclose information about their risks and risk management procedures and policies. In 2018, the Basel Committee published updated Pillar 3 requirements. The revised CRR was published in June 2019 and, for the most part, will apply directly across the EU from June 28, 2021.  It incorporates the revised Basel Committee disclosure standards into CRR and mandates the EBA to produce the draft ITS to ensure comparability of the disclosures made with international non-EU active banks. Responses to the consultation should be submitted by January 16, 2020. The EBA expects to submit the revised draft ITS to the European Commission in June 2020.

Read more.]]></description>
					      
						      <pubDate>Wed, 16 Oct 2019 15:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Launches-Consultation-on-Technical-Standards</guid>
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					      <title>European Banking Authority Publishes Opinion on Strong Customer Authentication Deadline for E-Commerce Card Payments</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Opinion-on-Strong-Customer</link>
					      <description><![CDATA[
The European Banking Authority has published an opinion stating its expectation that national regulators should enforce strong customer authentication requirements on e-commerce card-based payment transactions by December 31, 2020. The Opinion also describes the actions that regulators should take in the lead up to this deadline to ensure compliance. The EBA&apos;s Regulatory Technical Standards on strong customer authentication and common and secure communication, published in accordance with the revised Payment Services Directive, came into force on March 14, 2018 and have applied directly in all Member States since September 14, 2019. In response to questions on the SCA requirements, the EBA also published an Opinion in June 2019, setting out market approaches to payment authentication that would be deemed compliant with the new SCA rules. The EBA acknowledged that some market participants may struggle to comply with the SCA requirements and allowed national regulators to grant e-commerce card-based payment transaction providers additional time to migrate to SCA approaches.

Read more.]]></description>
					      
						      <pubDate>Wed, 16 Oct 2019 14:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Opinion-on-Strong-Customer</guid>
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					      <title>European Banking Authority Publishes Consultation on Structural FX Guidelines Under Capital Requirements Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Consultation-on</link>
					      <description><![CDATA[
The European Banking Authority has published a consultation on its proposed guidelines on the implementation of the structural FX position contemplated by the Capital Requirements Regulation. The CRR requires institutions to calculate their net open positions in currencies according to specified formulae, but permits institutions to exclude positions that have been taken for hedging purposes and that are of a structural nature. 

Read more.]]></description>
					      
						      <pubDate>Wed, 16 Oct 2019 13:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Consultation-on</guid>
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					      <title>European Banking Authority Launches Consultation on Technical Standards for Supervisory Reporting Requirements under CRR II</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Launches-Consultation-on-Technical</link>
					      <description><![CDATA[
The European Banking Authority has launched a consultation on its draft Implementing Technical Standards for financial institutions&apos; reporting requirements under the revised Capital Requirements Regulation. The draft ITS will amend the existing reporting regime applicable to banks subject to the CRR, taking into account certain amendments to that regime made by CRR 2 and the &quot;Backstop Regulation&quot;. Responses to the consultation should be submitted by January 16, 2020.

Read more.]]></description>
					      
						      <pubDate>Wed, 16 Oct 2019 11:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Launches-Consultation-on-Technical</guid>
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					      <title>UK Conduct Regulator Publishes Feedback on Climate Change and Green Finance Projects</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Feedback-on-Climate-Change-and</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a feedback statement on its proposals for improving climate change disclosures and the information given to consumers about green financial products and services. The feedback statement follows the FCA&apos;s discussion paper on climate change and green finance, in which it sought comments on potential changes to its regulatory approach in these areas.

Read more.]]></description>
					      
						      <pubDate>Wed, 16 Oct 2019 10:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Feedback-on-Climate-Change-and</guid>
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					      <title>Financial Stability Board Publishes Report on Implementation of G20 Financial Regulatory Reforms</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Report-on-Implementation</link>
					      <description><![CDATA[
The Financial Stability Board has published its annual report on the 2019 progress made in the implementation of the G20&apos;s financial reforms. The FSB published an interim progress report in June 2019 at the meeting of G20 Finance Ministers and Central Bank Governors in Japan, which summarized FSB member jurisdictions&apos; progress to date in implementing the recommended reforms. The annual report provides further detail on the progress made and sets out areas for future work.

Read more.]]></description>
					      
						      <pubDate>Wed, 16 Oct 2019 10:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Report-on-Implementation</guid>
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					      <title>Financial Stability Board Publishes Report on Progress of Over-The-Counter Derivatives Market Reforms</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Report-on-Progress-of</link>
					      <description><![CDATA[
The Financial Stability Board has published a report on the progress its member jurisdictions have made in 2019 on the implementation of agreed G20 reforms to over-the-counter derivatives markets. The report finds that there has been limited additional implementation of the reforms since the FSB&apos;s 2018 report.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Oct 2019 14:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Report-on-Progress-of</guid>
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					      <title>EU Council Adopts Laws on Enhanced Supervision of Third-Country CCPs </title>
					      <link>https://finreg.aoshearman.com/EU-Council-Adopts-Laws-on-Enhanced-Supervision-of-Third</link>
					      <description><![CDATA[
The Council of the European Union has adopted the amendments to EU law on CCP supervision. The adopted laws revising the European Market Infrastructure Regulation (EMIR 2.2) will change how both EU CCPs and third-country CCPs are supervised, and implement into legislation the controversial EU &quot;location policy&quot; for the largest third-country CCPs. According to the Council&apos;s press release, EMIR 2.2 is scheduled to be published in the Official Journal of the European Union on December 12, 2019 and would come into force 20 days later. The legislative process relevant to EMIR 2.2 has taken place with the U.K. exit from the European Union in the background and many of the changes relevant to third-country CCPs are effectively a response to the U.K.&apos;s decision to leave the EU, given that two of the three largest European Union clearing houses are U.K.-based.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Oct 2019 10:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Council-Adopts-Laws-on-Enhanced-Supervision-of-Third</guid>
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					      <title>UK Rules to Implement France&apos;s Large Exposure Limit for Highly Indebted Corporates</title>
					      <link>https://finreg.aoshearman.com/UK-Rules-to-Implement-France39s-Large-Exposure-Li</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a Policy Statement and final rules to reciprocate the French measure on large exposures, following a recommendation by the European Systemic Risk Board. In July 2018, France&apos;s Haut Conseil de stabilit&amp;eacute; financi&amp;egrave;re (HCSF) imposed a measure under the Capital Requirements Regulation that lowers the large exposure limit, from 25% to 5% of a firm&apos;s eligible capital, for French G-SIIs and French O-SIIs for their exposures to French non-financial counterparties that are &apos;highly indebted&apos;. The PRA will apply the same 5% large exposure limit for exposures to certain French NFCs through amendments to the Large Exposures part of the PRA Rulebook. The measures apply on a consolidated basis to U.K. firms identified by the PRA as Global Systemically Important Institutions and Other Systemically Important Institutions from January 1, 2020.

View the PRA rules.

View the PRA Policy Statement.]]></description>
					      
						      <pubDate>Tue, 15 Oct 2019 09:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Rules-to-Implement-France39s-Large-Exposure-Li</guid>
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					      <title>Financial Stability Board Publishes Report on Progress of Over-The-Counter Derivatives Market Reforms</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Report-on-Progress</link>
					      <description><![CDATA[
The Financial Stability Board has published a report on the progress its member jurisdictions have made in implementing the agreed G20 reforms to over-the-counter derivatives markets in 2018. The report finds that good progress has been made in implementation of the agenda.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 Oct 2019 09:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Report-on-Progress</guid>
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					      <title>UK FICC Markets Standards Board Publishes Statement of Good Practice on Conflicts of Interest</title>
					      <link>https://finreg.aoshearman.com/UK-FICC-Markets-Standards-Board-Publishes-Statement</link>
					      <description><![CDATA[
The U.K. Fixed Income, Currencies and Commodities Markets Standards Board has published a statement of good practice for the FICC markets on conflicts of interest. The statement of good practice represents the FMSB&apos;s view of best practice but is not subject to the FMSB&apos;s adherence framework, so failure to comply will not indicate a failure to meet regulatory obligations.

Read more.]]></description>
					      
						      <pubDate>Mon, 14 Oct 2019 14:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FICC-Markets-Standards-Board-Publishes-Statement</guid>
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					      <title>Financial Stability Board Publishes Update on Market Fragmentation Work</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Update-on-Market</link>
					      <description><![CDATA[
The Financial Stability Board has published a progress update on its ongoing work to tackle market fragmentation. The update follows the FSB&apos;s June 2019 Report on Market Fragmentation, which explored the link between market fragmentation and financial stability and identified four areas for further work to address the issue: deference (e.g. the reliance authorities place on one another when regulating or supervising participants on a cross-border basis); pre-positioning of capital and liquidity; regulatory and supervisory coordination and information-sharing; and market fragmentation as part of the evaluation of reforms, starting with the &quot;too-big-to-fail&quot; evaluation.

Read more.]]></description>
					      
						      <pubDate>Mon, 14 Oct 2019 14:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Update-on-Market</guid>
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					      <title>Financial Stability Board Publishes Letter to G20 Ministers on Effect of Reforms and Future Work</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Letter-to-G20</link>
					      <description><![CDATA[
The Financial Stability Board has published a letter to G20 Finance Ministers and Central Bank Governors describing the progress of post-financial crisis reforms and key focus areas for the future. Over the past ten years, the FSB has proposed a number of reforms to the global financial system, working with international organizations on implementation to improve financial stability.

Read more.]]></description>
					      
						      <pubDate>Sun, 13 Oct 2019 14:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Letter-to-G20</guid>
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					      <title>UK Prudential Regulator Implements New Waiver of Deposit Protection Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Implements-New-Waiver-of-</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has announced that it will provide a new waiver by consent of the Continuity of Access Rules under the Depositor Protection Part of the PRA Rulebook. The DPP Rulebook sets out rules requiring firms to ensure that eligible depositors have access to deposits covered by the Financial Services Compensation Scheme in the event of the firm&apos;s insolvency, by establishing systems to facilitate a transfer of such deposits (the so-called &quot;Continuity of Access&quot; rules).

Read more.]]></description>
					      
						      <pubDate>Sun, 13 Oct 2019 12:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Implements-New-Waiver-of-</guid>
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					      <title>UK Financial Policy Committee Issues Summary of UK Financial System</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Policy-Committee-Issues-Summary-of-UK</link>
					      <description><![CDATA[
The U.K. Financial Policy Committee has issued a summary of the resilience of the U.K. financial system to potential economic shocks and the vulnerabilities it faces. The summary follows the FPC&apos;s meeting on October 2, 2019, at which the FPC agreed on its intended policy action going forward. The FPC is made up of Bank of England staff, the Chief Executive of the U.K. Financial Conduct Authority and certain external members who work to identify, monitor and take action to remove or reduce systemic risks to the U.K. financial system.

Read more.]]></description>
					      
						      <pubDate>Fri, 11 Oct 2019 18:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Policy-Committee-Issues-Summary-of-UK</guid>
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					      <title>European Commission Consults on Implementing Final Basel III Reforms</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Consults-on-Implementing-Fina</link>
					      <description><![CDATA[
The European Commission has launched a public consultation on aligning the EU rules on capital requirements to certain final outstanding elements of the Basel III international standards. On December 7, 2017, the Basel Committee on Banking Supervision published the last part of the Basel III reforms. The revisions were to the standardized approach and the Internal Ratings-Based approach for credit risk, the Credit Valuation Adjustment risk framework, the leverage ratio framework, including the introduction of a leverage buffer for Global Systemically Important Banks, the operational risk framework and the new output ratio floor. It was agreed that the revised standards would be implemented from January 1, 2022, except that the output floor would be phased-in until January 1, 2027. The Commission&apos;s consultation closes on January 3, 2020.

Read more.]]></description>
					      
						      <pubDate>Fri, 11 Oct 2019 10:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Consults-on-Implementing-Fina</guid>
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					      <title>UK Government Responds to Committee Report on Conduct Authority&apos;s Perimeter of Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Responds-to-Committee-Report-on-Con</link>
					      <description><![CDATA[
The U.K. government has published a response to the Treasury Committee&apos;s report on the Financial Conduct Authority&apos;s perimeter of regulation. The Committee&apos;s Report is part of its ongoing inquiry, The Work of the Financial Conduct Authority, which is considering: (i) the timeliness in which the FCA is able to take action; (ii) the transparency of the FCA&apos;s work and decisions; and (iii) the scope of the FCA&apos;s regulatory perimeter.

Read more.]]></description>
					      
						      <pubDate>Thu, 10 Oct 2019 11:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Responds-to-Committee-Report-on-Con</guid>
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					      <title>International Bodies Issue Report on Governance Arrangements for Derivatives Data</title>
					      <link>https://finreg.aoshearman.com/International-Bodies-Issue-Report-on-Governance-Arrangements</link>
					      <description><![CDATA[
The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions have published a joint report on governance arrangements for critical data elements for over-the-counter derivatives. The report does not cover governance arrangements for the Unique Transaction Identifier and Unique Product Identifier, which are being reviewed separately by the Financial Stability Board. The report aims to contribute to international efforts to improve transparency, mitigate systemic risk and prevent market abuse in derivatives markets.

Read more.]]></description>
					      
						      <pubDate>Wed, 09 Oct 2019 18:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Bodies-Issue-Report-on-Governance-Arrangements</guid>
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					      <title>Financial Stability Board Publishes Governance Arrangements for Unique Product Identifier</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Govern</link>
					      <description><![CDATA[
The Financial Stability Board has published a report on governance arrangements for the Unique Product Identifier, a globally harmonized code identifying over-the-counter derivatives products reported to trade repositories. The UPI will enable authorities to aggregate data on OTC derivatives transactions, which will in turn help them to assess systemic risk and detect market abuse.

Read more.]]></description>
					      
						      <pubDate>Wed, 09 Oct 2019 10:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Govern</guid>
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					      <title>Final EU Guidelines For Improving Settlement Efficiency Published</title>
					      <link>https://finreg.aoshearman.com/Final-EU-Guidelines-For-Improving-Settlement-Effi</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report and final Guidelines on standardized procedures and messaging protocols for investment firms under the Central Securities Depositaries Regulation.

CSDR requires investment firms to take steps to limit settlement fails, including by ensuring that they have all the necessary transaction data on the day of the transaction. Investment firms must also have in place arrangements with their professional clients to ensure prompt communication of an allocation of securities to the transaction, confirmation of that allocation and confirmation of the acceptance or rejection of the terms in good time before the intended settlement date. The content of the messages and deadlines for sending them is contained in the Regulatory Technical Standards on settlement discipline (Commission Delegated Regulation (EU) 2018/1229). The Guidelines clarify the scope of these requirements and provide guidance on the standardized procedures and messaging standards to be used for firms to comply with the requirement.

Read more.]]></description>
					      
						      <pubDate>Tue, 08 Oct 2019 14:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-EU-Guidelines-For-Improving-Settlement-Effi</guid>
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					      <title>Brexit: European Banking Authority Again Warns Against Letter-Box Entities</title>
					      <link>https://finreg.aoshearman.com/Brexit-European-Banking-Authority-Again-Warns-Aga</link>
					      <description><![CDATA[
The European Banking Authority has issued a further Communication on issues associated with the U.K.&apos;s withdrawal from the EU, scheduled to take place on October 31, 2019. The EBA notes that financial institutions have made progress on their preparations for a no-deal Brexit. However, national regulators have highlighted concerns about the operationalization of relocation plans and customer communication. In particular, national regulators have noted that in some cases authorization has been obtained, but it remains unclear whether the firm has transferred assets, skilled staff and risk function to fully operationalize the new business. The EBA reminds firms of the principles it set out in its October 2017 Opinion on structures, and particularly the need for firms not to set up so-called &quot;empty shells&quot;.

Read more.]]></description>
					      
						      <pubDate>Tue, 08 Oct 2019 13:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Brexit-European-Banking-Authority-Again-Warns-Aga</guid>
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					      <title>Final EU Technical Standards on Cooperation Arrangements with Third-Country Regulators on Market Abuse Issues</title>
					      <link>https://finreg.aoshearman.com/Final-EU-Technical-Standards-on-Cooperation-Arran</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report and final draft Regulatory Technical Standards on supervisory cooperation between EU national regulators and third-country national regulators. The Market Abuse Regulation requires national regulators, where necessary, to enter into cooperation arrangements with supervisory authorities in non-EU countries for the exchange of information and enforcement of market abuse obligations. ESMA is charged with preparing draft RTS containing a template for those cooperation arrangements. ESMA&apos;s template provides a flexible approach for national regulators by allowing only parts of the template to be used, depending on what is deemed as necessary by a national regulator.

ESMA&apos;s preparation of the draft RTS was delayed so that ESMA could take into account the entry into force of the EU General Data Protection Regulation. The draft RTS requires national regulators to have safeguards in place for the transfer of data from the EU to a third-country where the transfer of data takes place in the usual course of business and practice, and in the absence of an equivalence decision.

The final draft RTS have been submitted to the European Commission for adoption.

View the final report and draft RTS.]]></description>
					      
						      <pubDate>Tue, 08 Oct 2019 09:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-EU-Technical-Standards-on-Cooperation-Arran</guid>
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					      <title>Eurozone Supervisory Priorities for 2020</title>
					      <link>https://finreg.aoshearman.com/Eurozone-Supervisory-Priorities-for-2020</link>
					      <description><![CDATA[
The European Central Bank&apos;s Banking Supervision arm has published the 2020 supervisory priorities of the Single Supervisory Mechanism and a risk assessment for 2020. ECB Banking Supervision has identified the following risks to the euro banking sector: (i) economic, political and debt sustainability challenges in the euro area; (ii) business model sustainability; (iii) cybercrime; (iv) execution risk related to banks&apos; strategies for non-performing loans; (v) easing lending standards; (vi) repricing in financial markets; (vii) misconduct, money laundering and terrorism financing; (viii) Brexit; (ix) global outlook and geopolitical uncertainties; (x) reaction to regulation; and (xi) climate-change related risk.

Read more.]]></description>
					      
						      <pubDate>Mon, 07 Oct 2019 13:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Eurozone-Supervisory-Priorities-for-2020</guid>
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					      <title>European Securities and Markets Authority Issues Public Statements on No-Deal Brexit Preparations</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Issues-Public</link>
					      <description><![CDATA[
The European Securities and Markets Authority has issued four public statements on its preparations for a no-deal Brexit in the event the U.K. fails to agree a deal with the EU or extend the Brexit deadline before October 31, 2019. In its public statement on preparations for a possible no-deal Brexit, ESMA notes that it had already put in place no-deal contingency plans ahead of the U.K.&apos;s previous Brexit deadline extension on April 10, 2019. 

Read more.]]></description>
					      
						      <pubDate>Mon, 07 Oct 2019 12:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Issues-Public</guid>
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					      <title>EU Economic and Financial Committee Launches Consultation on Single-Limb Collective Action Clauses for Amendments to EU Sovereign Debt Instruments</title>
					      <link>https://finreg.aoshearman.com/EU-Economic-and-Financial-Committee-Launches-Consultation</link>
					      <description><![CDATA[
The EU Economic and Financial Committee sub-Committee on EU sovereign debt markets (the ESDM) has launched a consultation on its proposals to mandate the introduction of single-limb collective action clauses into euro area government securities issued from January 1, 2022. The ESDM has released a draft of the proposed CAC together with an explanatory note and seeks input on its proposals from selected market participants by October 28, 2019.

Read more.]]></description>
					      
						      <pubDate>Mon, 07 Oct 2019 12:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Economic-and-Financial-Committee-Launches-Consultation</guid>
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					      <title>UK Regulator Update on the Operation of the MiFID Transparency Regime Post-Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Update-on-the-Operation-of-the-MiFID</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published an update to the Supervisory Statement on the operation of the transparency regime under the Markets in Financial Instruments Directive post-Brexit. The FCA published a statement on March 14, 2019 on the operation of the MiFID II transparency regime should the U.K. leave the EU without a deal on March 29, 2019. The FCA has updated the statement to reflect how the regime would work if the U.K. leaves the EU on October 31, 2019, without a deal.

View the FCA&apos;s update.

View details of the FCA&apos;s March 2019 Supervisory Statement.]]></description>
					      
						      <pubDate>Mon, 07 Oct 2019 11:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Update-on-the-Operation-of-the-MiFID</guid>
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					      <title>European Central Bank Issues Statement on Liquidity of Euro Area Banks</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Issues-Statement-on-Liquidity</link>
					      <description><![CDATA[
The European Central Bank has issued a statement on the results of its 2019 supervisory stress test. The European Central Bank is responsible for direct prudential supervision of certain significant banks based in the Eurozone as part of the Single Supervisory Mechanism. It found that the vast majority of banks directly supervised by the ECB have overall comfortable liquidity positions, although there were some vulnerabilities that required further attention. 

Read more.]]></description>
					      
						      <pubDate>Mon, 07 Oct 2019 07:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Issues-Statement-on-Liquidity</guid>
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					      <title>European Securities and Markets Authority Consults on Alignment of EU Trading and Clearing Obligations</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Consults-on-Alignment</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation paper on aligning the trading obligation under the Markets in Financial Instruments Regulation with the recent changes made to the clearing obligation under the European Markets Infrastructure Regulation by the EMIR Refit Regulation. Responses to the consultation should be submitted by November 22, 2019. ESMA intends to submit its final report to the European Commission in early 2020, with the Commission&apos;s report to the European Parliament and Council expected by December 18, 2020.

Read more.]]></description>
					      
						      <pubDate>Fri, 04 Oct 2019 12:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Consults-on-Alignment</guid>
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					      <title>European Supervisory Authorities Publish Opinion on AML/CTF Risks in EU Financial Sector</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Opinion-</link>
					      <description><![CDATA[
The European Supervisory Authorities have published a joint opinion on the current anti-money laundering and counter-terrorist financing risks posed to the EU financial sector. The opinion is published in accordance with the requirements of the Fourth Anti-Money Laundering Directive, which requires the ESAs to publish a joint opinion on the AML/CTF risks affecting the EU&apos;s financial sector every two years. The most recent previous opinion was published in February 2017.

Read more.]]></description>
					      
						      <pubDate>Fri, 04 Oct 2019 12:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Opinion-</guid>
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					      <title>European Securities and Markets Authority Publishes Opinion on MiFID II Frequent Batch Auctions and Double Volume Cap</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Opinion</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published an opinion on frequent batch auctions and the double volume cap mechanism. The opinion follows ESMA&apos;s report, published in June this year, reviewing firms&apos; use of frequent batch auctions and their potential as a means of circumventing the double volume cap and transparency requirements under the Markets in Financial Instruments Regulation and Markets in Financial Instruments Directive II.

Read more.]]></description>
					      
						      <pubDate>Fri, 04 Oct 2019 07:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Opinion</guid>
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					      <title>EU Consultation on Clearing Service Provision under EMIR Refit</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Clearing-Service-Provision-und</link>
					      <description><![CDATA[
The European Securities and Markets Authority has opened a consultation on its draft technical advice on commercial terms for providing clearing services under the European Market Infrastructure Regulation. Responses to the consultation should be submitted by December 2, 2019.

Read more.]]></description>
					      
						      <pubDate>Thu, 03 Oct 2019 15:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Clearing-Service-Provision-und</guid>
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					      <title>EU Proposals on Amending the Market Abuse Regulation</title>
					      <link>https://finreg.aoshearman.com/EU-Proposals-on-Amending-the-Market-Abuse-Regulat</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a consultation on proposed changes to the EU Market Abuse Regulation. MAR requires the European Commission to report on certain aspects of the operation of MAR, including where appropriate, making recommendations for legislative change. The proposals will mostly affect issuers of financial instruments admitted to trading or trading on a trading venue, investment firms and asset management firms. ESMA is holding a public hearing on the proposals on November 5, 2019, and the consultation closes on November 29, 2019. ESMA expects to submit its report to the Commission in Spring 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 03 Oct 2019 15:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Proposals-on-Amending-the-Market-Abuse-Regulat</guid>
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					      <title>European Banking Authority Publishes Basel III Capital Monitoring Report and Update on EU Bank Liquidity Measures</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Basel-III-Capital</link>
					      <description><![CDATA[
The European Banking Authority has published two reports reviewing the impact of the EU&apos;s implementation of the Basel III capital monitoring reforms and Capital Requirements Regulation liquidity measures. The EBA estimates that once the Basel III reforms are fully implemented, EU banks&apos; Tier 1 minimum required capital will have increased by an average of 19.3%. Liquidity coverage ratios, meanwhile, averaged roughly 149% in December 2018, significantly above the minimum threshold of 100% set out in the CRR.

Read more.]]></description>
					      
						      <pubDate>Wed, 02 Oct 2019 15:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Basel-III-Capital</guid>
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					      <title>European Supervisory Authorities Publish Joint 2020 Work Programme</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Joint-2020</link>
					      <description><![CDATA[
The Joint Committee of the European Supervisory Authorities has published its 2020 work program, outlining revisions to the Joint Committee&apos;s scope of work and the matters it will focus on in 2020. The Joint Committee consists of representatives from the European Banking Authority, the European Insurance and Occupational Pensions Authority, the European Securities and Markets Authority, the European Commission and the European Systemic Risk Board. 

Read more.]]></description>
					      
						      <pubDate>Wed, 02 Oct 2019 10:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Publish-Joint-2020</guid>
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					      <title>European Securities and Markets Authority Publishes Guidelines on Prospectus Regulation Risk Factors</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Guidance</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published Guidelines on risk factors under the EU Prospectus Regulation that will provide guidance to Member State national regulators when reviewing prospectuses. The Guidelines will apply from December 4, 2019. Within two months of the date of publication of the guidelines in all EU official languages, national regulators must notify ESMA whether they comply with the guidelines and, if they do not, whether they intend to comply. If they do not intend to comply, national regulators must explain why that is the case.

Read more.]]></description>
					      
						      <pubDate>Tue, 01 Oct 2019 14:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Guidance</guid>
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					      <title>European Securities and Markets Authority Publishes 2020 Work Priorities</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-2020</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its Annual Work Programme for 2020. The Work Programme sets out ESMA&apos;s focus areas for 2020 and provides details of expected outputs within each of the areas. In 2019, the European Council, Parliament and Commission agreed on new tasks for ESMA, meaning that ESMA will take on an enhanced role in areas including direct supervision, supervisory convergence and investor protection. The final Regulations amending the scope of the European Supervisory Authorities&apos; work mandates are expected to be published in the second half of 2019.

Read more.]]></description>
					      
						      <pubDate>Tue, 01 Oct 2019 13:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-2020</guid>
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					      <title>Council of the European Union Issues Note on Strategic Priorities for AML and CTF</title>
					      <link>https://finreg.aoshearman.com/Council-of-the-European-Union-Issues-Note-on-Strategic</link>
					      <description><![CDATA[
The Presidency of the Council of the European Union has issued a note inviting Ministers of the Permanent Representatives Committee to consider certain issues regarding the EU anti-money laundering and counter-terrorism financing framework. In July 2019, the European Commission published a Communication and a series of reports assessing the EU implementation of EU AML and CTF requirements and discussing whether further action is needed to improve the EU&apos;s AML/CTF framework. In its Communication, the Commission identified certain issues that were likely to impede the effectiveness of the framework.

Read more.]]></description>
					      
						      <pubDate>Mon, 30 Sep 2019 13:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Council-of-the-European-Union-Issues-Note-on-Strategic</guid>
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					      <title>UK Prudential Regulator Launches Consultation on Asset Encumbrance Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Launches-Consultation-on-</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has launched a consultation on its proposed expectations of how firms manage prudential risks associated with asset encumbrance. The PRA&apos;s expectations are relevant to all PRA-authorized firms, other than credit unions and insurance firms. Responses should be submitted by January 17, 2020.

Read more.]]></description>
					      
						      <pubDate>Mon, 30 Sep 2019 12:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Launches-Consultation-on-</guid>
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					      <title>European Securities and Markets Authority Issues Call for Evidence on Product Intervention Measures</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Issues-Call</link>
					      <description><![CDATA[
The European Securities and Markets Authority has issued a call for evidence on the impact of its product intervention powers prohibiting the marketing, distribution and sale of binary options to retail clients and imposing restrictions upon contracts for difference that were marketed, distributed or sold to retail clients. ESMA is seeking feedback from all interested stakeholders, in particular investment firms and banks providing investment services (particularly those that provide CfDs or binary options captured by the product intervention measures) and consumer groups and investors. Responses should be submitted by November 4, 2019.

Read more.]]></description>
					      
						      <pubDate>Mon, 30 Sep 2019 12:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Issues-Call</guid>
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					      <title>UK Conduct Regulator Finalizes Rules for Funds Investing in Illiquid Assets</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Finalizes-Rules-for-Funds-In</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has finalized new rules governing certain types of open-ended funds that invest in inherently illiquid assets.

Read more.]]></description>
					      
						      <pubDate>Mon, 30 Sep 2019 12:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Finalizes-Rules-for-Funds-In</guid>
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					      <title>EU Publishes Technical Advice on Disclosure Requirements for New Climate Benchmarks</title>
					      <link>https://finreg.aoshearman.com/EU-Publishes-Technical-Advice-on-Disclosure-Requi</link>
					      <description><![CDATA[
The European Commission&apos;s Technical Expert Group has published a final report on EU climate benchmarks and benchmark Environmental, Social and Governance disclosures. The Commission set up the TEG on Sustainable Finance when it published its legislative proposal for amending the EU Benchmark Regulation as part of its action plan on Sustainable Finance. The proposed legislation will create two new categories of low carbon benchmarks: the EU Climate Transition Benchmark (EU CTB) and the EU Paris-aligned Benchmark (EU PAB). It also includes ESG disclosure requirements for all investment benchmarks. The final text of the proposal has been agreed and it is expected to be published in October/November 2019.

The TEG report provides technical advice to the Commission on: (i) the minimum ESG disclosure requirements for all benchmarks, except interest rates and currency benchmarks, and specific ESG disclosure requirements for EU CTBs and EU PABs; and (ii) the minimum technical requirements for the methodology of EU CTBs and EU PABs. In addition, the report includes recommendations on other areas of work that are connected to the benchmark ESG disclosures, such as the proposed EU Classification System of Sustainable Activities (i.e. the EU Taxonomy) and changes to the disclosure requirements in the Markets in Financial Instruments package to take into account ESG disclosures.

View the report.]]></description>
					      
						      <pubDate>Mon, 30 Sep 2019 10:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Publishes-Technical-Advice-on-Disclosure-Requi</guid>
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					      <title>UK Prudential Regulator Finalizes Policy on Resolution Assessments For Senior Managers Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Finalizes-Policy-on-Resol</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a Policy Statement and final rules on resolution assessments and reporting amendments under the Senior Managers and Certification Regime. The PRA also published updated versions of &quot;Strengthening individual accountability in banking&quot; (SS28/15) and &quot;Senior Managers Regime form: Statement of Responsibilities&quot;. The changes will take effect on December 9, 2019. The PRA has made minor changes to the drafting to take into account feedback and the measures announced on July 31, 2019 on resolvability assessments for all U.K. banks. The changes to the prescribed responsibility for recovery plans and resolution packs will impact U.K. banks and building societies with &amp;pound;50 billion or more in retail deposits. The changes to the Statement of Responsibilities will affect all PRA-regulated firms, unless they will not be subject to resolvability assessments in future.

View the Policy Statement.

View the updated rules and documentation.

View details of the final resolvability assessment framework for all U.K. banks.]]></description>
					      
						      <pubDate>Fri, 27 Sep 2019 11:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Finalizes-Policy-on-Resol</guid>
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					      <title>European Banking Authority Publishes Strategic Focus Areas for 2020</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Strategic-Fo</link>
					      <description><![CDATA[
The European Banking Authority has published its 2020 Work Programme. The Programme details six strategic areas of focus for 2020 and these are:
 

	Support the development of the risk reduction package and the implementation of the global standards in the EU. The EBA will work on developing level 2 legislation required by the revised Capital Requirements Regulation and Directive, the revised Bank Recovery &amp; Resolution Directive and the new Covered Bonds Directive and Investment Firm Regulation and related Directive (the latter two have not yet entered into force). The EBA will continue to work on the implementation of the market risk requirements, following the finalization of the Basel Committee on Banking Standard&apos;s fundamental review of the trading book (FRTB). In particular, in 2020, the EBA anticipates implementing the reporting requirement and certain aspects of the FRTB revisions for the internal model approach and for the treatment of non-trading book positions subject to FX or commodity risk. Another priority will be finalization of the EBA&apos;s roadmap for the internal ratings-based approach for calculating minimum capital requirements for credit risk.
	Providing efficient methodologies and tools for supervisory convergence and stress testing. The EBA intends to consult on Pillar 2 changes during 2020 and will conduct the 2020 stress test for EU banks.

Read more.]]></description>
					      
						      <pubDate>Fri, 27 Sep 2019 10:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Strategic-Fo</guid>
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					      <title>UK Conduct Regulator Issues Draft Directions on No-Deal Brexit Temporary Transitional Power</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Issues-Draft-Directions-on-N</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has updated the directions under the temporary transitional power granted to it in preparation for a no-deal Brexit. The TTP was granted to the U.K. regulators under the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 as a means of granting transitional relief from regulatory requirements where the requirements have been introduced or have changed as a result of onshoring financial services legislation. In July 2019, the FCA announced an extension of its use of the TTP from June 30, 2020 to December 31, 2020 in light of the change to the date that the U.K. was due to leave the EU to October 31, 2019. The updated directions reflect that extension as well as prudential instruments that have been published since the draft directions were originally published in March 2019.

View the FCA&apos;s press release and the related documentation.]]></description>
					      
						      <pubDate>Thu, 26 Sep 2019 12:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Issues-Draft-Directions-on-N</guid>
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					      <title>International Organization of Securities Commissions Review of Suitability Requirements for Complex Products</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Securities-Co</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published a report, &quot;Thematic Review on Suitability Requirements with respect to the Distribution of Complex Financial Products&quot;. The report summarizes the outcome of the review IOSCO undertook of a sample of member jurisdictions&apos; implementation of the IOSCO 2013 Suitability Requirements for the Distribution of Complex Financial Products, which aims to prevent mis-selling of complex products. The Suitability requirements comprise nine principles relating to classification of customers, general duties regardless of customer classification, disclosure requirements, customers protections, incentives and enforcement.

Read more.]]></description>
					      
						      <pubDate>Thu, 26 Sep 2019 10:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Securities-Co</guid>
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					      <title>European Banking Authority Launches Consultation on Synthetic Securitizations Framework</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Launches-Consultation-on</link>
					      <description><![CDATA[
The European Banking Authority has launched a consultation on its proposed simple, transparent and standardized framework for synthetic securitization. The paper also seeks feedback from stakeholders on a proposed list of criteria that should be considered when labeling a synthetic securitization an STS and on the introduction of different regulatory treatments for STS synthetic securitizations. The EBA will hold a public hearing on October 9, 2019 and responses to the consultation should be provided by November 25, 2019.

Read more.]]></description>
					      
						      <pubDate>Wed, 25 Sep 2019 12:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Launches-Consultation-on</guid>
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					      <title>No-Deal Brexit Uncertainty Leads EU to Suspend Assessment of Transparency Requirements on Bond Markets</title>
					      <link>https://finreg.aoshearman.com/No-Deal-Brexit-Uncertainty-Leads-EU-to-Suspend-As</link>
					      <description><![CDATA[
The European Securities and Markets Authority has confirmed in a letter to the European Commission that it considers it inadvisable to conduct an annual review in 2019 of the Regulatory Technical Standards on the transparency requirements for trading venues and investment firms for bonds, structured finance products, emission allowances and derivatives (sometimes referred to as RTS 2). The requirement for an annual review is stipulated in the Markets in Financial Instruments package, and ESMA&apos;s report could lead to legislative changes subjecting more bonds and derivatives to the transparency requirements. ESMA&apos;s assessment of RTS 2 would be impacted by the uncertainty arising from Brexit, in particular, the potential for a no-deal Brexit, because the outcome would vary depending on whether U.K. data was included or not.

ESMA intends to conduct its annual review before July 2020 and to determine the impact on bond market liquidity of the U.K.&apos;s departure from the EU.

View ESMA&apos;s letter to the European Commission.]]></description>
					      
						      <pubDate>Tue, 24 Sep 2019 14:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/No-Deal-Brexit-Uncertainty-Leads-EU-to-Suspend-As</guid>
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					      <title>UK Conduct Regulator Appoints Executive Director of Risk and Compliance Oversight</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Appoints-Executive-Director-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has appointed Sheree Howard as its new Executive Director of Risk and Compliance Oversight, replacing Barbara Frohn, who left the FCA earlier this year. Ms. Howard joined the FCA as a Senior Adviser in December 2017. Her new role as part of the Executive Committee will see her advising the FCA&apos;s Board on the breadth of risk in the organization.
 
View the FCA&apos;s announcement.]]></description>
					      
						      <pubDate>Fri, 20 Sep 2019 12:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Appoints-Executive-Director-</guid>
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					      <title>UK Conduct Authority Publishes Review Findings for EU Research Unbundling Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Authority-Publishes-Review-Findings-fo</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published the outcome of its review of the research unbundling reforms implemented in the EU by the revised Markets in Financial Instruments Directive. MiFID II has applied across the EU since January 3, 2018. MiFID II restricts the payment or receipt of all fees, commission and non-monetary benefits (&quot;inducements&quot;) unless these enhance the quality of service provided to a client, and do not impair an EU investment firm&apos;s duty to act in the best interests of its client. Any inducement that is a minor, non-monetary benefit is exempt from the limitation. Research provided by any third party (regardless of location) to an EU investment firm providing investment services or ancillary services will be regarded as an &quot;inducement&quot; and subject to the inducement prohibition, unless the research is received in return for either direct payment by the investment firm out of its own resources or payment from a separate research payment account (RPA). &quot;Soft dollar&quot; commissions are not allowed, unless these are done through an RPA. The rules have impacted buy-side and sell-side firms in the EU, as well as their non-EU counterparts.

Read more.]]></description>
					      
						      <pubDate>Thu, 19 Sep 2019 17:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Authority-Publishes-Review-Findings-fo</guid>
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					      <title>European Economic and Social Committee Publishes Opinion on Sustainable Finance Reforms</title>
					      <link>https://finreg.aoshearman.com/European-Economic-and-Social-Committee-Publishes-</link>
					      <description><![CDATA[
The European Economic and Social Committee has published an Opinion on the European Commission&apos;s Reflection Paper, &quot;Towards a Sustainable Europe by 2030&quot;, which was published earlier this year. The Commission&apos;s Reflection Paper considers Europe&apos;s competitive advantages in delivering sustainable development, assesses the EU and global climate change challenges that must still be tackled, and sets out policy changes and proposals that will enable the EU to adhere to the UN&apos;s 2030 Agenda for Sustainable Development and the 17 Sustainable Development Goals.

Read more.]]></description>
					      
						      <pubDate>Thu, 19 Sep 2019 10:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Economic-and-Social-Committee-Publishes-</guid>
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					      <title>International Swaps and Derivatives Association Consults on Final Fall Backs for Alternative Risk-Free Rates</title>
					      <link>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Associati</link>
					      <description><![CDATA[
Following its previous two consultations, the International Swaps and Derivatives Association has launched a consultation on the proposed final parameters that will apply to alternative risk-free rates if derivatives fall backs are triggered. Responses to the consultation should be provided by October 23, 2019. ISDA will amend the 2006 ISDA Definitions based on the feedback and also intends to publish a protocol so that market participants can include fall backs in legacy IBOR contracts, if needed. Both documents are expected to be finalized before the end of 2019, ready for implementation in 2020.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Sep 2019 17:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Associati</guid>
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					      <title>UK Prudential Regulator Consults on Credit Risk</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Credit-Risk</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has launched a consultation on its approach to implementing the European Banking Authority&apos;s Technical Standards and Guidelines on Probability of Default estimation, Loss Given Default estimation and the treatment of defaulted exposures in the Internal Ratings Based approach to credit risk. The consultation is relevant to U.K. banks, building societies and PRA-designated U.K. investment firms. Responses to the consultation need to be submitted by December 18, 2019.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Sep 2019 11:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Credit-Risk</guid>
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					      <title>UK Prudential Regulator Implements New Waiver of Deposit Protection Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Implements-New-Waiver-of-Deposit</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has announced that it will provide a new waiver by consent of the Continuity of Access Rules under the Depositor Protection Part of the PRA Rulebook. The DPP Rulebook sets out rules requiring firms to ensure that eligible depositors have access to deposits covered by the Financial Services Compensation Scheme in the event of the firm&apos;s insolvency, by establishing systems to facilitate a transfer of such deposits (the so-called &quot;Continuity of Access&quot; rules).

Read more.]]></description>
					      
						      <pubDate>Fri, 13 Sep 2019 12:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Implements-New-Waiver-of-Deposit</guid>
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					      <title>UK Competition Authority Consults on Intention to Vary Retail Banking Market Investigation Order</title>
					      <link>https://finreg.aoshearman.com/UK-Competition-Authority-Consults-on-Intention-to</link>
					      <description><![CDATA[
The U.K. Competition and Markets Authority has formally announced its provisional decision to vary the Retail Banking Market Investigation Order 2017 by removing Part 6 of the Order, which governs automatic enrollment in personal current account alerts. The CMA has published a draft of its proposed Variation Order together with its provisional decision and is seeking comments on both, which should be submitted by October 15, 2019.

Read more.]]></description>
					      
						      <pubDate>Thu, 12 Sep 2019 12:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Competition-Authority-Consults-on-Intention-to</guid>
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					      <title>UK Conduct Regulator Escalates Awareness of Need for No-Deal Brexit Preparations</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Escalates-Awareness-of-Need-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a press release announcing that it is stepping up its efforts to assist firms to prepare for a no-deal Brexit. Among other things, the FCA will be publishing a series of digital advertisements highlighting the FCA Brexit webpages, and it has set up a dedicated telephone line (0800 048 4255).

View the FCA&apos;s press release.]]></description>
					      
						      <pubDate>Wed, 11 Sep 2019 15:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Escalates-Awareness-of-Need-</guid>
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					      <title>UK Statutory Instrument Published to Amend Benchmark Regulations</title>
					      <link>https://finreg.aoshearman.com/UK-Statutory-Instrument-Published-to-Amend-Benchmark</link>
					      <description><![CDATA[
A U.K. statutory instrument has been published amending the existing U.K. legislation that gives effect to the EU Benchmarks Regulation. The new statutory instrument - the Financial Services and Markets Act 2000 (Benchmarks) (Amendment) Regulations 2019 - amends the definition of a &quot;Miscellaneous Benchmarks Person&quot; under the existing regulation and clarifies the scope of the U.K. Financial Conduct Authority&apos;s powers to impose requirements on Miscellaneous Benchmark Persons. The amendments will come into force on October 14, 2019.

Read more.]]></description>
					      
						      <pubDate>Wed, 11 Sep 2019 12:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Statutory-Instrument-Published-to-Amend-Benchmark</guid>
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					      <title>UK Payments Regulator Paper on Use of Data in the Payments Industry</title>
					      <link>https://finreg.aoshearman.com/UK-Payments-Regulator-Paper-on-Use-of-Data-in-the</link>
					      <description><![CDATA[
Following the publication of a discussion paper in June 2018, the U.K. Payment Systems Regulator has published its response paper on the issue of data in the payments industry. The discussion paper outlined three potential areas where data use could directly affect the PSR&apos;s statutory objectives of promoting competition and innovation. These are:

	Reluctance of end-users to share payments data with third-party providers of other payments-related services (so-called &quot;overlay services&quot;), due to concerns over whether their data will be treated appropriately.


Read more.]]></description>
					      
						      <pubDate>Tue, 10 Sep 2019 15:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payments-Regulator-Paper-on-Use-of-Data-in-the</guid>
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					      <title>EU Clarification on Legacy Own Funds Instruments Coming in Mid-2020</title>
					      <link>https://finreg.aoshearman.com/EU-Clarification-on-Legacy-Own-Funds-Instruments-</link>
					      <description><![CDATA[
The European Banking Authority has announced that it will clarify by mid-2020 the position of instruments that were both issued and qualified as &quot;own funds&quot; for capital purposes before December 31, 2011. When the Capital Requirements Regulation entered into force, transitional provisions provided that these legacy instruments would also qualify as own funds instruments under the CRR, even if they did not meet the enhanced requirements for own funds introduced in that measure. The transitional period for such instruments ends on December 31, 2021. The EBA has stated that it will provide clarification on the appropriate treatment of the legacy instruments to ensure that banks maintain high quality regulatory capital and that the rules are consistently applied across the EU. The EBA confirms that it will take into account recent changes to own funds requirements in CRR II as well as other linked changes under the Bank Recovery and Resolution Directive.

View the EBA&apos;s announcement.]]></description>
					      
						      <pubDate>Mon, 09 Sep 2019 16:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Clarification-on-Legacy-Own-Funds-Instruments-</guid>
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					      <title>UK Prudential Regulator Proposes Amendments to the Pre-Issuance Notification Rules for Regulatory Capital Instruments</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Proposes-Amendments-to-th</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a consultation paper in which it proposes amendments to the Pre-Issuance Notification (PIN) requirements for regulatory capital instruments. The PIN requirements are applicable to PRA-authorized Capital Requirements Regulation firms and require firms to notify the PRA of certain capital instruments that they intend to issue. The PRA assesses the terms and conditions of these instruments prior to issuance, to ensure that firms maintain quality capital resources which comply with CRR. Responses to the consultation are requested by December 9, 2019.

Read more.]]></description>
					      
						      <pubDate>Mon, 09 Sep 2019 16:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Proposes-Amendments-to-th</guid>
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					      <title>UK Court Rules on Withholding Identity of Peer-To-Peer Lenders</title>
					      <link>https://finreg.aoshearman.com/UK-Court-Rules-on-Withholding-Identity-of-Peer-To-Peer</link>
					      <description><![CDATA[
The U.K. High Court of Justice has ruled that the identities of the underlying lenders in a series of loans made through a peer-to-peer lending platform should not be disclosed to the claimant borrower. Milne v Open Access Finance Ltd considers a claim brought by a solicitor who took out a series of loans over several years with Open Access Finance, a peer-to-peer lender. The claimant is seeking relief from his obligation to repay the &amp;pound;170,000 worth of loans extended to him, damages for misleading actions contrary to the Consumer Protection from Unfair Trading Regulations 2008, as well as damages under the Financial Services and Markets Act 2000 and relief under the Consumer Credit Act 1974.

Read more.]]></description>
					      
						      <pubDate>Fri, 06 Sep 2019 14:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Court-Rules-on-Withholding-Identity-of-Peer-To-Peer</guid>
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					      <title>UK Statutory Instrument Published to Onshore the EU Prospectus Regulation For No-Deal Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Statutory-Instrument-Published-to-Onshore-the-</link>
					      <description><![CDATA[
A U.K. statutory instrument has been published to onshore the EU Prospectus Regulation in the event of a no-deal Brexit. In preparing for an April Brexit, the U.K. had onshored the EU Prospectus Directive in the Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 (known as the &quot;Official Listing instrument&quot;). However, since then the date on which the U.K. is due to leave the EU has changed to October 31, 2019 and the EU Prospectus Directive has been repealed by the EU Prospectus Regulation (as of July 21, 2019).

Read more.]]></description>
					      
						      <pubDate>Fri, 06 Sep 2019 14:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Statutory-Instrument-Published-to-Onshore-the-</guid>
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					      <title>UK No-Deal Brexit Legislation Extends Transitional Provisions for Third-Country Benchmarks</title>
					      <link>https://finreg.aoshearman.com/UK-No-Deal-Brexit-Legislation-Extends-Transitiona</link>
					      <description><![CDATA[
A U.K. statutory instrument has been published to further the U.K.&apos;s financial services legislation preparations in the event of a no-deal Brexit. The statutory instrument - the Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (SI 2019/1212) - provides for, among other things:

	amending the exit legislation that establishes temporary regimes for EEA e-money and payment services firms to ensure that firms entering the Contractual Run-Off regime can carry out the full range of activities required to discharge any pre-existing contractual obligations;
	extending the transitional provisions for third-country benchmarks in the Benchmarks (Amendment and Transitional Provisions) (EU Exit) Regulations 2019 by three years to ensure that U.K. firms can use third-country benchmarks until the end of 2022 without the benchmarks needing to be on the Financial Conduct Authority&apos;s register;
	updating cross-references to the Capital Requirements Regulation to take into account the EU amendments to the CRR that became applicable in June 2019; and
	amending various exit instruments to correct or clarify the original text.


View the amending regulation and explanatory memorandum.]]></description>
					      
						      <pubDate>Fri, 06 Sep 2019 13:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-No-Deal-Brexit-Legislation-Extends-Transitiona</guid>
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					      <title>UK Brexit Legislation Published to Onshore the Revised Capital Requirements Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Brexit-Legislation-Published-to-Onshore-the-Re</link>
					      <description><![CDATA[
A draft U.K. statutory instrument to onshore into U.K. law, post-Brexit, the revised Capital Requirements Regulation (known as CRR II) has been published - the Capital Requirements (Amendment) (EU Exit) Regulations 2019 (2019 No. 1232). CRR II and the revised Capital Requirements Directive were published in the Official Journal of the European Union on June 7, 2019. Subject to certain exceptions, the Regulation amending CRR will not apply directly across the EU from June 28, 2021. However, some of its provisions are already in force. EU Member States are required to transpose the Directive amending CRD into their national laws and to apply those provisions from December 29, 2020, subject to certain exceptions.

The new U.K. statutory instrument amends the existing U.K. exit legislation to address deficiencies arising due to the changes made in CRR II, but only those changes that will be applicable by October 31, 2019. These changes relate to new definitions, revisions to the rules on what qualifies as capital, new mandates for technical standards to be prepared and some changes to the Minimum Requirements for Own Funds and Eligible Liabilities (MREL). In addition, the statutory instrument removes the automatic preferential capital treatment for EU exposures introduced by CRR II. This aligns with the position taken in the existing exit legislation. It is anticipated that in the event of a no-deal Brexit, the U.K. regulators may use their temporary powers to suspend the additional capital requirements for such exposures.

View the amending regulation and explanatory memorandum.

View details of CRR II.]]></description>
					      
						      <pubDate>Thu, 05 Sep 2019 15:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Brexit-Legislation-Published-to-Onshore-the-Re</guid>
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					      <title>EU Stress Simulation Framework for Investment Funds Published</title>
					      <link>https://finreg.aoshearman.com/EU-Stress-Simulation-Framework-for-Investment-Fun</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published, in an economic report, a stress simulation framework for investment funds, which is intended for use by national regulators. The report provides an overview of the framework, options available for stress testing and discusses the calibration of redemption shocks for investment funds, methods to assess the resilience of funds to shocks, ways to measure the impact of fund managers&apos; liquidation strategies on financial markets, and possible second-round effects. The report also includes a case study where ESMA applied the stress simulation framework to 6,000 UCITS bond funds, the underlying data for which ESMA has shared with national regulators.

ESMA intends to use the stress test simulation to assist it in monitoring and identifying risks that may impact the funds industry.

View the economic report.]]></description>
					      
						      <pubDate>Thu, 05 Sep 2019 11:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Stress-Simulation-Framework-for-Investment-Fun</guid>
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					      <title>UK Prudential Regulator Writes to Banks on Prudential Supervision of Money Laundering and Terrorist Financing Risks</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Writes-to-Banks-on-Pruden</link>
					      <description><![CDATA[
The Prudential Regulation Authority has published a &quot;Dear CEO&quot; letter sent to all PRA-regulated banks and investment firms (firms that are subject to the Capital Requirements Regulation) on the prudential supervision of money laundering and terrorist financing risks. The PRA reminds firms of the Opinion published by the European Banking Authority on July 24, 2019, which invited national prudential supervisors to (i) make clear to institutions the expectation that prudential supervisors should be aware of AML/CTF risks that may affect the institutions they oversee; and (ii) notify institutions that AML/CTF concerns will be taken into account in determining prudential supervision.

Read more.]]></description>
					      
						      <pubDate>Thu, 05 Sep 2019 10:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Writes-to-Banks-on-Pruden</guid>
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					      <title>European Commission Issues Communication on Final Preparations for No-Deal Brexit</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Issues-Communication-on-Final</link>
					      <description><![CDATA[
The European Commission has published a Communication on finalizing preparations for the withdrawal of the U.K. from the EU on November 1, 2019. The Commission stresses the likelihood of a no-deal Brexit on October 31, 2019 and asks all stakeholders to take action now to finalize their plans for the situation, noting that the contingency measures that are in place can only mitigate against some of the more significant disruptions. The Commission warns that a further delay to the date that the U.K. exits the EU should not be assumed, in that a delay may not be requested by the U.K. government nor granted by the EU.

Read more.]]></description>
					      
						      <pubDate>Wed, 04 Sep 2019 11:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Issues-Communication-on-Final</guid>
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					      <title>US Court Rejects Suit Over Office of the Comptroller of the Currency FinTech Charter</title>
					      <link>https://finreg.aoshearman.com/US-Court-Rejects-Suit-Over-Office-of-the-Comptrol</link>
					      <description><![CDATA[
Judge Dabney Friedrich of the U.S. District Court for the District of Columbia has dismissed a lawsuit brought by the Conference of State Bank Supervisors (CSBS) that would have prevented the Office of the Comptroller of the Currency from offering a special purpose national bank charter to certain non-bank financial services firms. The CSBS brought the lawsuit in October 2018 following the OCC&apos;s July 2018 announcement that it would begin accepting applications for the FinTech charter, arguing that the OCC lacks the authority to award bank charters to non-depository institutions. However, Judge Friedrich concluded that the CSBS did not have standing to bring the suit given the fact that the OCC has yet to award a FinTech charter to any non-bank financial services firms.

Read more.]]></description>
					      
						      <pubDate>Tue, 03 Sep 2019 14:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Court-Rejects-Suit-Over-Office-of-the-Comptrol</guid>
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					      <title>Banking Standards Board Publishes Good Practice Guidance on Regulatory References</title>
					      <link>https://finreg.aoshearman.com/Banking-Standards-Board-Publishes-Good-Practice-Good</link>
					      <description><![CDATA[
The Banking Standards Board has published a statement of good practice for firms when providing and requesting regulatory references in accordance with the Senior Managers and Certification Regime. The SM&amp;CR for banks and building societies was established in 2016 to improve management within banking sector firms. The regime includes a requirement for firms to request references when determining whether a candidate is suitable for a senior management function, certification function or non-executive director function. 

Read more.]]></description>
					      
						      <pubDate>Tue, 03 Sep 2019 10:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Banking-Standards-Board-Publishes-Good-Practice-Good</guid>
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					      <title>European Securities and Markets Authority Publishes Final Guidance on Liquidity Stress Tests for Investment Funds</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Final-Guidance-on-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a report containing its final guidelines on liquidity stress testing in Alternative Investment Funds and Undertakings for Collective Investment in Transferable Securities. The guidelines have been published in accordance with the European Systemic Risk Board&apos;s 2018 Recommendation, which was designed to address liquidity and leverage risk in investment funds. ESMA&apos;s guidelines will apply from September 30, 2020.

Read more.]]></description>
					      
						      <pubDate>Mon, 02 Sep 2019 10:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Final-Guidance-on-</guid>
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					      <title>Financial Stability Board Publishes Summary of Workshop on Continuity of Access to Financial Market Infrastructure</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Summary-of-Workshop</link>
					      <description><![CDATA[
The Financial Stability Board has published a summary of an industry workshop, held on May 21, 2019, on continuity of access to financial market infrastructures for firms in resolution. The FSB held the workshop to assist in its efforts to monitor implementation of the FSB Guidance on continuity of access to FMI for firms in resolution, published in July 2017. The Guidance provides for arrangements to allow continuity of access to FMIs for a global systemically important bank in resolution. The Guidance applies to FMIs as providers of clearing, payment, securities settlement and/or custody services, to G-SIBs and other banks that are subject to resolution (referred to here as firms) and recovery planning requirements, as well as the G-SIB resolution authorities and regulators of the FMIs.

Read more.]]></description>
					      
						      <pubDate>Wed, 28 Aug 2019 16:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Summary-of-Workshop</guid>
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					      <title>UK Conduct Regulator Sets Out Approach for Annual Remuneration Round</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Sets-Out-Approach-for-Annual</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a letter (dated August 19, 2019) addressed to the chairpersons of the remuneration committees of the boards of banks and large investment firms (investment firms with total assets over &amp;pound;50 billion). The letter sets out the FCA&apos;s findings from the 2018/19 remuneration round and informs how the FCA intends to assess remuneration policies and practices of firms in 2019/20.

The FCA observes that firms continue to address conduct issues in their remuneration policies and practices. It reminds the chairpersons of remuneration committees of their accountability as senior managers under the Senior Managers Regime. Noting that firms continue to adjust awards for material poor performance and misconduct, but that some firms still find it difficult to provide appropriate justification for some adjustments, the FCA states that it will work with firms this year on their approach to ex post facto risk adjustment.

The FCA letter also states that the annual review of submitted Remuneration Policy Statements will again be coordinated with the Prudential Regulation Authority. Firms are asked to submit a short summary addressing the key points raised in the statement, including the key changes made last year and an explanation of how the chairperson has assured himself or herself that the firm&apos;s overall remuneration policies drive behavior that reduces potential harm.

Finally, the FCA invites chairpersons of remuneration committees to engage in the FCA&apos;s work on transforming culture in financial services.

View the letter.]]></description>
					      
						      <pubDate>Wed, 28 Aug 2019 15:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Sets-Out-Approach-for-Annual</guid>
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					      <title>UK Law Commission Calls for Evidence on Operation of the System for Intermediated Securities</title>
					      <link>https://finreg.aoshearman.com/UK-Law-Commission-Calls-for-Evidence-on-Operation</link>
					      <description><![CDATA[
The UK Law Commission has published a Call for Evidence on the system for intermediated securities. The Call for Evidence will inform the Commission&apos;s scoping study to assess the current state of the law and issues arising from intermediation, which the Department for Business, Energy &amp; Industrial Strategy has requested. Intermediated securities are shares and bonds held electronically through computerized credit entries. The Call for Evidence describes how intermediated securities are held and recorded, noting the advantages of the system. It also raises practical issues with the system and presents some potential solutions.

Read more.]]></description>
					      
						      <pubDate>Tue, 27 Aug 2019 16:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Law-Commission-Calls-for-Evidence-on-Operation</guid>
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					      <title>European Central Bank Amends Its Supervisory Expectations on Non-Performing Loans</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Amends-Its-Supervisory-Expe</link>
					      <description><![CDATA[
Following the coming into force on April 26, 2019 of an EU regulation amending the Capital Requirements Regulation that introduced a statutory prudential backstop, and requires banks to have minimum loan loss coverage for newly originated loans, the European Central Bank has published a communication on supervisory coverage expectations for non-performing loans. The ECB communication announces that the ECB has revised its supervisory expectations on NPLs that it published in its March 2018 Addendum to the Guidance for Eurozone banks on NPLs as a result of the Amending Regulation. Neither the Guidance nor the Addendum are legally binding, but both apply to all Eurozone Significant Institutions supervised by the ECB in the Single Supervisory Mechanism as well as their international subsidiaries.

Read more.]]></description>
					      
						      <pubDate>Thu, 22 Aug 2019 16:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Amends-Its-Supervisory-Expe</guid>
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					      <title>UK Conduct Regulator Announces Exemption from Enforcement of Strong Customer Authentication</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Announces-Exemption-from-Enf</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has announced in a &quot;Dear CEO&quot; letter that it will not take enforcement action against firms that are not compliant with Strong Customer Authentication requirements for electronic payment transactions by the legal deadline of September 14, 2019. The exemption from enforcement will apply only to card-not-present e-commerce transactions. In order to qualify for the exemption, firms must demonstrate that they have taken the necessary steps to comply with UK Finance&apos;s plan for implementing SCA by March 14, 2021.

Read more.]]></description>
					      
						      <pubDate>Tue, 20 Aug 2019 08:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Announces-Exemption-from-Enf</guid>
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					      <title>UK Court Grants Asset Preservation Order over Bitcoin</title>
					      <link>https://finreg.aoshearman.com/UK-Court-Grants-Asset-Preservation-Order-over-Bit</link>
					      <description><![CDATA[
A U.K. court has granted an asset preservation order over Bitcoin stolen in a &quot;spear phishing&quot; attack on a major crypto-currency trader. The decision confirms that proprietary claims over Bitcoin constitute serious issues that should be tried in the courts. Although the presiding judges did not make a final ruling on the legal questions surrounding the nature of Bitcoin ownership, it is believed that this is the first time the English courts have considered the nature of crypto-currencies as property.

Read more.]]></description>
					      
						      <pubDate>Tue, 20 Aug 2019 08:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Court-Grants-Asset-Preservation-Order-over-Bit</guid>
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					      <title>Decision on Eurozone Oversight of Systemically Important Payment Systems</title>
					      <link>https://finreg.aoshearman.com/Decision-on-Eurozone-Oversight-of-Systemically-Important</link>
					      <description><![CDATA[
A Decision of the European Central Bank has been published in the Official Journal of the European Union. The Decision supplements the ECB&apos;s Regulation on the oversight of systemically important payment systems. The Decision sets out the procedures and conditions for a regulator to follow when seeking to obtain information and documents from the operator of a SIPS, requiring a SIPS operator to appoint an independent expert to carry out an investigation or review on the operation of the SIPS or conduct on-site inspections.

​The Decision enters into force on September 5, 2019 and applies to the Eurozone regulators of Eurozone SIPS.

View the ECB Decision.]]></description>
					      
						      <pubDate>Fri, 16 Aug 2019 16:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Decision-on-Eurozone-Oversight-of-Systemically-Important</guid>
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					      <title>European Banking Authority Recommends Changes to EU Deposit Guarantee Scheme Directive</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Recommends-Changes-to-</link>
					      <description><![CDATA[
The European Banking Authority has published an Opinion on the eligibility of deposits, coverage level and cooperation between deposit guarantee schemes. The EU Deposit Guarantee Scheme Directive requires the European Commission to report on the implementation of the Directive. The EBA&apos;s Opinion is the first of three opinions that it will issue to support the Commission in preparing the report. The other two opinions are expected before the end of 2019, one covering deposit guarantee scheme pay outs and the other DGS funding and uses of DGS funds.

Read more.]]></description>
					      
						      <pubDate>Thu, 08 Aug 2019 16:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Recommends-Changes-to-</guid>
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					      <title>Working Group on Sterling Risk-Free Reference Rates Publishes Summary of Responses to Discussion Paper on SONIA Referencing Conventions</title>
					      <link>https://finreg.aoshearman.com/Working-Group-on-Sterling-Risk-Free-Reference-Rates</link>
					      <description><![CDATA[
The Working Group on Sterling Risk-Free Reference Rates has published a summary of the responses it received to its March 2019 discussion paper on conventions for referencing SONIA in new financial contracts.

Read more.]]></description>
					      
						      <pubDate>Wed, 07 Aug 2019 10:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Working-Group-on-Sterling-Risk-Free-Reference-Rates</guid>
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					      <title>UK Conduct Regulator Discusses Enhanced Liquidity Requirements for UCITS</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Discusses-Enhanced-Liquidity</link>
					      <description><![CDATA[
Andrew Bailey, the Chief Executive of the U.K. Financial Conduct Authority, has written to Lord Myners of the House of Lords concerning the establishment of U.K. requirements for liquidity standards for Undertakings for Collective Investment in Transferable Securities (UCITS) that are more stringent than existing EU requirements. Andrew Bailey&apos;s letter was prompted by Lord Myners&apos; query as to whether the U.K. government has ever formally reviewed the case for imposing more stringent requirements or whether it must abide by the requirements in the EU UCITS Directive.

Read more.]]></description>
					      
						      <pubDate>Tue, 06 Aug 2019 14:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Discusses-Enhanced-Liquidity</guid>
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					      <title>European Banking Authority Publishes Advice on EU Implementation of Basel III</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Advice-on-EU</link>
					      <description><![CDATA[
The European Banking Authority has published several documents setting out its advice to the European Commission on the impact and implementation in the EU of the Basel III 2017 reforms. On December 7, 2017, the Basel Committee on Banking Supervision published the last part of the Basel III reforms. The revisions were to the standardized approach and the Internal Ratings-Based approach for credit risk, the Credit Valuation Adjustment risk framework, the leverage ratio framework, including the introduction of a leverage buffer for Global Systemically Important Banks, the operational risk framework and the new output ratio floor. The revised standards take effect from January 1, 2022, except that the output floor may be phased-in until January 1, 2027.

Read more.]]></description>
					      
						      <pubDate>Mon, 05 Aug 2019 15:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Advice-on-EU</guid>
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					      <title>UK Conduct Regulator Concludes No Changes Needed to Banking Senior Managers Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Concludes-No-Changes-Needed-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published the findings of its review into the implementation of the Senior Managers and Certification Regime for the banking sector. The SM&amp;CR came into force for banking firms in March 2016 with the aim of making individuals in the banking sector more accountable for their conduct. The FCA conducted the review to determine how the SM&amp;CR has been implemented in the three years since its introduction. The review is intended to aid understanding of the impact of the regime and the FCA does not intend to make any policy changes on the basis of its findings. The FCA&apos;s review focuses on the implementation of the existing banking SM&amp;CR, but an expanded SM&amp;CR regime will come into force for all FCA solo-regulated firms from December 9, 2019. Firms falling within scope of the expanded regime should, where appropriate, also take the findings of the FCA&apos;s review into account in their implementation of the SM&amp;CR.

Read more.]]></description>
					      
						      <pubDate>Mon, 05 Aug 2019 14:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Concludes-No-Changes-Needed-</guid>
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					      <title>UK Committee Recommends Enhancing the Financial Conduct Authority&apos;s Powers and Remit</title>
					      <link>https://finreg.aoshearman.com/UK-Committee-Recommends-Enhancing-the-Financial-C</link>
					      <description><![CDATA[
The U.K. Treasury Committee has published a report on the Financial Conduct Authority&apos;s perimeter of regulation. The Report is part of the Committee&apos;s ongoing inquiry, The Work of the Financial Conduct Authority, which is considering: (i) the timeliness in which the FCA is able to take action; (ii) the transparency of the FCA&apos;s work and decisions; and (iii) the scope of the FCA&apos;s regulatory perimeter. This Report considers the last of these issues and makes several recommendations to the Treasury on the remit and powers of the FCA to enhance understanding of consumers of the regulatory perimeter, reduce harm to consumers and mitigate against regulatory arbitrage.

Read more.]]></description>
					      
						      <pubDate>Fri, 02 Aug 2019 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Committee-Recommends-Enhancing-the-Financial-C</guid>
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					      <title>European Banking Authority Launches Consultation on Draft Guidelines for Capital Requirements Regulation Contractual Payments</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Launches-Consultation-on-Draft</link>
					      <description><![CDATA[
The European Banking Authority has launched a consultation on its proposed guidelines on the methodology used to determine the weighted average maturity of contractual payments due under securitization transaction tranches for the purposes of the Capital Requirements Regulation. The CRR establishes, amongst other things, the principles by which firms should calculate their credit risk, including in relation to securitization transactions. 

Read more.]]></description>
					      
						      <pubDate>Wed, 31 Jul 2019 13:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Launches-Consultation-on-Draft</guid>
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					      <title>EU Restrictions on Contracts for Difference Lifted in Wake of National Measures</title>
					      <link>https://finreg.aoshearman.com/EU-Restrictions-on-Contracts-for-Difference-Lifte</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced that it will not again renew its product intervention measure for Contracts for Differences. ESMA&apos;s product intervention powers under the Markets in Financial Instruments Regulation allow it to impose temporary prohibitions or restrictions on certain financial instruments, financial activities or practices to address a significant investor protection concern in the EU. ESMA&apos;s first restrictions on the marketing, distribution and sale of CfDs to retail clients applied from August 1, 2018 and was then extended every three months because ESMA did not consider that the consumer protection risk had been addressed. ESMA&apos;s view is that because most national regulators in EU member states have now adopted permanent measures, its own temporary restrictions do not need to be extended. The U.K. Financial Conduct Authority has imposed permanent restrictions on the sale, marketing and distribution of CfDs and CfD-like options to retail consumers. The rules will apply to all CfDs entered into from August 1, 2019, and to CfD-like options entered into from September 1, 2019.

Read more.]]></description>
					      
						      <pubDate>Wed, 31 Jul 2019 11:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Restrictions-on-Contracts-for-Difference-Lifte</guid>
				    </item>
			
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					      <title>UK Conduct Regulator Amends Directions for E-Money and Payment Services Temporary Permissions Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Amends-Directions-for-E-Money-and</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published two amending Directions under the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 varying the deadlines by which e-money and payment services firms should notify the FCA of their intention to rely on the temporary permissions regime following the U.K.&apos;s exit from the EU. The TPR will allow EU firms to continue providing financial services in the U.K. post-Brexit for a limited period of time, pending full FCA permission being granted. Notifications should now be made by October 30, 2019. The extended deadline falls immediately before the revised Brexit deadline of October 31, 2020.

View the FCA&apos;s amended Direction on notifications for the e-money services temporary permissions regime.

View the FCA&apos;s amended Direction on notification for the payment services temporary permissions regime.

View details of the FCA&apos;s extended TPR announcement on April 11, 2019.

View details of the FCA&apos;s extended TPR announcement on March 28, 2019.]]></description>
					      
						      <pubDate>Wed, 31 Jul 2019 09:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Amends-Directions-for-E-Money-and</guid>
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					      <title>UK Regulator Provides Guidance on Regulatory Perimeter and Crypto-Assets</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Provides-Guidance-on-Regulatory-Peri</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Policy Statement and final Guidance on Crypto-assets. The Policy Statement summarizes the feedback received to the FCA&apos;s consultation on draft Guidance and sets out the FCA&apos;s response to that feedback. The final Guidance is, for the most part, the same as that on which the FCA consulted, except the FCA has made some drafting changes to provide further clarity and has added some guidance on stablecoins and airdrops. In addition, the FCA has revised the taxonomy by making a distinction between: (i) unregulated tokens, which are exchange tokens and utility tokens; and (ii) regulated tokens, which are security and e-money tokens.

The Guidance is intended to clarify the FCA&apos;s expectations for firms carrying on crypto-asset activities within the U.K. by providing insight for market participants on whether certain crypto-assets are within the FCA&apos;s regulatory perimeter or are otherwise regulated. The FCA highlights that the Guidance should be used by firms to understand the regulatory status of their crypto-asset activities, but assessing whether a crypto-asset or related activity is within the regulatory perimeter can only be done on a case-by-case basis. Firms should also refer to the FCA&apos;s Perimeter Guidance Manual (PERG) in its Handbook, and where firms need further clarification, they should contact the FCA and/or obtain external legal advice.

The Guidance provides an overview of the U.K. regulatory perimeter and discusses relevant concepts, such as &quot;by way of business.&quot; It also refers to the territorial scope of the regulatory perimeter, referring to the detailed guidance in PERG and highlighting that where part of an activity is carried on outside the U.K., a firm may still be carrying on a regulated activity in the U.K.

Read more. ]]></description>
					      
						      <pubDate>Wed, 31 Jul 2019 08:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Provides-Guidance-on-Regulatory-Peri</guid>
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					      <title>UK Regulators Finalize Resolvability Assessment Framework for Banks</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Finalize-Resolvability-Assessment-F</link>
					      <description><![CDATA[
Following their consultation earlier this year, the Bank of England and the Prudential Regulation Authority have finalized the new Resolvability Assessment Framework. The Framework comprises: (i) the BoE&apos;s approach to assessing resolvability, which includes the outcomes that the BoE considers necessary to support resolution; (ii) new PRA rules that require firms to assess their resolvability, submit a report to the PRA on the assessment and publish a summary statement on the assessment; and (iii) the BoE making public statements on the resolvability of each individual firm that is in-scope of the PRA&apos;s new rules.

Read more.]]></description>
					      
						      <pubDate>Tue, 30 Jul 2019 17:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Finalize-Resolvability-Assessment-F</guid>
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					      <title>EU Equivalence for Australian and Singaporean Benchmarks</title>
					      <link>https://finreg.aoshearman.com/EU-Equivalence-for-Australian-and-Singaporean-Ben</link>
					      <description><![CDATA[
Two equivalence decisions under the EU Benchmark Regulation have been published in the Official Journal of the European Union. The first decision declares as equivalent to the EU regime the legal and supervisory framework of Australia applicable to the administrators of financial benchmarks that are declared significant benchmarks by the Australian Securities and Investments Commission. The second decision declares as equivalent to the EU regime the legal and supervisory framework of Singapore applicable to the administrators of financial benchmarks that are designated as designated benchmarks by means of the Securities and Futures (Designated Benchmarks) Order 2018. Both decisions will enter into force on August 19, 2019.

Read more.]]></description>
					      
						      <pubDate>Tue, 30 Jul 2019 16:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Equivalence-for-Australian-and-Singaporean-Ben</guid>
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					      <title>EU Credit Rating Equivalence Decisions Repealed for Some; Reaffirmed for Others</title>
					      <link>https://finreg.aoshearman.com/EU-Credit-Rating-Equivalence-Decisions-Repealed-f</link>
					      <description><![CDATA[
A series of Implementing Decisions on the equivalence with the EU Credit Rating Agencies Regulation of the credit rating regimes of certain non-EU countries have been published in the Official Journal of the European Union. The EU CRA Regulation provides that banks, investment firms, insurers, reinsurers, management companies, investment companies, alternative investment fund managers and CCPs may only use credit ratings for certain regulatory purposes if a rating is issued by: (i) an EU CRA registered with the European Securities and Markets Authority; (ii) a third-country CRA under the endorsement regime; or (iii) a third-country CRA under the equivalence/certification regime. Equivalence decisions for several jurisdictions were adopted in 2012 under the CRA Regulation, as it was at the time. The equivalence decisions were for Brazil, Canada, Argentina, Singapore, Australia, Mexico, the U.S., Japan and Hong Kong. CRAs from Mexico, the U.S. and Japan subsequently obtained certification from ESMA.

Read more.]]></description>
					      
						      <pubDate>Tue, 30 Jul 2019 15:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Credit-Rating-Equivalence-Decisions-Repealed-f</guid>
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					      <title>UK Conduct Regulator Consults on STS Notifications under Onshored Securitization Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-STS-Notification</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation on draft technical standards on the content and format of STS notifications under the U.K.&apos;s onshored Securitization Regulation. The consultation closes on August 27, 2019. Unless Brexit is delayed further, the FCA intends to publish the final or near-final technical standards on or very near to Exit day, which is currently due to be October 31, 2019.

Read more.]]></description>
					      
						      <pubDate>Tue, 30 Jul 2019 12:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-STS-Notification</guid>
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					      <title>European Commission Communicates on Financial Services Equivalence</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Communicates-on-Financial-Ser</link>
					      <description><![CDATA[
The European Commission has published a Communication on equivalence in the area of financial services, including an annex that briefly sets out the equivalence decisions adopted by the Commission since January 2018. The Communication describes the Commission&apos;s current equivalence policy priorities, recent legislative improvements and the main assessment and the decision-making processes. It also sets out recent and ongoing work on equivalence assessments and monitoring.

Read more.]]></description>
					      
						      <pubDate>Mon, 29 Jul 2019 11:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Communicates-on-Financial-Ser</guid>
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					 <item>
					      <title>UK Consultation on Draft Law Ensuring Trustee Oversight of Investment Consultants and Fiduciary Managers</title>
					      <link>https://finreg.aoshearman.com/UK-Consultation-on-Draft-Law-Ensuring-Trustee-Ove</link>
					      <description><![CDATA[
The U.K. Department for Work and Pensions has opened a consultation on draft Occupational Pension Schemes (Governance and Registration) (Amendment) Regulations 2019. The consultation runs until September 2, 2019. The draft Regulations are intended to implement into law certain of the remedies made by the U.K. Competition and Markets Authority in its Investment Consultants and Fiduciary Managers Markets Investigation. The CMA published a Final Report in December 2018 that set out its finding of adverse competition in the investment consultants and fiduciary managers markets and the remedies to address that finding. The CMA&apos;s final Order to implement the remedies was published on June 10, 2019.

Read more.]]></description>
					      
						      <pubDate>Mon, 29 Jul 2019 08:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Consultation-on-Draft-Law-Ensuring-Trustee-Ove</guid>
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					      <title>UK Conduct Regulator Publishes Final Senior Managers &amp; Certification Regime Rules for Extended Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Final-Senior-Managers</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published its final rules extending the Senior Managers and Certification Regime to all FCA solo-regulated firms. The final rules take into account responses to the FCA&apos;s consultation paper issued in January 2019, which proposed changes to optimize the expanded regime. 

Read more.]]></description>
					      
						      <pubDate>Fri, 26 Jul 2019 10:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Final-Senior-Managers</guid>
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					      <title>European Central Bank Announces Publication Time for Euro Short-Term Rate</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Announces-Publication-Time-</link>
					      <description><![CDATA[
The European Central Bank has announced the publication time for the new Euro short-term rate (or &amp;euro;STR) that will come into effect from October 2, 2019. &amp;euro;STR will represent the wholesale euro unsecured overnight borrowing costs of banks located in the euro area. The ECB has also published the final version of its Guideline in the Official Journal of the European Union. The Guideline is addressed to all Eurosystem central banks and will govern the rate and establish the responsibilities of the ECB and national central banks in determining and administering the rate.

Read more.]]></description>
					      
						      <pubDate>Fri, 26 Jul 2019 10:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Announces-Publication-Time-</guid>
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					      <title>UK Conduct Regulator Extends Period for Use of Its Brexit Temporary Transitional Power</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Extends-Period-for-Use-of-It</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has announced that it will extend its use of the temporary transitional power from June 30, 2020 to December 31, 2020 in light of the change to the date that the U.K. is due to leave the EU to October 31, 2019. 

Read more.]]></description>
					      
						      <pubDate>Thu, 25 Jul 2019 16:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Extends-Period-for-Use-of-It</guid>
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					 <item>
					      <title>UK Regulators Consult on Amending EU Exit Instruments</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Consult-on-Amending-EU-Exit-Instrum</link>
					      <description><![CDATA[
The Bank of England and the Prudential Regulation Authority have opened a consultation on further changes to EU Exit instruments following the extension of Brexit from April to October 31, 2019, which means that certain EU legislation that has been published since April will become retained law. The consultation closes on September 18, 2019.

The consultation covers: (i) a proposed update on the Bank&apos;s and PRA&apos;s intended use of the temporary transitional power; (ii) proposals for the PRA Rulebook and Binding Technical Standards that will be retained, or &apos;onshored&apos;, in U.K. law; and (iii) the Bank&apos;s proposed BTS under the Central Securities Depositories Regulation.

Read more.]]></description>
					      
						      <pubDate>Thu, 25 Jul 2019 15:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Consult-on-Amending-EU-Exit-Instrum</guid>
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					      <title>UK Draft Legislation for Post-Brexit EMIR 2.1 Published</title>
					      <link>https://finreg.aoshearman.com/UK-Draft-Legislation-for-Post-Brexit-EMIR-21-Publ</link>
					      <description><![CDATA[
A draft U.K. statutory instrument to onshore into U.K. law, post-Brexit, the revised European Market Infrastructure Regulation (known as EMIR Refit) has been published - The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019.

EMIR Refit was published in the Official Journal of the European Union on May 28, 2019 and, for the most part, has applied directly across the EU since June 17, 2019.

Read more.]]></description>
					      
						      <pubDate>Thu, 25 Jul 2019 14:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Draft-Legislation-for-Post-Brexit-EMIR-21-Publ</guid>
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					      <title>UK Payments Regulator Consults on Draft Updated Powers and Procedures Guidance</title>
					      <link>https://finreg.aoshearman.com/UK-Payments-Regulator-Consults-on-Draft-Updated-Powers</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator has launched a consultation on the updated Powers and Procedures Guidance and Interchange Fee Regulation Guidance. The Regulator published the original Powers and Procedures Guidance in March 2015 before it became operational. 

Read more.]]></description>
					      
						      <pubDate>Thu, 25 Jul 2019 10:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payments-Regulator-Consults-on-Draft-Updated-Powers</guid>
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					      <title>European Commission Assesses Risks to EU of AML and CTF</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Assesses-Risks-to-EU-of-AML-and</link>
					      <description><![CDATA[
The European Commission has published a Communication and a series of reports assessing the EU implementation of anti-money laundering and terrorist financing requirements and discussing whether further action is needed to improve the EU&apos;s AML/CTF framework. The Communication summarizes the reports and the Commission&apos;s conclusions. The Commission notes that some of the shortcomings identified in the reports may have been remedied through the Fourth AML Directive, and that others may still be mitigated through the implementation of the Fifth AML Directive, due to be implemented by member states by January 2020. 

Read more.]]></description>
					      
						      <pubDate>Wed, 24 Jul 2019 17:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Assesses-Risks-to-EU-of-AML-and</guid>
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					      <title>European Banking Authority Publishes Opinion on Relation of Prudential Objectives to Anti-Money Laundering and Counter-Terrorism Financing</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Opinion-on-Relation</link>
					      <description><![CDATA[
The European Banking Authority has published an Opinion signaling the importance of money laundering and terrorism financing risks in the prudential supervision of EU Member States. The Opinion invites national prudential supervisors to make clear to institutions in their jurisdictions the expectation that prudential supervisors should be aware of AML/CTF risks that may affect the institutions they oversee. 

Read more.]]></description>
					      
						      <pubDate>Wed, 24 Jul 2019 10:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Opinion-on-Relation</guid>
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					      <title>Reformed EONIA Publication Times Confirmed</title>
					      <link>https://finreg.aoshearman.com/Reformed-EONIA-Publication-Times-Confirmed</link>
					      <description><![CDATA[
The European Money Markets Institute has announced that EONIA will be published daily at or soon after 9:15 CET, as from October 2, 2019.

Read more.]]></description>
					      
						      <pubDate>Wed, 24 Jul 2019 10:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Reformed-EONIA-Publication-Times-Confirmed</guid>
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					      <title>Margin Requirements for Uncleared Derivatives Delayed for Certain Counterparties</title>
					      <link>https://finreg.aoshearman.com/Margin-Requirements-for-Uncleared-Derivatives-Del</link>
					      <description><![CDATA[
The target date at international level for regulators to introduce margin requirements for uncleared derivatives for counterparties with lower trading volumes has been extended for a year by the International Organization of Securities Commissions and the Basel Committee on Banking Standards. The amendment may, depending on regulatory responses, in turn impact small banks, asset managers, pension funds and insurers.

In March 2015, the Basel Committee and IOSCO published a revised version of their policy framework for the exchange of margin for uncleared derivatives. The main revisions were to delay by nine months the phase-in period for the obligations relating to both initial margin and variation margin. Relevant international standards apply to entities that are financial firms and systemically important non-financial entities, the definitions for which are determined by national regulation.

Read more.]]></description>
					      
						      <pubDate>Tue, 23 Jul 2019 15:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Margin-Requirements-for-Uncleared-Derivatives-Del</guid>
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					      <title>UK Regulator Publishes Policy Statement on Eligibility of Financial Collateral Under Capital Requirements Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Publishes-Policy-Statement-on-Eligibility</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published the final version of its amended Supervisory Statement on credit risk mitigation, providing additional clarity on the eligibility of financial collateral under the Capital Requirements Regulation. The Supervisory Statement is published alongside the PRA&apos;s Policy Statement, which provides feedback on the responses to the PRA&apos;s consultation paper on the same topic launched in January this year. The amendments to the Supervisory Statement are effective as of July 23, 2019, the date the Policy Statement is published. Firms with concerns about their ability to comply with the revised Supervisory Statement are advised to liaise with their usual supervisory contacts.

Read more.]]></description>
					      
						      <pubDate>Tue, 23 Jul 2019 14:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Publishes-Policy-Statement-on-Eligibility</guid>
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					      <title>UK Regulator Consults on Changes to Counterparty Credit Risk Treatment</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Changes-to-Counterparty-</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has issued a consultation on proposed additions to its Supervisory Statement on counterparty credit risk. The additions are intended to provide clarity to the market on how firms should satisfy the Capital Requirements Regulation&apos;s requirement to ensure senior management are aware of the limitations and assumptions included in models used to calculate exposure values for derivatives. The consultation is relevant to all firms captured by the provisions of the Capital Requirements Directive. Responses to the consultation are requested by October 25, 2019.

Read more.]]></description>
					      
						      <pubDate>Tue, 23 Jul 2019 12:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Changes-to-Counterparty-</guid>
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					      <title>UK Conduct Regulator Consults on Firms&apos; Treatment of Vulnerable Consumers</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Firms-Treatment</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation on its proposed guidance on how financial services firms should treat &quot;vulnerable&quot; consumers. The consultation will be divided into two stages: the first stage focuses on: (i) whether the draft guidance covers the right issues and provides sufficient clarity to firms on what they should do to improve outcomes for vulnerable consumers; (ii) the potential impact of the guidance on firms&apos; costs and the potential benefit to consumers of the implementation of the guidance; and (iii) whether the guidance is sufficient to ensure firms take appropriate action to treat vulnerable consumers fairly or whether additional policy interventions are required. The second stage will seek input on a revised draft of the guidance, which will take account of feedback received during the first stage, together with a cost-benefit analysis. Responses to the first stage of the consultation should be provided by October 4, 2019.

Read more.]]></description>
					      
						      <pubDate>Tue, 23 Jul 2019 10:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Firms-Treatment</guid>
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					      <title>UK Payment Systems Regulator Revises Timeline for Market Review into the Supply of Card-Acquiring Services</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Revises-Timeline-for</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator has revised the timeline for its work on the market review into the supply of card-acquiring services. The PSR will publish its interim report for consultation in Q1 2020, instead of by the end of 2019 as initially set out in the Terms of Reference. The postponement has come about as the PSR has identified a number of additional issues that need to be addressed in the review.

The market review is a response to concerns that the supply of card-acquiring services from specialist providers by merchants (to enable card payments to be accepted and processed on their behalf) may not be working well for some merchants and, ultimately, consumers. The market review is intended to examine the lack of transparency around merchants&apos; fees for accepting card payments and barriers to competition in the card-acquirer services market.

View the PSR&apos;s announcement.]]></description>
					      
						      <pubDate>Mon, 22 Jul 2019 14:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Revises-Timeline-for</guid>
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					      <title>HM Treasury Seeks Input on the Future of Regulatory Coordination in Financial Services</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Seeks-Input-on-the-Future-of-Regulato</link>
					      <description><![CDATA[
Launching the first phase of the Future Regulatory Framework Review, HM Treasury has issued a call for evidence on regulatory coordination in the financial services sector. The Financial Services Future Regulatory Framework Review was announced in March 2019 by the Chancellor in his Spring Statement. The Review will assess whether the U.K. financial services regulatory framework is fit for purpose, including being able to support the sector to grow in the future. Four key challenges for the sector are identified: operating outside of the EU, new relationships following Brexit, technological change and other global challenges, such as climate change. The Review will entail a comprehensive evaluation of the regulatory framework in a phased process. The first phase covers coordination by the U.K. regulators. Later phases will cover other areas, to be announced once the arrangements for the U.K.&apos;s exit from the EU are clearer.

The call for evidence focuses on how the government and regulators work together to ensure the best outcomes for the financial services sector, consumers of financial services and the U.K. Feedback is requested on what stakeholders consider works well and the areas for potential improvement. Where possible, responses should provide examples. Responses to the call for evidence should be submitted by October 18, 2019.

View the call for evidence.]]></description>
					      
						      <pubDate>Fri, 19 Jul 2019 16:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Seeks-Input-on-the-Future-of-Regulato</guid>
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					      <title>Revised EU Guidelines on Stress Testing of Money Market Funds Published</title>
					      <link>https://finreg.aoshearman.com/Revised-EU-Guidelines-on-Stress-Testing-of-Money-</link>
					      <description><![CDATA[
Following its consultation in late 2018, the European Securities and Markets Authority has published final reports and updated guidelines on stress testing money market funds and the requirements imposed upon MMFs to report information to national regulators under the EU Money Market Funds Regulation.

The MMF Regulation has applied directly across the EU since July 21, 2018. MMFs are fund vehicles that invest in highly liquid short-term debt instruments, such as government bonds, and are often regarded as a short-term cash management function alternative to bank deposits. The MMF Regulation requires MMFs and MMF managers to measure the impact of the common reference stress test scenarios, as specified by ESMA in guidelines, and to report the outcomes to their national regulators. The first MMF reports are due by the end of Q1 2020.

Read more.]]></description>
					      
						      <pubDate>Fri, 19 Jul 2019 16:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Revised-EU-Guidelines-on-Stress-Testing-of-Money-</guid>
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					      <title>Financial Stability Board Delays Implementation Deadlines for Minimum Haircut Standards for Uncleared SFTs</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Delays-Implementation-D</link>
					      <description><![CDATA[
The Financial Stability Board has extended the implementation timelines for its recommendations on securities financing transactions, in particular those on minimum haircut standards for uncleared SFTs. SFTs involve the use of securities to borrow cash or other higher investment-grade securities, or vice versa. Such transactions can include repurchase transactions, securities lending and sell/buy backs. The FSB published, in 2015, its regulatory framework and recommendations for haircuts on uncleared SFTs, which included timelines for the implementation of the recommendations by FSB member jurisdictions. The FSB notes that while progress is being made in implementing the recommendations, many jurisdictions have not yet done so. The FSB acknowledges that most of the delay is due to the new date for implementing the Basel III framework, including the minimum haircut standards on bank-to-non-bank SFTs, which was postponed to January 2022.

Read more.]]></description>
					      
						      <pubDate>Fri, 19 Jul 2019 15:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Delays-Implementation-D</guid>
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					      <title>International Body Issues Statement on Liquidity Risk Management Recommendations for Investment Funds</title>
					      <link>https://finreg.aoshearman.com/International-Body-Issues-Statement-on-Liquidity-</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has issued a statement on its Liquidity Risk Management Recommendations for investment funds. The statement is in response to the U.K.&apos;s Financial Policy Committee&apos;s Financial Stability report which stated that the IOSCO Liquidity Risk Management Recommendations do not prescribe how it should be ensured that funds&apos; assets and investment strategies are consistent with their redemption terms. IOSCO&apos;s statement sets out how the Recommendations provide a comprehensive framework for regulators to address liquidity risks in funds. IOSCO notes that the Recommendations allow some flexibility as to how they are implemented by jurisdiction due to the diversity of the funds sector. IOSCO does not believe that a global prescriptive standard is appropriate and will undertake an exercise in 2020 to assess how the recommendations have been implemented across the globe.

Read more.]]></description>
					      
						      <pubDate>Thu, 18 Jul 2019 16:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Body-Issues-Statement-on-Liquidity-</guid>
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					 <item>
					      <title>European Banking Authority Reports on Regulatory Perimeter, Regulatory Status and Authorization of Fintech Activities</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Reports-on-Regulatory-</link>
					      <description><![CDATA[
Fulfilling its mandate under the European Commission&apos;s FinTech Action Plan to map the current authorization and licensing approaches for innovative FinTech business models in Europe, the European Banking Authority has published a report on the regulatory perimeter, regulatory status and authorization of FinTech activities under its remit, in particular the banking, payment services and electronic money services sectors. The European Securities and Markets Authority published its related report on July 12, 2019.

Read more.]]></description>
					      
						      <pubDate>Thu, 18 Jul 2019 11:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Reports-on-Regulatory-</guid>
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					      <title>Final EU Guidelines on EU Credit Rating Agency Disclosure Obligations and Advice on Sustainable Finance in the Credit Rating Market</title>
					      <link>https://finreg.aoshearman.com/Final-EU-Guidelines-on-EU-Credit-Rating-Agency-Di</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published two documents relating to sustainable finance in the credit rating sector. The first document is technical advice for the European Commission, responding to the Commission&apos;s mandate in its 2018 Action Plan for Sustainable Finance for ESMA to assess the current practice within the credit rating market concerning sustainability considerations. ESMA has assessed the extent to which environmental, social or governance factors are considered within credit rating agencies&apos; credit assessments. ESMA concludes that CRAs are including ESG factors in their ratings, but it is difficult to assess the extent to which each factor is being considered in the various asset classes. ESMA warns that credit ratings should not be understood as providing an opinion on sustainability characteristics of an issuer or entity and recommends that the CRA Regulation should not be revised to require the consideration of sustainability characteristics in CRAs&apos; credit assessments. However, ESMA advises that it may be appropriate to update the disclosure requirements in the CRA Regulation to enhance the transparency on how CRAs are considering the ESG factors.

Read more.]]></description>
					      
						      <pubDate>Thu, 18 Jul 2019 10:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-EU-Guidelines-on-EU-Credit-Rating-Agency-Di</guid>
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					      <title>EU Call for Evidence on the Impact of the Inducements and Charges Disclosure Requirements Under MiFID II</title>
					      <link>https://finreg.aoshearman.com/EU-Call-for-Evidence-on-the-Impact-of-the-Inducem</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a call for evidence on the impact of the inducements and costs and charges disclosure requirements under the revised Markets in Financial Instruments Directive. MiFID II restricts the payment or receipt of all fees, commissions and non-monetary benefits (which are defined as so-called &quot;inducements&quot;) unless these enhance the quality of service provided to a client and do not impair an EU investment firm&apos;s duty to act in the best interests of its client. EU investment firms are obliged to disclose to each client all fees, commissions and non-monetary benefits received by them in connection with any investment service provided by them to that client.

Read more.]]></description>
					      
						      <pubDate>Wed, 17 Jul 2019 16:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Call-for-Evidence-on-the-Impact-of-the-Inducem</guid>
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					      <title>EU Report on Sanctions and Measures Imposed under MiFID II in 2018</title>
					      <link>https://finreg.aoshearman.com/EU-Report-on-Sanctions-and-Measures-Imposed-under</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a report on enforcement actions taken across the EU for breach of the revised Markets in Financial Instruments package. The report covers administrative sanctions and measures as well as criminal sanctions in aggregated form for 2018. ESMA notes that the data is limited because MiFID II has only applied since January 3, 2018, and some Member States were late in applying the requirements. Therefore, ESMA does not believe that it is possible to detect any trends using the limited data. ESMA will produce the same report annually, based on the submission of information from national regulators.

View the report.]]></description>
					      
						      <pubDate>Wed, 17 Jul 2019 14:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Report-on-Sanctions-and-Measures-Imposed-under</guid>
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					      <title>UK&apos;s Expanded Senior Managers and Certification Regimes Enter into Force</title>
					      <link>https://finreg.aoshearman.com/UK39s-Expanded-Senior-Managers-and-Certification-</link>
					      <description><![CDATA[
The Bank of England and Financial Services Act 2016 (Commencement No. 6 and Transitional Provisions) Regulations 2019 have been made. The Regulations bring into force, from December 9, 2019, the expanded Senior Managers and Certification Regimes for all Financial Conduct Authority solo-regulated firms authorized under the Financial Services and Markets Act 2000, which include asset managers and investment firms carrying out certain activities. These firms need to complete their initial certification assessments for existing certified staff and new hires by December 9, 2020, although they must have identified certification staff by December 9, 2019. A transitional provision states that the regime will only apply to Claims Management Companies that are authorized by the FCA by December 9, 2019 and to other CMCs on the date that they obtain their authorization.

Read more.]]></description>
					      
						      <pubDate>Wed, 17 Jul 2019 11:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK39s-Expanded-Senior-Managers-and-Certification-</guid>
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					      <title>EURIBOR Benchmark Statement Published</title>
					      <link>https://finreg.aoshearman.com/EURIBOR-Benchmark-Statement-Published</link>
					      <description><![CDATA[
The European Money Markets Institute has published a Benchmark Statement on the administration of Euro Interbank Offered Rate (Euribor). Earlier in July this year, the EMMI obtained authorization as the administrator of Euribor, which is a critical benchmark under the EU Benchmark Regulation. EMMI has made reforms to Euribor in order to ensure it meets the requirements of the Regulation, including adopting a new hybrid methodology, the phased implementation of which will be completed by the end of 2019.

View EMMI&apos;s announcement and the Benchmark Statement.]]></description>
					      
						      <pubDate>Wed, 17 Jul 2019 09:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EURIBOR-Benchmark-Statement-Published</guid>
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					 <item>
					      <title>Certain UK Brexit Regulations Updated and Amended</title>
					      <link>https://finreg.aoshearman.com/Certain-UK-Brexit-Regulations-Updated-and-Amended</link>
					      <description><![CDATA[
The draft U.K. Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 3) Regulations 2019 have been published.

Read more.]]></description>
					      
						      <pubDate>Tue, 16 Jul 2019 16:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Certain-UK-Brexit-Regulations-Updated-and-Amended</guid>
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					      <title>UK Proposes Rules to Implement France&apos;s Large Exposure Limit for Highly Indebted Corporates</title>
					      <link>https://finreg.aoshearman.com/UK-Proposes-Rules-to-Implement-France39s-Large-Ex</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a consultation on proposals to reciprocate the French measure on large exposures, following a recommendation by the European Systemic Risk Board. In July 2018, France&apos;s Haut Conseil de stabilit&amp;eacute; financi&amp;egrave;re (HCSF) imposed a measure under the Capital Requirements Regulation that lowers the large exposure limit, from 25% to 5% of a firm&apos;s eligible capital, for French G-SIIs and French O-SIIs for their exposures to French NFCs that are &apos;highly indebted&apos;.

The PRA is proposing to apply the same 5% large exposure limit for exposures to certain French NFCs through amendments to the Large Exposures part of the PRA Rulebook. The proposals would apply to Global Systemically Important Institutions and Other Systemically Important Institutions from January 1, 2020.

Responses to the consultation should be submitted to the PRA by September 6, 2019.

View the consultation paper.]]></description>
					      
						      <pubDate>Tue, 16 Jul 2019 13:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Proposes-Rules-to-Implement-France39s-Large-Ex</guid>
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					      <title>EU Consultation on Performance Fees for Retail Funds</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Performance-Fees-for-Retail-Fu</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a consultation on proposed guidelines on performance fees in Undertakings for Collective Investment in Transferable Securities. The consultation closes on October 31, 2019 and ESMA will publish its final guidelines once it has considered all of the feedback.

Read more.]]></description>
					      
						      <pubDate>Tue, 16 Jul 2019 13:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Performance-Fees-for-Retail-Fu</guid>
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					      <title>Recommended Legal Action Plan for Transition from EONIA to &amp;euro;STR</title>
					      <link>https://finreg.aoshearman.com/Recommended-Legal-Action-Plan-for-Transition-from</link>
					      <description><![CDATA[
Following its consultation earlier this year, the working group charged with implementing the European market&apos;s move away from EONIA, has published a recommended legal action plan for new and legacy contracts referencing EONIA. The implementation of the recommended legal measures is intended to address issues arising from the transition from EONIA to the euro short-term rate (known as &amp;euro;STR). &amp;euro;STR is a risk-free rate and, with a fixed spread, will replace EONIA as a reference rate in a variety of euro-denominated financial contracts, including derivatives, collateral remuneration for derivatives and cash products such as commercial paper, repurchase agreements and default interest payable under syndicated loans.

Read more.]]></description>
					      
						      <pubDate>Tue, 16 Jul 2019 10:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Recommended-Legal-Action-Plan-for-Transition-from</guid>
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					      <title>European Commission Highlights Areas for Further Analysis in Basel III Reforms</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Highlights-Areas-for-Further-</link>
					      <description><![CDATA[
The Director General for Financial Stability, Financial Services and Capital Markets Union of the European Commission has written to the European Banking Authority highlighting areas where further analysis is required on the impact and implementation of the Basel III reforms in the EU. The EBA is in the process of finalizing its advice to the European Commission on the impact within the EU of the implementation of the Basel III reforms to credit risk, operational risk, output floor and securities financing transactions.

Read more.]]></description>
					      
						      <pubDate>Mon, 15 Jul 2019 13:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Highlights-Areas-for-Further-</guid>
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					      <title>EU Consultation on Guidelines on Compliance Function Requirements under MiFID II</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Guidelines-on-Compliance-Funct</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation paper on proposed guidelines on the compliance function requirements that are set out in the revised Markets in Financial Instruments package. The consultation closes on October 15, 2019 and ESMA intends to publish its final guidelines in Q2 2020. The final guidelines will replace ESMA&apos;s guidelines that were issued in 2012 under MiFID I because some of the 2012 guidelines are now set out in MiFID II or its secondary legislation and so reflect the enhanced role of the compliance function under MiFID II.

Read more.]]></description>
					      
						      <pubDate>Mon, 15 Jul 2019 13:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Guidelines-on-Compliance-Funct</guid>
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					      <title>European Banking Authority Provides Guidance to Aide Convergent Implementation of the Liquidity Coverage Ratio in the EU</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Provides-Guidance-to-A</link>
					      <description><![CDATA[
The European Banking Authority has published its first report on its monitoring of the Liquidity Coverage Ratio implementation in the EU. The LCR has applied as a 100% minimum binding standard across the EU since January 1, 2018, ahead of the Basel implementation date of January 1, 2019. The LCR requirements are set out in the Capital Requirements Regulation and the Capital Requirements Directive, supplemented by the LCR Delegated Regulation (Commission Delegated Regulation (EU) 2015/61). The LCR Delegated Regulation allows national regulators some discretion when implementing the LCR requirements. The EBA&apos;s report sets out its observations on the implementation of the LCR, focusing on the level of divergence of implementation of the LCR across the EU. To enhance a more convergent implementation of the LCR, the EBA also provides some guidance for national regulators and banks on operational deposits, retail deposits excluded from outflows and notifications on additional liquidity outflows.

The EBA intends to continue monitoring implementation of the LCR, including the extent to which national regulators and banks apply its guidance incorporated in the report and will assess whether any more formal guidance is needed.

View the EBA&apos;s report.]]></description>
					      
						      <pubDate>Fri, 12 Jul 2019 18:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Provides-Guidance-to-A</guid>
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					      <title>European Securities and Markets Authority Publishes Report on the Licensing of FinTech Business Models</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-</link>
					      <description><![CDATA[
Fulfilling its mandate under the European Commission&apos;s FinTech Action Plan to map the current authorization and licensing approaches for innovative FinTech business models in Europe, the European Securities and Markets Authority has published a report on the licensing of FinTech business models. The report sets out the key conclusions identified from the information collected from national regulators through two surveys that ESMA conducted in the last two years, and some of the actions that have been taken to address the emerging challenges. The report does not make any recommendations, but instead refers to previous advice and reports that make recommendations for an EU-level response to the issues.

Read more.]]></description>
					      
						      <pubDate>Fri, 12 Jul 2019 18:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-</guid>
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					      <title>EU Legislative Package for Cross-Border Distribution of Investment Funds Published</title>
					      <link>https://finreg.aoshearman.com/EU-Legislative-Package-for-Cross-Border-Distribut</link>
					      <description><![CDATA[
A Regulation and a Directive aimed at facilitating the cross-border distribution of investment funds have been published in the Official Journal of the European Union. The Directive amends the Directive on Undertakings for Collective Investment in Transferable Securities and the Alternative Investment Fund Managers Directive by introducing new provisions and amending certain existing provisions of those pieces of legislation. The new Regulation aims to increase transparency on the rules and procedures applicable to cross-border marketing of investment funds and regulatory fees and charges levied by national regulators. Member states are required to transpose the Directive into national laws by, and apply those laws from, August 2, 2021. Certain provisions of the Regulation will apply directly across the EU from 1 August 2019, with the remaining provisions applying from August 2, 2021.

Read more.]]></description>
					      
						      <pubDate>Fri, 12 Jul 2019 16:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Legislative-Package-for-Cross-Border-Distribut</guid>
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					      <title>European Securities and Markets Authority Launches Consultation on Disclosure Guidelines Under EU Prospectus Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Launches-Consultation</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a consultation on its proposed guidelines on compliance with disclosure requirements under the new EU Prospectus Regulation. The Consultation Paper may be of particular interest to investors, issuers, offerors or persons asking for admission to trading on a regulated market and any market participant who is affected by the new Prospectus Regulation. Responses to the consultation should be submitted by October 4, 2019. ESMA intends to publish a final summary of all consultation responses and a final version of the guidelines in Q2 2020.

Read more.]]></description>
					      
						      <pubDate>Fri, 12 Jul 2019 15:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Launches-Consultation</guid>
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					      <title>EU Evaluates MiFID II&apos;s Success in Improving Trade Data Quality, Availability and Costs</title>
					      <link>https://finreg.aoshearman.com/EU-Evaluates-MiFID-II39s-Success-in-Improving-Tra</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a consultation on the development of pre- and post-trade transparency data and the functioning of the consolidated tape for equity instruments under the revised Markets in Financial Instruments package. The consultation paper sets out ESMA&apos;s initial views, taking into account feedback received during earlier roundtables and questionnaires. Responses to the consultation should be provided by September 6, 2019. ESMA will consider the feedback it receives in preparing its final report, which it intends to submit to the European Commission in December 2019. The final report will assist the Commission in preparing its review reports to the European Parliament and Council of the European Union, which are expected to be published in 2020.

Read more.]]></description>
					      
						      <pubDate>Fri, 12 Jul 2019 11:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Evaluates-MiFID-II39s-Success-in-Improving-Tra</guid>
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					      <title>EMIR Refit: EU Clarification on Derivatives Trading and Clearing Obligations</title>
					      <link>https://finreg.aoshearman.com/EMIR-Refit-EU-Clarification-on-Derivatives-Tradin</link>
					      <description><![CDATA[
The European Securities and Markets Authority has issued a Statement clarifying the application and interaction of the EU derivatives clearing and trading obligations following the entry into force of the revised European Market Infrastructure Regulation, known as EMIR Refit.

EMIR Refit has, subject to limited exceptions, applied directly across the EU since June 17, 2019. EMIR Refit amended the definition of a Financial Counterparty, bringing central securities depositories authorized under the EU Central Securities Depositories Regulation within scope and categorizing all Alternative Investment Funds as FCs (or, for non-EU funds, as third-country entities equivalent to FCs). It also introduced a clearing threshold for FCs, meaning that small FCs are exempt from the clearing obligation. In addition, Non-Financial Counterparties that meet the clearing threshold no longer must clear all derivatives that they enter that are subject to the clearing obligation, but only those derivatives in the asset class for which they have exceeded the threshold.

Read more.]]></description>
					      
						      <pubDate>Fri, 12 Jul 2019 10:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EMIR-Refit-EU-Clarification-on-Derivatives-Tradin</guid>
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					      <title>UK Payment Systems Regulator Launches Consultation on Supply of Card-Acquiring Services</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Launches-Consultation</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator has launched a consultation on the PSR&apos;s proposed approach to assessing the profitability of card-acquiring service providers for U.K. merchants and consumers. The Consultation Paper may be of particular interest to providers of card-acquiring services, merchant trade bodies and merchants, as well as card scheme operators and issuers. Responses to the consultation should be submitted by August 1, 2019. Following the consultation, the PSR intends to publish a report setting out its interim conclusions on the supply of card-acquiring services.

Read more.]]></description>
					      
						      <pubDate>Thu, 11 Jul 2019 15:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Launches-Consultation</guid>
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					      <title>Firms Criticized for Non-Compliance with the EU Contracts For Difference Product Intervention Measures</title>
					      <link>https://finreg.aoshearman.com/Firms-Criticized-for-Non-Compliance-with-the-EU-C</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a Statement cautioning contracts for difference providers to comply with its temporary product intervention measure restricting the marketing, distribution or sale of CfDs to retail clients. The measure is due to expire at the end of the day on July 31, 2019, unless ESMA again renews it.

In its Statement, ESMA states that it has noticed and is concerned that certain firms are not complying with the temporary CfD restriction or any similar permanent national measure. ESMA reminds firms that the temporary CfD restriction does not apply to eligible counterparties or professional clients, including to retail clients who opt to being treated as professional clients, as defined in the revised Markets in Financial Instruments Directive. However, firms must comply with the MiFID II requirements when dealing with a retail client that requests to opt up to being treated as a professional client, including by alerting clients to the loss of protection afforded by the temporary CfD restriction. ESMA also reminds firms that they should not incentivize a retail client to become a professional client by using language that promotes the status or benefits of professional clients.

Read more.]]></description>
					      
						      <pubDate>Thu, 11 Jul 2019 11:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Firms-Criticized-for-Non-Compliance-with-the-EU-C</guid>
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					      <title>UK Conduct Regulator Publishes Final Prospectus Regulation Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Final-Prospectus-R</link>
					      <description><![CDATA[
The Prospectus Regulation Rules Instrument 2019 has been published, setting out the new FCA Prospectus Regulation Rules sourcebook. The Instrument also makes amendments to certain other sections of the FCA Handbook as well as to the FCA&apos;s Enforcement Guide and Perimeter Guidance manual. The new rules aim to align the U.K. rules with the EU Prospectus Regulation and will take effect from July 21, 2019.

Any prospectus approved by the FCA before July 21, 2019 will be governed by national law under the old Prospectus Directive regime until either: (i) the end of the prospectus&apos; validity; or (ii) July 21, 2020. Prospectuses submitted for approval on or after July 21, 2019 must be in line with the EU Prospectus Regulation and the FCA&apos;s new Prospectus Regulation Rules sourcebook.

View the Prospectus Regulation Rules Instrument 2019.

View details of the FCA Policy Statement on the Prospectus Regulation Rules sourcebook.]]></description>
					      
						      <pubDate>Thu, 11 Jul 2019 10:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Final-Prospectus-R</guid>
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					      <title>UK Conduct Regulator Publishes New Measure of Market Cleanliness</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-New-Measure-of-Market</link>
					      <description><![CDATA[
The U.K.&apos;s Financial Conduct Authority has published details of its Abnormal Trading Volume ratio, a new metric by which the FCA intends to measure &quot;market cleanliness&quot;. Market cleanliness refers to the level of market abuse activities, such as insider dealing or market manipulation, affecting transactions in the market. The FCA currently monitors market abuse using a variety of tools, including the mandatory submission of suspicious transaction and order reports by those involved in executing certain types of financial market transactions.

Read more.]]></description>
					      
						      <pubDate>Tue, 09 Jul 2019 15:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-New-Measure-of-Market</guid>
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					      <title>UK Conduct Regulator Publishes Annual Report</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Annual-Report</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published its Annual Report and Accounts for the year ended March 31, 2019. The report considers topics including: (i) key highlights from 2018/2019; (ii) the U.K.&apos;s withdrawal from the EU and the FCA&apos;s proposed approach to regulation in the wake of Brexit; (iii) the FCA&apos;s cross-sector and sector priorities; and (iv) perimeter issues. The report follows the publication of the FCA&apos;s first Annual Perimeter Report in June 2019, which provides a review of the FCA&apos;s regulatory perimeter.

Read more.]]></description>
					      
						      <pubDate>Tue, 09 Jul 2019 10:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Annual-Report</guid>
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					      <title>European Banking Authority Publishes Progress Report on Repair of Internal Ratings Based Models</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Progress-Repair</link>
					      <description><![CDATA[
The European Banking Authority has published a progress report on its 2016 roadmap designed to address concerns about the variability of own funds requirements arising from the internal models that firms use to calculate their minimum credit risk capital requirements under the Capital Requirements Regulation. 

Read more.
 ]]></description>
					      
						      <pubDate>Mon, 08 Jul 2019 15:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Progress-Repair</guid>
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					      <title>US Regulators Clarify Position on Broker-Dealer Custody of Digital Asset Securities</title>
					      <link>https://finreg.aoshearman.com/US-Regulators-Clarify-Position-on-Broker-Dealer-C</link>
					      <description><![CDATA[
The U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority have issued a joint statement clarifying how their traditional regulatory approaches would apply to how broker-dealers handle their customers&apos; digital asset securities and transactions. Specifically, the statement focuses on how certain SEC and FINRA rules apply to broker-dealers that wish to take custody of digital asset securities or perform other noncustodial activities involving such assets.

The SEC and FINRA staffs (collectively, the &quot;Staffs&quot;) said that a number of firms have applied to FINRA to engage in broker-activities involving digital asset securities, and a number of registered broker-dealers have also submitted applications to expand their businesses to include digital asset securities services. Many of these applications cover proposed business models that would involve the applicant taking custody of digital asset securities, while others would involve certain noncustodial activities.

Read more.]]></description>
					      
						      <pubDate>Mon, 08 Jul 2019 11:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Regulators-Clarify-Position-on-Broker-Dealer-C</guid>
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					      <title>European Banking Authority Publishes Report on FinTech&apos;s Impact on Payment and Electronic Money Institutions&apos; Business Models</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Report-on-FinTech</link>
					      <description><![CDATA[
The European Banking Authority has published a report on the impact of financial technology on the business models of payment and electronic money institutions. The report aims to provide an overview of the current FinTech landscape and raise awareness of the main trends affecting business models. It follows major developments in the industry including the introduction of the revised Payment Services Directive (known as PSD2), the emergence of new market entrants offering innovative products and the growth of instant and mobile payment methods.

Read more.]]></description>
					      
						      <pubDate>Mon, 08 Jul 2019 09:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Report-on-FinTech</guid>
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					      <title>HM Treasury Publishes Report on Activities of Anti-Money Laundering and Counter-Terrorist Financing Supervisory Bodies</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Report-on-Activities-of-Anti</link>
					      <description><![CDATA[
HM Treasury has published a report on the activities undertaken by the U.K.&apos;s anti-money laundering and counter-terrorist financing supervisory bodies in 2017-2018. The report follows the publication of the Financial Action Task Force&apos;s Mutual Evaluation Report, published in December 2018. The Mutual Evaluation Report found that the U.K.&apos;s AML/CTF regime was the strongest of all the countries assessed by the FATF. However, the report still identified shortcomings in regulated firms&apos; compliance with the Money Laundering Regulations 2017 and the performance of supervisory bodies responsible for overseeing AML/CTF activity.

Read more.]]></description>
					      
						      <pubDate>Mon, 08 Jul 2019 09:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Report-on-Activities-of-Anti</guid>
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					      <title>UK Conduct Regulator Presses Non-Bank Payment Service Providers for Compliance with Safeguarding of Customer Funds Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Presses-Non-Bank-Payment-Ser</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published the outcome of its multi-firm review into the safeguarding arrangements of customer funds by non-bank payment service providers. The FCA assessed how 11 non-bank PSPs complied with the requirements for safekeeping of customer funds under the U.K.&apos;s Payment Services Regulations 2017 and Electronic Money Regulations 2011. These Regulations require authorized payment institutions and e-money institutions to take measures to safeguard their customers&apos; funds, including segregating relevant funds and performing reconciliations, to ensure that in the event of the insolvency of the firm, the client&apos;s funds can be returned in a timely and orderly way. The FCA has provided guidance on complying with the requirements in the relevant Approach Document. Customer funds held by these types of institutions are not protected by the Financial Services Compensation Scheme.

Read more.]]></description>
					      
						      <pubDate>Thu, 04 Jul 2019 15:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Presses-Non-Bank-Payment-Ser</guid>
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					      <title>EU Seeks Feedback on Taxonomy for Sustainable Economic Activities</title>
					      <link>https://finreg.aoshearman.com/EU-Seeks-Feedback-on-Taxonomy-for-Sustainable-Eco</link>
					      <description><![CDATA[
The European Commission&apos;s Technical Expert Group on sustainable finance has launched a call for feedback on the taxonomy for sustainable economic activities. The TEG&apos;s Report on Taxonomy was published on June 18, 2019, alongside the Commission&apos;s Guidelines on reporting climate-related information, an interim TEG report on EU climate benchmarks and a TEG report on an EU green bond standard. The Report on Taxonomy links to the EU&apos;s proposed Regulation on the establishment of a framework to facilitate sustainable investment.

Feedback on the TEG&apos;s Report on Taxonomy should be submitted by September 13, 2019.

View the Report on Taxonomy.

View further details on the call for feedback.

View the Commission&apos;s Guidelines on reporting climate-related information.]]></description>
					      
						      <pubDate>Thu, 04 Jul 2019 10:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Seeks-Feedback-on-Taxonomy-for-Sustainable-Eco</guid>
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					      <title>Eurozone Resolution Board Publishes Approach to Public Interest Assessment</title>
					      <link>https://finreg.aoshearman.com/Eurozone-Resolution-Board-Publishes-Approach-to-P</link>
					      <description><![CDATA[
The Single Resolution Board has published a paper setting out its approach to the Public Interest Assessment under the resolution framework for Eurozone banks. The SRB is the resolution authority for all banking groups and entities as well as cross-border groups that are subject to direct prudential supervision by the European Central Bank (i.e., for banks within the Eurozone Banking Union). Under the resolution framework, an assessment is undertaken as to whether it would be in the public interest for a failing bank or a bank that is likely to fail to be resolved. The assessment is based on the objectives of maintaining financial stability, protecting covered depositors and safeguarding public funds. Where resolution is not appropriate, a bank would instead be subject to national insolvency procedures.

The SRB&apos;s paper outlines the factors that it would take into account when carrying out the public interest assessment and how it applies the legal criteria. The paper also includes examples of how the SRB has conducted the assessment in practice by reference to recent resolutions involving banks such as Banco Popular Espa&amp;ntilde;ol S.A., Banca Popolare di Vicenza S.p.A, Veneto Banca S.p.A. and ABLV Group.

View the SRB paper.]]></description>
					      
						      <pubDate>Wed, 03 Jul 2019 15:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Eurozone-Resolution-Board-Publishes-Approach-to-P</guid>
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					      <title>UK Conduct Regulator Proposes Banning the Sale to Retail Clients of Derivatives Referencing Crypto-Assets</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Proposes-Banning-the-Sale-to</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation proposing to restrict the sale, marketing and distribution of derivatives and exchange-traded notes that reference certain types of unregulated, transferable crypto-asset to all retail clients by firms in, or from, the U.K. The FCA consultation follows the final report of the U.K. Crypto-Assets Task Force in October 2018. The FCA&apos;s view is that although the U.K.&apos;s market in crypto-assets is relatively small, there is still a consumer protection issue that needs to be addressed.

Read more.]]></description>
					      
						      <pubDate>Wed, 03 Jul 2019 11:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Proposes-Banning-the-Sale-to</guid>
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					      <title>European Central Bank Requests Benchmark Transition Plans from Large Eurozone Banks</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Requests-Benchmark-Transiti</link>
					      <description><![CDATA[
The Chair of the Supervisory Board of the European Central Bank, Andrea Enria, has written a &quot;Dear CEO&quot; letter to the larger Eurozone banks on their preparation for the transition from interest rate benchmarks to risk-free-rates. The ECB is responsible for direct prudential supervision of certain significant banks based in the Eurozone as part of the Single Supervisory Mechanism. The ECB is seeking assurance from these banks that they have plans in place to address the transition from interest rate benchmarks to risk-free-rates, focusing on the transition from the Euro overnight index average, EONIA, to the Euro short-term rate - &amp;euro;STR - as a euro risk-free rate. EONIA will be calculated as &amp;euro;STR plus a fixed spread, from October 2, 2019, which is when &amp;euro;STR will be launched. EONIA is due to cease entirely from the beginning of 2022.

The ECB is requesting the significant Eurozone banks to provide: (i) a summary of the key risks to the reform of benchmarks; (ii) a detailed action plan on how to address those risks and pricing issues as well as implement process changes; and (iii) contact details for those at the firm overseeing the transition.

View the letter.

View details of the new EONIA methodology.]]></description>
					      
						      <pubDate>Wed, 03 Jul 2019 10:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Requests-Benchmark-Transiti</guid>
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					      <title>UK Regulator Justifies Ignoring EU Opinion on CfD Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Justifies-Ignoring-EU-Opinion-on-CfD</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a statement setting out its reasons for failing to act in accordance with the European Securities and Markets Authority&apos;s Opinion on the FCA&apos;s measures restricting the sale of Contracts for Difference and CfD-like options to retail customers. Where a national regulator takes product intervention measures under the Markets in Financial Instruments Regulation, ESMA must adopt an opinion on whether those measures are justified and proportionate. If ESMA&apos;s opinion states that the measures are not justified and proportionate and a national regulator declines to take action on the basis of ESMA&apos;s opinion, the national regulator must immediately publish a statement on its website explaining why it has adopted that course of action.

Read more.]]></description>
					      
						      <pubDate>Tue, 02 Jul 2019 14:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Justifies-Ignoring-EU-Opinion-on-CfD</guid>
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					      <title>UK Conduct Regulator Publishes Arrangements for Sharing Personal Data with Non-EEA Authorities</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Arrangements-for-Sharing</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published its signed Administrative Arrangement agreement dictating the circumstances in which it, as an EEA authority, may share the personal data that it holds with non-EEA authorities. The agreement is a standard form of agreement which will be signed by relevant EEA and non-EEA authorities and is designed to safeguard personal data transfers between authorities in light of new requirements imposed by the General Data Protection Regulation. The agreement includes, among other things, provisions restricting the circumstances in which relevant authorities may transfer data (including that it may only be transferred for the purpose of assisting the authority to fulfil its regulatory mandate and that it will only transfer data that are adequate, relevant and limited to what is necessary for the purposes for which they are transferred) and the processes the authority will establish to review their own policies and procedures on transfers of personal data.
 
View the FCA&apos;s signed Administrative Agreement.]]></description>
					      
						      <pubDate>Tue, 02 Jul 2019 11:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Arrangements-for-Sharing</guid>
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					      <title>Financial Stability Board Reports on Implementation of the TLAC Standard</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Reports-on-Implementation</link>
					      <description><![CDATA[
The Financial Stability Board has published a report on the Review of the Technical Implementation of the Total Loss-Absorbing Capacity (TLAC) Standard. The FSB conducted a review of implementation of the TLAC Standard by jurisdictions that covered the Global Systemically Important Banks to which the TLAC Standard applied as at January 1, 2019 and the home and material host jurisdictions of those G-SIBs. The focus of the review was assessing whether implementation aligns with the timelines and objectives set out in the TLAC Standard.

Read more.]]></description>
					      
						      <pubDate>Tue, 02 Jul 2019 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Reports-on-Implementation</guid>
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					      <title>UK Government Publishes Green Finance Strategy</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Publishes-Green-Finance-Strategy</link>
					      <description><![CDATA[
The U.K. Government has published a Green Finance Strategy for transforming finance for a greener future. The Green Finance Strategy has two objectives: to align private sector financial flows with clean, environmentally sustainable and resilient growth, supported by Government action and to strengthen the competitiveness of the U.K. financial sector. The Strategy document states that these objectives will be met by:
 

	Greening finance: ensuring current and future financial risks and opportunities from climate and environmental factors are integrated into mainstream financial decision-making, and that markets for green financial products are robust in nature. Some of the action committed to by the Government includes: (i) announcing an expectation for all listed companies and large asset owners to disclose by 2022 (as per the recommendations of the Financial Stability Board&apos;s Taskforce on Climate-related Financial Disclosures); (ii) establishing a joint taskforce with U.K. regulators, chaired by Government, to examine the most effective way to approach disclosure and exploring the appropriateness of mandatory reporting; (iii) clarifying responsibilities for the Prudential Regulation Authority, the Financial Conduct Authority and the Financial Policy Committee to have regard to the Paris Agreement when carrying out their duties. The Government states that it will publish an interim report by the end of 2020, which will include an assessment of these steps.

Read more.]]></description>
					      
						      <pubDate>Tue, 02 Jul 2019 10:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Publishes-Green-Finance-Strategy</guid>
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					      <title>UK Competition Authority To Review Retail Banking Market Investigation Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Competition-Authority-To-Review-Retail-Banking</link>
					      <description><![CDATA[
The U.K. Competition and Markets Authority has announced its decision to review Part 6 of the Retail Banking Market Investigation Order 2017. Part 6 requires providers of personal current account services to establish a system of alerts to their customers notifying them of specified information, including that the customer&apos;s account has exceeded a pre-agreed credit limit.

Read more.]]></description>
					      
						      <pubDate>Mon, 01 Jul 2019 11:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Competition-Authority-To-Review-Retail-Banking</guid>
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					      <title>EU to Lift Temporary Ban on the Sale of Binary Options to Retail Clients in Wake of National Measures</title>
					      <link>https://finreg.aoshearman.com/EU-to-Lift-Temporary-Ban-on-the-Sale-of-Binary-Options</link>
					      <description><![CDATA[
The European Securities and Markets Authority has ended its temporary prohibition on the marketing, distribution or sale of binary options to retail clients. ESMA&apos;s product intervention powers under the Markets in Financial Instruments Regulation allow it to impose temporary prohibitions or restrictions on certain financial instruments, financial activities or practices to address a significant investor protection concern in the EU.

Read more.]]></description>
					      
						      <pubDate>Mon, 01 Jul 2019 10:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-to-Lift-Temporary-Ban-on-the-Sale-of-Binary-Options</guid>
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					      <title>UK Regulator Publishes Rules Restricting Sale of Contracts for Difference and Related Options</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Publishes-Rules-Restricting-Sale-of-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published the Conduct of Business (Contracts for Difference) Instrument 2019, implementing product intervention measures designed to restrict the sale, marketing and distribution of contracts for difference and contract for difference-like options to retail consumers. The rules will affect: (i) retail clients who invest, or may invest, in CFDs and CFD-like options; (ii) investment firms caught by the provisions of the Markets in Financial Instruments Directive (including those caught by the Capital Requirements Directive, where appropriate) that are involved in marketing, distributing or selling CFDs and CFD-like options in, or from, the U.K. to retail clients; and (iii) U.K. branches of third-country investment firms that are involved in marketing, distributing or selling CFDs or CFD-like options to retail clients.

Read more.]]></description>
					      
						      <pubDate>Mon, 01 Jul 2019 10:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Publishes-Rules-Restricting-Sale-of-</guid>
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					      <title>Bank for International Settlements to Establish Innovation Hub for Central Bank Financial Technology</title>
					      <link>https://finreg.aoshearman.com/Bank-for-International-Settlements-to-Establish-Innovation</link>
					      <description><![CDATA[
The Bank for International Settlements has announced it will establish an innovation Hub to encourage international collaboration on innovative financial technology for central banks. The Hub&apos;s purpose will be to: (i) identify trends in technology affecting central banks; (ii) develop &quot;public goods&quot; in the technology space aimed at improving the functioning of the global financial system; and (iii) act as a focal point for central bank innovation.

Read more.]]></description>
					      
						      <pubDate>Sun, 30 Jun 2019 14:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-for-International-Settlements-to-Establish-Innovation</guid>
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					      <title>UK Financial Conduct Authority Issues Response to EU Opinion on Strong Customer Authentication</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Issues-Response-to</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has issued a statement confirming its intended approach to enforcing firms&apos; compliance with EU &quot;strong customer authentication&quot; rules that will apply across the EU from September 14, 2019.

Read more.]]></description>
					      
						      <pubDate>Fri, 28 Jun 2019 14:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Issues-Response-to</guid>
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					      <title>Global Financial Innovation Network Publishes Progress Report</title>
					      <link>https://finreg.aoshearman.com/Global-Financial-Innovation-Network-Publishes-Progress</link>
					      <description><![CDATA[
The Global Financial Innovation Network, the group of financial regulators established in 2018 to support international financial innovation, has published a report on the progress made during its first year. The group is made up of 35 global regulators from 21 jurisdictions that work together to share knowledge and market experiences and enable innovative firms to interact with a network of regulators.

Read more.]]></description>
					      
						      <pubDate>Fri, 28 Jun 2019 14:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Global-Financial-Innovation-Network-Publishes-Progress</guid>
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					      <title>Commodity Futures Trading Commission Launches LabCFTC Accelerator</title>
					      <link>https://finreg.aoshearman.com/Commodity-Futures-Trading-Commission-Launches-Lab</link>
					      <description><![CDATA[
The Commodity Futures Trading Commission has announced two new programs as part of its LabCFTC initiative. The first is LabCFTC Accelerator, which will provide the agency with a number of tools to drive its understanding and potential adoption of emerging technologies. The second is the CFTC&apos;s second annual FinTech Forward conference, which will take place on October 24, 2019 and bring together a variety of stakeholders in the FinTech ecosystem to explore the latest developments in the space.

As part of the LabCFTC Accelerator program, the agency seeks to better understand emerging technologies through the use of tools such as internal pilots and tests, market research and innovation competitions. The topic for the upcoming innovation competition will be announced at the FinTech Forward 2019 conference.

FinTech Forward 2019 will bring together innovators, regulators, market participants, thought-leaders and the general public to cover a number of areas in the FinTech space, including digital assets, commodities and platforms, machine learning and AI, RegTech and algorithmic trading. The agency also said it expects there to be a greater focus on international FinTech, as the event will coincide with the CFTC&apos;s Office of International Affairs&apos; International Regulators Symposium. Registration for the FinTech Forward 2019 conference will be open to the public early this fall.

View the CFTC&apos;s announcement.

View details of the CFTC LabCFTC initiative.]]></description>
					      
						      <pubDate>Thu, 27 Jun 2019 16:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Commodity-Futures-Trading-Commission-Launches-Lab</guid>
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					      <title>UK Payment Systems Regulator Publishes Progress Report on Access to and Governance of Payment Systems</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Publishes-Progress-Report</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator has published its fourth report on developments in access to payment systems and the governance of those systems.

Read more.]]></description>
					      
						      <pubDate>Thu, 27 Jun 2019 14:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Publishes-Progress-Report</guid>
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					      <title>UK Regulator Secures Insider Dealing Conviction</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Secures-Insider-Dealing-Conviction</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has secured convictions against two individuals accused of insider dealing. Fabiana Abdel-Malek, a former senior compliance officer at the London office of a major European headquartered bank, and Walid Anis Choucair, her family friend, were both sentenced to three years&apos; imprisonment for insider dealing.

Read more.]]></description>
					      
						      <pubDate>Thu, 27 Jun 2019 14:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Secures-Insider-Dealing-Conviction</guid>
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					      <title>Basel Committee on Banking Supervision Publishes Revisions to Leverage Ratio Requirements</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Publishes-Revisions</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published revisions to its standards for leverage ratio capital requirements. The revisions relate to: (i) calculations of leverage ratios for &quot;client-cleared&quot; derivatives; and (ii) disclosure requirements for leverage ratios.

Read more.]]></description>
					      
						      <pubDate>Wed, 26 Jun 2019 15:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Publishes-Revisions</guid>
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					      <title>UK Conduct Regulator Publishes Consultation on Regulation of Proxy Advisors under Revised Shareholder Rights Directive</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Consultation-on-Re</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a consultation on proposed changes to its Decision Making and Penalties Manual and Enforcement Guide to incorporate its new responsibility for regulation of proxy advisors. The proposals will be of interest to those falling within the Proxy Advisors (Shareholders&apos; Rights) Regulations 2019 and anyone who uses the services of proxy advisors. Responses to the consultation should be submitted by July 26, 2019.

Read more.]]></description>
					      
						      <pubDate>Wed, 26 Jun 2019 09:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Consultation-on-Re</guid>
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					      <title>UK Secondary Legislation Published to Implement the Prospectus Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Secondary-Legislation-Published-to-Implement-the</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 have been formally published and will come into force on July 21, 2019.

Read more.]]></description>
					      
						      <pubDate>Tue, 25 Jun 2019 14:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Secondary-Legislation-Published-to-Implement-the</guid>
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					      <title>Eurozone Single Resolution Board Publishes Update to MREL Policy</title>
					      <link>https://finreg.aoshearman.com/Eurozone-Single-Resolution-Board-Publishes-Update</link>
					      <description><![CDATA[
The Eurozone Single Resolution Board has published an addendum to its 2018 policy statement on minimum requirements for own funds and eligible liabilities. The addendum takes into account changes made as part of the EU&apos;s &quot;Banking Package&quot;, published in the Official Journal of the European Union on June 7, 2019, in particular the EU&apos;s implementation of the Total Loss Absorbing Capacity (TLAC) standard by changes made under the revised Capital Requirements Regulation (CRR2). 

Read more.]]></description>
					      
						      <pubDate>Tue, 25 Jun 2019 14:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Eurozone-Single-Resolution-Board-Publishes-Update</guid>
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					      <title>UK Prudential Regulator Launches Consultation on Revisions to Pillar 2 Liquidity Reporting Frequency</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Launches-Consultation-on-Revisions-to</link>
					      <description><![CDATA[
The U.K. Prudential Regulatory Authority has launched a consultation on amending the frequency with which firms must submit reports using the PRA&apos;s liquidity reporting template. The obligation to make a report using the &quot;PRA 110&quot; template comes into force on July 1, 2019 and obliges firms with total assets equal to or greater than &amp;euro;30bn to report details of their liquidity on a monthly basis, or, in the event of specific liquidity or market stress, on a weekly basis. 

Read more.]]></description>
					      
						      <pubDate>Tue, 25 Jun 2019 13:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Launches-Consultation-on-Revisions-to</guid>
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					      <title>Financial Stability Board Publishes Progress Report on G20 Financial Regulatory Reforms</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Progress-Report-on</link>
					      <description><![CDATA[
The Financial Stability Board has published a progress report summarizing FSB member jurisdictions&apos; progress in implementation of the G20&apos;s recommended financial reforms. The G20&apos;s program of financial reforms was launched in 2009 to mend the weaknesses that led to the global financial crisis. The FSB is the body responsible for delivering the G20&apos;s proposed changes and its latest report sets out progress made since the FSB&apos;s last report in November 2018, as well as areas where further work is required.

Read more.]]></description>
					      
						      <pubDate>Tue, 25 Jun 2019 13:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Progress-Report-on</guid>
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					      <title>European Banking Authority Publishes Draft Methodology for 2020 EU-Wide Stress Tests</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Draft-Method</link>
					      <description><![CDATA[
The European Banking Authority has published its draft methodology, templates and template guidance for the 2020 EU-wide stress tests that will be carried out to assess EU banks&apos; resilience to an adverse economic shock. The final methodology will be published by the end of 2019. The stress test will be launched in January 2020 and the results will be published by the end of July 2020.

Read more.]]></description>
					      
						      <pubDate>Tue, 25 Jun 2019 13:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Draft-Method</guid>
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					      <title>European Securities and Markets Authority Issues Survey on Short-Term Pressure Imposed by the Financial Sector</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Issues-Survey-on</link>
					      <description><![CDATA[
The European Securities and Markets Authority is seeking responses to its survey examining short-term pressure on corporations from the financial sector. The survey forms part of an investigation prompted by the European Commission into how short-termism in market practices may be inhibiting the EU&apos;s progress towards a sustainable economy. ESMA&apos;s survey is aimed at investors, issuers, management companies of undertakings for the collective investment in transferable securities, self-managed UCITS investment companies, alternative investment fund managers and the trade associations of financial market participants. Responses to the questionnaire must be submitted by July 29, 2019.

Read more.]]></description>
					      
						      <pubDate>Mon, 24 Jun 2019 10:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Issues-Survey-on</guid>
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					      <title>US and UK Regulators Issue Joint Statement on Credit Derivatives Markets</title>
					      <link>https://finreg.aoshearman.com/US-and-UK-Regulators-Issue-Joint-Statement-on-Cre</link>
					      <description><![CDATA[
The U.S. Commodity Futures Trading Commission, U.S. Securities and Exchange Commission and the U.K. Financial Conduct Authority have issued a joint statement regarding the use of &quot;opportunistic strategies&quot; in the credit derivatives markets, including but not limited to so-called &quot;manufactured credit events.&quot; The agencies expressed concern that the use of such strategies could adversely affect the integrity and confidence of these markets, as well as markets more generally, due to issues related to securities, derivatives conduct and antifraud laws, along with public policy concerns.

Read more.]]></description>
					      
						      <pubDate>Mon, 24 Jun 2019 09:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-and-UK-Regulators-Issue-Joint-Statement-on-Cre</guid>
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					      <title>Basel Committee on Banking Supervision Publishes Overview of Pillar 2 Practices and Approaches</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Publishes-Overview</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published an overview report on the Pillar 2 supervisory review process and on the different practices that regulators and legislators in Basel member jurisdictions have adopted in relation to it.

Read more.]]></description>
					      
						      <pubDate>Fri, 21 Jun 2019 14:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Publishes-Overview</guid>
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					      <title>International Organization for Securities Commissions Publishes Report on Liquidity in Corporate Bond Markets Under Stressed Conditions</title>
					      <link>https://finreg.aoshearman.com/International-Organization-for-Securities-Commissions</link>
					      <description><![CDATA[
The International Organization for Securities Commissions has published a report studying the effect of stressed market conditions on liquidity in corporate bond markets. The report arose out of concerns about liquidity in the corporate bond market in the years since the global financial crisis and, in particular, the possibility that a significant sell-off could trigger price volatility and temporarily depress prices. The report is based upon a review of existing studies of corporate bond markets, an examination of historic periods of market stress and discussions with industry stakeholders.

Read more.]]></description>
					      
						      <pubDate>Fri, 21 Jun 2019 14:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-for-Securities-Commissions</guid>
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					      <title>Final EU Secondary Legislation Under the Prospectus Regulation Published</title>
					      <link>https://finreg.aoshearman.com/Final-EU-Secondary-Legislation-Under-the-Prospect</link>
					      <description><![CDATA[
Two Commission Delegated Regulations supplementing the EU Prospectus Regulation have been published in the Official Journal of the European Union. The first Regulation is on the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market. It will supplement the requirements in the Prospectus Regulation on: (i) the review, approval and filing of the universal registration document and any amendments; (ii) the format of the prospectus, the base prospectus and the final terms; (iii) the specific information to be included in a prospectus, the minimum information to be included in the universal registration document and the reduced information to be included under the simplified disclosure regime for secondary issuances; (iv) the reduced content, standardized format and the sequence of the EU Growth prospectus; (v) the reduced content and standardized format of the specific summary; and (vi) the review and approval of prospectuses by national regulators. The Regulation also repeals, from July 21, 2019, the existing Implementing Regulation under the existing Prospectus Directive on the form and content of prospectuses.

Read more.]]></description>
					      
						      <pubDate>Fri, 21 Jun 2019 14:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-EU-Secondary-Legislation-Under-the-Prospect</guid>
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					      <title>European Banking Authority Publishes Opinion on Strong Customer Authentication Under Payment Services Directive</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Opinion-on-Strong</link>
					      <description><![CDATA[
The European Banking Authority has published an Opinion on market approaches to payment authentication that will be deemed compliant with the new rules on strong customer authentication coming into force later this year.

Read more.]]></description>
					      
						      <pubDate>Fri, 21 Jun 2019 14:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Opinion-on-Strong</guid>
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					      <title>Financial Action Task Force Publishes Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Publishes-Guidance-fo</link>
					      <description><![CDATA[
The Financial Action Task Force has published the outcomes of its third and last Plenary meeting under the U.S. Presidency in Orlando on June 19-21, 2019. The FATF considered key issues such as strategic initiatives, mutual evaluations and the upcoming focus areas under the Chinese Presidency.

Read more.]]></description>
					      
						      <pubDate>Fri, 21 Jun 2019 14:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Publishes-Guidance-fo</guid>
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					      <title>European Commission Publishes Commission Delegated Regulation Amending Registration Conditions for SME Growth Markets</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Commission-Delegated</link>
					      <description><![CDATA[
An amending Commission Delegated Regulation to the existing Commission Delegated Regulation (Regulation 2017/565) on requirements for participants in SME growth markets has been published in the Official Journal of the European Union. Regulation 2017/565 supplements related provisions under the Markets in Financial Instruments Directive, which establishes &quot;SME growth markets&quot; as a new type of trading venue for small and medium sized enterprises.

Read more.]]></description>
					      
						      <pubDate>Fri, 21 Jun 2019 09:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Commission-Delegated</guid>
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					      <title>European Commission Publishes Report on Implementation of Wire Transfer Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Report-on-Implement</link>
					      <description><![CDATA[
The European Commission has published a report detailing: (i) the extent to which Member States have implemented the sanctions and monitoring sections of the EU Wire Transfer Regulation; and (ii) the particular sanctioning activities that national regulators have adopted under the Regulation. The Commission was obliged to provide the report to the European Parliament and Council of the European Union under the Wire Transfer Regulation. Although Member States are not obliged to take specific steps in response to the report&apos;s findings, the Commission concludes the report by stating its intention to continue to support Member States in their implementation of the Wire Transfer Regulation and reserves the right to take further measures to ensure the Regulation is correctly implemented by all Member States.

Read more.]]></description>
					      
						      <pubDate>Thu, 20 Jun 2019 14:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Report-on-Implement</guid>
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					      <title>Bank of England Publishes Report on the Future of the UK Financial System and the Bank&apos;s Priorities for the Future</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Publishes-Report-on-the-Future-of</link>
					      <description><![CDATA[
Huw van Steenis, the Bank of England financier appointed by the BoE in 2018 to review the future of the U.K. financial system, has published his &quot;Future of Finance&quot; report, setting out a vision for the medium-term future of the U.K. financial system and the BoE&apos;s role in supporting that. The report was based on consultations with entrepreneurs, financiers, tech firms, global investors, consumer groups, charities, policymakers and business leaders across the U.K. and overseas. In response, the BoE has published a document which sets out the actions it intends to take to deal with the challenges and opportunities identified in the report.

Read more.]]></description>
					      
						      <pubDate>Thu, 20 Jun 2019 10:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Publishes-Report-on-the-Future-of</guid>
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					      <title>UK FICC Markets Standards Board Announces Consultation on Draft Statement of Good Practice</title>
					      <link>https://finreg.aoshearman.com/UK-FICC-Markets-Standards-Board-Announces-Consultation</link>
					      <description><![CDATA[
The U.K. FICC Markets Standards Board has published a Transparency Draft of its new Statement of Good Practice on Conflicts of Interest. The Statement aims to provide guidance for participants in the fixed income, currencies and commodities markets on ways to identify and manage risks arising from conflicts of interest in the FICC markets. The guidance is particularly targeted at firms operating in Europe and the conflicts that may arise from the sale and trading of publicly listed or over-the-counter securities or financial instruments. 

Read more.]]></description>
					      
						      <pubDate>Thu, 20 Jun 2019 10:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-FICC-Markets-Standards-Board-Announces-Consultation</guid>
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					      <title>European Commission Publishes Commission Delegated Regulation Extending Exemption from EU Transparency Requirements to the People&apos;s Bank of China</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Commission-Delegated-Reglation</link>
					      <description><![CDATA[
An amending Commission Delegated Regulation to the existing Commission Delegated Regulation (Regulation 2017/1799), which specifies that third-country central banks may be exempted from certain transparency requirements under the Markets in Financial Infrastructure Regulation, has been published in the Official Journal of the European Union. The amendment means that the People&apos;s Bank of China will be added to the list of counterparty institutions whose transactions will not be subject to trade transparency requirements under MiFIR to the extent that those transactions are in pursuit of monetary, foreign exchange or financial stability policy. The amending Delegated Regulation will come into force and apply directly across the EU from July 10, 2019.
 
View the amending Commission Delegated Regulation.
 
View Commission Delegated Regulation 2017/1799.]]></description>
					      
						      <pubDate>Thu, 20 Jun 2019 10:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Commission-Delegated-Reglation</guid>
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					      <title>Basel Committee on Banking Supervision Discusses Supervisory Initiatives and Approves Implementation Reports</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Discusses-Supervisory</link>
					      <description><![CDATA[
Central bankers and banking supervisors of the Basel Committee on Banking Supervision met this week to discuss a range of policy and supervisory initiatives. 

Read more.]]></description>
					      
						      <pubDate>Thu, 20 Jun 2019 10:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Discusses-Supervisory</guid>
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					      <title>UK Financial Conduct Authority Publishes First Annual Perimeter Report</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-First-An</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published its first annual perimeter report, which (i) describes the boundaries of the FCA&apos;s regulatory oversight, (ii) considers challenges to the regulatory perimeter and (iii) sets out its aims for the future. The motivations behind the report include recent high profile controversies involving firms on the periphery of the FCA&apos;s regulatory perimeter (including London Capital &amp; Finance which issued non-transferable bonds to consumers), innovations in technology that test the boundaries of the perimeter and the post-Brexit future of U.K. financial regulation.

Read more.]]></description>
					      
						      <pubDate>Wed, 19 Jun 2019 13:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-First-An</guid>
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					      <title>European Banking Authority Proposes Guidelines on Loan Origination and Monitoring</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Proposes-Guidelines</link>
					      <description><![CDATA[
The European Banking Authority has launched a consultation on draft Guidelines on loan origination and monitoring. The consultation stems from the European Council&apos;s Action Plan on tackling non-performing loans in Europe. The purpose of the guidelines is to improve the processes by which institutions grant loans and monitor them thereafter, with the overarching goal of improving the financial stability of the EU financial system.

Read more.]]></description>
					      
						      <pubDate>Wed, 19 Jun 2019 10:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Proposes-Guidelines</guid>
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					      <title>New EU Guidelines on Disclosure of Climate-Related Information</title>
					      <link>https://finreg.aoshearman.com/New-EU-Guidelines-on-Disclosure-of-Climate-Relate</link>
					      <description><![CDATA[
The European Commission has published new, non-binding Guidelines on reporting climate-related information. The new Guidelines are supplementary to the guidelines issued by the Commission in 2017 on reporting non-financial information. The new Guidelines are intended to assist large public entities (with over 500 employees) to report climate-related information under the EU Non-Financial Reporting Directive. The new Guidelines incorporate the recommendations of the Financial Stability Board&apos;s taskforce on climate-related financial disclosures, taking into account the EU&apos;s forthcoming taxonomy on sustainable activities. The new Guidelines include guidance on reporting of climate-related information related to business models, key performance indicators, risks and their management. Further guidelines for banks and insurance companies are set out in the annex.

Read more.]]></description>
					      
						      <pubDate>Tue, 18 Jun 2019 10:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-EU-Guidelines-on-Disclosure-of-Climate-Relate</guid>
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					      <title>UK Law Commission Makes Recommendations to Improve Anti-Money Laundering Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Law-Commission-Makes-Recommendations-to-Improv</link>
					      <description><![CDATA[
The U.K.&apos;s Law Commission has published a report, entitled &quot;Anti-money Laundering: the SARS Regime&quot;, setting out recommendations to improve the prevention, detection and prosecution of money laundering and terrorism financing in the U.K. The Law Commission began a review in 2017 into the U.K. anti-money laundering regime, focusing on the suspicious activity reporting (SAR) process and taking into account EU and U.K. anti-money laundering legislation and related legislation, such as the General Data Protection Regulation. Following the consultation, the Commission has decided not to recommend amendments to the primary legislation, but instead that more detailed guidance should be issued. As a result, and for example, new exceptions from the reporting regime will not be proposed, as has been argued by some aspects of industry for reports on low-value transactions or reports on issues which are already in the public domain. The Commission is making several recommendations to improve the existing system, including:

	The establishment of a new Advisory Board to supervise the development of guidance and to advise the Secretary of State on potential improvements to the regime, including in relation to emerging threats.
	A new online SAR report that is easier to use with the aim of ensuring more consistent data is provided to the U.K. Financial Intelligence Unit through these reports.
	Creating an obligation for the Government to issue statutory guidance on key legal concepts within the framework so as to improve certainty around the obligation to report suspicious activities.


View the report.]]></description>
					      
						      <pubDate>Tue, 18 Jun 2019 10:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Law-Commission-Makes-Recommendations-to-Improv</guid>
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					      <title>International Cyber Task Force Reports on Cyber Regulation</title>
					      <link>https://finreg.aoshearman.com/International-Cyber-Task-Force-Reports-on-Cyber-R</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published the final report of its Cyber Task Force on cyber regulation. The report sets out how IOSCO member jurisdictions apply three recognized cyber frameworks - the CPMI-IOSCO Guidance on Cyber Resilience for Financial Market Infrastructures; the National Institute of Standards and Technology Framework for Improving Critical Infrastructure Cybersecurity; and the International Organization for Standardization 27000 series standards. The Cyber Task Force does not propose that IOSCO issues any further guidance on this topic, as this could lead to duplication. The report is instead intended to be a resource for financial market regulators and firms, to raise awareness of existing cyber guidance and to encourage the adoption of good practices. The Cyber Task Force recommends that IOSCO&apos;s member jurisdictions use these standards to close any gaps in their existing cyber frameworks and that further work is undertaken to establish where those gaps are.

View the report.]]></description>
					      
						      <pubDate>Tue, 18 Jun 2019 09:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Cyber-Task-Force-Reports-on-Cyber-R</guid>
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					      <title>UK Secondary Legislation Published to Implement Changes under EMIR REFIT</title>
					      <link>https://finreg.aoshearman.com/UK-Secondary-Legislation-Published-to-Implement-C</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (Amendment) Regulations 2019 have been made and will come into force on July 9, 2019.

Read more.]]></description>
					      
						      <pubDate>Mon, 17 Jun 2019 14:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Secondary-Legislation-Published-to-Implement-C</guid>
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					      <title>European Securities and Markets Authority Postpones Review of Transparency Requirements under MiFIR</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Postpon</link>
					      <description><![CDATA[
The European Securities and Markets Authority has postponed its review of the operation of transparency requirements laid out under Regulatory Technical Standards issued under the Markets in Financial Instruments Regulation. MiFIR&apos;s transparency regime obliges those providing investment services in the EU to disclose details of their transactions in bonds, structured finance products, emission allowances and derivatives both prior to, and following, trades. The detail of how participants should comply with this transparency regime is set out in the related delegated acts and technical standards published under MiFIR. Under the MiFIR RTS, ESMA is obliged to submit a report on the operation of thresholds for the liquidity and trade percentiles of certain financial instruments by July 30 each year. However, given the continuing uncertainties over Brexit, ESMA considers it would be inappropriate to perform the review by the usual deadline, particularly as the results of its review may lead to a tightening of the relevant rules. No new deadline for performing the review has yet been established.

View ESMA&apos;s letter.

View the transparency RTS.]]></description>
					      
						      <pubDate>Mon, 17 Jun 2019 11:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Postpon</guid>
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					      <title>UK Regulator Issues Consultation Paper on Adequate Financial Resources</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Issues-Consultation-Paper-on-Adequate</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a consultation paper explaining the FCA&apos;s proposed approach to minimum financial resources requirements and seeking feedback on the proposed clarifications to its stated approach. The consultation paper is relevant for all FCA solo-regulated firms subject to the FCAs&apos;s threshold conditions and/or Principles for Business. Firms should submit responses by September 13, 2019.

Read more.]]></description>
					      
						      <pubDate>Thu, 13 Jun 2019 16:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Issues-Consultation-Paper-on-Adequate</guid>
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					      <title>UK Conduct Regulator Publishes Dear CEO Letter on its Wealth Management and Stockbroking Supervision Strategy</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Dear-CEO-Letter-on</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a &quot;Dear CEO&quot; letter addressed to wealth management and stockbroking firms, identifying the key areas of focus for its two-year Wealth Management and Stockbroking supervision strategy. In the letter, the FCA identifies the four key types of harm for customers in this sector as: (i) reductions in savings and investments due to fraud, investment scams and inadequate client money or assets controls; (ii) loss of confidence in the industry due to mismanagement of conflicts of interest and market abuse; (iii) reductions in savings and investments due to substandard order handling procedures and execution processes; and (iv) inability to understand the costs of services provided by firms as a result of insufficient or inaccurate disclosure.

Read more.]]></description>
					      
						      <pubDate>Thu, 13 Jun 2019 10:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Dear-CEO-Letter-on</guid>
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					      <title>European Commission Publishes Fourth Progress Report on Reduction of Non-Performing Loans in Europe</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Fourth-Progress-Report</link>
					      <description><![CDATA[
The European Commission has published its fourth progress report on the reduction of non-performing loans in Europe. The report describes the impact of the EU&apos;s measures to tackle NPLs, which stem from the European Council&apos;s &quot;Action Plan to Tackle NPLs in Europe&quot;. The Action Plan was designed to reduce risk in the European banking sector. As part of this project, the European Commission launched a package of legislative and non-legislative measures designed to address the build-up of non-performing loans seen in the years following the financial crisis.

Read more.]]></description>
					      
						      <pubDate>Wed, 12 Jun 2019 17:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Fourth-Progress-Report</guid>
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					      <title>UK Parliamentary Committee Report Criticizes UK&apos;s Post-Brexit Sanctions Policy</title>
					      <link>https://finreg.aoshearman.com/UK-Parliamentary-Committee-Report-Criticizes-UK39</link>
					      <description><![CDATA[
The U.K. Foreign Affairs Committee has published a critical report on the U.K. government&apos;s plans for the future of sanctions policy following Brexit. Currently, the U.K. must comply with economic and financial sanctions agreed at EU-level. Following the U.K.&apos;s exit from the EU, it will regain autonomy over sanctions policy, but the Foreign Affairs Committee report reveals a lack of high-level thought on policy, a muddled position on key issues, including the implementation of EU sanctions into U.K. law following Brexit, the U.K.&apos;s ability to impose &quot;Magnitsky&quot; sanctions (sanctions imposed upon individuals accused of human rights violations), and the extent to which the U.K.&apos;s future sanctions policy should be coordinated with allies&apos; policies, and a lack of cross-departmental government coordination in developing a coherent U.K. sanctions policy.

Read more.]]></description>
					      
						      <pubDate>Wed, 12 Jun 2019 11:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Parliamentary-Committee-Report-Criticizes-UK39</guid>
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					      <title>European Commission Publishes Progress Report on European Economic Monetary Union</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Progress-Report-on-</link>
					      <description><![CDATA[
The European Commission has published a report on progress made in Europe since the publication of &quot;The Five Presidents&apos; Report&quot; of 2015, in which five of the EU&apos;s key figures set out their agenda for deepening the EU&apos;s Economic and Monetary Union. The report is published ahead of the Euro Summit on June 21, 2019, where EU leaders will meet to review progress in tackling the challenges faced by the EU.

Read more.]]></description>
					      
						      <pubDate>Wed, 12 Jun 2019 11:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Progress-Report-on-</guid>
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					      <title>European Commission Updates Credit Rating Agencies Regulation Equivalence Decisions</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Updates-Credit-Rating-Agencies</link>
					      <description><![CDATA[
The European Commission has published a series of draft Implementing Decisions on the equivalence with the EU Credit Rating Agencies Regulation of the credit rating regimes of certain non-EU countries. The Implementing Decisions for Brazil, Canada, Argentina, Singapore and Australia repeal the existing equivalence decisions of the credit rating legislation in these countries, stripping these regimes of their equivalent status. The Implementing Decisions for Mexico, the US, Japan and Hong Kong confirm the equivalence of such countries&apos; credit rating legislation.

Read more.]]></description>
					      
						      <pubDate>Tue, 11 Jun 2019 11:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Updates-Credit-Rating-Agencies</guid>
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					      <title>UK Law Commission Embarks Upon Review of Intermediated Securities System</title>
					      <link>https://finreg.aoshearman.com/UK-Law-Commission-Embarks-Upon-Review-of-Intermed</link>
					      <description><![CDATA[
The Law Commission has been appointed to review potential legal issues with the U.K. intermediated securities system. Intermediated securities are shares and bonds held electronically through computerized credit entries.

Read more.]]></description>
					      
						      <pubDate>Tue, 11 Jun 2019 11:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Law-Commission-Embarks-Upon-Review-of-Intermed</guid>
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					      <title>European Securities and Markets Authority Publishes Final Report on Frequent Batch Auctions</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Final</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report presenting the feedback to its November 2018 call for evidence, which sought to improve its understanding of &quot;frequent batch&quot; auction systems and their use in the circumvention of the &quot;double volume cap&quot; imposed under the Markets in Financial Instruments Regulation and transparency requirements under the revised Markets in Financial Instruments Directive (or MiFID II). ESMA intends to produce further guidance on areas highlighted in the report, particularly focusing on price determination and pre-trade transparency, and will review the broader effects of the MiFID II transparency regime.

Read more.]]></description>
					      
						      <pubDate>Tue, 11 Jun 2019 11:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Final</guid>
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					      <title>UK To Adopt Amendments to Brexit Legislation</title>
					      <link>https://finreg.aoshearman.com/UK-To-Adopt-Amendments-to-Brexit-Legislation</link>
					      <description><![CDATA[
HM Treasury has laid before Parliament a draft of the Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 2) Regulations 2019. The draft Regulations make amendments to certain elements of the EU exit legislation relating to financial services that has been developed by the U.K. government in preparation for the U.K.&apos;s exit from the EU. The amendments will come into force on the later of: (i) the day after the day on which the Regulations are made; and (ii) immediately before exit day or, in the case of the amendment to the Capital Requirements Regulations, exit day. 

Read more.]]></description>
					      
						      <pubDate>Mon, 10 Jun 2019 11:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-To-Adopt-Amendments-to-Brexit-Legislation</guid>
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					      <title>UK Prudential Regulator Offers Modification of UK Capital Rules Reflecting Changes to Capital Requirements Regulation II</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Offers-Modification-of-UK</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a draft modification of its capital rules to correspond with changes made to the Capital Requirements Regulation II that will apply directly in Member States from June 27, 2019. Firms wishing to benefit from the modified rules should apply to the Authorisations Division of the PRA.

Read more.]]></description>
					      
						      <pubDate>Mon, 10 Jun 2019 10:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Offers-Modification-of-UK</guid>
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					      <title>UK Competition and Markets Authority Targets Anti-Competitive Practices in Investment Consultancy and Fiduciary Management Services</title>
					      <link>https://finreg.aoshearman.com/UK-Competition-and-Markets-Authority-Targets-Anti</link>
					      <description><![CDATA[
The U.K. Competition and Markets Authority has issued the Investment Consultancy and Fiduciary Management Market Investigation Order 2019. This is U.K. secondary legislation intended to combat anti-competitive practices in the supply and acquisition of investment consultancy and fiduciary management services to and by the pension schemes they advise. The Order was made on June 10, 2019 and enters into force on December 10, 2019. It follows the CMA&apos;s consultation on a draft version of the Order that was published for review by interested parties on February 12, 2019. In the final Order, the CMA has endeavoured to resolve a number of the issues raised in response to the consultation. These include amending the Competitive Tender Process as originally drafted by imposing a less stringent &quot;reasonable endeavours&quot; obligation on trustees who are required to obtain bids from three or more unrelated Fiduciary Management Providers, and excluding in-house investment advice or fiduciary management functions from the scope of the Order.

Read more.]]></description>
					      
						      <pubDate>Mon, 10 Jun 2019 10:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Competition-and-Markets-Authority-Targets-Anti</guid>
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					      <title>UK Regulator Publishes Thematic Review of Money-Laundering Risks in Capital Markets</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Publishes-Thematic-Review-of-Money-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a report on its thematic review assessing money-laundering risks posed to capital markets. The review involved 19 participants including investment banks, recognised investment exchanges, trade bodies, a custodian bank, clearing and settlement houses, inter-dealer brokers and trading firms. The report sets out what the FCA found in its review, the AML risks that were identified and fictitious case studies identifying different AML scenarios that firms may use to inform their own procedures. The FCA expects firms to review their AML systems, taking this report into account. It is considering its supervisory approach, including the possibility of utilising data supplied under MiFID II to mitigate money-laundering risks.

Read more.]]></description>
					      
						      <pubDate>Mon, 10 Jun 2019 10:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Publishes-Thematic-Review-of-Money-</guid>
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					      <title>Final Investment Consultancy and Fiduciary Management Market Investigation Order Published</title>
					      <link>https://finreg.aoshearman.com/Final-Investment-Consultancy-and-Fiduciary-Manage</link>
					      <description><![CDATA[
The U.K. Competition and Markets Authority has published the final Investment Consultancy and Fiduciary Management Market Investigation Order 2019. The Order imposes legal obligations on pension scheme trustees, investment consultancy firms and fiduciary management providers, implementing the CMA&apos;s remedies to its finding of an adverse effect on competition in both the investment consultancy and fiduciary management markets. On February 11, 2019, the CMA published a draft Order for comment, and the responses to the draft Order have been published alongside the Order.

Read more.]]></description>
					      
						      <pubDate>Mon, 10 Jun 2019 08:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Investment-Consultancy-and-Fiduciary-Manage</guid>
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					 <item>
					      <title>G20 Finance Ministers and Central Bank Governors Meet in Japan</title>
					      <link>https://finreg.aoshearman.com/G20-Finance-Ministers-and-Central-Bank</link>
					      <description><![CDATA[
The G20 Finance Ministers and Central Bank Governors have published a Communiqu&amp;eacute; from the most recent G20 Summit held in Japan.

Read more.]]></description>
					      
						      <pubDate>Sun, 09 Jun 2019 10:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/G20-Finance-Ministers-and-Central-Bank</guid>
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					      <title>Financial Stability Board Publishes Consultation on Impact of Regulatory Reforms for SME Financing</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Consultation-</link>
					      <description><![CDATA[
The Financial Stability Board has published a consultation paper on the effects of post-financial crisis regulatory reforms on financing for small- and medium-sized enterprises. The FSB&apos;s analysis suggests that there have not been material or persistent negative effects on SME financing, although some evidence suggests the more stringent Basel III capital requirements may have slowed the pace and tightened the conditions of SME lending at the least capitalized banks.

Read more.]]></description>
					      
						      <pubDate>Fri, 07 Jun 2019 16:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Consultation-</guid>
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					      <title>EU Capital Requirements Directive V and Capital Requirements Regulation II Finalized</title>
					      <link>https://finreg.aoshearman.com/EU-Capital-Requirements-Directive-V-and-Capital-R</link>
					      <description><![CDATA[
The legislative amendments to the EU&apos;s Capital Requirements Regulation and the Capital Requirements Directive, widely referred to as &quot;CRD5&quot; or &quot;CRR2&quot;, have been published in the Official Journal of the European Union. Subject to certain exceptions, the Regulation amending CRR will apply directly across the EU from June 28, 2021. EU Member States are required to transpose the Directive amending CRD into their national laws and to apply those provisions from December 29, 2020, subject to certain exceptions.

Read more.]]></description>
					      
						      <pubDate>Fri, 07 Jun 2019 13:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Capital-Requirements-Directive-V-and-Capital-R</guid>
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					      <title>European Securities and Markets Authority Chair Queries EMIR REFIT Clearing Threshold Calculation for Certain Financial Counterparties</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Chair-Q</link>
					      <description><![CDATA[
The Chair of the European Securities and Markets Authority, Steven Maijoor, has requested clarity from the European Commission on the methodology for calculating the clearing threshold of a Financial Counterparty that is part of a non-financial group under the revised European Market Infrastructure Regulation (known as EMIR REFIT).

Read more.]]></description>
					      
						      <pubDate>Fri, 07 Jun 2019 13:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Chair-Q</guid>
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					      <title>Revisions to EU Bank Recovery and Resolution Directive Finalized</title>
					      <link>https://finreg.aoshearman.com/Revisions-to-EU-Bank-Recovery-and-Resolution-Dire</link>
					      <description><![CDATA[
A new Directive amending the EU&apos;s Bank Recovery and Resolution Directive, widely referred to as &quot;BRRD2&quot;, has been published in the Official Journal of the European Union.

Read more.]]></description>
					      
						      <pubDate>Fri, 07 Jun 2019 12:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Revisions-to-EU-Bank-Recovery-and-Resolution-Dire</guid>
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					      <title>UK Prudential Regulator Consults on Resolution Assessments For Senior Managers Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Resolution-As</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has opened a consultation on resolution assessments and reporting amendments under the Senior Managers and Certification Regime. The PRA is proposing to amend the prescribed responsibility for recovery plans and resolution packs that are a part of the SM&amp;CR. Related changes are also being proposed to &quot;Strengthening individual accountability in banking&quot; (SS28/15) and &quot;Senior Managers Regime form: Statement of Responsibilities&quot;. The changes to the prescribed responsibility will impact U.K. banks and building societies with &amp;pound;50 billion or more in retail deposits. The changes to the Statement of Responsibilities will affect all PRA-regulated firms. The consultation closes on August 7, 2019. The PRA intends to publish its final amendments in Q4 2019.

View the consultation paper.]]></description>
					      
						      <pubDate>Fri, 07 Jun 2019 12:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Resolution-As</guid>
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					      <title>UK Regulator Publishes Policy Statement on Supervisory and Enforcement Process for Securitization Repositories, including post-Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Publishes-Policy-Statement-on-Superv</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Policy Statement setting out the final rules governing the FCA&apos;s authority to impose sanctions on persons for breaching requirements imposed under the U.K. Securitization Regulations 2018, which implements the EU Securitization Regulation. The Policy Statement also includes proposals on how the FCA will apply its existing supervisory and enforcement processes to securitization repositories (the bodies responsible for collecting and maintaining records of securitizations) after the U.K.&apos;s exit from the EU.

Read more.]]></description>
					      
						      <pubDate>Thu, 06 Jun 2019 16:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Publishes-Policy-Statement-on-Superv</guid>
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					      <title>US Commodity Futures Trading Commission Provides Margin Relief for Legacy Swaps</title>
					      <link>https://finreg.aoshearman.com/US-Commodity-Futures-Trading-Commission-Provides</link>
					      <description><![CDATA[
In response to a request from the International Swaps and Derivatives Association, the Commodity Futures Trading Commission&apos;s Division of Swap Dealer and Intermediary Oversight issued no-action relief that will permit swap dealers to make certain amendments to so-called &quot;legacy swaps&quot; without such swaps losing their legacy status for purposes of the CFTC&apos;s uncleared swap margin rule. Legacy swaps are exempt from the CFTC&apos;s uncleared swap margin rule because they were entered into prior to the relevant compliance date for that rule. The relief provides clarity that certain amendments to legacy swaps will not bring them within scope of the rule.

The relief will permit swap dealers to continue to treat the following as legacy swaps:

	legacy swaps that are amended in an immaterial manner (defined as amendments that would not affect the economic obligations of the parties or the valuation of the swap);
	a swap resulting from the exercise of a swaption that is itself a legacy swap;
	the remaining portion of a swap following a partial termination of such legacy swap;
	the remaining portion of a swap following a partial novation of such legacy swap; and
	new swaps resulting from a multilateral compression exercise consisting solely of legacy swaps.


View the No-Action letter.]]></description>
					      
						      <pubDate>Thu, 06 Jun 2019 16:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Commodity-Futures-Trading-Commission-Provides</guid>
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					      <title>Financial Stability Board Publishes Report on Decentralized Financial Technologies</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Report-on-Dec</link>
					      <description><![CDATA[
The Financial Stability Board has published a report on the use of decentralized financial technologies and the implications these may have for financial stability, regulation and governance. The report has been delivered to G20 Finance Ministers and Central Bank Governors ahead of the G20 meeting on June 8-9, 2019.

Read more.]]></description>
					      
						      <pubDate>Thu, 06 Jun 2019 15:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Report-on-Dec</guid>
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					      <title>International Bodies Seek Public Input on Central Counterparty Auctions Discussion Paper</title>
					      <link>https://finreg.aoshearman.com/International-Bodies-Seek-Public-Input-on-Central</link>
					      <description><![CDATA[
The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions have published a joint discussion paper on central counterparty default management auctions. Comments should be provided by August 9, 2019.

Read more.]]></description>
					      
						      <pubDate>Wed, 05 Jun 2019 15:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Bodies-Seek-Public-Input-on-Central</guid>
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					      <title>UK Regulator Appoints New Chair for Financial Ombudsman Service</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Appoints-New-Chair-for-Financial-Omb</link>
					      <description><![CDATA[The U.K. Financial Conduct Authority has issued a press release announcing that Baroness Zahida Manzoor CBE has been appointed Chair of the Financial Ombudsman Service. Baroness Manzoor will take up the role on August 2, 2019 and takes over from Sir Nicholas Montagu, who has held the role for more than seven years. Baroness Manzoor has spent over 20 years at board level within large organizations and was appointed to the House of Lords in 2013. Between March 2018 and May 2019, she served as House of Lords Government Whip and Minister.

View the press release.]]></description>
					      
						      <pubDate>Wed, 05 Jun 2019 15:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Appoints-New-Chair-for-Financial-Omb</guid>
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					      <title>UK Regulator Publishes Findings from LIBOR Review</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Publishes-Findings-from-LIBOR-Review</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a report summarizing the preparations that firms are making for the market transition away from LIBOR to alternative risk-free rates by the end of 2021. The report is based on feedback from firms in response to the joint Dear CEO letter sent to major banks and insurers by the FCA and the Prudential Regulation Authority, which sought information on the action firms were taking to prepare for the phase-out of LIBOR. The report also includes suggestions for how firms might enhance their preparations.

Read more.]]></description>
					      
						      <pubDate>Wed, 05 Jun 2019 11:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Publishes-Findings-from-LIBOR-Review</guid>
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					      <title>International Task Force Report Shows Further Progress Needed for Climate-Related Financial Disclosures</title>
					      <link>https://finreg.aoshearman.com/International-Task-Force-Report-Shows-Further-Pro</link>
					      <description><![CDATA[
The Task Force on Climate-Related Financial Disclosures has issued its 2019 status report outlining progress on adoption of the TCFD disclosure recommendations for improved climate-related financial disclosures by companies. The TCFD was established by the Financial Stability Board in 2015 with the aim of managing climate-related risk in markets. In 2017, it published a set of voluntary disclosure recommendations for companies to provide information on their climate-related financial risks. The recommendations are structured around four areas: (i) governance; (ii) strategy; (iii) risk management; and (iv) metrics and targets.

Read more.]]></description>
					      
						      <pubDate>Wed, 05 Jun 2019 10:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Task-Force-Report-Shows-Further-Pro</guid>
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					      <title>Regulators Issue Recommendations on Sustainable Finance in Emerging Markets</title>
					      <link>https://finreg.aoshearman.com/Regulators-Issue-Recommendations-on-Sustainable-</link>
					      <description><![CDATA[
The Growth and Emerging Markets Committee, a committee of the International Organization of Securities Commissions that aims to promote the development and efficiency of emerging securities and futures markets, has published a series of recommendations on the development of sustainable finance in emerging markets and the role that securities regulators play in this arena. The report also contains an overview of sustainability-related regulatory initiatives in emerging markets and market trends arising in the sustainability sector.

Read more.]]></description>
					      
						      <pubDate>Wed, 05 Jun 2019 10:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Regulators-Issue-Recommendations-on-Sustainable-</guid>
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					      <title>European Systemic Risk Board Committee Publishes Report on Regulatory Complexity Risks</title>
					      <link>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Committee-Publishes-</link>
					      <description><![CDATA[
The European Systemic Risk Board&apos;s Advisory Scientific Committee has published a report on the risks of excessive regulatory complexity. The report considers the key drivers of regulatory complexity, the risks it entails and sets out seven principles designed to prioritize regulatory robustness, upon which it argues the design and reform of financial regulation should be based.

Read more.]]></description>
					      
						      <pubDate>Tue, 04 Jun 2019 14:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Committee-Publishes-</guid>
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					      <title>Financial Stability Board Publishes User&apos;s Guide to Overnight Risk-Free Rates</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-User39s-Guide</link>
					      <description><![CDATA[
The Financial Stability Board has published a user&apos;s guide to overnight risk free rates, providing an overview of such rates and how they can be calculated, as well as proposals for how they can be used in cash products. The user&apos;s guide falls in line with the development of RFRs as alternative benchmarks.

Read more.]]></description>
					      
						      <pubDate>Tue, 04 Jun 2019 11:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-User39s-Guide</guid>
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					      <title>UK Regulator Publishes Policy Statement on Peer-To-Peer and Investment-Based Crowdfunding Platforms</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Publishes-Policy-Statement-on-Peer-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Policy Statement containing its final changes to the rules and guidance governing loan-based crowdfunding platforms (or &quot;peer-to-peer&quot; platforms). The Policy Statement follows the FCA&apos;s July 2018 consultation paper on proposed changes to the regulation of the crowdfunding sector. Peer-to-peer platforms will need to comply with the majority of the changes by December 9, 2019, with the exception of the FCA&apos;s Mortgage and Home Finance Conduct of Business rules, which will apply to platforms that offer home finance products from June 4, 2019. The Policy Statement also reflects on the rules applicable to investment-based crowdfunding platforms (i.e. platforms that allow investors to invest in businesses directly, for instance through the purchase of shares or debt securities), in particular surrounding financial promotions for non-readily realized securities and non-mainstream pooled investments. The FCA continues to review responses to its July 2018 consultation paper in relation to these platforms and may issue additional rules and guidance in due course.

Read more.]]></description>
					      
						      <pubDate>Tue, 04 Jun 2019 11:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Publishes-Policy-Statement-on-Peer-</guid>
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					      <title>European Securities and Markets Authority Launches Common Supervisory Action on MiFID II Appropriateness Rules</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Launches</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced that it will launch a common supervisory action in the second half of 2019 on the application of the appropriateness requirements under the revised Markets in Financial Instruments Directive. The action will be undertaken as part of ESMA&apos;s mandate to build a culture of common supervision among EU national regulators.

Read more.]]></description>
					      
						      <pubDate>Mon, 03 Jun 2019 15:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Launches</guid>
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					      <title>Financial Stability Board Consults on Resolution-Related Disclosures and Solvent Wind-Down of Derivatives and Trading Portfolios</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Consults-on-Resolution-</link>
					      <description><![CDATA[
The Financial Stability Board has published two consultation papers on: (i) Public Disclosure of Resolution Planning and Resolvability; and (ii) Solvent Wind-down of Derivatives and Trading Portfolios. The first consultation paper focuses on disclosures made by financial institutions on their resolution planning and resolvability during &quot;peace time&quot; (i.e., times when there is no resolution commencing or in progress). The second consultation paper focuses on considerations that national regulators and global systemically important banks should take into account when commencing the solvent wind-down of a G-SIB&apos;s derivative and trading book activities. 

Read more.]]></description>
					      
						      <pubDate>Mon, 03 Jun 2019 09:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Consults-on-Resolution-</guid>
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					      <title>EONIA Methodology and One-Off Spread Confirmed</title>
					      <link>https://finreg.aoshearman.com/EONIA-Methodology-and-One-Off-Spread-Confirmed</link>
					      <description><![CDATA[
The European Money Markets Institute has adopted the EONIA working group&apos;s proposed methodology for calculating EONIA&apos;s replacement rate. The new methodology, dubbed &quot;&amp;euro;STR&quot; (or the &quot;Euro short term rate&quot;), will take effect as of October 2, 2019. In line with the adoption of the &amp;euro;STR, the European Central Bank has calculated the average risk spread between the new &amp;euro;STR and the existing EONIA rate as 0.0085% (8.5 basis points). The spread will be used for a limited period to calculate an adjusted EONIA rate for all existing contracts which continue to reference EONIA following the introduction of the &amp;euro;STR in October 2019.

Read more.]]></description>
					      
						      <pubDate>Fri, 31 May 2019 10:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EONIA-Methodology-and-One-Off-Spread-Confirmed</guid>
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					      <title>UK Financial Conduct Authority Publishes Near Final Changes to Handbook Implementing the EU Prospectus Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Near</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Policy Statement containing its near final rules implementing the EU Prospectus Regulation, which will be set out in the FCA&apos;s new Prospectus Regulation Rules sourcebook. The FCA&apos;s new rules are aimed at aligning the U.K. rules with the EU Prospectus Regulation. The changes remain subject to finalization of certain related changes under the Financials Services and Markets Act 2000 and relevant EU legislation. Issuers seeking approval of a draft prospectus on or after July 21, 2019 must ensure their draft is in line with the EU Prospectus Regulation and PRR sourcebook. In the event the U.K. leaves the EU before that date, the proposals will not come into effect, and the U.K. would use the Financial Services (Implementation of Legislation) Bill to permit alignment of U.K. rules with those of the EU. The FCA would, in that situation, expect to issue a further Consultation Paper setting out proposals for replicating the EU Prospectus Regulation in the U.K. domestic regime. The FCA has so far declined to comment on the detail of any such proposals.

Read more.]]></description>
					      
						      <pubDate>Fri, 31 May 2019 10:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Near</guid>
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					      <title>Financial Stability Board Delivers Report on Crypto-Assets</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Delivers-Report-on-Crypto</link>
					      <description><![CDATA[
The Financial Stability Board has published a report on crypto-assets outlining the actions being undertaken by various international organizations in response to the challenges posed by crypto-assets and the FSB&apos;s own proposed course of action for the year ahead. The report will be delivered to G20 Finance Ministers and Central Bank Governors at the next G20 meeting in Japan on June 8-9, 2019.

Read more.]]></description>
					      
						      <pubDate>Fri, 31 May 2019 09:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Delivers-Report-on-Crypto</guid>
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					      <title>UK Financial Conduct Authority Publishes Policy Statement on Shareholder Engagement</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Policy-</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a Policy Statement containing final Handbook text and guidance on new rules to improve shareholder engagement and increase transparency around stewardship. The FCA consulted on the rules from January to March 2019. The final rules will come into effect on June 10, 2019.

Read more.]]></description>
					      
						      <pubDate>Thu, 30 May 2019 11:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Policy-</guid>
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					      <title>Financial Stability Board Reports on Progress to Address Correspondent Banking Declines</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Reports-on-Progress-to-</link>
					      <description><![CDATA[
The Financial Stability Board has published two reports as an update on the work to address correspondent banking declines - the &quot;FSB Action Plan to Assess and Address the Decline in Correspondent Banking - Progress Report&quot; and &quot;Remittance Service Providers&apos; Access to Banking Services: Monitoring of the FSB&apos;s Recommendations&quot;.

Read more.]]></description>
					      
						      <pubDate>Wed, 29 May 2019 15:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Reports-on-Progress-to-</guid>
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					      <title>Revised EU Statement on the Share Trading Obligations in a No-Deal Brexit</title>
					      <link>https://finreg.aoshearman.com/Revised-EU-Statement-on-the-Share-Trading-Obligat</link>
					      <description><![CDATA[
Following concerns regarding its March 19, 2019 statement, the European Securities and Markets Authority has published a revised statement on the impact of a no-deal Brexit on the trading obligation for shares where no decision on the U.K.&apos;s equivalence as a third country market has been made. The Markets in Financial Instruments Regulation requires investment firms to conclude transactions in shares admitted to trading on a regulated market or traded on an EU trading venue, i.e. namely regulated markets, multilateral trading facilities, systematic internalisers and equivalent third-country trading venues. The U.K. has adopted this requirement in its onshored MiFID II legislation. Similarly, following its exit from the EU, the new U.K. on-shored share trading obligation would restrict trading of shares in the U.K. to trades on U.K. trading venues unless a third-country equivalence decision was made.

Read more.]]></description>
					      
						      <pubDate>Wed, 29 May 2019 15:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Revised-EU-Statement-on-the-Share-Trading-Obligat</guid>
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					      <title>US-UK Financial Innovation Partnership Announced</title>
					      <link>https://finreg.aoshearman.com/US-UK-Financial-Innovation-Partnership-Announced</link>
					      <description><![CDATA[
The U.S.-U.K. Financial Regulatory Working Group has announced the establishment of a Financial Innovation Partnership between the U.S. and the U.K. The objective of the Partnership is to strengthen bilateral engagement on emerging trends in financial services innovation. It will focus on regulatory engagement and commercial engagement by providing opportunities for the private sector in one country to engage with industry associations and market participants in the other country.

The U.S.-U.K. Financial Regulatory Working Group, formed in April 2018, is a forum for treasury staff and financial regulatory authorities to exchange views on the regulatory relationship between the United States and the U.K. The objectives of the Working Group are to further financial regulatory cooperation, improve transparency, reduce regulatory uncertainty, identify possible cross-border implementation issues, address regulatory arbitrage and work towards achieving compatibility of U.S. and U.K. laws and regulations.

View the announcement.]]></description>
					      
						      <pubDate>Wed, 29 May 2019 15:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-UK-Financial-Innovation-Partnership-Announced</guid>
				    </item>
			
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					      <title>UK Financial Conduct Regulator Seeks Input on a Cross-Sector Sandbox</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Regulator-Seeks-Input-on-a-C</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Call for Input on a Cross-Sector Sandbox, seeking input on whether a U.K. cross-sector sandbox is needed. The FCA has observed that due to emerging technologies, business models are constantly changing in all markets and that firms are diversifying into different sectors. In addition, across all sectors, firms are increasingly using big data. As a result, the FCA believes that the different sectoral U.K. regulators need to find new practical ways of collaborating. The FCA recently undertook a study into how a cross-sector sandbox involving multiple regulators could be established, engaging with a range of regulators, such as the Civil Aviation Authority, the Gambling Commission, the Information Commissioner&apos;s Office, Ofcom, Ofgem and the Prudential Regulation Authority, a small group of firms and other stakeholders. The study showed that there is potential for a cross-sector sandbox, but that further discussion is needed to understand the degree of interest and need before an operating model can be developed.

Based on the success of the FCA&apos;s financial regulatory sandbox, the FCA suggests that a cross-sector sandbox would provide a single-point-of-entry sandbox for firms to test innovative propositions with multiple U.K. regulators. The FCA acknowledges that challenges exist to its proposal, including uncertainties about demand for the sandbox and a misunderstanding of its purpose. However, it is of the view that most of the challenges could be overcome or mitigated, as has been the case with its existing sandbox. The FCA has published the Call for Input to facilitate further discussions on the concept of a cross-sector sandbox. Responses are invited until August 30, 2019.

View the call for input on a cross-sector sandbox.]]></description>
					      
						      <pubDate>Wed, 29 May 2019 11:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Regulator-Seeks-Input-on-a-C</guid>
				    </item>
			
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					      <title>EU Technical Standards on Authorization of Third-Party Firms Assessing STS Status of Securitizations</title>
					      <link>https://finreg.aoshearman.com/EU-Technical-Standards-on-Authorization-of-Third-</link>
					      <description><![CDATA[
A Commission Delegated Regulation specifying Regulatory Technical Standards on the applicable requirements for third party entities seeking authorization as providers of STS verification services has been published in the Official Journal of the European Union. The RTS supplement the Securitization Regulation (also known as the STS Regulation), which has applied directly across the EU since January 1, 2019. The Securitization Regulation provides the criteria for identifying which securitizations will be designated as &quot;simple, transparent and standardized&quot; (STS) securitizations and requires originators and sponsors to notify the European Securities and Markets Authority when a securitization meets the STS criteria. ESMA will maintain a list of all such securitizations on its website. The Securitization Regulation allows (but does not require) originators, sponsors and securitization special purpose entities to use third-party firms to assess whether a securitization meets the STS criteria, provided that those firms are authorized by the relevant national regulator. The new RTS set out what the application for authorization should cover, which includes information on the entities&apos; organizational structure, operational safeguards and internal processes to assess STS compliance and conflicts of interest.

The RTS will apply directly across the EU from June 18, 2019.

View the RTS.]]></description>
					      
						      <pubDate>Wed, 29 May 2019 10:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Technical-Standards-on-Authorization-of-Third-</guid>
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					      <title>EU Secondary Legislation for Financial Reporting Formats Published</title>
					      <link>https://finreg.aoshearman.com/EU-Secondary-Legislation-for-Financial-Reporting-</link>
					      <description><![CDATA[
A Commission Delegated Regulation establishing Regulatory Technical Standards for electronic financial reporting formats under the European Transparency Directive has been published in the Official Journal of the European Union. The Transparency Directive aims to enhance the efficiency and transparency of European securities markets by obliging security issuers to provide a regular flow of information to investors. Amongst the obligations under the Directive, issuers must publish annual financial reports in accordance with certain specifications. One such specification requires that, from January 1, 2020, reports must be in a single electronic reporting format. This reporting format is now laid out in the RTS. The RTS enter into force on June 18, 2019 and will apply to annual financial reports containing financial statements for financial years beginning on or after January 1, 2020.

Read more.]]></description>
					      
						      <pubDate>Wed, 29 May 2019 09:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Secondary-Legislation-for-Financial-Reporting-</guid>
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					      <title>European Banking Authority Confirms 2019 Focus</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Confirms-2019-Focus</link>
					      <description><![CDATA[
The European Banking Authority has published its annual report for 2018, setting out details of the work it undertook in 2018 and its focus areas in 2019. The EBA will, in 2019, focus on: (i) finalizing the guidelines on loan origination as part of its contribution to tackling non-performing loans in the EU; (ii) implementing the changes arising from the revised Capital Requirements Regulation, which was published in the Official Journal of the European Union on June 7, 2019; (iii) implementing the new Investment Firm Regulation and Directive by preparing various technical standards, guidelines and reports; (iv) preparing technical standards and guidelines, as required under the EU Securitization Regulation, that facilitate the use of internal models for banks investing in securitization positions; (v) assisting with the EU&apos;s implementation of Basel IV; (vi) the impact of FinTech, in particular, on payment institutions&apos; and e-money institutions&apos; business models; (vii) identifying regulatory and supervisory areas affected by the use of big data and developing best practices and principles for the application and implementation of data analytics by institutions; (viii) continuing to assess the risks of crypto-assets; (ix) supporting the European Commission&apos;s work on sustainable finance; and (x) improving the supervision of anti-money laundering and counter terrorism financing.

View the EBA&apos;s annual report 2018.]]></description>
					      
						      <pubDate>Wed, 29 May 2019 09:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Confirms-2019-Focus</guid>
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					      <title>European Central Bank Consults on European Mechanism for Issuance and Distribution of Debt Securities</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-European-Mechan</link>
					      <description><![CDATA[
The European Central Bank, together with those national central banks that have adopted the Euro (collectively known as the Eurosystem), has launched a consultation on proposals for a harmonized European system for issuing and distributing Euro denominated debt securities within the EU. The consultation paper seeks feedback on the state of the existing market, the most appropriate ways to deal with certain issues faced by the market and the measures the Eurosystem has proposed for a potential new system.

Read more.]]></description>
					      
						      <pubDate>Tue, 28 May 2019 14:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-European-Mechan</guid>
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					      <title>EMIR Refit Regulation Published</title>
					      <link>https://finreg.aoshearman.com/EMIR-Refit-Regulation-Published</link>
					      <description><![CDATA[
The Regulation amending the European Market Infrastructure Regulation, known as EMIR Refit or EMIR 2.1, has been published in the Official Journal of the European Union.

The EMIR Refit amendments aim to introduce a simplified and more proportionate approach to certain aspects of EMIR as part of the EU&apos;s broader &quot;Regulatory Fitness and Performance Program&quot;.

Read more.]]></description>
					      
						      <pubDate>Tue, 28 May 2019 13:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EMIR-Refit-Regulation-Published</guid>
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					      <title>European Banking Authority Publishes Draft Implementing Technical Standards For Supervisory Reporting under the Capital Requirements Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Draft-Implement</link>
					      <description><![CDATA[
The European Banking Authority has published draft Implementing Technical Standards for supervisory reporting, which make changes to the existing reporting obligations of EU banks (credit institutions) and investment firms. The majority of the technical standards will apply from March 2020, with the exception of the liquidity coverage requirements, which will apply from April 2020.

Read more.]]></description>
					      
						      <pubDate>Tue, 28 May 2019 11:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Draft-Implement</guid>
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					      <title>Financial Stability Board Assesses Legal Entity Identifier Implementation</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Assesses-Legal-Entity-I</link>
					      <description><![CDATA[
The Financial Stability Board has published a thematic review on the implementation of the Legal Entity Identifier. An LEI is a unique identifier of entities that engage in financial transactions. It is intended that such an identifier will be held by all legal entities participating in financial markets across the globe. It is envisaged that the LEI system will lead to better data aggregation, enhance systemic risk monitoring and reduce costs to market participants. The thematic review provides a summary assessment of the successes of the LEI, sets out steps that are still needed to fully achieve the G20&apos;s objectives and makes recommendations, addressed to the FSB, other international bodies (such as the International Organization of Securities Commissions and Basel Committee on Banking Standards), FSB member jurisdictions, the LEI Regulatory Oversight Committee and Global LEI Foundation, to tackle the issues that are preventing wider adoption of the LEI.

View the report.]]></description>
					      
						      <pubDate>Tue, 28 May 2019 10:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Assesses-Legal-Entity-I</guid>
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					      <title>European Commission Adopts Technical Standards on Homogeneity Conditions for STS Securitizations</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Adopts-Technical-Standard</link>
					      <description><![CDATA[
The European Commission has adopted draft Regulatory Technical Standards under the EU Securitization Regulation on the conditions for a securitization to be considered homogenous. Homogeneity is one of the requirements for a securitization to be classed as a simple, transparent and standardized securitization or STS securitization. Exposures related to STS securitizations will attract lower risk weightings for firms subject to the Capital Requirements Regulation. The new EU securitization framework has applied across the EU since January 1, 2019.

Read more.]]></description>
					      
						      <pubDate>Tue, 28 May 2019 10:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Adopts-Technical-Standard</guid>
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					 <item>
					      <title>International Body Consults on Issues Relating to Regulating Crypto-Asset Trading Platforms</title>
					      <link>https://finreg.aoshearman.com/International-Body-Consults-on-Issues-Relating-to</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has launched a consultation on the key issues to consider for regulating crypto-asset trading platforms (referred to as CTPs). The consultation paper, which aims to assist IOSCO member jurisdictions to assess the issues and risks relating to CTPs, is based on information obtained from national regulators on the operation of CTPs and their current or proposed regulatory approaches. The consultation does not cover Initial Coin Offerings, focussing instead on the secondary markets. Responses to the consultation are due by July 29, 2019.

The consultation paper describes certain issues and risks related to trading of crypto-assets on CTPs. The paper also sets out key considerations and corresponding toolkits for each consideration. The considerations are: (i) access to CTPs; (ii) safeguarding assets; (iii) conflicts of interest; (iv) operations of CTPs; (v) market integrity; (vi) price discovery; and (vii) technology. The toolkits are for regulators to use to address the key considerations and related issues and risks. In addition, IOSCO notes that useful guidance on the issues is already available in its Objectives and Principles of Securities Regulation and the Assessment Methodology.

View the consultation paper.]]></description>
					      
						      <pubDate>Tue, 28 May 2019 10:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Body-Consults-on-Issues-Relating-to</guid>
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					      <title>European Securities and Markets Authority Consults on EMIR 2.2 Technical Advice</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Au</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched consultations on proposed technical advice on third-country CCP tiering, comparable compliance and fees under draft revisions to the European Market Infrastructure Regulation, known as EMIR 2.2. EMIR 2.2 will change the requirements for the supervision of both EU and third-country CCPs, and includes the controversial formal EU &quot;location policy&quot; for CCPs. The text of EMIR 2.2 was agreed between the European Parliament, the Council of the European Union and the European Commission on March 13, 2019, but has not yet been published in the Official Journal of the European Union. However, the European Commission requested technical advice from ESMA on May 3, 2019 and ESMA has begun that preparatory work. The consultations close on July 29, 2019. ESMA intends to submit its final reports and technical advice to the European Commission in Q3 and Q4 2019.

Read more.]]></description>
					      
						      <pubDate>Tue, 28 May 2019 10:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Au</guid>
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					      <title>Financial Stability Board Publishes Progress Report on Cyber Incident Response</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Progress--</link>
					      <description><![CDATA[
The Financial Stability Board has published a progress report on the activities and work plan of its Cyber Incident Response and Recovery working group. The working group was established in 2018 with a mandate to develop a toolkit of practices for financial institutions and authorities in preparing for and dealing with cyber incidents.

Read more.]]></description>
					      
						      <pubDate>Tue, 28 May 2019 09:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Progress--</guid>
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					      <title>Financial Conduct Authority Publishes Progress Report on Conduct Questions for Wholesale Banks</title>
					      <link>https://finreg.aoshearman.com/Financial-Conduct-Authority-Publishes-Progress-Report</link>
					      <description><![CDATA[
The Financial Conduct Authority has published its latest report on industry progress made against the &quot;Five Conduct Questions&quot; it poses to wholesale banks in a bid to improve their conduct and culture. The FCA will use its findings to assess the impact that embedding good conduct is having on the wholesale banking market and to consider the potential for more sustainable mindset change. The report also includes strategic considerations that firms may address to improve their approach to conduct challenges and an assessment of whistleblowing initiatives in the wholesale banking sector. In particular, the FCA found that whistleblowing channels require improvement, and that non-financial misconduct (such as bullying, sexual harassment and other forms of personal misbehavior) is a significant problem across firms. The FCA continues to welcome face-to-face meetings with wholesale financial services firms to discuss thinking on all aspects of the report.

Read more.]]></description>
					      
						      <pubDate>Tue, 28 May 2019 09:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Conduct-Authority-Publishes-Progress-Report</guid>
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					      <title>Proposed EU Guidelines for Reporting of Securities Financing Transactions</title>
					      <link>https://finreg.aoshearman.com/Proposed-EU-Guidelines-for-Reporting-of-Securitie</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation paper proposing guidelines for reporting of securities financing transactions under the Securities Financing Transactions Regulation. SFTs involve the use of securities to borrow cash or other higher investment-grade securities, or vice versa. Such transactions can include repurchase transactions, securities lending and sell/buy backs. The SFTR requires, amongst other things, that all securities financing transactions be reported to EU recognized trade repositories. Such reports must include details on the composition of collateral, whether collateral is available for reuse or has been reused, the substitution of collateral and any haircuts applied. The reporting obligation will apply to financial and non-financial counterparties, subject to exceptions for central banks and similar bodies, and will be phased-in according to type of entity:

	banks and investment firms from April 11, 2020;
	CCPs and central securities depositories from July 11, 2020;
	other Financial Counterparties from October 11, 2020; and
	Non-Financial Counterparties from January 11, 2021.

Read more.]]></description>
					      
						      <pubDate>Mon, 27 May 2019 11:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Proposed-EU-Guidelines-for-Reporting-of-Securitie</guid>
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					      <title>EU Authority Asks for Feedback on the MiFID II Position Limits Regime for Commodity Derivatives</title>
					      <link>https://finreg.aoshearman.com/EU-Authority-Asks-for-Feedback-on-the-MiFID-II-Po</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a Call for Evidence on position limits and position management in commodity derivatives introduced by the revised Markets in Financial Instruments Directive. MiFID II requires the European Commission to report to the European Parliament and the Council on the impact of the application of position limits and position management on liquidity, market abuse and orderly pricing and settlement conditions in commodity derivatives markets. ESMA has been asked to provide the Commission with advice regarding this new regime to support the Commission&apos;s preparation of the report.

Read more.]]></description>
					      
						      <pubDate>Fri, 24 May 2019 11:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Authority-Asks-for-Feedback-on-the-MiFID-II-Po</guid>
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					      <title>EU Consultation on Proposed Amendments to Technical Standards Under the Capital Requirements Regulation</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Proposed-Amendments-to-Technic</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation paper in which it proposes amending the Implementing Technical Standards that specify the main indices and recognized exchanges for the purpose of the Capital Requirements Regulation (Commission Implementing Regulation (EU) 2016/1646). CRR requires a bank to hold sufficient capital to cover the risks associated with its business and prescribes how the credit risks of collateral should be treated. Securities that will be regarded as eligible as collateral are equities and convertible bonds that are constituents of a main index and debt securities that are listed on a recognized exchange. ESMA&apos;s consultation relates to the ITS setting out the main indices and recognized exchanges.

Read more.]]></description>
					      
						      <pubDate>Fri, 24 May 2019 10:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Proposed-Amendments-to-Technic</guid>
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					      <title>Chair Appointed for EU Coordination Network on Sustainability</title>
					      <link>https://finreg.aoshearman.com/Chair-Appointed-for-EU-Coordination-Network-on-Su</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced that Ana Mar&amp;iacute;a Mart&amp;iacute;nez-Pina Garcia, (Vice-Chair of the Comisi&amp;oacute;n Nacional del Mercado de Valores in Spain) has been appointed as Chair of ESMA&apos;s new Coordination Network on Sustainability.

View the announcement.]]></description>
					      
						      <pubDate>Thu, 23 May 2019 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Chair-Appointed-for-EU-Coordination-Network-on-Su</guid>
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					      <title>Financial Stability Board Consults on Impact of the Too-Big-To-Fail Reforms</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Consults-on-Impact-of-t</link>
					      <description><![CDATA[
The Financial Stability Board has begun its evaluation of the post-2008 financial crisis reforms on banks that were deemed &quot;too big to fail&quot;, publishing the summary terms of reference. The evaluation will consider whether the implemented reforms are reducing the systemic and moral hazard risks associated with systemically important banks (or SIBs). The FSB is also asking for feedback from financial institutions and other stakeholders on the impact of these reforms. In particular, the FSB is seeking input on how the reforms have achieved their objectives, the impact of the reforms on SIBs, whether the impact differs for different types of banks, the impact of the reforms on financial system resilience and whether there are any unintended consequences of the reforms. The FSB asks those submitting responses to provide evidence, where possible. Responses should be submitted by June 21, 2019. The FSB intends to use the responses to prepare a draft report on the impact, which would be issued for consultation in June 2020. The final report is expected by the end of 2020.

View the summary terms of reference.

View the request for feedback.]]></description>
					      
						      <pubDate>Thu, 23 May 2019 10:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Consults-on-Impact-of-t</guid>
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					      <title>European Securities and Markets Authority Launches Consultation on Trade Repository Reporting Guidelines</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Launches-Consultation-on-Trade</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a consultation on its proposed guidelines for the information that should be reported periodically by trade repositories. The purpose of the guidelines is to assist ESMA in its supervisory role by streamlining the periodic element of the information collection process. Responses to the consultation should be submitted by August 27, 2019.

Read more.]]></description>
					      
						      <pubDate>Thu, 23 May 2019 10:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Launches-Consultation-on-Trade</guid>
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					      <title>Proposed EU Templates for Reporting of Intra-Group Transactions by Financial Conglomerates</title>
					      <link>https://finreg.aoshearman.com/Proposed-EU-Templates-for-Reporting-of-Intra-Grou</link>
					      <description><![CDATA[
The Joint Committee of European Supervisory Authorities has launched a consultation on draft Implementing Technical Standards on the reporting of intra-group transactions and risk concentration for financial conglomerates under the Financial Conglomerates Directive. FICOD sets out requirements for regulated entities to report at least annually all significant intra-group transactions of regulated entities within a financial conglomerate and for information sharing between relevant regulators of conglomerates.

Read more.]]></description>
					      
						      <pubDate>Wed, 22 May 2019 16:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Proposed-EU-Templates-for-Reporting-of-Intra-Grou</guid>
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					      <title>EU Authority Opinion on Equivalence of Argentina&apos;s Prudential Requirements</title>
					      <link>https://finreg.aoshearman.com/EU-Authority-Opinion-on-Equivalence-of-Argentina3</link>
					      <description><![CDATA[
The European Banking Authority has published an Opinion opining that the prudential supervisory and regulatory requirements in Argentina are equivalent to the EU&apos;s requirements as set out in the Capital Requirements. The EBA provided its Opinion and formal assessment for Argentina to the Commission in November 2018. However, the documents have only now been published, at the request of the Commission. An equivalence decision for Argentina by the European Commission was published in the Official Journal of the European Union on April 1, 2019. The equivalence decision means that EU banks may apply preferential risk weights and hold less regulatory capital for their exposures to Argentinian banks, investment firms, clearing houses, CCPs, exchanges as well as the Argentinian government, central bank and public bodies, including any intragroup exposures of EU subsidiaries of Argentinian banks. Such an equivalence decision under CRR is one of the factors that a national regulator must take into account when deciding whether to adopt a domestic equivalence decision on consolidated supervision under the Capital Requirements Directive (i.e. whether to exercise consolidated supervision under EU rules to non-EU parents).

View the Opinion.

View the EBA&apos;s assessment.

View details of the equivalence decision for Argentina.]]></description>
					      
						      <pubDate>Wed, 22 May 2019 16:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Authority-Opinion-on-Equivalence-of-Argentina3</guid>
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					      <title>EU Delegated Regulation on Conflicts of Interest Published Under Social Entrepreneurship Fund Regulation</title>
					      <link>https://finreg.aoshearman.com/EU-Delegated-Regulation-on-Conflicts-of--Interest-</link>
					      <description><![CDATA[
A Commission Delegated Regulation on conflicts of interest arising in relation to European social entrepreneurship funds has been published in the Official Journal of the European Union. The Delegated Regulation sets out the parameters for conflicts of interest policies, which must be introduced by &quot;social entrepreneurship&quot; funds within scope of the European Social Entrepreneurship Fund Regulation. The Delegated Regulation will enter into force on June 11, 2019 and will become directly applicable in all EU Member States on December 11, 2019.

Read more.]]></description>
					      
						      <pubDate>Wed, 22 May 2019 11:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Delegated-Regulation-on-Conflicts-of--Interest-</guid>
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					      <title>EU Delegated Regulation on Conflicts of Interest Published Under European Venture Capital Regulation</title>
					      <link>https://finreg.aoshearman.com/EU-Delegated-Regulation-on-Conflicts-of-Interest-</link>
					      <description><![CDATA[
A Commission Delegated Regulation on conflicts of interest arising in relation to European venture capital funds has been published in the Official Journal of the European Union. The Delegated Regulation sets out the parameters for conflicts of interest policies, which must be introduced by venture capital funds within scope of the European Venture Capital Regulation. The Delegated Regulation will enter into force on June 11, 2019 and will become directly applicable in all EU Member States on December 11, 2019.

Read more.]]></description>
					      
						      <pubDate>Wed, 22 May 2019 11:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Delegated-Regulation-on-Conflicts-of-Interest-</guid>
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					      <title>UK Secondary Legislation Published to Combat Cyber-Attacks</title>
					      <link>https://finreg.aoshearman.com/UK-Secondary-Legislation-Published-to-Combat-Cyber</link>
					      <description><![CDATA[
The Cyber-Attacks (Asset-Freezing) Regulations 2019 have been made and will come into force on June 11, 2019.

The U.K. Regulations put in place measures applicable to U.K. nationals, U.K. incorporated entities and certain regulated institutions that will help enforce the financial sanctions provisions of the EU&apos;s new Cyber-Attacks Regulation, which came into force on May 18, 2019. The Cyber-Attacks Regulation is designed to combat cyber-attacks emanating from outside the EU against EU institutions and Member States. Its provisions include granting the Council of the European Union the ability to freeze assets of persons or entities suspected of involvement in such attacks. In order to enforce the sanctions regime throughout the EU, Member States are required to put in place legislation specifying the penalties that will be imposed upon those found to be implicated in a breach of the EU Cyber-Attacks Regulation.

Read more.]]></description>
					      
						      <pubDate>Tue, 21 May 2019 15:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Secondary-Legislation-Published-to-Combat-Cyber</guid>
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					      <title>EU Supervisory Authorities Finalize Proposed Revisions to Implementing Technical Standards for Mapping of External Credit Ratings</title>
					      <link>https://finreg.aoshearman.com/EU-Supervisory-Authorities-Finalize-Proposed-Revi</link>
					      <description><![CDATA[
The Joint Committee of European Supervisory Authorities has published a Final Report and final draft amending Implementing Technical Standards on the mapping of External Credit Assessment Institutions&apos; credit assessments under the Capital Requirements Regulation. The Joint Committee comprises the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority. The publication of the Final Report follows the consultation conducted by the ESAs between October 26, 2018 and December 31, 2018.

Read more.]]></description>
					      
						      <pubDate>Mon, 20 May 2019 16:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Supervisory-Authorities-Finalize-Proposed-Revi</guid>
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					      <title>UK Conduct Regulator Warns Firms About Supervision of Appointed Representatives</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Warns-Firms-About-Supervision</link>
					      <description><![CDATA[
The FCA has published the findings of its review examining how firms in the investment management sector comply with their regulatory obligations in respect of appointed representatives used to carry out activities on their behalf. The FCA has also published a &quot;Dear CEO&quot; letter addressed to the Chief Executive Officers of all FCA-regulated principal firms in the sector, urging them to review their practices in relation to such representatives.

Read more.]]></description>
					      
						      <pubDate>Mon, 20 May 2019 11:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Warns-Firms-About-Supervision</guid>
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					      <title>EU Council Regulation to Combat Cyber-Attacks Published</title>
					      <link>https://finreg.aoshearman.com/EU-Council-Regulation-to-Combat-Cyber-Attacks-Pub</link>
					      <description><![CDATA[
The EU Council Regulation concerning restrictive measures against cyber-attacks threatening the European Union or its Member States came into force on May 17, 2019 and will apply directly across the EU from May 18, 2019.

Read more.]]></description>
					      
						      <pubDate>Fri, 17 May 2019 15:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Council-Regulation-to-Combat-Cyber-Attacks-Pub</guid>
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					      <title>International Swaps and Derivatives Association Consults Further on Fallbacks for the Cessation of Benchmarks</title>
					      <link>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Association</link>
					      <description><![CDATA[
The International Swaps and Derivatives Association has published two consultation papers on fallbacks for benchmarks. The first consultation paper concerns proposed amendments to ISDA&apos;s standard documentation to implement fallbacks based on alternative risk-free rates for certain key Interbank Offered Rates (USD LIBOR, Hong Kong&apos;s HIBOR, Canada&apos;s CDOR and Singapore&apos;s SOR), should the relevant IBOR be permanently discontinued. ISDA is intending to amend and restate the rate options in the 2006 ISDA Definitions to ensure that a fallback will apply to derivative transactions entered into on or after the effective date of the amendments and incorporate the 2006 ISDA Definitions. ISDA also intends to publish a protocol to help ensure inclusion of the fallbacks in pre-existing derivative transactions. This consultation follows ISDA&apos;s consultation last July on these changes for GBP LIBOR, CHF LIBOR, JPY LIBOR, TIBOR, Euroyen TIBOR and BBSW. ISDA confirms that the feedback to that July 2018 consultation indicates that market participants prefer the &quot;compounded setting in arrears rate&quot; to address the difference in tenors, and the &quot;historical mean/median approach&quot; to address the difference in risk premia. Based on the feedback to both of these consultations, ISDA intends to implement fallbacks for the relevant benchmarks by the end of 2019.

Read more.]]></description>
					      
						      <pubDate>Thu, 16 May 2019 11:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Association</guid>
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					      <title>European Commission Seeks Advice from European Securities and Markets Authority on Review of the Market Abuse Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Seeks-Advice-from-European</link>
					      <description><![CDATA[
The European Commission has issued a formal request for advice to the European Securities and Markets Authority on the appropriateness of certain provisions under the Market Abuse Regulation. The Commission will use ESMA&apos;s feedback to inform a report it is mandated to submit to the European Parliament and Council by July 3, 2019. The Commission will also consider proposing further legislative amendments beyond the provisions it is mandated to review and has included these in its formal request for ESMA&apos;s advice. The Commission has requested ESMA to submit its contribution by December 31, 2019 to allow time for adoption of the report by the relevant institutions.

Read more.]]></description>
					      
						      <pubDate>Wed, 15 May 2019 14:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Seeks-Advice-from-European</guid>
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					      <title>EONIA Working Group Seeks Feedback on Implementation of Euro Risk-Free Rates</title>
					      <link>https://finreg.aoshearman.com/EONIA-Working-Group-Seeks-Feedback-on-Implementation</link>
					      <description><![CDATA[
The working group charged with implementing the European market&apos;s move away from EONIA, the current reference rate used in euro-denominated financial contracts, has published a consultation paper setting out its &quot;Legal Action Plan&quot; for transitioning to the chosen new euro short-term rate. The current consultation paper focuses on how the new rate should be incorporated into both new and existing financial contracts so as to ensure a swift and smooth transition from EONIA. The paper seeks feedback from market participants on its proposals. Responses should be sent by June 12, 2019.

Read more.]]></description>
					      
						      <pubDate>Wed, 15 May 2019 10:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EONIA-Working-Group-Seeks-Feedback-on-Implementation</guid>
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					      <title>New EU Regulatory Technical Standards under the Money Laundering Directive</title>
					      <link>https://finreg.aoshearman.com/New-EU-Regulatory-Technical-Standards-under-the-</link>
					      <description><![CDATA[
An EU Delegated Regulation under the Fourth Money Laundering Directive has been published in the Official Journal of the European Union.  The Delegated Regulation sets out Regulatory Technical Standards specifying the measures that EU credit and financial institutions subject to the Fourth Money Laundering Directive should take to handle money laundering and terrorist financing risks arising where a majority-owned subsidiary or branch established in a non-EU country is prohibited from implementing policies its EU parent has put in place to comply with EU regulations. 

Read more.]]></description>
					      
						      <pubDate>Tue, 14 May 2019 09:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-EU-Regulatory-Technical-Standards-under-the-</guid>
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					      <title>European Commission Responds to Uncertainty Regarding Scope of PRIIPs Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Responds-to-Uncertainty-Regarding</link>
					      <description><![CDATA[
The European Commission has issued a response to concerns raised by the European Supervisory Authorities about the market impact of uncertainty around the scope of the Packaged Retail and Insurance-based Investment Products Regulation. In a letter to the Director General of the European Commission dated July 19, 2018, the heads of the ESAs raised the difficulties that manufacturers of financial products face in determining whether their products fall within the requirements of the PRIIPs Regulation. The letter describes the broader market impact that this uncertainty has caused, which includes a reduction in the availability of corporate bonds to retail investors, a reduction in the number and volume of low denomination issuances by non-financial corporates and greater difficulties for retail investors wishing to trade their bonds. In its response, issued on May 14, 2019, the European Commission refused to pass judgement on whether certain categories of products should be deemed to fall within or outside the scope of the PRIIPs Regulation and stressed that the determination of whether an instrument is a packaged retail investment product should be undertaken on a case-by-case basis.

Read more.]]></description>
					      
						      <pubDate>Tue, 14 May 2019 09:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Responds-to-Uncertainty-Regarding</guid>
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					      <title>UK Consultation on Legal Uncertainty in the Application of English Private Law to Cryptoassets, Distributed Ledger Technology and Smart Contracts</title>
					      <link>https://finreg.aoshearman.com/UK-Consultation-on-Legal-Uncertainty-in-the-Appli</link>
					      <description><![CDATA[
The UK Jurisdiction Taskforce has published a consultation paper on key issues of legal uncertainty regarding cryptoassets, distributed ledger technology and smart contracts. The UKJT is involved in preparing an authoritative legal statement on the status of cryptoassets and smart contracts under English private law. The final statement will consider whether English private law sufficiently covers cryptoassets, DLT and smart contracts and where legal uncertainty may arise. The issues in the consultation are limited to English private law and do not include any issues on regulatory characterization, taxation, criminal law, partnership law, data protection, consumer protection, settlement finality, regulatory capital, anti-money laundering or counter-terrorist financing.

UKJT is part of the LawTech Delivery Panel, which was established in 2018, with the aim of identifying barriers and opportunities for growth. The consultation closes on June 21, 2019.

View the consultation paper.]]></description>
					      
						      <pubDate>Thu, 09 May 2019 15:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Consultation-on-Legal-Uncertainty-in-the-Appli</guid>
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					      <title>Consultation and Draft Direction on Confirmation of Payee System Issued by UK&apos;s Payment Systems Regulator</title>
					      <link>https://finreg.aoshearman.com/Consultation-and-Draft-Direction-on-Confirmation-</link>
					      <description><![CDATA[
The Payment Systems Regulator, the regulatory body responsible for monitoring the payment systems industry in the U.K., has published a second consultation paper requesting feedback on its proposals for a mandatory &quot;Confirmation of Payee&quot; service, together with a draft direction setting out deadlines by which the six largest payment services providers should provide such services. The Confirmation of Payee service is being developed to assist in the PSR&apos;s fight against &quot;Authorised Push Payment&quot; scams - involving theft of money via fraudulent payment requests made to individuals and businesses - and accidental misdirected payments, which together cause millions of pounds in losses to individuals and businesses annually. Certain payment service providers have committed to introducing a Confirmation of Payee process. However, the PSR considers that progress on doing so has been too slow. The consultation closes on June 05, 2019.

Read more.]]></description>
					      
						      <pubDate>Thu, 09 May 2019 11:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Consultation-and-Draft-Direction-on-Confirmation-</guid>
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					      <title>European Commission Investigates Anti-Competitive EU Loan Syndication</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Investigates-Anti-Competitive</link>
					      <description><![CDATA[
A report examining competition within the European syndicated loan market has been published, following a call by the European Commission for an examination of the sector. The report was prepared at the request of the Commission by consultancy firm Europe Economics with input from boutique competition law firm Euclid Law.

Read more.]]></description>
					      
						      <pubDate>Sun, 05 May 2019 11:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Investigates-Anti-Competitive</guid>
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					      <title>Guidance on Post-Brexit Counter-Terrorism Regulations Issued by UK Government</title>
					      <link>https://finreg.aoshearman.com/Guidance-on-Post-Brexit-Counter-Terrorism-Regulat</link>
					      <description><![CDATA[
The Foreign and Commonwealth Office has issued guidance on the Counter-Terrorism (International Sanctions) (EU Exit) Regulations 2019, the proposed U.K. regulations that will govern the U.K.&apos;s application of international sanctions following the U.K.&apos;s withdrawal from the EU. The Regulations will apply within the U.K. and relate to the conduct of U.K. persons (i.e. British nationals and legal entities incorporated in the U.K.), wherever those persons may be situated in the world (including branches of U.K. companies operating overseas).

Read more.]]></description>
					      
						      <pubDate>Fri, 03 May 2019 13:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Guidance-on-Post-Brexit-Counter-Terrorism-Regulat</guid>
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					      <title>Jos&amp;eacute; Manuel Campa Takes on New Role as European Banking Authority Chairperson</title>
					      <link>https://finreg.aoshearman.com/Joseacute-Manuel-Campa-Takes-on-New-Role-as-Europ</link>
					      <description><![CDATA[
Jos&amp;eacute; Manuel Campa, the former Global Head of Regulatory Affairs at Santander, commenced his new role as Chairperson of the European Banking Authority. He will retain the role for a renewable term of five years.

Mr Campa has confirmed he is &quot;committed to continuing the work started by my predecessor Andrea Enria to build a single supervisory and regulatory framework for the entire banking sector in the EU, and to ensure a stable and safe Single Market that benefits and protects consumers, businesses and the wider community.&quot;

View the EBA&apos;s announcement.]]></description>
					      
						      <pubDate>Fri, 03 May 2019 12:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Joseacute-Manuel-Campa-Takes-on-New-Role-as-Europ</guid>
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					      <title>EU Technical Advice on Incorporating Sustainability Factors Into EU Regulation</title>
					      <link>https://finreg.aoshearman.com/EU-Technical-Advice-on-Incorporating-Sustainability</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its final report and technical advice to the European Commission on incorporating sustainability risks and factors into European regulation. The European Commission sought advice from ESMA and the European Insurance and Occupational Pensions Authority in July 2018 on the introduction of environmental, social and governance considerations into the Markets in Financial Instruments Directive II, the Insurance Distribution Directive, the Alternative Investment Fund Managers Directive, the Undertakings for Collective Investment in Transferable Securities Directive and the Solvency II Directive. The introduction of sustainability considerations into European regulation sits against the backdrop of the European Commission&apos;s Sustainability Action Plan, which aims to encourage sustainable investment and mitigate climate change risk in line with the 2016 Paris Agreement and UN 2030 Agenda for Sustainable Development. In response, ESMA opened consultations seeking input from stakeholders, which closed on February 19, 2019.

Read more.]]></description>
					      
						      <pubDate>Fri, 03 May 2019 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Technical-Advice-on-Incorporating-Sustainability</guid>
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					      <title>European Banking Authority Launches Consultation on Technical Standards for Counterparty Credit Risk</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Launches-Consultation--</link>
					      <description><![CDATA[The European Banking Authority has launched a consultation on the Regulatory Technical Standards that it is developing to govern certain aspects of counterparty credit risk in derivatives transactions. The EBA has been mandated to produce the RTS under the current draft of the Capital Requirements Regulation 2. The consultation runs until August 2, 2019. A public hearing will also take place at the EBA premises in Paris on June 17, 2019 from 15:00 - 17:00 CET. Parties interested in attending should register by May 28, 2019.

Read more.]]></description>
					      
						      <pubDate>Thu, 02 May 2019 17:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Launches-Consultation--</guid>
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					      <title>EU Equivalence Decision for Japan for Uncleared Derivatives</title>
					      <link>https://finreg.aoshearman.com/EU-Equivalence-Decision-for-Japan-for-Uncleared-D</link>
					      <description><![CDATA[
A Commission Implementing Decision declaring equivalence of the Japanese legal, supervisory and enforcement arrangements for risk mitigation techniques and exchange of collateral has been published in the Official Journal of the European Union. The European Market Infrastructure Regulation requires counterparties to uncleared derivatives to comply with requirements on timely confirmation, portfolio compression, procedures for reconciliation of disputes and the exchange of collateral, collectively known as the risk mitigation techniques. The European Commission is empowered to adopt an equivalence decision declaring that the requirements of a third country are equivalent to the EMIR requirements on risk mitigation. The USA has also benefited from such a decision in respect of its risk mitigation arrangements.

Read more.]]></description>
					      
						      <pubDate>Thu, 02 May 2019 13:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Equivalence-Decision-for-Japan-for-Uncleared-D</guid>
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					      <title>US Federal Reserve Proposes Broadened Application of US Netting Provisions</title>
					      <link>https://finreg.aoshearman.com/US-Federal-Reserve-Proposes-Broadened-Application</link>
					      <description><![CDATA[
The Board of Governors of the Federal Reserve System has proposed amendments to Regulation EE, which implements the netting provisions of the Federal Deposit Insurance Corporation Improvement Act of 1991.  The proposed amendments would expand the definition of &quot;financial institution&quot; for purposes of the netting provisions to more clearly cover certain categories of entities and would clarify how the activities-based test under Regulation EE applies following the consolidation of legal entities.

Read more.]]></description>
					      
						      <pubDate>Thu, 02 May 2019 11:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Federal-Reserve-Proposes-Broadened-Application</guid>
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					      <title>UK Prudential Regulation Authority Sets Out 2019 Systemic Risk Buffer Rates</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Sets-Out-2019-</link>
					      <description><![CDATA[
The Prudential Regulation Authority has released its first systemic risk buffer rates, which will apply from August 1, 2019. The rates determine the amount of additional regulatory capital which must be held by &quot;systemic risk buffer institutions&quot; (i.e. U.K. financial institutions which have been deemed to be systemically important). In scope firms are the so-called &quot;ring-fenced bodies&quot; within the meaning in the Financial Services and Markets Act 2000 and include large building societies holding more than &amp;pound;25bn in deposits. The buffer applicable to each institution is intended to reflect the relative costs to the U.K. economy if the institution in question were to fall into distress.

Read more.]]></description>
					      
						      <pubDate>Wed, 01 May 2019 14:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Sets-Out-2019-</guid>
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					      <title>Financial Conduct Authority Calls for Input on its Review of UK Financial Advice Market</title>
					      <link>https://finreg.aoshearman.com/Financial-Conduct-Authority-Calls-for-Input-on-it</link>
					      <description><![CDATA[
The Financial Conduct Authority is seeking input on its evaluation of the Retail Distribution Review and Financial Advice Market Review, two initiatives introduced in 2006 and 2015, respectively, which aimed to enhance the outcomes for retail consumers from financial advice and guidance given by institutions. The evaluation has been launched in line with a commitment by the FCA to conduct a review of the initiatives in 2019. Responses should be submitted by June 3, 2019.

Read more.]]></description>
					      
						      <pubDate>Wed, 01 May 2019 09:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Conduct-Authority-Calls-for-Input-on-it</guid>
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					      <title>Further Extension of the EU Contracts for Difference Product Intervention Measures</title>
					      <link>https://finreg.aoshearman.com/Further-Extension-of-the-EU-Contracts-for-Differe</link>
					      <description><![CDATA[
The European Securities and Markets Authority has issued a Decision renewing and amending the temporary restriction on the marketing, distribution or sale of contracts for difference to retail clients. This has now been published in the Official Journal of the European Union. ESMA announced on March 27, 2019, that the existing restriction would be extended on the same terms as the previously implemented temporary restrictions. The CfD Decision applies directly across the EU from May 1, 2019, for a period of three months.

View the decision.]]></description>
					      
						      <pubDate>Tue, 30 Apr 2019 11:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Further-Extension-of-the-EU-Contracts-for-Differe</guid>
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					      <title>EU Legislation Extends the Clearing Obligation Exemption for Certain Intragroup Derivatives Transactions</title>
					      <link>https://finreg.aoshearman.com/EU-Legislation-Extends-the-Clearing-Obligation-Ex</link>
					      <description><![CDATA[
A Commission Delegated Regulation extending the exemption from the clearing obligation for intragroup transactions with a third-country group entity has been published in the Official Journal of the European Union. There are currently three sets of Regulatory Technical Standards made under the European Market Infrastructure Regulation that impose the clearing obligation for certain interest rate derivatives and credit derivatives. Each of these three RTS exempts from the clearing obligation certain intragroup derivatives transactions where one of the counterparties is a third-country group entity and there is no relevant equivalence decision in respect of the third country in which it is situated. An equivalence decision would enable parties that are subject to both the EU and a third country&apos;s clearing obligation to comply only with one jurisdiction&apos;s requirements, but no equivalence decisions have been made to date. Each of the three RTS sets a different expiry date for the intra-group exemption, which fall between December 21, 2018 and July 9, 2019.

The Delegated Regulation, which is substantively the same as ESMA&apos;s final draft submitted to the European Commission in September 2018, amends each of the RTS by extending the exemption period to one unified expiry date of December 21, 2020. The Delegated Regulation enters into force on April 29, 2019 and is directly applicable across the EU.

View the Delegated Regulation.]]></description>
					      
						      <pubDate>Mon, 29 Apr 2019 16:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Legislation-Extends-the-Clearing-Obligation-Ex</guid>
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					      <title>UK Regulator Delays Final Product Intervention Measures on Contracts for Difference</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Delays-Final-Product-Intervention-Me</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a statement on the delay to publication of final rules for contracts for difference products and CfD-like options. The FCA has consulted on its proposals to make European Securities and Markets Authority&apos;s temporary product intervention measures permanent in the U.K. The FCA&apos;s proposed interventions are the same in substance as ESMA&apos;s, although it is also proposing to apply its rules to closely substitutable products and on extending these measures to exchange-traded derivatives. The consultation closed on February 7, 2019.

Read more.]]></description>
					      
						      <pubDate>Fri, 26 Apr 2019 15:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Delays-Final-Product-Intervention-Me</guid>
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					      <title>New EU Requirements On Minimum Loan Loss Coverage For Newly Originated Loans</title>
					      <link>https://finreg.aoshearman.com/New-EU-Requirements-On-Minimum-Loan-Loss-Coverage</link>
					      <description><![CDATA[
An EU Regulation amending the Capital Requirements Regulation introducing a statutory prudential backstop, and requiring banks to have minimum loan loss coverage for newly originated loans, has been published in the Official Journal of the European Union. The Amending Regulation is part of the package of legislative and non-legislative measures proposed by the European Commission in March 2018 to address remaining and future non-performing loans in the EU.

The Amending Regulation builds on existing CRR provisions, requiring a deduction from own funds where non-performing exposures are not sufficiently covered. The Amending Regulation establishes a set of conditions for the classification of NPLs, which builds on the existing framework in the existing Implementing Technical Standards on Supervisory Reporting. It also makes provision for different levels of stringency depending on whether an exposure is collateralized or not and on the reason for the classification of an exposure as non-performing. National regulators will be able to use their supervisory powers under the Capital Requirements Directive to address situations in which a bank&apos;s NPLs are insufficiently covered by the backstop.

Read more.]]></description>
					      
						      <pubDate>Thu, 25 Apr 2019 18:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-EU-Requirements-On-Minimum-Loan-Loss-Coverage</guid>
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					      <title>UK Regulator Publishes Final Mission Approach Documents for Supervision and Enforcement</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Publishes-Final-Mission-Approach-Doc</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published its finalized Approach to Supervision and Approach to Enforcement, following feedback to its consultation between March 21 and June 21, 2018 on drafts of the two approach documents. The documents should be read alongside the FCA&apos;s Mission document which was first published in October 2016 and most recently updated in November 2017. The documents form part of a series of formal approach documents explaining the FCA&apos;s approach to regulation in more depth.

Read more.]]></description>
					      
						      <pubDate>Wed, 24 Apr 2019 16:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Publishes-Final-Mission-Approach-Doc</guid>
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					      <title>Evaluation of Bank of England&apos;s Stress Testing Program</title>
					      <link>https://finreg.aoshearman.com/Evaluation-of-Bank-of-England39s-Stress-Testing-P</link>
					      <description><![CDATA[
The Independent Evaluation Office (the Bank of England&apos;s independent review body) has published its evaluation of the BoE&apos;s approach to concurrent stress testing of the U.K. banking system. It concluded that overall the BoE has delivered on its stated approach and that the tests are valued highly by policymakers. The IEO has, however, outlined opportunities for refinement in three key areas, which the BoE has confirmed it is committed to implementing.

In the wake of the global financial crisis, the BoE reviewed its stress testing policy for the U.K. banking system and in 2015 published its approach to &quot;concurrent&quot; stress testing (the practice of simultaneously testing the entire balance sheets of several banks) up to 2018. The BoE&apos;s approach includes two scenarios: the annual cyclical scenario, a countercyclical scenario in which the severity of the scenario increases as risks build, and the biennial exploratory scenario, probing risks not linked to the financial cycle.

Read more.]]></description>
					      
						      <pubDate>Wed, 24 Apr 2019 16:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Evaluation-of-Bank-of-England39s-Stress-Testing-P</guid>
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					      <title>EU Opinion on the Nature of Passports of Payment and Electronic Money Institutions Using Agents and Distributors</title>
					      <link>https://finreg.aoshearman.com/EU-Opinion-on-the-Nature-of-Passports-of-Payment-</link>
					      <description><![CDATA[
The European Banking Authority has published an opinion on the nature of passport notifications for agents and distributors under the revised Payment Services Directive, the Electronic Money Directive and the Fourth Money Laundering Directive. The Opinion is addressed to national regulators in the EU of payment institutions and electronic money institutions but is also useful for PIs and EMIs providing services on a cross-border basis within the EU.

Read more.]]></description>
					      
						      <pubDate>Wed, 24 Apr 2019 10:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Opinion-on-the-Nature-of-Passports-of-Payment-</guid>
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					 <item>
					      <title>EU FOREX Broker Faces Proceedings in Czech Courts Brought by &quot;Consumer&quot; Client Following EU Opinion</title>
					      <link>https://finreg.aoshearman.com/EU-FOREX-Broker-Faces-Proceedings-in-Czech-Courts</link>
					      <description><![CDATA[
Individuals who act outside their trade or profession when instructing brokers to execute FOREX contracts on their behalf must be regarded as &quot;consumers&quot; for the purposes of the Recast Brussels Regulation, according to a recent opinion issued by the Advocate General of the Court of Justice of the European Union. This applies regardless of the expertise of the individual or their active involvement in placing orders. Under the Recast Brussels Regulation (which governs jurisdiction between EU member states), &quot;consumers&quot; are entitled to bring proceedings before the court of the Member State in which they are domiciled, as opposed to being obliged to rely on the courts of the respondent counterparty&apos;s Member State.

In this case, the claimant, a student domiciled in the Czech Republic, had entered into an agreement for the execution of contracts for difference in the FOREX market via Cypriot brokerage company FIBO Group Holdings Ltd. The agreement was expressly subject to the jurisdiction of the Cypriot courts. The claimant brought a claim in the Czech court, alleging that FIBO had been unjustly enriched when the claimant&apos;s instructions to close out a position in U.S. dollars were not acted on promptly. The time delay meant exchange rates had changed before the trade was executed, significantly reducing her profit.

Read more.]]></description>
					      
						      <pubDate>Wed, 24 Apr 2019 10:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-FOREX-Broker-Faces-Proceedings-in-Czech-Courts</guid>
				    </item>
			
					 <item>
					      <title>UK Conduct Regulator Further Examining Duty of Care Owed by Firms to Consumers</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Further-Examining-Duty-of-Ca</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a Feedback Statement to its July 2018 discussion paper, &quot;A duty of care and potential alternative approaches&quot;. In the discussion paper, the FCA raised the possibility of introducing a new duty of care for all financial services firms.

Read more.]]></description>
					      
						      <pubDate>Tue, 23 Apr 2019 11:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Further-Examining-Duty-of-Ca</guid>
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					      <title>UK Regulator Sets Out Strategy to Manage Risk of Harm from Wholesale Brokers</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Sets-Out-Strategy-to-Manage-Risk-of-</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a &quot;Dear CEO&quot; letter addressed to wholesale market broking firms highlighting its view of the key risks of harm that such brokerage firms pose for their clients and markets and the FCA&apos;s strategy for mitigating those risks. Firms are expected to consider the issues raised and take steps to mitigate risks where applicable.

The key drivers of harm have been identified as commission-based compensation packages (the &quot;eat what you kill&quot; model), inadequate governance arrangements, potential conflict of interest or compliance issues arising from the variety of workflows performed by such brokerages and risks of market abuse and financial crime, all of which may be linked to cultural issues. In the FCA&apos;s view, certain brokers in wholesale markets have failed to keep pace with legislative and regulatory developments and lag behind other sectors in embedding a culture of good conduct.

Read more.]]></description>
					      
						      <pubDate>Thu, 18 Apr 2019 14:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Sets-Out-Strategy-to-Manage-Risk-of-</guid>
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					 <item>
					      <title>UK Government Consults on Implementation of the EU Fifth Money Laundering Directive</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Consults-on-Implementation-of-the-E</link>
					      <description><![CDATA[
HM Treasury launched a consultation on its proposed options for transposing the Fifth Money Laundering Directive into U.K. law. 5MLD makes a number of changes to the European Anti-Money Laundering and Counter-Terrorist Financing regime set out in the Fourth Money Laundering Directive. EU Member States are required to transpose 5MLD into national laws, which must take effect by January 10, 2020. HM Treasury is consulting on how it proposes to effect the transposition, in particular where the U.K. has discretion as to how certain aspects are implemented and where gold plating provisions are proposed. Notably, the U.K. government intends to implement 5MLD irrespective of when the U.K. leaves the EU, and is committed to implementing the Financial Action Task Force&apos;s standards, focusing on those areas highlighted in the FATF&apos;s mutual evaluation report of the U.K.&apos;s AML/CTF regime. Responses to the consultation were to be submitted by June 10, 2019.

Read more.]]></description>
					      
						      <pubDate>Mon, 15 Apr 2019 18:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Consults-on-Implementation-of-the-E</guid>
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					 <item>
					      <title>UK Prudential Regulator Publishes Statements on Managing Climate Change Risks</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Statements-on-Managing</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a Policy Statement and related Supervisory Statement on enhancing banks&apos; and insurers&apos; approaches to managing the financial risks from climate change. The statements are in response to the PRA&apos;s consultation paper published in 2018 which sought feedback on the draft Supervisory Statement. The Statements are relevant to all U.K. insurance and reinsurance firms, banks, building societies and PRA-designated investment firms.

Read more.]]></description>
					      
						      <pubDate>Mon, 15 Apr 2019 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Statements-on-Managing</guid>
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					 <item>
					      <title>UK&apos;s Exit from EU Postponed to October 31, 2019</title>
					      <link>https://finreg.aoshearman.com/UK39s-Exit-from-EU-Postponed-to-October-31-2019</link>
					      <description><![CDATA[
The EU and the U.K. have agreed to postpone the date on which the U.K. will leave the EU from April 12, 2019 to October 31, 2019. The U.K. notified the EU under Article 50 of the Treaty on the European Union on March 29, 2017 that it would leave the EU. That notification set the date for the U.K.&apos;s exit as March 29, 2019, unless an agreement was reached between the U.K. and the EU. That date was amended by agreement to April 12, 2019 on March 22, 2019. This is the second postponement.

The EU has implemented the postponement in European Council Decision (EU) 2019/584 taken in agreement with the United Kingdom of 11 April 2019 extending the period under Article 50(3) TEU. The U.K. implemented the extension through the European Union (Withdrawal) Act 2018 (Exit Day) (Amendment) (No. 2) Regulations 2019, which amended the European Union (Withdrawal) Act 2018.

View the Council&apos;s Decision.

View the U.K. Regulations.]]></description>
					      
						      <pubDate>Thu, 11 Apr 2019 15:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK39s-Exit-from-EU-Postponed-to-October-31-2019</guid>
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					 <item>
					      <title>Financial Action Task Force Reports to G20</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Reports-to-G20</link>
					      <description><![CDATA[
The Financial Action Task Force has published a Report to G20 Finance Ministers and Central Bank Governors on its ongoing work to fight money laundering and terrorist financing. The report summarizes the FATF&apos;s work priorities under the U.S. presidency and sets out areas in which the FATF will work in the near future. These include:

	Work on virtual assets: the FATF continues to closely monitor risks involving virtual assets (the FATF uses this term to cover both virtual currencies and crypto assets). In this area, by June 2019, the FATF intends to address the challenges that arise in investigations and confiscation and update its 2015 Risk-based Approach Guidance on Virtual Currencies. The FATF will also review and consider the scope of the activities and operations that are covered by its Recommendations and Glossary.
	Improving transparency and availability of beneficial ownership information: the FATF intends to improve transparency and availability of beneficial ownership information through its mutual evaluation framework and will continue its work, initiated in February 2019, on identifying best practices on beneficial ownership to ensure legal entities are not misused for money laundering or terrorist financing and beneficial ownership information is freely available to national authorities. The work in this area is expected to be finalized by October 2019.


View the report.]]></description>
					      
						      <pubDate>Mon, 08 Apr 2019 13:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Reports-to-G20</guid>
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					      <title>US Commodity Futures Trading Commission Issues No-Action Letters to Ensure Continued Relief and Substituted Compliance for U.K. Firms Post-Brexit</title>
					      <link>https://finreg.aoshearman.com/US-Commodity-Futures-Trading-Commission-Issues--</link>
					      <description><![CDATA[
The Commodity Futures Trading Commission has issued two no-action letters to ensure that existing regulatory relief and substituted compliance measures for EU firms will continue to apply to U.K. firms following the U.K.&apos;s departure from the EU.  The CFTC said that the no-action letters will bring greater clarity to the market in light of Brexit and reflect the CFTC&apos;s commitment to ensuring that Brexit will not create regulatory uncertainty in global derivatives markets.  The relief is intended to cover both &quot;no-deal&quot; and &quot;soft&quot; Brexit scenarios.  The relief would apply upon the departure of the U.K. (and would thus take effect at the end of the most recent extension of the departure date to October 31, 2019).

CFTC Letter 19-08 extends to U.K. entities substituted compliance measures originally issued for EU entities.  These measures include comparability determinations for certain entity-level, transaction-level and uncleared margin requirements (the EU Comparability Determinations), along with an exemption for EU-authorized multilateral trading facilities and organised trading facilities from the CFTC&apos;s swap execution facility registration requirements.

Read more.]]></description>
					      
						      <pubDate>Fri, 05 Apr 2019 12:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Commodity-Futures-Trading-Commission-Issues--</guid>
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					 <item>
					      <title>European Securities and Markets Authority Publishes Supervisory Briefing on MiFID II Appropriateness Rules</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published an updated version of its supervisory briefing on appropriateness. The original appropriateness briefing was published in December 2012 to provide guidance to EU national regulators on the appropriateness requirements under the original Markets in Financial Instruments Directive. The updated appropriateness briefing reflects the amended requirements introduced by the revised Directive or MiFID II and takes into account the new version of ESMA&apos;s suitability guidelines published in May 2018 to the extent they are relevant to the appropriateness rules.

Read more.]]></description>
					      
						      <pubDate>Thu, 04 Apr 2019 15:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes</guid>
				    </item>
			
					 <item>
					      <title>EU Equivalence for Argentina&apos;s Prudential and Regulatory Requirements</title>
					      <link>https://finreg.aoshearman.com/EU-Equivalence-for-Argentina39s-Prudential-and-Re</link>
					      <description><![CDATA[
An equivalence decision on the prudential and regulatory requirements in Argentina has been published in the Official Journal of the European Union. The equivalence decision means that EU banks may apply preferential risk weights and hold less regulatory capital for their exposures to Argentinian banks, investment firms, clearing houses, CCPs and exchanges as well as the Argentinian government, central bank and public bodies. Such an equivalence decision under CRR is one of the factors that a national regulator must take into account when deciding whether to adopt a domestic equivalence decision on consolidated supervision under the Capital Requirements Directive (i.e. whether to exercise consolidated supervision under EU rules to non-EU parents).

View the equivalence decision.]]></description>
					      
						      <pubDate>Mon, 01 Apr 2019 15:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Equivalence-for-Argentina39s-Prudential-and-Re</guid>
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					      <title>UK Financial Conduct Authority Implements Permanent Ban of Sale of Binary Options to Retail Consumers</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Implements-Permane</link>
					      <description><![CDATA[
Following its recent consultation, the U.K. Financial Conduct Authority has published a Policy Statement, final rules and a Statement on the new product intervention measure it is introducing for retail binary options. Both contracts for difference and binary options are considered to have given rise to significant investor protection concerns, due to their complexity, the lack of transparent information at the point of sale, the risk of significant loss for investors and the deployment of aggressive marketing techniques by certain providers and distributors of the products. The FCA&apos;s product intervention powers under the Markets in Financial Instrument Regulation and, where the FCA has gone beyond those powers, the Financial Services and Markets Act 2000 allow it to impose prohibitions or restrictions on certain financial instruments, financial activities or practices to address a significant investor protection concern. The FCA also consulted on product intervention rules for CfDs and those final rules are expected to be published in April this year.

Read more.]]></description>
					      
						      <pubDate>Fri, 29 Mar 2019 11:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Implements-Permane</guid>
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					 <item>
					      <title>Final EU Guidelines on Disclosure of Risk Factors in Prospectuses</title>
					      <link>https://finreg.aoshearman.com/Final-EU-Guidelines-on-Disclosure-of-Risk-Factors</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published final guidelines on how national regulators should review risk factors as required by the new Prospectus Regulation. The guidelines aim to encourage more appropriate, focused and streamlined risk factor disclosures for securities. The purpose of including risk factors in a prospectus is to ensure that investors can assess the risks related to their investment, therefore allowing them to make informed investment decisions. 

Read more.]]></description>
					      
						      <pubDate>Fri, 29 Mar 2019 10:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-EU-Guidelines-on-Disclosure-of-Risk-Factors</guid>
				    </item>
			
					 <item>
					      <title>UK Prudential and Conduct Regulators Extend Deadline for Temporary Permissions Notifications by EEA Firms</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-and-Conduct-Regulators-Extend-Deadline</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority and U.K. Financial Conduct Authority have extended their deadlines for PRA- and FCA-regulated EEA firms to make notifications that they wish to utilize the temporary permissions regime for providing financial services in the U.K. following Brexit if no implementation or transitional period is agreed under the Withdrawal Agreement. Firms now have until April 11, 2019 to make their notification.

Read more.]]></description>
					      
						      <pubDate>Thu, 28 Mar 2019 14:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-and-Conduct-Regulators-Extend-Deadline</guid>
				    </item>
			
					 <item>
					      <title>UK Conduct Regulator Publishes Post-Brexit Temporary Permissions Rules</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Post-Brexit-Temporary</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published the Exiting the European Union: Temporary Permission and Financial Services Contracts Instrument 2019, which amends the FCA Handbook to accommodate firms subject to the temporary permissions regimes that will apply following the U.K.&apos;s exit from the EU. The amendments will come into force on the day the U.K. exits the EU, with the exception of certain provisions of the FEES manual, which will apply from the later of (i) April 1, 2019 and (ii) exit day.

Non-Handbook guidance

The Instrument also contains non-Handbook guidance specifying that the FCA expects incoming EEA-based firms within the TPR or supervised run-off firms in the Financial Services Contracts Regime to communicate with customers about any material changes to their home state investor compensation scheme coverage as a result of Brexit.

View the Exiting the European Union: Temporary Permission and Financial Services Contracts Instrument 2019.]]></description>
					      
						      <pubDate>Thu, 28 Mar 2019 09:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Post-Brexit-Temporary</guid>
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					 <item>
					      <title>European Securities and Markets Authority Consults on Costs Disclosure Standards for Fund Managers</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Consults-on-Costs</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a consultation on its draft Regulatory Technical Standards for costs disclosure requirements under the European Long-Term Investment Fund Regulation. The consultation is relevant to ELTIF managers, alternative investment funds managers and institutional and retail investors investing into ELTIFs. Responses to the consultation should be supplied by June 29, 2019.

Read more.]]></description>
					      
						      <pubDate>Thu, 28 Mar 2019 09:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Consults-on-Costs</guid>
				    </item>
			
					 <item>
					      <title>EU Contracts for Difference Product Intervention Measures to be Extended</title>
					      <link>https://finreg.aoshearman.com/EU-Contracts-for-Difference-Product-Interventi</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced that its restrictions on the sale, distribution and marketing of contracts for difference to retail investors will be extended from May 1, 2019, for a further three months. The extension will be on the same terms as the existing product intervention measure.

View ESMA&apos;s announcement.

View details of the existing decision.]]></description>
					      
						      <pubDate>Wed, 27 Mar 2019 16:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Contracts-for-Difference-Product-Interventi</guid>
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					 <item>
					      <title>EU Product Intervention Measures for Binary Options Extended</title>
					      <link>https://finreg.aoshearman.com/EU-Product-Intervention-Measures-for-Binary-Optio</link>
					      <description><![CDATA[
The European Securities and Markets Authority has issued a Decision renewing the temporary prohibition on the marketing, distribution or sale of binary options to retail clients for a further three months from April 2, 2019. This has now been published in the Official Journal of the European Union. ESMA announced in February this year that the existing restriction would be extended. The binary options Decision applies directly across the EU from April 2, 2019, for a period of three months.

View the decision.

View ESMA&apos;s notification.]]></description>
					      
						      <pubDate>Wed, 27 Mar 2019 12:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Product-Intervention-Measures-for-Binary-Optio</guid>
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					 <item>
					      <title>US Regulators Offer Margin Relief for Legacy Swaps No Deal Brexit Scenario</title>
					      <link>https://finreg.aoshearman.com/US-Regulators-Offer-Margin-Relief-for-Legacy-Swap</link>
					      <description><![CDATA[
The Commodity Futures Trading Commission has unanimously approved an interim final rule that will allow swap dealers and major swap participants to, in the event of a no-deal Brexit scenario, transfer legacy swaps entered into before the compliance date of the CFTC&apos;s margin requirements for uncleared swaps to an affiliate without triggering such requirements. The CFTC&apos;s interim final rule is substantively identical to an interim final rule adopted by the U.S. Prudential Regulators, which provides the same relief for legacy swaps entered into before the compliance date of their margin requirements for uncleared swaps.

Both interim final rules apply only to legacy swaps that are transferred solely for relocation purposes. They do not cover economic changes to legacy swaps, such as amendments that modify payment amount calculation methods, maturity date or notional amount of the uncleared swap.

The interim final rules are each effective immediately upon their respective publication in the Federal Register, and the transfer relief will apply for a period of one year following the U.K.&apos;s withdrawal from the EU in the event of a no deal Brexit.

Read more.]]></description>
					      
						      <pubDate>Mon, 25 Mar 2019 09:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Regulators-Offer-Margin-Relief-for-Legacy-Swap</guid>
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					 <item>
					      <title>European Council Publishes Brexit Extension Decision</title>
					      <link>https://finreg.aoshearman.com/European-Council-Publishes-Brexit-Extension-Decision</link>
					      <description><![CDATA[
The European Council has published its decision to extend the deadline for the U.K.&apos;s withdrawal from the EU until May 22, 2019, provided that the Withdrawal Agreement passes through the House of Commons by March 29, 2019.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 Mar 2019 14:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Council-Publishes-Brexit-Extension-Decision</guid>
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					 <item>
					      <title>EU Securities Financing Transaction Reporting Obligation Phased-In from April 2020</title>
					      <link>https://finreg.aoshearman.com/EU-Securities-Financing-Transaction-Reporting-Obl</link>
					      <description><![CDATA[
A Commission Delegated Regulation and Commission Implementing Regulation setting out technical standards on the reporting of securities financing transactions have been published in the Official Journal of the European Union. These technical standards supplement the EU Securities Financing Transactions Regulation, which requires, amongst other things, all SFTs to be reported to EU-recognized trade repositories. Relevant reports must include details on the composition of collateral, whether collateral is available for reuse or has been reused, the substitution of collateral and any haircuts applied. The reporting obligation will apply to financial and non-financial counterparties, subject to exceptions for central banks and similar bodies. While various parts of the SFTR came into effect on January 12, 2016, the new reporting obligation is brought into force by these new technical standards.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 Mar 2019 11:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Securities-Financing-Transaction-Reporting-Obl</guid>
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					 <item>
					      <title>​No-Deal Brexit Changes to UK Listing Rules, Disclosure Guidance and Transparency Rules and Prospectus Rules</title>
					      <link>https://finreg.aoshearman.com/No-Deal-Brexit-Changes-to-UK-Listing-Rules-Disclo</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a market bulletin that advises issuers and stakeholders of key changes to the Listing Rules, Disclosure Guidance and Transparency Rules and Prospectus Rules that will apply in the event of a no-deal Brexit.

In the event of a no-deal Brexit, the U.K.&apos;s primary market regime will apply to all issuers that have securities admitted to trading, or have applied for admission to trading, on a U.K.-regulated market or admitted to listing in the U.K., or that are making a public offer in the U.K. The rules will apply regardless of the country an issuer is incorporated in.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 Mar 2019 11:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/No-Deal-Brexit-Changes-to-UK-Listing-Rules-Disclo</guid>
				    </item>
			
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					      <title>UK Prudential Regulator Announces Details of Post-Brexit Temporary Permissions Regime for EEA Firms</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Announces-Details-of-Post-Brexit</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published details of the temporary permissions regime that will allow PRA-regulated EEA firms to continue providing financial services in the U.K. for a limited period following the U.K&apos;s exit from the EU, in the event that no implementation or transitional period is agreed under the Withdrawal Agreement. The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 brought the TPR into force on November 7, 2018. The TPR applies to EEA firms that are authorized to conduct a regulated activity in the U.K. using passporting rights and have either: (i) applied for U.K. authorization prior to the U.K. withdrawal date; or (ii) notified the relevant U.K. regulator of their intention to continue conducting passported activities. Such firms will be entitled to continue providing financial services for up to three years from the date the U.K. leaves the EU.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 Mar 2019 09:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Announces-Details-of-Post-Brexit</guid>
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					 <item>
					      <title>Bank of England Announces Details of Post-Brexit Temporary Recognition Regimes for CCPs and CSDs</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Announces-Details-of-Post-Brexit-</link>
					      <description><![CDATA[
The Bank of England has published details of its prospective new role as supervisor of financial markets infrastructure at the end of the implementation period following the U.K.&apos;s exit from the EU. 

Read more.]]></description>
					      
						      <pubDate>Fri, 22 Mar 2019 09:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Announces-Details-of-Post-Brexit-</guid>
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					      <title>UK Conduct Regulator Publishes Supplementary Directions for E-Money and Payment Services Temporary Permissions Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Supplementary-Directions</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published two supplementary Directions under the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 specifying that notifications by e-money and payment services firms wishing to take advantage of the FCA&apos;s temporary permissions regime will not be valid if they are withdrawn in writing prior to exit day. The FCA has previously issued Directions setting out how such firms should notify the FCA of their intention to make use of the temporary permissions regime.

View the FCA&apos;s supplementary Direction on withdrawal of notifications by e-money services firms.

View the FCA&apos;s supplementary Direction on withdrawal of notifications by payment services firms. 

View details of the FCA&apos;s Directions for notifications by e-money and payment services firms.]]></description>
					      
						      <pubDate>Fri, 22 Mar 2019 09:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Supplementary-Directions</guid>
				    </item>
			
					 <item>
					      <title>EU Statement on the Impact of a No-Deal Brexit on the Share Trading Obligation</title>
					      <link>https://finreg.aoshearman.com/EU-Statement-on-the-Impact-of-a-No-Deal-Brexit-on</link>
					      <description><![CDATA[
May 29, 2019 update: ESMA&apos;s guidance of March 19, 2019 has been superseded by revised guidance issued, details of which are available here.

The European Securities and Markets Authority has published a statement on the impact of a no-deal Brexit on the trading obligation for shares. The Markets in Financial Instruments Regulation requires investment firms to conclude transactions in shares admitted to trading on a regulated market or traded on an EU trading venue, i.e. namely regulated markets, multilateral trading facilities, systematic internalisers and equivalent third-country trading venues. The requirement is not applicable to transactions in shares traded in the EU on a non-systematic, ad-hoc, irregular and infrequent basis. ESMA&apos;s statement is relevant should there be a no-deal Brexit (currently set for March 29, 2019) and there is no equivalence decision for the U.K.

Read more.]]></description>
					      
						      <pubDate>Tue, 19 Mar 2019 15:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Statement-on-the-Impact-of-a-No-Deal-Brexit-on</guid>
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					      <title>Working Group on Sterling Risk-Free Rates Publishes Discussion Paper on SONIA Referencing Conventions</title>
					      <link>https://finreg.aoshearman.com/Working-Group-on-Sterling-Risk-Free-Rates-Publishes</link>
					      <description><![CDATA[
The Working Group on Sterling Risk-Free Rates has published a discussion paper aimed at raising awareness for market participants of the conventions for referencing SONIA in new financial contracts. The paper focuses on the most significant conventions for contracts that reference SONIA directly. The paper concludes with a series of questions for market participants, who should submit responses by April 30, 2019.

Read more.]]></description>
					      
						      <pubDate>Mon, 18 Mar 2019 10:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Working-Group-on-Sterling-Risk-Free-Rates-Publishes</guid>
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					      <title>UK Allows Post-Brexit Endorsement of Credit Ratings From the EU</title>
					      <link>https://finreg.aoshearman.com/UK-Allows-Post-Brexit-Endorsement-of-Credit-Ratin</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a statement confirming that the EU regime for credit rating agencies is &quot;at least as stringent&quot; as the U.K.&apos;s regime, post-Brexit. The U.K. CRA Regulation provides that banks, investment firms, insurers, reinsurers, management companies, investment companies, alternative investment fund managers and CCPs may use credit ratings for certain regulatory purposes if a rating is issued by a third-country CRA under the endorsement regime. The FCA considers that the EU regime meets the conditions for endorsement. This will allow U.K.-registered CRAs to endorse credit ratings into the U.K. from EU affiliates for regulatory use under the U.K. CRA Regulation. The European Securities and Markets Authority has announced today that the U.K. regime has been positively assessed for endorsement under the EU CRA Regulation.

In addition, in preparation for a no-deal Brexit, the U.K. is establishing (i) a conversion regime for U.K. and third-country CRAs currently registered or certified by ESMA; and (ii) a temporary registration regime for newly established U.K. entities that are part of a group of CRAs with an existing ESMA registration before exit day.

View the FCA&apos;s statement on endorsement of EU credit ratings.

View details of ESMA&apos;s statement on endorsement of U.K. credit ratings.]]></description>
					      
						      <pubDate>Fri, 15 Mar 2019 19:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Allows-Post-Brexit-Endorsement-of-Credit-Ratin</guid>
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					      <title>EU Positive Assessment of UK Post-Brexit Regime Paves Way for Endorsement of UK Credit Ratings</title>
					      <link>https://finreg.aoshearman.com/EU-Positive-Assessment-of-UK-Post-Brexit-Regime-P</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a further statement on the implications of a no-deal Brexit for U.K. credit rating agencies. The CRA Regulation provides that banks, investment firms, insurers, reinsurers, management companies, investment companies, alternative investment fund managers and CCPs may use credit ratings only for certain regulatory purposes if a rating is issued by: (i) an EU CRA registered with ESMA; or (ii) a third-country CRA under the endorsement regime or the equivalence/certification regime. U.K. CRAs will lose their EU registration when the U.K. leaves the EU on a &quot;hard Brexit.&quot;

Read more.]]></description>
					      
						      <pubDate>Fri, 15 Mar 2019 17:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Positive-Assessment-of-UK-Post-Brexit-Regime-P</guid>
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					      <title>European Commission Communication on Progress on Building the Capital Markets Union</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Communication-on-Progress-on-</link>
					      <description><![CDATA[
The European Commission has published its latest progress report on building of the Capital Markets Union. The CMU is an EU initiative which aims to deepen and further integrate the capital markets of Member States, further safeguard financial stability, strengthen the international role of the euro and diversify sources of finances for small and medium enterprises. The CMU aims to allow consumers to buy cheaper and better investment products, and enable financial services providers to scale up by offering services in other Member States.

The progress report notes that the CMU is an important Single Market project that will give increased access to capital for both companies and citizens, especially in smaller countries. A well-developed CMU increases the EU&apos;s attractiveness to foreign investment and complements the EU&apos;s agenda of free and fair trade. Broadly, the Commission has delivered measures that it had committed to take forwards at the beginning of the mandate and put in place certain &quot;building blocks&quot; of the CMU. However, the report notes that it may take time for the impact of the Commission&apos;s actions to be realized.

Read more.]]></description>
					      
						      <pubDate>Fri, 15 Mar 2019 10:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Communication-on-Progress-on-</guid>
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					      <title>European Commission Adopts New Technical Standards under the Prospectus Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Adopts-New-Technical-Standard</link>
					      <description><![CDATA[
The European Commission has adopted a draft Delegated Regulation containing Regulatory Technical Standards on requirements for:

	key financial information to be set out in the summary of a prospectus;
	the publication of a prospectus;
	the classification of prospectuses and practical arrangements to ensure machine readability of the classifications;
	advertisements and their dissemination;
	situations where the publication of a supplement to the prospectus is required; and
	technical arrangements necessary for the functioning of the notification portal.


The adopted RTS will repeal Commission Delegated Regulation (EU) No 382/2014 on the publication of supplements to a prospectus and Commission Delegated Regulation (EU) 2016/301 on the approval and publication of the prospectus and dissemination of advertisements.

The adopted RTS will enter into force 20 days after they are published in the Official Journal of the European Union, which will take place once it is approved by the European Parliament and the Council of the European Union. The adopted RTS will apply directly across the EU from July 21, 2019, which is when the remainder of the Prospectus Regulation applies.

View the adopted RTS.

View the annexes to the adopted RTS.]]></description>
					      
						      <pubDate>Thu, 14 Mar 2019 18:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Adopts-New-Technical-Standard</guid>
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					      <title>UK Conduct Regulator Publishes Statement on Operating MiFID II Transparency Regime Post-Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Statement-on-Opera</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Supervisory Statement on the operation of the transparency regime under the Markets in Financial Instruments Directive post-Brexit. The Statement sets out how the FCA will operate the pre- and post-trade transparency regime for the secondary markets in the event of a no-deal Brexit on March 29, 2019. The U.K.&apos;s onshored MiFID II provides the FCA with transitional powers, for a period of four years, on how to run the transparency regime as the FCA does not yet have the technology to make the same calculations and assessments that ESMA carries out.

View the FCA&apos;s statement.]]></description>
					      
						      <pubDate>Thu, 14 Mar 2019 11:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Statement-on-Opera</guid>
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					      <title>European Commission Adopts Draft Regulation on the Format, Content, Scrutiny and Approval of a Prospectus</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Adopts-Draft-Regulation-on</link>
					      <description><![CDATA[
The European Commission has adopted a draft Delegated Regulation on the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market. The draft Delegated Regulation is based on the technical advice provided to the Commission by the European Securities and Markets Authority in April 2018. The draft Regulation will repeal the existing Implementing Regulation under the existing Prospectus Directive (which will be finally repealed in July 2019) on the form and content of prospectuses.

Read more.]]></description>
					      
						      <pubDate>Thu, 14 Mar 2019 10:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Adopts-Draft-Regulation-on</guid>
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					      <title>Commodity Futures Trading Commission Chairman Maps Agency&apos;s Approach to FinTech Regulation</title>
					      <link>https://finreg.aoshearman.com/Commodity-Futures-Trading-Commission-Chairman-Map</link>
					      <description><![CDATA[
While speaking before the D.C. Blockchain Summit, Commodity Futures Trading Commission Chairman J. Christopher Giancarlo discussed the relationship between technology, regulation and markets, and described the steps the CFTC has taken to stay in step with innovations that have posed regulatory challenges.

Chairman Giancarlo touted the potential for such technological innovations, including blockchain and digital ledger technology, to transform the way that regulators gather information and lower operational costs for financial institutions. Interestingly, Chairman Giancarlo argued that blockchain and DLT could have helped regulators gather real-time trading data during the 2008 financial crisis, which he believes at a minimum could have prompted &quot;better-informed&quot; and &quot;more calibrated regulatory intervention.&quot;

Read more.]]></description>
					      
						      <pubDate>Wed, 13 Mar 2019 18:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Commodity-Futures-Trading-Commission-Chairman-Map</guid>
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					      <title>UK Prudential Regulator Consults on Changes to Pillar 2 Capital Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Changes-to-Pi</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has opened a consultation proposing changes to the Pillar 2 capital requirements for banks and large investment firms.

Responses to the consultation may be submitted until June 13, 2019. The PRA is proposing to implement the changes from October 1, 2019.

The Pillar 2 capital for firms comprises Pillar 2A and Pillar 2B. Pillar 2A is a firm&apos;s capital requirement for certain risks, including credit risk, market risk, operational risk, counterparty credit risk, credit concentration risk and interest rate risk in the non-trading book. Pillar 2B is the PRA&apos;s buffer for each firm, in addition to the buffers required under the Capital Requirements Directive. The PRA&apos;s proposals relate to changes needed to its approach to setting the Pillar 2B buffer as a result of the Bank of England&apos;s changes to the stress testing framework. The proposals also aim to: (i) clarify the PRA&apos;s approach to assessing weaknesses in risk management and governance under Pillar 2B; and (ii) explain the process for updating the benchmarks used to calculate the Pillar 2A requirement for credit risk.

The changes would be implemented by updates to:

	Statement of Policy, &quot;The PRA&apos;s methodologies for setting Pillar 2 capital&quot;;
	Supervisory Statement, &quot;The Internal Capital Adequacy Assessment Process (ICAAP) and the Supervisory Review and Evaluation Process (SREP)&quot; (SS31/15); and
	Supervisory Statement, &quot;Implementing CRD IV: Capital buffers&quot; (SS6/14).


View the consultation paper.]]></description>
					      
						      <pubDate>Wed, 13 Mar 2019 14:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Changes-to-Pi</guid>
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					      <title>UK Regulators Host the First Meeting of the New Climate Financial Risk Forum</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Host-the-First-Meeting-of-the-New-</link>
					      <description><![CDATA[
The Financial Conduct Authority and the Prudential Regulation Authority have published press releases following the first meeting of the Climate Financial Risk Forum on March 8, 2019. The CFRF is a joint forum established by the PRA and FCA in late 2018. The CFRF aims to encourage financial sector approaches towards managing the financial risks from climate change as well as supporting green finance. The CFRF will develop practical tools and approaches to reduce the barriers for firms looking to adopt a strategy for minimizing financial risks from climate change. The regulators are concerned with both the impact of climate change itself and the transition to supporting a low carbon economy. Both the FCA and the PRA consulted in late 2018 on the impact of climate change. The PRA consulted on a draft Supervisory Statement on managing the financial risks from climate change and the FCA consulted on climate change and green finance and the potential changes to its regulatory approach to these issues. The FCA consultation set out specific actions that the FCA intends to take in the short term in four areas - capital markets disclosures, public reporting requirements, green finance and pensions.

Read more.]]></description>
					      
						      <pubDate>Wed, 13 Mar 2019 10:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Host-the-First-Meeting-of-the-New-</guid>
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					      <title>UK Regulator Wants Stronger Wind-Down Plans for Loan-Based Crowdfunding Platforms</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Wants-Stronger-Wind-Down-Plans-for-L</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a &quot;Dear CEO&quot; letter addressed to loan-based peer-to-peer crowdfunding platforms requesting the platforms to review their wind-down arrangements. The FCA implemented rules regulating FCA-authorized firms operating investment-based and loan-based crowdfunding platforms on April 1, 2014. Investment-based crowdfunding is governed by the Markets in Financial Instruments package and the Alternative Investment Fund Managers Directive, as transposed into U.K. law. The regime for P2P lending is a national one and is less detailed and prescriptive.

Read more.]]></description>
					      
						      <pubDate>Thu, 07 Mar 2019 13:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Wants-Stronger-Wind-Down-Plans-for-L</guid>
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					      <title>Further EU Clarification For Financial Services Firms in a No Deal Brexit</title>
					      <link>https://finreg.aoshearman.com/Further-EU-Clarification-For-Financial-Services-F</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a statement on its approach to certain provisions of the Markets in Financial Instruments package and the Benchmarks Regulation in the event of a no-deal Brexit.

Read more.]]></description>
					      
						      <pubDate>Thu, 07 Mar 2019 09:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Further-EU-Clarification-For-Financial-Services-F</guid>
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					      <title>UK Prudential Regulator Publishes Final Rules on Definition of Default for Credit Risk</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Final-Rules-on-</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published final rules and an updated Supervisory Statement alongside a Policy Statement on the definition of default for credit risk. The EU Capital Requirements Regulation&apos;s risk quantification provisions set out that a default occurs when an obligor is past due more than 90 days on any material credit obligation to a firm, its parent or any of its subsidiaries. The materiality of the credit commitment is to be assessed against a threshold set by the national regulator according to its view of a reasonable level of risk.

The European Banking Authority developed a roadmap in 2016 to address concerns about the variability of own funds requirements arising from the internal models that firms use to calculate their minimum credit risk capital requirements under the CRR. The PRA is adopting a two-stage approach to implementing the EBA&apos;s roadmap. This first stage concerns the definition of default. The PRA will consult later on implementation of the second stage on PD and LGD estimation, once the EBA&apos;s regulatory products on this topic have been finalized.

Read more.]]></description>
					      
						      <pubDate>Wed, 06 Mar 2019 17:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Final-Rules-on-</guid>
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					      <title>EU Final Guidelines on Identifying an Economic Downturn in IRB Modelling</title>
					      <link>https://finreg.aoshearman.com/EU-Final-Guidelines-on-Identifying-an-Economic-Do</link>
					      <description><![CDATA[
The European Banking Authority has published a report and final Guidelines on the estimation of LGD appropriate for an economic downturn in compliance with the Capital Requirements Regulation, the Regulatory Technical Standards on the internal ratings-based assessment methodology and the final draft RTS on the specification of an economic downturn.

The Guidelines will apply from January 1, 2021 and firms should incorporate these requirements in their rating systems by that time. However, national regulators may bring forward, at their discretion, this deadline. The EBA Guidelines remind firms that the use of own estimates of LGD appropriate for an economic downturn is subject to approval by their home state regulator.

The Guidelines specify how LGD estimates appropriate for an economic downturn - identified in accordance with the draft RTS on economic downturn - should be quantified, taking into account the specificities of firm processes, underwriting standards and general response to adverse economic conditions. The Guidelines supplement the existing EBA Guidelines on Probability of Default, LGD estimation and treatment of defaulted assets.

The publication of these Guidelines marks the completion of the EBA&apos;s 2016 roadmap, designed to address concerns about the variability of own funds requirements arising from the internal models that firms use to calculate their minimum credit risk capital requirements under the CRR.

View the final report and guidelines.

View details of the EBA&apos;s consultation on the guidelines.]]></description>
					      
						      <pubDate>Wed, 06 Mar 2019 16:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Final-Guidelines-on-Identifying-an-Economic-Do</guid>
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					      <title>Report of the Technical Expert Group Subgroup of the European Commission on Green Bond Standard: Proposal for an EU Green Bond Standard</title>
					      <link>https://finreg.aoshearman.com/Report-of-the-Technical-Expert-Group-Subgroup-of-</link>
					      <description><![CDATA[
In its Interim Report on green bonds, the Technical Expert Group has made a proposal for an EU Green Bond Standard. Green bonds are bonds specifically earmarked to be used for climate-related and environmental projects. The aim of the consultation was, in light of the European Commission&apos;s Action Plan on Financing Sustainable Growth published in March 2018, to create a standard that would further improve the credibility of green bonds and help the EU market mature.

Read more.]]></description>
					      
						      <pubDate>Wed, 06 Mar 2019 11:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Report-of-the-Technical-Expert-Group-Subgroup-of-</guid>
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					      <title>International Bodies Issue Statement on Margin Requirements for Uncleared Derivatives</title>
					      <link>https://finreg.aoshearman.com/International-Bodies-Issue-Statement-on-Margin-Re</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision and the International Organization of Securities Commissions have published a joint statement on the final implementation of the margin requirements for derivatives not cleared through a CCP. In March 2015, the Basel Committee and IOSCO published a revised version of their policy framework for the exchange of margin for uncleared derivatives. The main revisions were to delay the phase-in period for the obligations relating to both initial margin and variation margin and were aimed at harmonizing the key principles across jurisdictions.

Read more.]]></description>
					      
						      <pubDate>Tue, 05 Mar 2019 15:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Bodies-Issue-Statement-on-Margin-Re</guid>
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					      <title>Final EU Technical Standards For Eligibility For Simplified Obligations Under The Bank Recovery And Resolution Directive</title>
					      <link>https://finreg.aoshearman.com/Final-EU-Technical-Standards-For-Eligibility-For-</link>
					      <description><![CDATA[
An EU Delegated Regulation under the Bank Recovery and Resolution Directive has been published in the Official Journal of the European Union. The Delegated Regulation sets out Regulatory Technical Standards specifying the criteria for assessing the impact of a bank or investment firm&apos;s failure on financial markets, on other institutions and on funding conditions.

Under the BRRD, where a national regulator or resolution authority is determining whether to grant simplified obligations to a bank or investment firm, it must assess the impact that the failure of the institution could have by reference to a number of factors specified in the BRRD. The Delegated Regulation sets out a two-stage test based on quantitative and qualitative criteria to determine whether an institution is eligible for simplified obligations. Different criteria apply depending on whether the institution is a bank or an investment firm. Institutions meeting quantitative criteria at stage one must then meet qualitative criteria at stage two to be assessed as eligible.
Only institutions that meet the quantitative criteria (i.e., the impact of their failure is not assessed as requiring the full obligations to apply) will proceed to the second stage.

The Delegated Regulation will be directly applicable across the EU from March 24, 2019.

View the Delegated Regulation.]]></description>
					      
						      <pubDate>Mon, 04 Mar 2019 15:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-EU-Technical-Standards-For-Eligibility-For-</guid>
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					      <title>Basel Committee on Banking Supervision Announces Forthcoming Statements on Various Issues of Concern</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Announces-</link>
					      <description><![CDATA[
On February 27-28th, the Basel Committee on Banking Supervision met to discuss policy and supervisory issues, and the extent to which members had implemented post-financial crisis reforms.

The Committee noted the implementation status of margin requirements for uncleared derivatives and it will publish in March a joint statement with the International Organization of Securities Commissions on certain implementation aspects of margin requirements.

Read more.]]></description>
					      
						      <pubDate>Thu, 28 Feb 2019 11:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Announces-</guid>
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					      <title>European Banking Authority Consults on Guidelines on Credit Risk Mitigation</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Guidelines-on-Credit</link>
					      <description><![CDATA[
The European Banking Authority has published a consultation paper concerning proposed guidelines on credit risk mitigation for firms using the advanced internal ratings based approach with own estimates for loss given default. The consultation follows the EBA&apos;s report on the CRM framework, published in March 2018, which should be read in conjunction with the consultation paper. Responses to the consultation should be submitted by May 25, 2019. 

Read more.]]></description>
					      
						      <pubDate>Mon, 25 Feb 2019 16:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Guidelines-on-Credit</guid>
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					      <title>European Banking Authority Publishes Revised Guidelines on Outsourcing Arrangements</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Revised-Guid</link>
					      <description><![CDATA[
The European Banking Authority has published revised Guidelines on outsourcing arrangements. The guidelines are intended to update and replace outsourcing guidelines issued in 2006 (by the EBA&apos;s predecessor, the Committee of European Banking Supervisors) on outsourcing by credit institutions. The EBA Guidelines have a wider scope, applying to all financial institutions that are within the scope of the EBA&apos;s mandate, namely credit institutions and investment firms subject to the Capital Requirements Directive, as well as payment institutions and electronic money institutions. The investment firms within scope, provided that the new Investment Firm Regulation and Directive and related changes to CRD and the Capital Requirements Regulation have entered into force, will only be the largest investment firms (Class 1 Investment Firms). The Guidelines also integrate the recommendation on outsourcing to cloud service providers that was published by the EBA in December 2017. Both the 2006 guidelines and the December 2017 recommendations will be repealed when these new Guidelines enter into force.

Read more.]]></description>
					      
						      <pubDate>Mon, 25 Feb 2019 12:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Revised-Guid</guid>
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					      <title>EU Handbook on Valuation for Purposes of Resolution</title>
					      <link>https://finreg.aoshearman.com/EU-Handbook-on-Valuation-for-Purposes-of-Resoluti</link>
					      <description><![CDATA[
Following a consultation process in November 2018, the European Banking Authority has published a Handbook on valuation for purposes of resolution. The Handbook, which is addressed to national and EU resolution authorities, aims at fostering the convergence and consistency of valuation practices as well as the interaction with independent valuers across the EU.

The Handbook is the result of close cooperation with national resolution authorities and the Single Resolution Board. It is intended to bridge the resolution regulatory approach with valuation practices, by: (i) providing concrete guidance on the practical steps of the valuation process and the specific valuation criteria applicable to the various resolution tools; and (ii) with a view to facilitating the adoption of an informed decision by the resolution authority, indicating the content that is expected to be included in the valuation report. The Handbook focuses on valuations before resolution and as such supports resolution decisions, which immediately impact shareholders and creditors. However, it also covers valuations after resolution, aimed to determine the &quot;no creditor worse off&quot; principle, which provides that no creditor or shareholder shall incur greater losses than they would have incurred if the institution had been wound up under normal insolvency proceedings.

View the Handbook on valuation for resolution.]]></description>
					      
						      <pubDate>Fri, 22 Feb 2019 15:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Handbook-on-Valuation-for-Purposes-of-Resoluti</guid>
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					      <title>UK Financial Conduct Authority on Onshoring the EU Temporary Product Intervention Measures</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-on-Onshoring-the-E</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a statement on onshoring of the European Securities and Markets Authority&apos;s temporary product intervention measures on retail contracts for difference and binary options products.

In June 2018, ESMA issued decision notices prohibiting the marketing, distribution or sale of binary options to retail clients and restricting the marketing, distribution or sale of CFDs to retail clients. These decisions have been renewed by ESMA and are currently due to expire on April 1, 2019 for binary options and April 30, 2019 for CFDs. Under the European Union (Withdrawal) Act 2018, the decisions will become part of U.K. domestic law on March 29, 2019, if the U.K. leaves the EU on that date without a ratified Withdrawal Agreement.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 Feb 2019 13:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-on-Onshoring-the-E</guid>
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					      <title>Financial Action Task Force Publishes Outcomes Of Its February 2019 Plenary Meeting</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Publishes-Outcomes-O</link>
					      <description><![CDATA[
The Financial Action Task Force has published the outcomes from its Plenary meeting that took place in Paris on February 20-22, 2019. The FATF considered key issues such as the operations and streamlining of the FATF, major and other strategic initiatives and mutual evaluations.

One of the major strategic initiatives covered by the Plenary was the FATF&apos;s work on mitigating money laundering and terrorist financing risks associated with virtual asset activities. The FATF published an amended Recommendation 15 in October 2018, clarifying that its standards apply to exchanges, wallet providers and providers of financial services for Initial Coin Offerings. The FATF has now published a draft Interpretative Note to Recommendation 15 to further clarify how the FATF Standards apply to activities involving virtual assets. The Interpretative Note has been finalized except for one section, which will be the subject of a public consultation in May this year. That section concerns the duty of virtual asset service providers to obtain and hold originator and beneficiary information on virtual asset transfers and submit such information to beneficiary service providers and counterparts (if any) as well as provide it on request to appropriate authorities. Following the consultation, the FATF intends to fully finalize the Interpretative Note and adopt it in June 2019.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 Feb 2019 12:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Publishes-Outcomes-O</guid>
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					      <title>US Conference of State Bank Supervisors Endorses FinTech Recommendations</title>
					      <link>https://finreg.aoshearman.com/US-Conference-of-State-Bank-Supervisors-Endorses-</link>
					      <description><![CDATA[
The U.S. Conference of State Bank Supervisors (CSBS), the nationwide organization of financial regulators from all fifty U.S. states, the District of Columbia, Guam, Puerto Rico, American Samoa, and the U.S. Virgin Islands, has released a series of action items to implement recommendations received from the CSBS Fintech Industry Advisory Panel. The panel was established in 2017 to help streamline multistate regulation of FinTech businesses and other nonbanks, and comprises thirty-three companies, including FinTech firms like SoFi, Ripple, and Circle. The panel also contains two subgroups: one focused on the lending industry; and the other focused on the payments industry.

Read more.]]></description>
					      
						      <pubDate>Thu, 21 Feb 2019 13:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Conference-of-State-Bank-Supervisors-Endorses-</guid>
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					      <title>HM Treasury Publishes Guidance On Pension Scheme Arrangements and the EMIR Clearing Obligation In A No Deal Brexit Scenario</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Publishes-Guidance-On-Pension-Scheme-</link>
					      <description><![CDATA[
HM Treasury has published guidance on the availability of the exemption from the clearing obligation for Pension Scheme Arrangements under the European Market Infrastructure Regulation in a post-Brexit no deal scenario. The U.K. government has been publishing statutory instruments (U.K. secondary legislation) onshoring and amending EU regulations for Brexit. This is being done under the European Union (Withdrawal) Act 2018, so as to ensure a workable U.K. statute book after Brexit. The U.K.&apos;s onshoring legislation has been drafted so as to come into operation on exit day if there is a &quot;no deal&quot; scenario where the U.K. leaves the EU without a ratified withdrawal agreement. The onshoring legislation includes various statutory instruments to onshore the EU EMIR.

Read more.]]></description>
					      
						      <pubDate>Thu, 21 Feb 2019 11:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Publishes-Guidance-On-Pension-Scheme-</guid>
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					      <title>European Banking Authority Board Nominates New Chair</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Board-Nominates-New-Ch</link>
					      <description><![CDATA[
The Board of Supervisors of the European Banking Authority has nominated Jos&amp;eacute; Manuel Campa (Global Head of Regulatory Affairs at Santander) as the new Chair of the EBA. Subject to any objection by the European Parliament within one month, Jos&amp;eacute; Manuel Campa will succeed Andrea Enria as the new Chair of EBA for a renewable term of five years.

View the EBA announcement.]]></description>
					      
						      <pubDate>Tue, 19 Feb 2019 12:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Board-Nominates-New-Ch</guid>
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					      <title>Single Resolution Board Publishes Framework for Valuation</title>
					      <link>https://finreg.aoshearman.com/Single-Resolution-Board-Publishes-Framework-for-Valuation</link>
					      <description><![CDATA[
The EU Single Resolution Board has published a Framework for Valuation, setting out the principles upon which valuations for resolutions for Eurozone banks under the Bank Recovery and Resolution Directive and the Single Resolution Mechanism Regulation should be based. BRRD and the SRMR require resolution authorities to ensure a fair, prudent and realistic valuation of a relevant institution&apos;s assets and liabilities is conducted by an independent valuer prior to resolution or write-down. The Framework is intended to provide an indication of best practices for independent valuers and the general public, but should not be taken to limit the independence of valuers when performing a valuation in a specific case.

Read more.]]></description>
					      
						      <pubDate>Tue, 19 Feb 2019 08:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Single-Resolution-Board-Publishes-Framework-for-Valuation</guid>
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					      <title>EU Product Intervention Measures for Binary Options to be Further Extended</title>
					      <link>https://finreg.aoshearman.com/EU-Product-Intervention-Measures-for-Binary-Opti</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced that its prohibition on the marketing, distribution or sale of binary options to retail clients will be extended for a further three months from April 2, 2019. ESMA&apos;s ban has been in effect since July 2, 2018.

View ESMA&apos;s announcement.

View details of the existing product intervention measure for binary options.]]></description>
					      
						      <pubDate>Mon, 18 Feb 2019 17:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Product-Intervention-Measures-for-Binary-Opti</guid>
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					      <title>EU to Recognize Three UK CCPs in a No-Deal Brexit Scenario</title>
					      <link>https://finreg.aoshearman.com/EU-to-Recognize-Three-UK-CCPs-in-a-No-Deal-Brexit</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced that in the event of a no-deal Brexit, it will recognize three U.K.-established CCPs for the purposes of providing services in the EU, namely - LCH Limited, ICE Clear Europe Limited and LME Clear Limited. ESMA has adopted recognition decisions for each of the U.K. CCPs, which will take effect on the day after the U.K. leaves the EU. This follows the European Commission&apos;s earlier determination of U.K. equivalence for CCPs.

View ESMA&apos;s announcement.]]></description>
					      
						      <pubDate>Mon, 18 Feb 2019 11:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-to-Recognize-Three-UK-CCPs-in-a-No-Deal-Brexit</guid>
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					      <title>Financial Stability Board Outlines Potential Effects of FinTech on Financial Stability</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Outlines-Potential-Effe</link>
					      <description><![CDATA[
The Financial Stability Board has issued a report assessing the potential impacts of certain FinTech market developments on financial stability. Specifically, the report examines the potential implications of: (i) FinTech firms competing with traditional financial services providers; (ii) the provision of financial services by some of the world&apos;s largest technology companies (referred to as &quot;BigTech&quot; firms); and (iii) reliance on third-party providers for cloud services.

Although the report finds that the relationship between FinTech firms and financial institutions has been mostly complementary to this point, it also shows that FinTech firms have started to chip away at financial institutions&apos; market share in certain industries, such as credit provision and payments. Further, the report posits that the entry of BigTech firms into the financial services space could also have significant competitive impacts, as such firms often have large, established customer bases, brand recognition, strong financial positions and access to low-cost capital, which could allow them to quickly achieve scale in the space. While this could lead to greater competition in the short-term, the FSB hypothesizes that cross-subsidization could allow BigTech firms to operate with lower margins and gain greater market share, which could in the long run lead to a less competitive market (e.g. China, where two firms account for 94% of the mobile payments market). Additionally, according to the report, increased competition over time could also press incumbent financial institutions to take on additional risk in order to maintain margins and profitability, which could have subsequent effects on financial stability.

Read more.]]></description>
					      
						      <pubDate>Thu, 14 Feb 2019 13:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Outlines-Potential-Effe</guid>
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					      <title>European Securities and Markets Authority Publishes Final Guidelines on Submission of Information by Credit Rating Agencies</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Final-Guidelines-on-Submission</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its final guidelines on the periodic information that credit rating agencies should submit to ESMA. The guidelines amend the existing requirements that are intended to structure and specify more clearly the information that agencies should submit to ESMA to enable it to carry out its supervisory activities. The information submitted by CRAs also allows ESMA to calculate their supervisory fees and market share.

Read more.]]></description>
					      
						      <pubDate>Tue, 12 Feb 2019 10:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Final-Guidelines-on-Submission</guid>
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					      <title>UK Competition Authority Consults on Draft Investment Consultancy and Fiduciary Management Market Investigation Order 2019</title>
					      <link>https://finreg.aoshearman.com/UK-Competition-Authority-Consults-on-Draft-Invest</link>
					      <description><![CDATA[
The U.K. Competition and Markets Authority has published for consultation a draft Investment Consultancy and Fiduciary Management Market Investigation Order 2019. The draft Order is intended to implement the remedies proposed by the CMA in its Final Report on the Investment Consultancy and Fiduciary Management Market Investigation, published on December 12, 2018. Any feedback on the draft Order should be provided by March 13, 2019.

View the draft Order.

View the explanatory note to the draft Order.

View the notice of an intention to make an Order.

View details of the CMA&apos;s Final Report.]]></description>
					      
						      <pubDate>Mon, 11 Feb 2019 15:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Competition-Authority-Consults-on-Draft-Invest</guid>
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					      <title>European Supervisory Authorities Recommend Further Risk Warnings for Retail Investors</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Recommend-Furthe</link>
					      <description><![CDATA[
The Joint Committee of European Supervisory Authorities has published a Final Report following their consultation on targeted amendments to the Key Information Document for Packaged Retail and Insurance-based Investment Products. Since January 1, 2018, the EU PRIIPs Regulation has required manufacturers of PRIIPs to prepare and publish a stand-alone, standardized Key Information Document for each of their PRIIPs. Those advising retail investors on PRIIPs, or selling PRIIPs to retail investors, must provide retail investors with a KID in good time before the transaction is concluded. The PRIIPs Regulation exempts, until December 31, 2019, management and investment companies and persons advising on or selling Undertakings for Collective Investment in Transferable Securities from the obligation to produce and provide a PRIIPs KID. This is because the UCITS Directive separately requires these entities to provide investors with a Key Investor Information Document, with different but broadly similar contents requirements. As a result, if there were no changes made to the EU legislation, UCITS would be subject to duplicative information requirements from January 1, 2020. To address this situation, the ESAs proposed amending the Regulatory Technical Standards under the PRIIPs Regulation by moving the UCITS KIID requirements to the PRIIPs RTS.

Read more.]]></description>
					      
						      <pubDate>Fri, 08 Feb 2019 18:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Recommend-Furthe</guid>
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					      <title>New EU Prospectus Regulation: List of Thresholds Below Which Prospectus is Not Required</title>
					      <link>https://finreg.aoshearman.com/New-EU-Prospectus-Regulation-List-of-Thresholds-B</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a revised list of thresholds below which an offer of securities to the public will not need a prospectus in EU member states. The Prospectus Regulation introduced a new threshold of &amp;euro;1 million, below which an offer does not require a prospectus. A Member State may decide to raise the threshold to a maximum of &amp;euro;8 million, provided that the offer cannot be passported to another Member State. ESMA has drawn up this list to create transparency across the various regimes adopted in the EU.

Read more.]]></description>
					      
						      <pubDate>Fri, 08 Feb 2019 16:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-EU-Prospectus-Regulation-List-of-Thresholds-B</guid>
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					      <title>EU-Wide Listing Thresholds Report</title>
					      <link>https://finreg.aoshearman.com/EU-Wide-Listing-Thresholds-Report</link>
					      <description><![CDATA[
The European Securities and Markets Authority published a document listing the thresholds below which an offer of securities to the public does not need a prospectus in the various Member States of the EU. The document contains information, provided by national regulators, setting out: (i) a short description of the national thresholds below which no prospectus is required; (ii) a summary of any national rules that apply to offers below that threshold; and (iii) hyperlinks to the relevant national legislation and rules. 

View the report.]]></description>
					      
						      <pubDate>Fri, 08 Feb 2019 16:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Wide-Listing-Thresholds-Report</guid>
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					      <title>European Commission Requests Report on Potential Undue Short-Term Pressure by Financial Service Participants on Corporations</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Requests-Report-on-Potential-</link>
					      <description><![CDATA[
The European Commission issued a call for advice to each of the European Supervisory Authorities requesting evidence and possible advice on potential undue short-term pressure by financial service participants on corporations. The call for advice relates to Action 10 of the EU&apos;s Sustainable Finance Action Plan, which aims to foster transparency and long-termism in financial and economic activity by exploring possible drivers of undue short-termism. The Commission wants the ESA&apos;s report to: (i) provide evidence of any short-termism and, if any, the consequences thereof; (ii) assess the drivers of such short-termism, including the effects of regulation on financial market participants, for example, the guidance on remuneration practices; (iii) identify existing regulations that either mitigate or exacerbate short-term pressures; and (iv) evaluate the need for regulatory or policy action and propose specific areas where action is needed.

The Commission considers that pressure of this kind could lead corporations to overlook long-term risks and opportunities, such as those related to climate change and other factors related to sustainability. Companies facing short-term pressure could, as a result, forgo investment in areas important for a successful transition towards a sustainable economy. The ESAs are due to publish their report in December 2019.

View the call for advice.]]></description>
					      
						      <pubDate>Wed, 06 Feb 2019 11:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Requests-Report-on-Potential-</guid>
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					      <title>EU Agrees Final EMIR Refit</title>
					      <link>https://finreg.aoshearman.com/EU-Agrees-Final-EMIR-Refit</link>
					      <description><![CDATA[
On February 5, 2019, the Council of the European Union and the European Parliament reached a preliminary agreement on the draft Regulation amending the European Market Infrastructure Regulation, known as EMIR Refit or EMIR 2.1. The final text is likely to be published in the Official Journal of the European Union in April or May this year. Subject to a few exceptions, the changes will apply directly in all EU member states 20 days from that publication date. There may be minor drafting changes as the text is vetted by technicians and translated prior to its publication, but the legal position should be unaffected by this.

Read more.]]></description>
					      
						      <pubDate>Tue, 05 Feb 2019 15:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Agrees-Final-EMIR-Refit</guid>
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					      <title>European Securities and Markets Authority Consults on Stress Tests for Investment Funds</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Consults-on</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation paper on its proposed guidelines for liquidity stress testing in Alternative Investment Funds and Undertakings for Collective Investment in Transferable Securities. The paper has been published in response to the European System Risk Board&apos;s 2018 Recommendation on mitigating liquidity and leverage risks in investment funds, which requires that ESMA produces guidance on the practice to be followed by managers for the stress testing of liquidity risk for AIFs and UCITS. 

Read more.]]></description>
					      
						      <pubDate>Tue, 05 Feb 2019 11:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Consults-on</guid>
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					      <title>European Securities and Markets Authority Outlines Derivatives Reporting Obligations in the Event of a No-Deal Brexit</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Outli</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a statement on the impact of a hard Brexit on the reporting obligation under the EU European Market Infrastructure Regulation. The statement considers the following counterparty scenarios: (i) EU27-EU27; (ii) EU27-U.K.; (iii) U.K.-EU27; and (iv) U.K.-U.K. The statement clarifies the position should the U.K. leave the EU without a deal and without a transition period, including reporting by CCPs and counterparties; reconciliation and recordkeeping by trade repositories, access by EU27 authorities to reported data and portability and aggregation by trade repositories. ESMA&apos;s statement clarifies that:

	to continue to comply with their reporting obligation, EU27 counterparties and CCPs should report their derivatives to an EU-recognized or registered trade repository;
	U.K. counterparties are not expected to report to an EU trade repository on or after March 29, 2019, including derivatives rejected as of March 29, 2019 and amendments to derivatives concluded before March 29, 2019;
	EU27 counterparties and CCPs should consider any risks if they delegate their report submissions to a non-EU entity; and
	U.K. trade repositories should ensure the full transfer of all data to an EU27 trade repository before March 29, 2019.


View ESMA&apos;s statement.]]></description>
					      
						      <pubDate>Fri, 01 Feb 2019 18:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Outli</guid>
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					      <title>International Organization of Securities Commissions Consults on Sustainable Finance in Emerging Markets</title>
					      <link>https://finreg.aoshearman.com/International-Organization-of-Securities-Com</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has launched a consultation on sustainable finance in emerging markets and the role of securities regulators. The consultation discusses the challenges affecting the development of sustainable finance in capital markets, focusing on sustainable assets in emerging markets and measures to facilitate market development in this area. Responses to the consultation can be submitted by April 1, 2019.

Read more.]]></description>
					      
						      <pubDate>Fri, 01 Feb 2019 11:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Organization-of-Securities-Com</guid>
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					      <title>European Systemic Risk Board Publishes Report on CCP Interoperability Arrangements</title>
					      <link>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Publishes-Report-on-</link>
					      <description><![CDATA[
The European Systemic Risk Board has published a report on interoperability arrangements between EU central counterparties. An &quot;interoperability arrangement&quot; is defined in the report as a link between CCPs that involves the cross-system execution of transactions. It is relevant where multiple CCPs service the same trading venue. The arrangements allow clearing members of one CCP to centrally clear trades carried out with members of another CCP, without requiring the first counterparty to be a member of the second CCP. A key motivation for such arrangements is the reduction of fragmentation in the open positions of trading participants and/or clearing members, as open positions in the same products can be consolidated at one CCP.

Read more.]]></description>
					      
						      <pubDate>Thu, 31 Jan 2019 16:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Publishes-Report-on-</guid>
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					      <title>EU Contracts for Difference Product Intervention Measures Extended Again</title>
					      <link>https://finreg.aoshearman.com/EU-Contracts-for-Difference-Product-Intervention</link>
					      <description><![CDATA[
The European Securities and Markets Authority Decision renewing the temporary restriction on the marketing, distribution or sale of contracts for difference to retail clients has been published in the Official Journal of the European Union. ESMA announced on December 19, 2018, that the existing restriction would be extended. The CfD Decision applies directly across the EU from February 1, 2019, for a period of three months.

View the decision.

View ESMA&apos;s announcement.]]></description>
					      
						      <pubDate>Thu, 31 Jan 2019 14:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Contracts-for-Difference-Product-Intervention</guid>
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					      <title>US Securities and Exchange Commission Grants and Extends Certain Exemptions for Security-Based Swaps</title>
					      <link>https://finreg.aoshearman.com/US-Securities-and-Exchange-Commission-Grants-and-</link>
					      <description><![CDATA[
The Securities and Exchange Commission has extended certain exemptions under the Securities Exchange Act of 1934 (Exchange Act) for security-based swap transactions. The relief, which is intended to facilitate the implementation of the security-based swaps regulatory regime under the Dodd-Frank Act, was originally offered by the SEC in 2011 and has been extended four times prior, most recently in 2018.

Through this order, the Commission granted an extension of certain temporary relief provided by the SEC to address the fact that the Dodd-Frank Act revised the definition of &quot;security&quot; in the Exchange Act to include security-based swaps.  The relief, which was previously set to expire on February 5, 2019, will be extended until February 5, 2020.

Read more.]]></description>
					      
						      <pubDate>Thu, 31 Jan 2019 13:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Securities-and-Exchange-Commission-Grants-and-</guid>
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					      <title>EU Authority Calls For Non-Enforcement of Impending Clearing Obligation for Small Financial Counterparties and of the Backloading Requirement</title>
					      <link>https://finreg.aoshearman.com/EU-Authority-Calls-For-Non-Enforcement-of--</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a statement on the impending clearing and trading obligations for small financial counterparties and the reporting backloading requirement. Under the European Market Infrastructure Regulation, small FCs in Category 3 - FCs with less than &amp;euro;8 billion in aggregate month-end average of outstanding gross notional amount of uncleared derivatives at group level - are due to start clearing interest rate and credit derivatives subject to the clearing obligation on June 21, 2019. Once the clearing obligation is triggered, the related trading obligation under the Markets in Financial Instruments Regulation may also be triggered. In addition, the reporting backloading requirement is due to come into effect on February 12, 2019. However, it is foreseen that, under the EU&apos;s proposals to make technical changes to EMIR, known as EMIR Refit or EMIR 2.1, Category 3 FCs below the clearing threshold will be exempt from the clearing obligation and the backloading requirement will be deleted. The final text of EMIR Refit is now available, although it remains to be translated and published in the Official Journal.  Whilst EMIR Refit remains not in force, these obligations would technically arise, only to be eliminated shortly afterwards with the passage of this new legislation. In its statement, ESMA confirms that it does not expect national regulators to focus on any non-compliance by small FCs with the clearing obligation or by market participants with the backloading requirements.

View ESMA&apos;s statement.]]></description>
					      
						      <pubDate>Thu, 31 Jan 2019 12:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Authority-Calls-For-Non-Enforcement-of--</guid>
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					      <title>UK Regulator Consults on Proposed Changes to Handbook to Implement EU Shareholder Rights Directive II</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Proposed-Changes-to-Hand</link>
					      <description><![CDATA[
The Financial Conduct Authority has launched a consultation on proposed revisions to the Handbook to implement changes made to the EU Revised Shareholder Rights Directive. The Directive aims to promote shareholder engagement, effective stewardship and long-term investment decision-making through enhancing the transparency of engagement policies and investment strategies across the institutional investment community.

Read more.]]></description>
					      
						      <pubDate>Wed, 30 Jan 2019 11:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Proposed-Changes-to-Hand</guid>
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					      <title>UK Regulators Discussion Paper on Building a Framework for Effective Stewardship</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Discussion-Paper-on-Building-a-Fram</link>
					      <description><![CDATA[
The Financial Conduct Authority and the Financial Reporting Council have published a discussion paper which calls for input on how best to encourage the capital markets community to engage more actively in stewardship of the assets in which they invest. The aim of the paper is to advance debate about what is meant by effective stewardship, what minimum expectations investors have of the financial services firms which invest on their behalf and what higher standards the U.K. should aspire to.

Read more.]]></description>
					      
						      <pubDate>Wed, 30 Jan 2019 11:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Discussion-Paper-on-Building-a-Fram</guid>
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					      <title>UK Financial Conduct Authority Consults on Proposed Changes to Handbook for Implementing the EU Prospectus Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on--Propos</link>
					      <description><![CDATA[
The Financial Conduct Authority has published for consultation proposed changes to the Handbook. The changes are to align the Prospectus Rules sourcebook within the Handbook to ensure it is consistent with the new EU Prospectus Regulation that came into force on July 20, 2017.

The EU Prospectus Regulation sets out information that companies need to disclose to investors and potential investors in a prospectus when raising capital. Even though certain provisions of the EU Prospectus Regulation were anticipated to come into effect after the U.K.&apos;s anticipated exit from the EU on March 29, 2019, the EU Prospectus Regulation will still be applicable during any Brexit transition or implementation period.

Read more.]]></description>
					      
						      <pubDate>Mon, 28 Jan 2019 11:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on--Propos</guid>
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					      <title>UK Conduct Regulator Consults on Guidance on Crypto-Assets and the UK Regulatory Perimeter</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Guidance-on-Cryp</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation on proposed Guidance on whether certain crypto-assets fall within the U.K.&apos;s regulatory perimeter (CP19/3). The FCA&apos;s consultation is in response to one of the commitments made by the U.K. Cryptoasset Taskforce last year in its final Cryptoassets Report. The Taskforce was established in March 2018 and comprises representatives from HM Treasury, the FCA and the Bank of England. The FCA&apos;s consultation closes on April 5, 2019. The FCA intends to publish the final Guidance on the existing regulatory perimeter in relation to crypto-assets by summer 2019.

The FCA&apos;s proposed Guidance is intended to help firms determine whether certain crypto-assets fall within the FCA&apos;s regulatory perimeter. However, the FCA notes that assessing whether a crypto-asset is within the perimeter can only be done on a case-by-case basis and that the responsibility for ensuring that it has the correct permissions lies with the firm undertaking the activity. A firm that undertakes a regulated activity without the requisite permissions will be in breach of the &apos;general prohibition&apos; in the Financial Services and Markets Act 2000. Any such breach by a person is a criminal offence and the person may be imprisoned or fined, or both. The consultation is relevant to a wide range of consumers, stakeholders and firms, in particular firms that issue or create crypto-assets, firms that market, sell, buy, hold or store crypto-assets, financial advisors, investment managers and investment exchanges.

Read more.]]></description>
					      
						      <pubDate>Wed, 23 Jan 2019 08:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Guidance-on-Cryp</guid>
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					      <title>Working Group on Euro Risk-Free Rates Publishes Guiding Principles for Fallback Provisions in New Non-Derivative Contracts</title>
					      <link>https://finreg.aoshearman.com/Working-Group-on-Euro-Risk-Free-Rates-Publishes-Guiding</link>
					      <description><![CDATA[
The European Central Bank working group on euro risk-free rates has published guiding principles for fallback provisions in new contracts for euro-denominated cash products. Noting the work that is being undertaken by the International Swaps and Derivatives Association on fall-backs for derivatives referencing EURIBOR and other IBOR rates, the guidelines focus on non-derivative &quot;cash products&quot;, such as mortgages, loans, securitizations, covered bonds and secured finance transactions.

Read more.]]></description>
					      
						      <pubDate>Mon, 21 Jan 2019 10:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Working-Group-on-Euro-Risk-Free-Rates-Publishes-Guiding</guid>
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					      <title>International Body Issues Statement on Disclosure of Environmental, Social and Governance Matters</title>
					      <link>https://finreg.aoshearman.com/International-Body-Issues-Statement-on-Disclosure</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has issued a statement on the importance of issuers including environmental, social and governance matters when disclosing information material to investors&apos; decisions.

Read more.]]></description>
					      
						      <pubDate>Fri, 18 Jan 2019 11:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Body-Issues-Statement-on-Disclosure</guid>
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					      <title>No Revision Needed to International Liquidity Risk Management Principles</title>
					      <link>https://finreg.aoshearman.com/No-Revision-Needed-to-International-Liquidity-Ris</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has completed the review of its 2008 Principles for sound liquidity risk management and supervision. The Basel Committee has concluded that the Principles do not require revision. The Committee expects both supervisors and banks to remain attentive to liquidity risks in the financial markets. Banks should take into account developments since 2008 that may impact their liquidity risk management considerations. These developments include, for example, increasing digitisation of finance and payment systems, an increased use of central clearing of derivatives and margining and the increasing significance of cyber-attacks.

View the announcement.

View the 2008 Principles.]]></description>
					      
						      <pubDate>Thu, 17 Jan 2019 11:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/No-Revision-Needed-to-International-Liquidity-Ris</guid>
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					      <title>UK to Adopt EU Equivalence Decisions for Exchanges and Bank Exposures in No Deal Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-to-Adopt-EU-Equivalence-Decisions-for-Exchange</link>
					      <description><![CDATA[
HM Treasury has laid before Parliament a draft of the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019. The draft Regulations grant HM Treasury temporary powers to make equivalence determinations in relation to any EEA state for EU legislation that is being onshored. The retained EU law includes the Benchmark Regulation, the Capital Requirements Regulation, the European Market Infrastructure Regulation, the Markets in Financial Instruments Regulation, the Credit Rating Agencies Regulation, the Prospectus Directive, the Transparency Directive, the Securities Financing Transaction Regulation, the Short Selling Regulation and Solvency 2. The powers will enable HM Treasury to make equivalence decisions before Brexit that come into force on exit day in a no deal scenario. These powers are distinct from the powers granted to HM Treasury to make equivalence decisions post-Brexit under the specific sectoral onshored legislation and apply in parallel to relevant temporary permissions or registration regimes. The temporary powers would expire 12 months after exit day.

Read more.]]></description>
					      
						      <pubDate>Thu, 17 Jan 2019 11:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-to-Adopt-EU-Equivalence-Decisions-for-Exchange</guid>
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					      <title>EU Report on Accepted Market Practices in Accordance with the Market Abuse Regulation</title>
					      <link>https://finreg.aoshearman.com/EU-Report-on-Accepted-Market-Practices-in-Accorda</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its annual report to the European Commission on the application of accepted market practices under the EU Market Abuse Regulation. The Market Abuse Regulation provides certain prohibitions against market manipulation. Accepted market practices, which are established by national regulators and notified to ESMA, provide a defense against any allegations of market manipulation. In particular, a dealing on a financial market which was carried out for legitimate reasons and in line with an established AMP, will not be found to constitute market manipulation. In the report, ESMA identifies AMPs which were established before the Market Abuse Regulation came into force, or which became effective after that date. 

Read more.]]></description>
					      
						      <pubDate>Wed, 16 Jan 2019 16:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Report-on-Accepted-Market-Practices-in-Accorda</guid>
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					      <title>Eurozone Single Resolution Board Publishes Policy Statement on Second Wave of 2018 MREL Policy</title>
					      <link>https://finreg.aoshearman.com/Eurozone-Single-Resolution-Board-Publishes-Policy-Statement</link>
					      <description><![CDATA[
The Eurozone Single Resolution Board has published the second wave of its 2018 minimum requirements for own funds and eligible liabilities as part of resolution planning required under the Bank Recovery and Resolution Directive and related Single Resolution Mechanism Regulation. The SRB published the first wave of the 2018 MREL requirements in November which applied to banks that did not have binding MREL targets in 2017. 

Read more.]]></description>
					      
						      <pubDate>Wed, 16 Jan 2019 13:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Eurozone-Single-Resolution-Board-Publishes-Policy-Statement</guid>
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					      <title>Basel Committee on Banking Standards Finalizes Basel Market Risk Framework</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Standards-Finalizes-Ba</link>
					      <description><![CDATA[
Following its consultation from March to June last year, the Basel Committee on Banking Standards has announced the final revisions to the Basel III market risk capital framework. At the same time, it has also announced its 2019 priorities.

The objective of the Basel market risk framework is to ensure that banks hold enough regulatory capital to protect against losses arising from movements in market prices of instruments held in their trading book. Certain changes to the 2016 market risk framework are to:
 

	Clarify the scope of application. The Committee has provided further guidance on the regulatory book to which instruments should be assigned in circumstances where instruments could go into more than one book and has revised the treatment of structural foreign currency positions. The revised framework also allows equity investments in funds to be allocated to the trading book, provided that a bank: (i) is able to &quot;look through&quot; to the fund&apos;s underlying assets; or (ii) has access both to daily price quotes and to the information contained in the mandate of the fund.
	Revise the internal model approach to address implementation challenges, in particular, by amending the profit and loss attribution (PLA) test metric and failure consequence.
	Amend the standardized model approach. The approach to measuring risk factor losses was too high in relation to the actual risk and there was unnecessary operational burden. The changes in the standardized approach include widening the scope of currency pairs that are considered liquid in the FX risk class to ensure more currency pairs are subject to lower risk weights and introducing new &quot;index&quot; buckets for equity and credit spread risks so that each underlying position in an index does not need to be identified.

Read more.]]></description>
					      
						      <pubDate>Mon, 14 Jan 2019 16:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Standards-Finalizes-Ba</guid>
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					      <title>New UK Economic Crime Strategic Board</title>
					      <link>https://finreg.aoshearman.com/New-UK-Economic-Crime-Strategic-Board</link>
					      <description><![CDATA[
The U.K. Government has announced the establishment of a new government taskforce to fight against financial crime. The new taskforce, the Economic Crime Strategic Board, is part of the Government&apos;s Serious and Organised Crime Strategy. It will set priorities, direct resources and scrutinise performance against the economic crime threat. The Board includes chief executives from Barclays, Lloyds and Santander and senior representatives from UK Finance, the National Crime Agency and the Solicitors Regulation Authority, Accountants Affinity Group and National Association of Estate Agents.

View the announcement.]]></description>
					      
						      <pubDate>Mon, 14 Jan 2019 12:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-UK-Economic-Crime-Strategic-Board</guid>
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					      <title>UK Regulator Launches Consultation on Eligibility of Financial Collateral Under Capital Requirements Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Launches-Consultation-on-Eligibility</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has launched a consultation on proposed amendments to its Supervisory Statement on credit risk mitigation to clarify its expectations around the eligibility of financial collateral. The consultation paper is relevant for banks, building societies and PRA-designated U.K. investment firms that are subject to the Capital Requirements Regulation. The consultation closes on April 10, 2019.

Read more.]]></description>
					      
						      <pubDate>Thu, 10 Jan 2019 15:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Launches-Consultation-on-Eligibility</guid>
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					      <title>European Securities and Markets Authority Publishes Recommendations on Crypto-Assets and Initial Coin Offerings</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority--Publish</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a report on the application and suitability of the EU securities regulatory framework to crypto-assets, including Initial Coin Offerings. The report is in response to the European Commission&apos;s request in its FinTech Action Plan 2018. Like the European Banking Authority, which published a report on the same day in relation to banking sector issues, ESMA found that EU activities related to crypto-assets are fairly low and do not present any financial stability risks.

ESMA&apos;s report focuses on the legal qualification of crypto-assets under EU financial securities laws and highlights that this may differ across EU member states because it will be subject to the national laws implementing EU legislation. ESMA notes that there is currently no legal definition of crypto-assets and that a key consideration is whether a crypto-asset qualifies as a financial instrument under the revised Markets in Financial Instruments package. Where a crypto-asset qualifies as a MiFID financial instrument, the full requirements under various securities legislation may apply, subject to any applicable exemptions.  According to ESMA, the rules in the Prospectus Directive would apply to an issue of crypto-assets offered to the public, including through an ICO, where the instruments are transferable securities. 

Read more.]]></description>
					      
						      <pubDate>Wed, 09 Jan 2019 15:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority--Publish</guid>
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					      <title>European Banking Authority Reports on EU Regulatory Perimeter for Crypto-Assets</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Reports-on-EU-Regulato</link>
					      <description><![CDATA[
The European Banking Authority has published a report on the application and suitability of the EU bank regulatory framework for crypto-assets. The report is in response to the European Commission&apos;s request in its FinTech Action Plan 2018. The report confirms that EU activities related to crypto-assets are fairly low and do not present any financial stability risks. The European Securities and Markets Authority also published a similar report covering Initial Coin Offerings issues within its remit on the same day.

The EBA&apos;s report sets out the EBA&apos;s findings, the issues arising from the results, the EBA&apos;s advice to the Commission and the steps that the EBA intends to take in 2019. The EBA mapped the applicability to crypto-assets and crypto-asset activities of the EU Anti-Money Laundering Directive, the Capital Requirements Directive and Regulation, the second Electronic Money Directive and the second Payment Services Directive.

Read more.]]></description>
					      
						      <pubDate>Wed, 09 Jan 2019 15:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Reports-on-EU-Regulato</guid>
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					      <title>UK Conduct Regulator Warns Firms About Misleading Financial Promotions</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Warns-Firms-About-Misleading</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a &quot;Dear CEO&quot; letter addressed to the Chief Executive Officers of all FCA-regulated firms. In the letter, the FCA highlights its concerns over the practice engaged in by some firms of issuing financial promotions which suggest or imply that all of the activities or investments undertaken by the firm are regulated by the FCA and/or Prudential Regulation Authority, when they are not.

Some regulated firms undertake both regulated and unregulated business. The FCA has identified that some of these firms are issuing financial promotions which do not make clear which aspects of its business are not regulated by the FCA and/or PRA. This breaches the requirement that all financial promotions are fair, clear and not misleading and that a firm cannot indicate or imply that it is regulated or otherwise supervised by the FCA for its unregulated business. The FCA encourages all firms to reflect on the letter and ensure that their actions comply with the FCA&apos;s rules relating to financial promotions.

View the letter. ]]></description>
					      
						      <pubDate>Wed, 09 Jan 2019 10:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Warns-Firms-About-Misleading</guid>
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					      <title>EU Report on Regulatory Sandboxes and Innovation Hubs</title>
					      <link>https://finreg.aoshearman.com/EU-Report-on-Regulatory-Sandboxes-and-Innovation</link>
					      <description><![CDATA[
Fulfilling the mandate in the European Commission&apos;s March 2018 FinTech Action Plan, the Joint Committee of the European Supervisory Authorities has published a report on regulatory sandboxes and innovation hubs, together referred to as innovation facilitators. Innovation hubs are a dedicated point of contact for firms raising queries with national regulators on FinTech-related issues. Regulatory sandboxes enable firms to test innovative financial products, services or business models under the supervision of a national regulator.

The ESAs&apos; report states that most EU member states have one or both forms of these innovation facilitators. The facilitators operate at national level and the ESAs identify this as a potential challenge to the EU objective of scaling-up FinTech. For example, national regulators are likely to adopt different approaches to the same innovation which can hinder opportunities for extending an innovation across the EU as well as present regulatory arbitrage risks. The potential absence of passporting innovative products throughout the EU can raise issues for their users.

Read more.]]></description>
					      
						      <pubDate>Mon, 07 Jan 2019 16:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Report-on-Regulatory-Sandboxes-and-Innovation</guid>
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					      <title>UK Draft Directions for EEA Funds and Fund Managers Wanting to Continue to Market in the UK Post-Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Draft-Directions-for-EEA-Funds-and-Fund-Manage</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published two draft Directives relating to Brexit under the: (1) draft Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019; and (2) Alternative Investment Fund Managers Regulations 2013, as amended by the draft Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019. These draft regulations will establish a Temporary Permissions Regime enabling EEA funds that currently market in the U.K. under an EEA passport to continue to do so for three years after the U.K. exits the EU.

Read more.]]></description>
					      
						      <pubDate>Mon, 07 Jan 2019 15:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Draft-Directions-for-EEA-Funds-and-Fund-Manage</guid>
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					      <title>New UK Financial Policy Committee Appointments</title>
					      <link>https://finreg.aoshearman.com/New-UK-Financial-Policy-Committee-Appointments</link>
					      <description><![CDATA[
The U.K. Chancellor of the Exchequer announced the appointment of two external members to the Bank of England&apos;s Financial Policy Committee, namely Dame Colette Bowe and Dame Jayne-Anne Gadhia. They will replace Richard Sharp and Martin Taylor, who are stepping down at the end of Q1 2019 and Q2 2019, respectively.

The FPC, established in 2013, seeks to identify, monitor and take action to remove or reduce systemic risk in the U.K. financial system, while simultaneously protecting and enhancing its resilience. The FPC consists of six BoE staff and five external members selected for their experience and expertise in financial services.

Dame Jayne-Anne and Dame Colette will start their three years of service before the FPC&apos;s Q2 and Q3 meetings, respectively.

View the announcement.]]></description>
					      
						      <pubDate>Thu, 03 Jan 2019 16:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-UK-Financial-Policy-Committee-Appointments</guid>
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					      <title>EU Product Intervention Measure Banning the Sale of Binary Options is Extended</title>
					      <link>https://finreg.aoshearman.com/EU-Product-Intervention-Measure-Banning-the-Sale-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has issued a Decision renewing the temporary prohibition on the marketing, distribution or sale of binary options to retail clients for a further three months from January 2, 2019. This has been published in the Official Journal of the European Union. ESMA announced in November 2018 that the existing restriction would be extended. The binary options Decision applies directly across the EU from January 2, 2019 for a period of three months.

View the Decision.

View ESMA&apos;s notification.]]></description>
					      
						      <pubDate>Thu, 27 Dec 2018 15:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Product-Intervention-Measure-Banning-the-Sale-</guid>
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					      <title>EU Guidelines on Commodity Derivatives Definition Published</title>
					      <link>https://finreg.aoshearman.com/EU-Guidelines-on-Commodity-Derivatives-Definition</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published amended Guidelines on definitions of commodity derivatives and their classification. The amended Guidelines, which are an update to the guidelines originally adopted under the previous Markets in Financial Instruments Directive (MiFID I), have been adapted to the new MiFID II regulatory framework without amending their substance.

Read more.]]></description>
					      
						      <pubDate>Fri, 21 Dec 2018 11:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Guidelines-on-Commodity-Derivatives-Definition</guid>
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					      <title>EU Grants Temporary Equivalence for Swiss Exchanges for Purpose of Share Trading Obligation</title>
					      <link>https://finreg.aoshearman.com/EU-Grants-Temporary-Equivalence-for-Swiss-Exchanges-for</link>
					      <description><![CDATA[
The EU has granted temporary equivalence to two Swiss stock exchanges (SIX Swiss Exchange AG and BX Swiss AG) under the Markets in Financial Instruments Regulation. MiFIR requires EU investment firms to ensure that the trades they undertake in shares admitted to trading on a regulated market or traded on a trading venue take place on a regulated market, multilateral trading facility, systematic internaliser or equivalent third-country trading venue. EU investment firms will be able to comply with the MiFIR share trading obligation by trading shares on these Swiss exchanges from January 1, 2019 to June 30, 2019. The extension of the equivalence appears to be dependent on the progress of trade discussions between the EU and Switzerland.

View the EU equivalence decision for Swiss exchanges.]]></description>
					      
						      <pubDate>Thu, 20 Dec 2018 18:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Grants-Temporary-Equivalence-for-Swiss-Exchanges-for</guid>
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					      <title>EU Consultation on Draft Guidelines For Improving Settlement Efficiency</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Draft-Guidelines-For-Improving</link>
					      <description><![CDATA[
The European Securities and Markets Authority has opened a consultation on two sets of draft Guidelines under the Central Securities Depositaries Regulation. The first draft Guidelines are on settlement fails reporting by national regulators, and the second draft Guidelines concern standardized procedures and messaging protocols that investment firms must use to limit settlement fails. Feedback on each of the draft Guidelines should be submitted by February 20, 2019. ESMA aims to finalize both Guidelines by July 2019.

Read more.]]></description>
					      
						      <pubDate>Thu, 20 Dec 2018 15:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Draft-Guidelines-For-Improving</guid>
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					      <title>UK Regulator Consults on Technical Standards for Strong Customer Authentication in Payments as Preparation for a No-Deal Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Technical-Standards-for-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation on the proposed Technical Standards on strong customer authentication and common and secure open standards of communication (referred to as the U.K. SCA RTS). The U.K. SCA RTS would apply in the U.K. from September 14, 2019 in the event of a no-deal Brexit. The FCA&apos;s proposals will apply to payment service providers, including banks, building societies, e-money issuers, payment institutions, registered Account Information Services (AIS) and Payment Initiation Services (PIS) service providers. Responses to the consultation should be submitted by February 19, 2019. The FCA intends to publish the final Technical Standards in April 2019.

The EU SCA Regulatory Technical Standards (Commission Delegated Regulation (EU) 2018/389), which supplement the EU Payment Services Directive, came into force on March 14, 2018. The EU SCA RTS impose obligations on PSPs to increase the security of customers&apos; payments made by card and other means and set out requirements on account servicing payment service providers (ASPSPs) relating to the third party providers of Account Information Services and Payment Initiation Services. The EU SCA RTS will apply directly across the EU from September 14, 2019.

The FCA is proposing to make the U.K. SCA RTS substantially similar to the EU SCA RTS so as not to disrupt and confuse the substantial preparations that industry has already made to implement the EU requirements. In the event of a no-deal Brexit, the U.K. SCA RTS will supplement the U.K. Payment Services Regulations 2017, as amended by the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018. Without the U.K. SCA RTS, the revised-for-Brexit PSRs would be ineffective as they require compliance with U.K.SCA RTS.

View the consultation paper (CP18/44).]]></description>
					      
						      <pubDate>Wed, 19 Dec 2018 18:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Technical-Standards-for-</guid>
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					      <title>EU Contracts for Difference Product Intervention Measures to be Extended Again</title>
					      <link>https://finreg.aoshearman.com/EU-Contracts-for-Difference-Product-Interventio</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a statement announcing that its various restrictions on the sale, distribution and marketing of contracts for difference to retail investors will be extended from February 1, 2019, for a further three months. ESMA has powers under the Markets in Financial Instruments Regulation to impose prohibitions or restrictions on certain financial instruments, financial activities or practices to address a significant investor protection concern in the European Union. Product intervention measures imposed by ESMA under MiFIR must be reviewed at appropriate intervals and at least every three months. If a measure is not renewed after three months, it will expire, and it would then fall to member states to impose similar restrictions at a national level, if they so wish.

ESMA considers that a significant investor protection concern in relation to retail clients still exists. Its statement confirms that the existing restriction, implemented on November 1, 2018, will be extended from February 1, 2019 for a further three months.

View ESMA&apos;s statement.

View details of the existing CfD restrictions.]]></description>
					      
						      <pubDate>Wed, 19 Dec 2018 15:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Contracts-for-Difference-Product-Interventio</guid>
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					      <title>EU Temporary Equivalence Decisions for UK CCPs and CSDs</title>
					      <link>https://finreg.aoshearman.com/EU-Temporary-Equivalence-Decisions-for-UK-CCPs-and</link>
					      <description><![CDATA[
The European Commission has adopted temporary equivalence decisions determining that the U.K. regulatory frameworks applicable to central counterparties and central securities depositories will be deemed equivalent to EU standards under the European Market Infrastructure Regulation and the Central Securities Depositories Regulation, respectively, in the event of a no-deal Brexit.

Read more.]]></description>
					      
						      <pubDate>Wed, 19 Dec 2018 15:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Temporary-Equivalence-Decisions-for-UK-CCPs-and</guid>
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					      <title>US Securities and Exchange Commission Finalizes Rule of Practice 194</title>
					      <link>https://finreg.aoshearman.com/US-Securities-and-Exchange-Commission-Finalizes-R</link>
					      <description><![CDATA[
The Securities and Exchange Commission has adopted, by a 3-2 vote, Rule of Practice 194, which establishes the process for a registered security-based swap dealer or major security-based swap participant (collectively, SBS Entities) to apply to the SEC for a waiver that would allow a statutorily disqualified natural person to effect or be involved in effecting security-based swaps on behalf of the SBS Entity, subject to certain conditions.  The final rule, which was first proposed in 2015, represents a continuation of the agency&apos;s efforts to implement its security-based swap regulations pursuant to Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and will become relevant when the SEC begins requiring registration of SBS Entities.

Read more.]]></description>
					      
						      <pubDate>Wed, 19 Dec 2018 12:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Securities-and-Exchange-Commission-Finalizes-R</guid>
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					      <title>European Commission Adopts Measures in Preparation for a No Deal Brexit</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Adopts-Measures-in-Preparatio</link>
					      <description><![CDATA[
The European Commission has published a Communication on Implementing the Commission&apos;s Contingency Action Plan for a no deal Brexit and has adopted all the legislative proposals and delegated acts announced in its November 2018 Contingency Plan. The actions relevant to the derivatives industry are the adoption by the Commission of:
 

	A temporary and conditional equivalence decision for CCPs already established and authorized in the U.K. CCPs established in third countries (which the U.K. will become on exit day) whose supervisory and legal regimes have been deemed to be equivalent to the EU regime may provide clearing services to clearing members or trading venues established in the EU. Such a CCP must be recognized by the European Securities and Markets Authority in accordance with the processes outlined in the European Market Infrastructure Regulation. The adopted decision would grant equivalence to the regulatory and legal regimes of the U.K. and Northern Ireland in relation to CCPs. The Commission&apos;s equivalence decision would apply for 12 months from exit day. ESMA remains to designate various U.K. CCPs.


Read more.]]></description>
					      
						      <pubDate>Wed, 19 Dec 2018 10:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Adopts-Measures-in-Preparatio</guid>
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					      <title>UK Regulators Consult on the Resolvability Assessment Framework for Banks</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Consult-on-the-Resolvability-Assess</link>
					      <description><![CDATA[
The Bank of England and Prudential Regulation Authority have launched a package of consultations on proposals for the U.K.&apos;s resolvability assessment framework for banks, with the aim of meeting the BoE&apos;s commitment to ensure that all banks are resolvable by 2022. The PRA consultation is relevant for U.K. banks and building societies with &amp;pound;50 billion or more in retail deposits on an individual or consolidated basis. The BoE&apos;s consultation is wider in scope and affects all firms with bail-in or partial-transfer resolution strategies and material U.K. subsidiaries of an overseas-based banking group. Responses to the consultations should be submitted by April 5, 2019.

Read more.]]></description>
					      
						      <pubDate>Tue, 18 Dec 2018 17:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Consult-on-the-Resolvability-Assess</guid>
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					      <title>US Securities and Exchange Commission Proposes Risk Mitigation Requirements for Uncleared Security-Based Swaps</title>
					      <link>https://finreg.aoshearman.com/US-Securities-and-Exchange-Commission-Proposes-Ri</link>
					      <description><![CDATA[
The Securities and Exchange Commission has proposed rules that would establish risk mitigation requirements with respect to a registered security-based swap dealer&apos;s or major security-based swap participant&apos;s (collectively, SBS Entities&apos;) portfolio of uncleared security-based swaps.  The proposed rules would establish requirements for SBS Entities in respect of security-based swap portfolio reconciliation, portfolio compression and trading relationship documentation, and will become relevant when the SEC commences requiring registration of SBS Entities.  The proposal continues the agency&apos;s ongoing efforts to implement its security-based swap regulations pursuant to Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act and is intended to harmonize the SEC&apos;s requirements with those of the Commodity Futures Trading Commission, which adopted similar risk mitigation requirements for uncleared swaps in 2012.

Read more.]]></description>
					      
						      <pubDate>Tue, 18 Dec 2018 13:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Securities-and-Exchange-Commission-Proposes-Ri</guid>
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					      <title>UK Conduct Regulator Publishes Directions For E-Money and Payment Services Temporary Permissions Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Directions-For-E-Money</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published two Directions under the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018, specifying how and when firms subject to the Regulations should make Temporary Permissions Notifications. The Regulations set out how firms that are entitled to provide e-money or payment services immediately before the U.K.&apos;s exit from the EU may continue to provide those services for a specified period after exit day. Firms must notify the FCA of their desire to make use of this temporary permission regime in accordance with the FCA&apos;s Directions.

View the FCA&apos;s Direction on notifications for e-money institutions under the Regulations.

View the FCA&apos;s Direction on Notifications for payment services institutions under the Regulations.

View details of the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018.]]></description>
					      
						      <pubDate>Tue, 18 Dec 2018 10:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Directions-For-E-Money</guid>
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					      <title>Brexit: European Banking Authority Calls for More Communication with Clients</title>
					      <link>https://finreg.aoshearman.com/Brexit-European-Banking-Authority-Calls-for-More-</link>
					      <description><![CDATA[
The European Banking Authority has published a press release calling for firms to take more action in their Brexit-related communications with customers. The U.K. will depart the EU without a transitional period on March 30, 2019 if the withdrawal agreement is not ratified by that time. In June 2018, the EBA issued an Opinion that stressed the need for firms to consider their obligations to existing and prospective customers. It set out a list of minimum information that national regulators should ensure firms send to customers whose contracts or services might be affected by the end of the year. In its press release, the EBA urges firms to consider the June 2018 Opinion and to communicate to customers the risks and effects that a no-deal Brexit may have on a customer&apos;s contract with the firm.

View the press release.

View details of the EBA&apos;s June 2018 Opinion.]]></description>
					      
						      <pubDate>Mon, 17 Dec 2018 10:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Brexit-European-Banking-Authority-Calls-for-More-</guid>
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					      <title>European Commission Adopts Legislation to Promote Small and Mid-sized Enterprises Growth Markets</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Adopts-Legislation-to-Promote</link>
					      <description><![CDATA[
Following its consultation earlier this year on a proposed regulation, the European Commission has adopted a Delegated Regulation regarding certain registration conditions to promote the use of SME Growth Markets for the purposes of the revised Markets in Financial Instruments package, known as MiFID II. SME Growth Markets are a new sub-category of multilateral trading facility introduced by MiFID II in January 2018 to facilitate access to capital for SMEs. The adopted Delegated Regulation will amend existing delegated legislation under MiFID II to address regulatory barriers to the take-up of SME Growth Markets.

Read more.]]></description>
					      
						      <pubDate>Thu, 13 Dec 2018 11:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Adopts-Legislation-to-Promote</guid>
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					      <title>US Consumer Financial Protection Bureau Proposes Regulatory Sandbox and Revisions to No-Action Letter Policy</title>
					      <link>https://finreg.aoshearman.com/US-Consumer-Financial-Protection-Bureau-Proposes--</link>
					      <description><![CDATA[
The Consumer Financial Protection Bureau has proposed revisions to the agency&apos;s No-Action Letter policy and floated the idea of a federal regulatory sandbox. The proposed NAL policy would simplify and clarify the agency&apos;s existing procedures for obtaining a NAL, while the sandbox would streamline the process for firms that seek regulatory relief when they roll out innovative products or services.

The CFPB&apos;s proposed NAL policy would supplant the agency&apos;s existing policy, which was implemented in 2016. Under the current policy, the CFPB has only provided one NAL. To encourage more applications for NALs, the CFPB is proposing to streamline the NAL application and review processes by eliminating several redundant or overly burdensome requirements, such as data-sharing requirements. The updated NAL policy would also eliminate assumed time-period limitations on NALs and place an emphasis on coordination with other regulators that offer NALs or similar forms of relief.

Read more.]]></description>
					      
						      <pubDate>Thu, 13 Dec 2018 10:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Consumer-Financial-Protection-Bureau-Proposes--</guid>
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					      <title>Final EU Guidelines on Simple, Transparent and Standardized Criteria for Securitizations</title>
					      <link>https://finreg.aoshearman.com/Final-EU-Guidelines-on-Simple-Transparent-and-Standard</link>
					      <description><![CDATA[
The European Banking Authority has published two sets of finalized guidelines under the Securitization Regulation which, along with targeted amendments to the Capital Requirements Regulation, forms part of the new EU Securitization Framework for simple, transparent and standardized securitizations from January 2019. Originators and sponsors will be required to notify the European Securities and Markets Authority of any securitization that meets the STS criteria to be able to use the &quot;STS&quot; designation. ESMA will maintain a list of all such securitizations on its website.

Read more.]]></description>
					      
						      <pubDate>Wed, 12 Dec 2018 16:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-EU-Guidelines-on-Simple-Transparent-and-Standard</guid>
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					      <title>UK Competition Authority Publishes Final Report on the Investment Consultants Market Investigation</title>
					      <link>https://finreg.aoshearman.com/UK-Competition-Authority-Publishes-Final-Report-o</link>
					      <description><![CDATA[
The U.K. Competition and Markets Authority has published its Final Report on the Investment Consultants Market Investigation. The Investigation assessed the supply and acquisition of investment consultancy services and fiduciary management services. In its Provisional Decision Report, published on July 18, 2018, the CMA concluded that there is an adverse effect on competition which may result in material detriment to customers in both the investment consultancy and fiduciary management markets, although there are more concerns with the fiduciary management market. This finding is confirmed in the Final Report.

In investment consultancy, the CMA considers that there is a low level of engagement by some customers in choosing and monitoring their provider. In addition, some customers may have difficulty in accessing and assessing the information needed to evaluate the quality of their existing investment consultant and identifying whether it would be to their advantage to use an alternative provider.

Read more.]]></description>
					      
						      <pubDate>Wed, 12 Dec 2018 14:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Competition-Authority-Publishes-Final-Report-o</guid>
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					      <title>European Commission Adopts Amendments to Technical Standards On Systematic Internalisers&apos; Quote Rules</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Adopts-Amendments-to-Technica</link>
					      <description><![CDATA[
The European Commission has adopted a Delegated Regulation amending and correcting the Regulatory Technical Standards under the Markets in Financial Instruments Regulation on the equity transparency obligations of trading venues and investment firms. The RTS, known as RTS 1, is set out in Commission Delegated Regulation (EU) 2017/587, supplementing MiFIR. Under MiFIR, Systematic Internalisers must make public firm quotes in equity instruments. The quotes must: (i) be at least equivalent to 10% of the standard market size for the quoted instrument; (ii) include both a bid and an offer price for a size that could be up to market size; and (iii) reflect the prevailing market conditions for that instrument. RTS 1 specifies the concept of &quot;prices reflecting prevailing market conditions&quot; as being &quot;close in price, at the time of publication, to quotes of equivalent sizes for the same financial instrument on the most relevant market in terms of liquidity.&quot;

Read more.]]></description>
					      
						      <pubDate>Wed, 12 Dec 2018 11:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Adopts-Amendments-to-Technica</guid>
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					      <title>UK Financial Conduct Authority Publishes Its Final Approach to Authorization</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Its-Fina</link>
					      <description><![CDATA[
The Financial Conduct Authority has published its final document, entitled &quot;FCA Mission: Approach to Authorisation,&quot; explaining the purpose of authorization and the FCA&apos;s approach to it. The paper sets out details of the FCA&apos;s approach to: (i) evaluating whether firms meet the requisite Threshold Conditions and assessing whether individuals are &quot;fit and proper&quot;; (ii) how the FCA uses authorization to promote competition; and (iii) revoking authorization.

Read more.]]></description>
					      
						      <pubDate>Wed, 12 Dec 2018 09:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-Its-Fina</guid>
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					      <title>US Commodity Futures Trading Commission Consults on Ether and the Potential Introduction of Ether Derivatives Contracts</title>
					      <link>https://finreg.aoshearman.com/US-Commodity-Futures-Trading-Commission-Consults-</link>
					      <description><![CDATA[
To further its understanding of Ether and its use on the Ethereum Network, the Commodity Futures Trading Commission has issued a request for input on several topics related to the virtual currency. The RFI poses a number of questions on Ether, including, among other things, its functionality, underlying technology, governance, markets, cybersecurity and custody. In addition, the CFTC asks several questions regarding Ether&apos;s susceptibility to market manipulation and the potential introduction of Ether derivatives contracts.

The CFTC stated that the requested feedback will inform the work of the CFTC and its LabCFTC initiative to enhance the agency&apos;s oversight of virtual currency markets and develop regulatory policy. The CFTC also noted that it hopes to gain a greater understanding of the similarities and differences between Ether and bitcoin, along with potential risks and opportunities uniquely posed by Ether.

Read more.]]></description>
					      
						      <pubDate>Tue, 11 Dec 2018 12:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Commodity-Futures-Trading-Commission-Consults-</guid>
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					      <title>EU Court Rules That the UK Can Unilaterally Revoke its Brexit Notice</title>
					      <link>https://finreg.aoshearman.com/EU-Court-Rules-That-the-UK-Can-Unilaterally-Revok</link>
					      <description><![CDATA[
The Court of Justice of the European Union has ruled that the U.K. is able to unilaterally revoke its notice of intention to withdraw from the EU. Any such revocation could only be made before the draft Withdrawal Agreement entered into force or, if there is no agreement, expiration of the two-year period since the withdrawal notification was made or any extension of that two-year period in accordance with Article 50 of the Treaty on the European Union. The revocation could also only be made after a revocation decision was made by the U.K. according to its constitutional requirements.

The CJEU decision means that the U.K. Parliament has three options to consider on Brexit: remain in the EU, accept the draft withdrawal agreement negotiated by the U.K. Government or leave the EU on March 29, 2019, without an agreement (known as a &quot;hard Brexit&quot;).

Read more.]]></description>
					      
						      <pubDate>Mon, 10 Dec 2018 08:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Court-Rules-That-the-UK-Can-Unilaterally-Revok</guid>
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					      <title>UK Conduct Authority Consults on Permanent Product Intervention Measures</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Authority-Consults-on-Permanent-Produc</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched two consultations proposing to prohibit the sale, marketing and distribution of binary options to retail consumers and to restrict the sale, marketing and distribution of contracts for difference and similar products to retail customers. Both CFDs and binary options are considered to have given rise to significant investor protection concerns, due to their complexity, the lack of transparent information at the point of sale, the risk of significant loss for investors and the deployment of aggressive marketing techniques by providers and distributors of the products. The FCA&apos;s product intervention powers under the Markets in Financial Instrument Regulation and, where the FCA has gone beyond those powers, the Financial Services and Markets Act 2000, allow it to impose prohibitions or restrictions on certain financial instruments, financial activities or practices to address a significant investor protection concern. The proposed rules would be permanent and would replace the temporary measures introduced, and subsequently renewed, by the European Securities and Markets Authority earlier this year.

Read more.]]></description>
					      
						      <pubDate>Fri, 07 Dec 2018 17:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Authority-Consults-on-Permanent-Produc</guid>
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					      <title>​Further UK Legislation in Preparation for Brexit Comes Into Force</title>
					      <link>https://finreg.aoshearman.com/Further-UK-Legislation-in-Preparation-for-Brexit-</link>
					      <description><![CDATA[
Three pieces of U.K. legislation to onshore EU laws in preparation for Brexit have been made. These are:
 

	The Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 (SI 2018/1318).


A number of technical changes have been made as a result of the consultation process, but these do not affect the fundamental intention and scope of the legislation. The Regulations come into force on December 7, 2018, except for the provisions amending the European Market Infrastructure Regulation, which will come in force on exit day. Advance applications for registration of a trade repository must be submitted to the Financial Conduct Authority between December 7, 2018 and immediately before exit day, instead of on exit day.

These Regulations establish: (i) a temporary registration regime to enable U.K. and EU trade repositories to benefit - on complying with certain requirements - from temporary registration while the FCA considers their application; and (ii) a conversion regime that will allow U.K. trade repositories that are currently registered with the European Securities and Markets Authority to be registered as authorized U.K. trade repositories by the FCA from exit day.

Read more.]]></description>
					      
						      <pubDate>Thu, 06 Dec 2018 10:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Further-UK-Legislation-in-Preparation-for-Brexit-</guid>
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					      <title>UK Ring-Fencing Order Brings Full Regime Into Force From January 2019</title>
					      <link>https://finreg.aoshearman.com/UK-Ring-Fencing-Order-Brings-Full-Regime-Into-For</link>
					      <description><![CDATA[
The U.K. Financial Services (Banking Reform) Act 2013 (Commencement No. 12) Order 2018 has been made. The Order brings into force, from January 1, 2019, those provisions of the Financial Services (Banking Reform) Act 2013 on ring-fencing that are not already in force, including the prohibition on ring-fenced bodies to carry on excluded activities and provisions on group restructuring. The U.K. ring-fencing laws require U.K. banks which hold more than &amp;pound;25 billion in core deposits and banking groups whose members hold an average core deposit of more than &amp;pound;25 billion to separate their core retail banking business from their investment banking business. Restrictions will limit the products that a ring-fenced bank can offer and where it can conduct business. In particular, a ring-fenced bank will not be able to own a banking subsidiary or branch which is established outside of the EEA.

View the Order. ]]></description>
					      
						      <pubDate>Wed, 05 Dec 2018 10:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Ring-Fencing-Order-Brings-Full-Regime-Into-For</guid>
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					      <title>UK Regulations Implementing the EU Securitization Regulation Made</title>
					      <link>https://finreg.aoshearman.com/UK-Regulations-Implementing-the-EU-Securitization</link>
					      <description><![CDATA[
The U.K. Securitization Regulations 2018 have been laid before Parliament and will come into force on January 1, 2019. The Regulations implement the EU Securitization Regulation (also known as the STS Regulation) into U.K. law.

The EU Securitization Regulation provides the criteria for identifying which securitizations will be designated as simple, transparent and standardized securitizations, a system to monitor the application of those criteria and common requirements on risk retention, due diligence and disclosure. It also allows (but does not require) originators, sponsors and securitization special purpose entities to use third-party firms to assess whether a securitization meets the STS criteria, provided that those firms are authorized by the relevant national regulator. Originators, sponsors or original lenders of a securitization will be required to retain on an ongoing basis a material net economic interest in the securitization of at least 5%. Related amendments to the Capital Requirements Regulation set out preferential regulatory treatment for investors, in particular, for bank investors, of their exposures to securitizations that are deemed to be STS securitizations.

Read more.]]></description>
					      
						      <pubDate>Tue, 04 Dec 2018 12:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulations-Implementing-the-EU-Securitization</guid>
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					      <title>Final EU Guidelines on Contingency Mechanism Exemption for Account Servicing Payment Service Providers</title>
					      <link>https://finreg.aoshearman.com/Final-EU-Guidelines-on-Contingency-Mechanism-Exem</link>
					      <description><![CDATA[
Following its consultation earlier in 2018, the European Banking Authority has published final guidelines on the conditions to benefit from an exemption from the contingency mechanism under the revised Payment Services Directive. PSD2 and the related Regulatory Technical Standards on strong customer authentication and common and secure communication regulate, among other things, the access by account information service providers and payment initiation service providers to customer payment account data held in account servicing payment service providers.

The RTS require, among other things, ASPSPs with payment accounts that are accessible online to offer at least one access interface ensuring secure communication with account information service providers, payment initiation service providers and payment service providers issuing card-based payment instruments. An ASPSP may choose between offering: (i) an interface that is dedicated to the communication with account information service providers, payment initiation service providers, and payment service providers issuing card-based payment instruments; or (ii) use of the interface for the identification and communication with the ASPSP&apos;s payment service users. Where a dedicated interface is elected, ASPSPs must establish a contingency mechanism to ensure that payment service providers who rely on the dedicated interface can continue to provide their services in the event that the dedicated interface suffers from unavailability or inadequate performance. ASPSPs may apply for exemption from having to provide such a mechanism, demonstrating that the dedicated interface complies with certain other specific conditions.

Read more. ]]></description>
					      
						      <pubDate>Tue, 04 Dec 2018 08:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-EU-Guidelines-on-Contingency-Mechanism-Exem</guid>
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					      <title>UK Draft Regulations on Credit Ratings in Preparation for Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Draft-Regulations-on-Credit-Ratings-in-Prepara</link>
					      <description><![CDATA[
HM Treasury has laid before Parliament the draft Credit Rating Agencies (Amendment, etc.) (EU Exit) Regulations 2019 to onshore the EU Credit Rating Agencies Regulation for Brexit. This follows the publication of related explanatory information on October 8, 2018.

The EU CRA Regulation regulates CRAs established in the EU. The European Securities and Markets Authority directly supervises EU CRAs registered with it under the CRA Regulation. The CRA Regulation provides that banks, investment firms, insurers, reinsurers, management companies, investment companies, alternative investment fund managers and CCPs may only use credit ratings for certain regulatory purposes if a rating is issued by: (i) an EU CRA registered with ESMA; (ii) a third-country CRA under the endorsement regime; or (iii) a third-country CRA under the equivalence/certification regime. Endorsement allows credit ratings issued by a third-country CRA to be used for regulatory purposes in the EU, provided that the rating has been endorsed by an EU CRA. The equivalence/certification regime allows credit ratings issued by a third-country CRA in relation to a third-country entity or financial instrument to be used in the EU for regulatory purposes. It does not cover ratings issued by a third-country CRA for an EU entity or a financial instrument issued in the EU.

Read more.]]></description>
					      
						      <pubDate>Fri, 30 Nov 2018 16:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Draft-Regulations-on-Credit-Ratings-in-Prepara</guid>
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					      <title>European Supervisory Authorities Advocate Proportional Approach to Compliance With Certain Aspects of the Securitization Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Advocate-Proport</link>
					      <description><![CDATA[
The European Supervisory Authorities have issued a joint statement addressing two issues arising from the Securitization Regulation. The Securitization Regulation will apply directly across the EU from January 1, 2019 to securities issued under securitizations on or after January 1, 2019. Securitizations issued before that date may be referred to as STS securitizations, provided that they meet certain conditions.

The first issue addressed in the joint statement relates to disclosure requirements for EU securitizations. The Securitization Regulation requires originators and sponsors to notify ESMA of any securitization that meets the &quot;Simple, Transparent and Standardized&quot; criteria. ESMA will maintain a list of all such securitizations on its website. Securitization special purpose entities, originators and sponsors of a securitization will be required to make certain information available via a securitization repository to holders of a securitization position, to the national regulators and, upon request, to potential investors. The European Securities and Markets Authority and the European Commission still have to address a number of market concerns on the proposed ESMA disclosure templates (that will be introduced as Technical Standards under the Regulation) as part of these transparency requirements. This is a process that will not be concluded by January 1, 2019.

Read more.]]></description>
					      
						      <pubDate>Fri, 30 Nov 2018 12:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Advocate-Proport</guid>
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					      <title>Draft UK Legislation to Onshore the EU Reorganization and Winding Up Directives Published in Preparation for Brexit</title>
					      <link>https://finreg.aoshearman.com/Draft-UK-Legislation-to-Onshore-the-EU-Reorganiza</link>
					      <description><![CDATA[
HM Treasury has published a draft statutory instrument to onshore further EU financial services legislation in preparation for Brexit - the draft Credit Institutions and Insurance Undertakings Reorganization and Winding Up (Amendment) (EU Exit) Regulations 2018. An explanatory memorandum has also been published. HM Treasury has prepared the draft SI using powers granted to it under the EU Withdrawal Act 2018 to address failures of retained EU law to operate effectively or other deficiencies arising from the U.K. leaving the EU.

The draft SI will onshore the EU Credit Institutions (Reorganisation and Winding Up) Directive and certain aspects of Solvency II. These Directives establish EEA frameworks for the reorganization and winding up of EEA banks, building societies, credit unions and insurers. They were transposed into U.K. law in the Insurers (Reorganization and Winding Up) Regulations 2004 (S.I. 2004/353), the Credit Institutions (Reorganization and Winding Up) Regulations 2004 (S.I. 2004/1045), and the Insurers (Reorganization and Winding Up) (Lloyd&apos;s) Regulations 2005 (S.I. 2005/1998).

Read more.]]></description>
					      
						      <pubDate>Fri, 30 Nov 2018 12:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-UK-Legislation-to-Onshore-the-EU-Reorganiza</guid>
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					      <title>UK Draft Regulations Governing Financial Market Infrastructure in Preparation for Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Draft-Regulations-Governing-Financial-Market-</link>
					      <description><![CDATA[
HM Treasury has published a new draft statutory instrument, the draft Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2018. The draft instrument is part of its work to ensure that the U.K.&apos;s financial services laws are operative on exit day. The related explanatory information was published on November 22, 2018.  The draft Regulations amend relevant parts of the Financial Services and Markets Act 2000 and the Recognition Requirements for Investment Exchanges, Clearing Houses and Central Securities Depositories Regulations 2001/995.

Read more.]]></description>
					      
						      <pubDate>Fri, 30 Nov 2018 10:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Draft-Regulations-Governing-Financial-Market-</guid>
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					      <title>Proposed Exemption From EU Margin Obligations for OTC Derivatives Novated to EU Counterparties in Preparation for a &quot;No Deal&quot; Brexit</title>
					      <link>https://finreg.aoshearman.com/Proposed-Exemption-From-EU-Margin-Obligations-for</link>
					      <description><![CDATA[
The Joint Committee of the European Supervisory Authorities has published a final report and final draft Regulatory Technical Standards to amend the existing RTS on margin requirements for uncleared OTC derivative contracts. The ESAs are proposing the introduction of a 12-month exemption from the margin exchange obligations to facilitate the novation of uncleared OTC derivative contracts to EU counterparties in the event of a &quot;no deal&quot; Brexit. The European Market Infrastructure Regulation requires counterparties to uncleared OTC derivative transactions to implement risk mitigation techniques to reduce counterparty credit risk. The RTS prescribe required margin amounts to be posted and collected and the methodologies by which the minimum amount of initial margin and variation margin should be calculated, as well as listing securities eligible as collateral, such as sovereign bonds, covered bonds, some securitization instruments, corporate bonds, gold and some equities. The variation margin requirements have applied to all counterparties since March 1, 2017.

Read more.]]></description>
					      
						      <pubDate>Thu, 29 Nov 2018 16:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Proposed-Exemption-From-EU-Margin-Obligations-for</guid>
				    </item>
			
					 <item>
					      <title>European Commission Publishes Commission Delegated Regulation on the Electronic Central Register Under Payment Services Directive</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Commission-Delegate</link>
					      <description><![CDATA[
The European Commission has adopted Regulatory Technical Standards on the development, operation and maintenance of the electronic central register and access to the information it contains under the Payment Services Directive 2015, known as PSD2. The register will contain details of authorized payment institutions, certain exempt persons and their agents and it will identify the payment services for which each payment institution is authorized or exempt person is registered. PSD2 took effect on January 13, 2018. The electronic central register established by these RTS will be the responsibility of the European Banking Authority. It is intended that these RTS, once published in the Official Journal of the European Union, will be binding and directly applicable in all Member States from twenty days after publication.

View the Commission Delegated Regulation.]]></description>
					      
						      <pubDate>Thu, 29 Nov 2018 11:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Commission-Delegate</guid>
				    </item>
			
					 <item>
					      <title>UK Payment Systems Regulator Consults on Brexit-Related Changes to Onshore Regulatory Technical Standards Under the Interchange Fees Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Consults-on-Brexit-Related</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator has launched a consultation on its proposals to onshore the Regulatory Technical Standards supplementing the EU Interchange Fee Regulation to ensure the RTS can still operate effectively once the U.K. has left the EU. The consultation will primarily be relevant for card schemes subject to the IFR, parties contracting with card schemes and/or processing entities (e.g. issuers, acquirers) and third-party card payment processors.
 
The PSR is empowered by HM Treasury, under the Financial Regulators&apos; Powers (Technical Standards) (Amendment etc.) (EU Exit) Regulations 2018, to correct deficiencies in the RTS and to maintain them after exit day. The RTS set out detailed requirements for payment card schemes and processing entities, to ensure there is the requisite level of independence in accounting, organization and decision-making processes. The PSR proposes to amend the RTS in line with the draft Interchange Fee (Amendment) (EU Exit) Regulations 2018, published by HM Treasury on November 16, 2018 to onshore the IFR. The PSR&apos;s consultation paper includes a draft of the Technical Standards (Interchange Fee Regulation) (EU Exit) instrument 2019.
 
Comments on the consultation are invited by December 17, 2018. The PSR intends that the finalized version of the EU Exit instrument will take effect on exit day in the event of a no deal scenario.
 
View the consultation paper (PSR CP 18/3).
 
View details of the draft Interchange Fee (Amendment) (EU Exit) Regulations 2018.
 ]]></description>
					      
						      <pubDate>Thu, 29 Nov 2018 11:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Consults-on-Brexit-Related</guid>
				    </item>
			
					 <item>
					      <title>Basel Committee on Banking Supervision Agrees Next Steps for Basel Standards</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Agrees-Nex</link>
					      <description><![CDATA[
Central bankers and banking supervisors from over eighty jurisdictions met this week in Abu Dhabi, United Arab Emirates to discuss a range of policy and supervisory topics.

On November 26-27, 2018 there was a meeting of the Basel Committee on Banking Supervision at which it was agreed that a consultation would take place next year to discuss a framework to consolidate the Committee&apos;s standards into a single integrated structure. Moreover, a number of items were agreed:

	A set of targeted revisions to the market risk framework which is due to be implemented by January 1, 2022.
	A consultation on potential enhanced disclosures to reduce bank window-dressing behaviour related to leverage ratio will be pursued. The Basel Committee issued a statement in October declaring unacceptable the alleged tendency in banks to engage in so-called window-dressing by temporarily reducing transaction volumes around key reference dates, which has supposedly the effect of allowing banks to report and publicly disclose better leverage ratios.
	A set of revisions to the Pillar 3 disclosure framework will be published in December.
	A report will be published in December setting out the range of bank, regulatory and supervisory cyber-resilience practices across jurisdictions.


View the press release.

View details of the Basel Committee&apos;s consultation on the revised market risk framework.]]></description>
					      
						      <pubDate>Thu, 29 Nov 2018 10:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Agrees-Nex</guid>
				    </item>
			
					 <item>
					      <title>UK Treasury Policy on &quot;In Flight&quot; EU Legislation in Preparation for a &quot;No Deal&quot; Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Treasury-Policy-on-quotIn-Flightquot-EU-Legisl</link>
					      <description><![CDATA[
Following the introduction to Parliament on November 22, 2018 of the Financial Services (Implementation of Legislation) Bill, HM Treasury has published a Policy Note on the Bill. The Bill gives HM Treasury, in a Brexit no deal scenario, powers to implement and make amendments to a specified list of &quot;in flight&quot; financial services legislation. The Bill covers EU financial services legislation which is proposed or published but that is out of scope of the European Union (Withdrawal) Act 2018 because it will not be operative on or before exit day. Only legislation with an implementation date falling in the two years after exit is covered. The Bill sets out a list of the legislation that is covered, namely:

	the settlement discipline regime under the Central Securities Depositories Regulation (Articles 6 and 7);
	the Delegated Cash Penalties Regulation;

Read more.]]></description>
					      
						      <pubDate>Wed, 28 Nov 2018 12:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Treasury-Policy-on-quotIn-Flightquot-EU-Legisl</guid>
				    </item>
			
					 <item>
					      <title>UK Financial Conduct Authority Reports on Cyber Security Resilience in Financial Services</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Reports-on-Cyber-</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a report entitled &quot;Cyber and Technology Resilience: Themes from cross-sector survey 2017-2018.&quot; The FCA compiled the report by requesting 296 firms during 2017 and 2018 to provide a self-assessment of their cyber and technological capabilities, focusing on governance, delivery of change management, managing third-party risks and the effectiveness of cyber defenses. The FCA analyzed the responses and considered data from firm&apos;s responses to recent operational incidents to produce the report.

Read more.]]></description>
					      
						      <pubDate>Tue, 27 Nov 2018 09:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Reports-on-Cyber-</guid>
				    </item>
			
					 <item>
					      <title>UK Conduct Regulator Publishes Second Consultation on Brexit-Related Changes to Its Rulebook and Binding Technical Standards</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Second-Consultation</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a second consultation on proposed changes to the FCA Handbook and guidance to ensure a functioning legal and regulatory framework for financial services in the event of a &quot;no-deal&quot; scenario whereby the U.K. exits the EU on March 29, 2019 without a ratified Withdrawal Agreement in place and there is consequently no transitional period for firms. The proposed amendments will not take effect on exit day if the U.K. enters into a transitional period.

The consultation includes the FCA&apos;s further proposals in relation to those Binding Technical Standards that it has been empowered by HM Treasury to amend prior to Brexit and to maintain afterwards. Since the FCA&apos;s first consultation on Brexit-related Handbook changes in October 2018, HM Treasury has published further policy notes and/or financial services &quot;onshoring&quot; statutory instruments with proposed amendments to retained EU law. Many of the FCA&apos;s proposals on the BTS are consequential in nature and follow the amendments proposed in the statutory instruments.

Read more.]]></description>
					      
						      <pubDate>Mon, 26 Nov 2018 10:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Second-Consultation</guid>
				    </item>
			
					 <item>
					      <title>Financial Stability Board Appoints new Chair and Vice Chair</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Appoints-new-Chair-and-</link>
					      <description><![CDATA[
The Financial Stability Board has announced the appointment of Randal K. Quarles (Governor and Vice Chairman for Supervision at the U.S. Federal Reserve System) as its new Chair and Klaas Knot (President of De Nederlandsche Bank) as its Vice Chair for a three-year term starting on December 2, 2018.  Klass Knot will succeed Randal K. Quarles as Chair on December 2, 2021 for the next three-year term.

The current FSB Chair, Mark Carney, will step down on December 1, 2018 after seven years of leadership. 

View the press release. ]]></description>
					      
						      <pubDate>Mon, 26 Nov 2018 09:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Appoints-new-Chair-and-</guid>
				    </item>
			
					 <item>
					      <title>European Supervisory Authority Public Statement on Post-Brexit Temporary Recognition for UK CCPs if No UK-EU Deal</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authority-Public-Statement-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has issued a public statement entitled &quot;Managing risks of a no-deal Brexit in the area of central clearing.&quot;  In the statement, ESMA confirms that its Board of Supervisors supports continued access to U.K. CCPs by EU market participants, to limit the risk of disruption in central clearing and to avoid negatively impacting EU financial market stability following the U.K.&apos;s exit from the EU. This would appear likely to take effect pursuant to a temporary or interim equivalence and/or Qualifying CCP determination under European Market Infrastructure Regulation and the Capital Requirements Directive in respect of the U.K. and its CCPs, effective on Brexit.

Read more.]]></description>
					      
						      <pubDate>Fri, 23 Nov 2018 10:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authority-Public-Statement-</guid>
				    </item>
			
					 <item>
					      <title>UK Parliamentary Committee Launches Inquiry Into Operational Resilience in the Financial Services Sector</title>
					      <link>https://finreg.aoshearman.com/UK-Parliamentary-Committee-Launches-Inquiry-Into-</link>
					      <description><![CDATA[
The U.K. Treasury Committee has announced the launch of a new Inquiry into IT failures in the financial services sector. The Inquiry has been launched in response to recent IT failures at a number of financial institutions that have led to consumers being unable to access their bank accounts or becoming subject to fraud.

The Committee will assess the causes and consequences of these recent IT failures. Among other things, the Committee will consider the extent to which such incidents are becoming more frequent, sources of concentration risk in the financial sector, the impact of legacy IT systems, the effect of outsourcing on operational resilience, best practices in responding to operational incidents and whether the U.K. regulators are able to regulate firms&apos; capabilities for responding to such incidents.

Written submissions can be made to the Committee by January 18, 2019. The Committee will also appoint a special advisor to provide policy advice to the Committee on the issues. Individuals interested in the role should respond to the call for Expressions of Interest.

View the announcement.]]></description>
					      
						      <pubDate>Fri, 23 Nov 2018 10:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Parliamentary-Committee-Launches-Inquiry-Into-</guid>
				    </item>
			
					 <item>
					      <title>UK Draft Legislation to Onshore EU Packaged Retail and Insurance-Based Investment Products for Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Draft-Legislation-to-Onshore-EU-Packaged-Retai</link>
					      <description><![CDATA[
HM Treasury has published a draft version of the Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019. The EU PRIIPS Regulation requires a standardized disclosure document (called a Key Information Document or KID) to be provided when packaged investment or insurance-based investment products are sold to retail investors.

The draft Regulations correct deficiencies in the U.K. Packaged Retail and Insurance-based Investment Products Regulations 2017 and in the directly applicable EU PRIIPS Regulation (and its secondary legislation) to be retained on Brexit. The draft Regulations will primarily be relevant for firms that manufacture, sell or advise on retail investment products that fall within the scope of the PRIIPs Regulation. This includes, but is not limited to, asset managers, insurers and investment advisors.

Read more.]]></description>
					      
						      <pubDate>Thu, 22 Nov 2018 13:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Draft-Legislation-to-Onshore-EU-Packaged-Retai</guid>
				    </item>
			
					 <item>
					      <title>UK Prudential Regulator Proposes Minor Policy Change for Systemic Risk Buffer</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Proposes-Minor-Policy-Change</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a consultation paper entitled &quot;The systemic risk buffer: Updates to the Statement of Policy,&quot; proposing minor updates to its Statement of Policy, &quot;The PRA&apos;s approach to the systemic risk buffer.&quot; The consultation is relevant to &quot;SRB institutions,&quot; which are: (i) ring-fenced bodies within the meaning in the Financial Services and Markets Act 2000; or (ii) large building societies that hold more than &amp;pound;25 billion in deposits (where one or more of the account holders is a small business) and shares (excluding deferred shares).
 
The PRA proposes to amend the Statement of Policy to:
 

	remove the statement that the PRA&apos;s approach to reviewing the SoP every two years is mandated by the SRB regulations;
	replace references to the PRA&apos;s April 2018 consultation, &quot;The PRA&apos;s methodologies for setting Pillar 2 capital,&quot; with references to the finalized Statement of Policy that was subsequently published; and
	include references to the PRA&apos;s Supervisory Statement, &quot;UK leverage ratio framework,&quot; that was recently updated to apply an additional leverage ratio buffer rate to SRB institutions.

 
As the proposals are of only a minor nature, the consultation period is short and comments on the consultation paper are invited by December 6, 2018.
 
View the consultation paper (PRA CP 29/18).
 
Return to main website.]]></description>
					      
						      <pubDate>Thu, 22 Nov 2018 10:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Proposes-Minor-Policy-Change</guid>
				    </item>
			
					 <item>
					      <title>First EU Blockchain Industry Roundtable</title>
					      <link>https://finreg.aoshearman.com/First-EU-Blockchain-Industry-Roundtable</link>
					      <description><![CDATA[
The European Commission has published a press release on the outcome of the first EU Blockchain Industry Roundtable, which took place on November 20, 2018. The press release notes the establishment of the &quot;International Association for Trusted Blockchain Applications&quot; that will be open to any firm that wishes to contribute to the use of blockchain and distributed ledger technologies in the EU. This new Association will work with the European Commission and EEA states that are part of the European Blockchain Partnership to support interoperability, develop specifications and promote standards and regulatory convergence in this area. The European Blockchain Partnership was established earlier this year and has been signed up to by Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the U.K.

View the press release.

View details of the European Blockchain Partnership.]]></description>
					      
						      <pubDate>Wed, 21 Nov 2018 19:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/First-EU-Blockchain-Industry-Roundtable</guid>
				    </item>
			
					 <item>
					      <title>UK Sanctions and Anti-Money Laundering Act 2018 Sanctions Provisions Brought Into Force</title>
					      <link>https://finreg.aoshearman.com/UK-Sanctions-and-Anti-Money-Laundering-Act-2018-</link>
					      <description><![CDATA[
The Sanctions and Anti-Money Laundering Act 2018 (Commencement No.1) Regulations 2018  were made on November 21, 2018, bringing into force the majority of the sanctions provisions of the Act with effect from November 22, 2018.

The Act&apos;s provisions empower the U.K. Government to make sanctions regulations to be imposed, where appropriate, to comply with United Nations obligations or other international obligations, to further the prevention of terrorism, for the purposes of national security or international peace and security, or to further foreign policy objectives. The Act also empowers the U.K. Government to create, amend and update regulations for the detection, investigation and prevention of money laundering and terrorist financing and for the purposes of implementing standards published by the Financial Action Task Force relating to combating threats to the integrity of the international financial system.

The Act received Royal Assent and came partly into force on May 23, 2018. Provisions in force from November 22, 2018 are:

	sections 1 to 31;  
	sections 33 to 48;  
	sections 57 and 58;
	section 59(4) (to the extent that it relates to Schedule 3, paragraphs 1 to 7 and sub-paragraphs 8(1) to 8(3)); and
	Schedule 1.


The remaining Provisions of the Act that will be brought into force at a later date include the provisions related to anti-money laundering.

View the Commencement Regulations (SI 2018/1213).

View the Sanctions and Anti-Money Laundering Act 2018.]]></description>
					      
						      <pubDate>Wed, 21 Nov 2018 11:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Sanctions-and-Anti-Money-Laundering-Act-2018-</guid>
				    </item>
			
					 <item>
					      <title>UK Government Publishes Guidance on Proposals to Onshore Primary Markets Legislation for Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Publishes-Guidance-on-Proposals-to-</link>
					      <description><![CDATA[
HM Treasury has published explanatory guidance on a draft statutory instrument, the Official Listing of Securities, Prospectus and Transparency (Amendment) (EU Exit) Regulations 2019. The statutory instrument is still under development and a draft will be published in due course. The draft Regulations will amend Brexit-related onshoring deficiencies in the U.K. legislation that implemented the EU Prospectus Directive, the Transparency Directive and the Consolidated Admissions and Reporting Directive, which together make up the EU legal framework for primary markets. No deficiencies have been identified for the CARD. 

Read more.]]></description>
					      
						      <pubDate>Wed, 21 Nov 2018 10:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Publishes-Guidance-on-Proposals-to-</guid>
				    </item>
			
					 <item>
					      <title>UK Government Publishes Guidance on Proposals to Onshore EU Market Abuse Regulation for Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Publishes-Guidance-on-Proposals</link>
					      <description><![CDATA[
HM Treasury has published explanatory information on a draft statutory instrument, the Market Abuse (Amendment) (EU Exit) Regulations 2018. The statutory instrument is still under development and a draft will be published in due course. The draft Regulations will affect the Financial Conduct Authority and all natural and legal persons which issue or trade in financial instruments admitted to trading or traded on an U.K. or an EU trading venue, including legal firms, professional service firms and any legal person that obtains access to the inside information of an issuer.

Read more.]]></description>
					      
						      <pubDate>Wed, 21 Nov 2018 10:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Publishes-Guidance-on-Proposals</guid>
				    </item>
			
					 <item>
					      <title>Eurozone Single Resolution Board Publishes Policy Statement on First Wave of 2018 MREL Policy</title>
					      <link>https://finreg.aoshearman.com/Eurozone-Single-Resolution-Board-Publishes-Policy</link>
					      <description><![CDATA[
The Eurozone Single Resolution Board has published its 2018 Policy Statement for firms&apos; minimum requirements for own funds and eligible liabilities under the first wave of 2018 resolution plans to be adopted under the Bank Recovery and Resolution Directive. The SRB is responsible for ensuring the compliance of Eurozone banks that are subject to the Single Resolution Mechanism (primarily Eurozone countries) with the Single Resolution Mechanism Regulation and BRRD. As part of this function, the SRB works with national regulators to determine relevant institutions&apos; MREL requirements. The purpose of the Policy Statement is to provide clarity for Eurozone banks on the SRB&apos;s determination of 2018 MREL targets.

Read more.]]></description>
					      
						      <pubDate>Tue, 20 Nov 2018 13:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Eurozone-Single-Resolution-Board-Publishes-Policy</guid>
				    </item>
			
					 <item>
					      <title>UK Government Refused Challenge of Ability of Court of Justice of the European Union to Rule on Whether Brexit Notification Can Be Revoked</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Refused-Challenge-of-Ability-of-Cou</link>
					      <description><![CDATA[
The U.K. Supreme Court has announced that it has refused the permission to appeal application of the Secretary of State for Exiting the European Union. The application had been made to stop the reference by the Inner House of the Court of Session in Scotland to the European Court of Justice for a preliminary ruling on whether the U.K. can unilaterally revoke its notice of withdrawal from the EU. The court&apos;s referral to the CJEU was discussed in our previous post. The Court of Session opined on September 21, 2018 that a reference should be made to the CJEU - Wightman v Secretary of State for Exiting the European Union [2018] CSIH 62.

The U.K. Department for Exiting the EU has also published a statement on the reference to the CJEU confirming that it has submitted written observations to the CJEU. The Government&apos;s position is that the reference to the CJEU is inadmissible on the basis that the CJEU does not answer hypothetical questions or provide advisory opinions.

An oral hearing before the CJEU is scheduled for November 27, 2018.

View the Supreme Court&apos;s announcement.

View the DxEU statement.

View details of the Court of Session Opinion.]]></description>
					      
						      <pubDate>Tue, 20 Nov 2018 12:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Refused-Challenge-of-Ability-of-Cou</guid>
				    </item>
			
					 <item>
					      <title>Final Report on Incentives to Clear OTC Derivatives Published by Global Standard Setting Bodies</title>
					      <link>https://finreg.aoshearman.com/Final-Report-on-Incentives-to-Clear-OTC-Derivativ</link>
					      <description><![CDATA[
A final joint report on the incentives to clear OTC derivatives has been published by the Financial Stability Board, the International Organization of Securities Commissions, the Basel Committee on Banking Supervision and the Committee on Payments and Market Infrastructures. The report is part of the FSB&apos;s post-implementation evaluation of the effects of the G20 financial regulatory reforms.

The report sets out the results of an evaluation of the reforms that have been implemented to incentivize central clearing of OTC derivatives and outlines areas for further consideration by the global standard setting bodies. The reforms considered include mandatory clearing requirements, capital, liquidity and margin requirements, as well as the reforms to CCP resilience, recovery and resolution.

Read more.]]></description>
					      
						      <pubDate>Mon, 19 Nov 2018 18:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Report-on-Incentives-to-Clear-OTC-Derivativ</guid>
				    </item>
			
					 <item>
					      <title>Bank of England Guidance to Firms on Valuation Capabilities to Support Resolvability</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Guidance-to-Firms-on-Valuation-</link>
					      <description><![CDATA[
The Bank of England has published the &quot;Dear CFO&quot; letter sent by its Resolution Directorate to the Chief Financial Officers of relevant entities in financial groups within the remit of the BoE&apos;s principles-based &quot;Statement of Policy on Valuation Capabilities to Support Resolvability.&quot; The SoP was published in June 2018 and sets out the BoE&apos;s expectations on the minimum standard of valuation capabilities that firms should have in place to ensure that their valuations are sufficiently timely and robust to support the effective resolution of the firm. Firms within the remit of the SoP will need to ensure that suitable capabilities are in place by January 1, 2021.

Read more.]]></description>
					      
						      <pubDate>Mon, 19 Nov 2018 13:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Guidance-to-Firms-on-Valuation-</guid>
				    </item>
			
					 <item>
					      <title>UK Legislation Made for Onshoring the EU SEPA Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Legislation-Made-for-Onshoring-the-EU-SEPA-Reg</link>
					      <description><![CDATA[
The Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018 were made on November 19, 2018 and will enter into force on the day the U.K. exits the EU. The Regulations are relevant for all Payment Service Providers - banks, payment institutions, e-money institutions and registered Account Information Service Providers.

Read more.]]></description>
					      
						      <pubDate>Mon, 19 Nov 2018 13:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Legislation-Made-for-Onshoring-the-EU-SEPA-Reg</guid>
				    </item>
			
					 <item>
					      <title>UK Legislation Published to Onshore the European Long-Term Investment Funds Regulation For Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Legislation-Published-to-Onshore-the-European-</link>
					      <description><![CDATA[
HM Treasury has published a draft version of the Long-term Investment Funds (Amendment) (EU Exit) Regulations 2018. The draft Regulations correct deficiencies in the directly applicable European Long-term Investment Funds Regulation to be retained on Brexit, which governs funds that invest into infrastructure and other long-term projects. The draft Regulations will primarily affect fund managers operating ELTIFs registered in the UK.

Read more. ]]></description>
					      
						      <pubDate>Mon, 19 Nov 2018 11:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Legislation-Published-to-Onshore-the-European-</guid>
				    </item>
			
					 <item>
					      <title>UK Competition Authority Opens Investigation Into Possible Anti-Competitive Practices</title>
					      <link>https://finreg.aoshearman.com/UK-Competition-Authority-Opens-Investigation-Into</link>
					      <description><![CDATA[
The U.K. Competition and Markets Authority has announced that it opened an investigation into suspected anti-competitive practices in the financial services sector on November 13, 2018. The investigation is at a very early phase, and the CMA does not consider that at this stage a statement of objections can be issued to any of the parties under investigation. Between now and August 2019 the CMA will be gathering information on the suspected infringement of the Competition Act 1998.

View the announcement.]]></description>
					      
						      <pubDate>Fri, 16 Nov 2018 19:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Competition-Authority-Opens-Investigation-Into</guid>
				    </item>
			
					 <item>
					      <title>2018 List of Globally Systemically Important Banks Published</title>
					      <link>https://finreg.aoshearman.com/2018-List-of-Globally-Systemically-Important-Bank</link>
					      <description><![CDATA[
The Financial Stability Board has published the 2018 list of global systemically important banks. Alongside the 2018 G-SIB list, the Basel Committee on Banking Supervision has published further information relating to its 2018 assessment of G-SIBs, including:

	a list of all the banks in the assessment sample;
	the denominators of each of the 12 high-level indicators used to calculate the banks&apos; scores;
	the 12 high-level indicators for each bank in the sample used to calculate these denominators;
	the cut-off score used to identify G-SIBs in the updated list and the thresholds used to allocate G-SIBs to buckets for the purpose of calculating the specific higher loss absorbency requirements; and
	links to disclosures of all banks in the assessment sample.


The Basel Committee assessment was based on its 2013 methodology for identifying G-SIBs. The revised 2018 assessment methodology will apply from 2021, based on end-2020 data and the corresponding higher loss absorbency requirements will apply from January 1, 2023.

View the 2018 G-SIB list.

View details of the revised assessment framework for G-SIBs.]]></description>
					      
						      <pubDate>Fri, 16 Nov 2018 17:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/2018-List-of-Globally-Systemically-Important-Bank</guid>
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					      <title>Draft UK Legislation Published to Onshore the EU Interchange Fee Regulation for Brexit</title>
					      <link>https://finreg.aoshearman.com/Draft-UK-Legislation-Published-to-Onshore-the-EU-</link>
					      <description><![CDATA[
HM Treasury has published a draft version of the Interchange Fee (Amendment) (EU Exit) Regulations 2018, along with explanatory information. The draft Regulations will primarily affect payment system operators, payment service providers (including banks and building societies) and the businesses and individuals who rely on card payment systems. The Payment Systems Regulator will consult separately on consequential changes to its guidance on the IFR once the draft Regulations are made. The PSR will also be responsible for correcting deficiencies in the Binding Technical Standards made under the IFR.

The draft Regulations amend the EU Interchange Fee Regulation that will be retained on Brexit and the Payment Card Interchange Fee Regulations 2015. The changes are designed to ensure that current laws on interchange fees continues to operate effectively in the U.K. once the U.K. has left the EU.

Read more.]]></description>
					      
						      <pubDate>Fri, 16 Nov 2018 16:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-UK-Legislation-Published-to-Onshore-the-EU-</guid>
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					      <title>EU Final Draft Technical Standards on Estimating and Identifying an Economic Downturn in IRB Modelling</title>
					      <link>https://finreg.aoshearman.com/EU-Final-Draft-Technical-Standards-on-Estimating-</link>
					      <description><![CDATA[
The European Banking Authority has published final draft Regulatory Technical Standards on the specification of the nature, severity and duration of an economic downturn in accordance with the Capital Requirements Regulation. The aim of the RTS is to ensure that institutions using the Internal Ratings-Based approach to calculating capital requirements can use a well-defined and common specification of the nature, duration and severity of an economic downturn for portfolios relating to comparable types of exposure.

The nature of the economic downturn is defined as a set of relevant economic factors and its severity is specified via the most severe values observed on the relevant economic factors over a given historical period. The duration of an economic downturn is specified using the concept of a &quot;downturn period,&quot; namely the period of time where the peaks or troughs, which relate to the most severe values of one or several economic factors, are observed.

Read more.]]></description>
					      
						      <pubDate>Fri, 16 Nov 2018 15:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Final-Draft-Technical-Standards-on-Estimating-</guid>
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					      <title>Financial Stability Board Progress Report on Addressing Correspondent Banking Decline</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Progress-Report-on-Addr</link>
					      <description><![CDATA[
The Financial Stability Board has published a progress report addressed to the G20 Finance Ministers and Central Bank Governors on the FSB&apos;s four-point action plan to assess and address the decline in correspondent banking relationships. The progress report is accompanied by an update to the Correspondent Banking Data Report published by the FSB March 2018. The updated data report includes additional data from July - December 2017 derived from information provided by SWIFT to the FSB, through the intermediation of the National Bank of Belgium. The data report shows a further decline in active correspondent banking relationships in 2017.

Read more.]]></description>
					      
						      <pubDate>Fri, 16 Nov 2018 14:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Progress-Report-on-Addr</guid>
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					      <title>EU Legislation Published for Relocation of the European Banking Authority Post-Brexit</title>
					      <link>https://finreg.aoshearman.com/EU-Legislation-Published-for-Relocation-of-the-Eu</link>
					      <description><![CDATA[
A Regulation amending the founding Regulation of the European Banking Authority has been published in the Official Journal of the European Union. The Amending Regulation amends the EBA Regulation to change the seat of the EBA from London to Paris.

The Amending Regulation enters into force on November 16, 2018 and will take effect on March 30, 2019.

View the Amending Regulation (EU) 2018/1717.]]></description>
					      
						      <pubDate>Fri, 16 Nov 2018 13:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Legislation-Published-for-Relocation-of-the-Eu</guid>
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					      <title>European Central Bank Publishes Final First Chapter of Its Guide to Internal Models</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Final-First-Chapt</link>
					      <description><![CDATA[
The European Central Bank has published the final first chapter of its guide to internal models. The Capital Requirements Regulation requires the ECB to assess and grant permission for banks directly supervised by the ECB to use internal models for credit risk, counterparty credit risk and market risk. The ECB&apos;s guide sets out how the ECB intends to approach the assessment of whether a firm meets the necessary requirements for the permission to be granted. This chapter is on general topics, comprising overarching principles for internal models, implementation of the internal ratings-based approach, internal model governance, internal validation and audit, model use, change management and third-party involvement. The ECB recently consulted on model-specific chapters, including for credit, market and counterparty credit risks.

The ECB notes that the guide may need to be amended if the European Commission adopts a different version of the European Banking Authority&apos;s final Draft Regulatory Technical Standards on assessment methodology for the IRB approach.

View the guide.

View the feedback statement.]]></description>
					      
						      <pubDate>Thu, 15 Nov 2018 18:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Final-First-Chapt</guid>
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					      <title>Three Central Banks Explore Advantages of Wholesale Central Bank Digital Currencies</title>
					      <link>https://finreg.aoshearman.com/Three-Central-Banks-Explore-Advantages-of-Wholesa</link>
					      <description><![CDATA[
The Bank of England, the Bank of Canada and the Monetary Authority of Singapore have published a joint report entitled, &quot;Cross-Border Interbank Payments and Settlements.&quot; Referring to current industry projects to address existing problems in cross-border payments affecting end-users, commercial banks and central banks, the report analyzes these issues and discusses proposed new models for processing cross-border transactions. The report sets out three models for cross-border payments and settlements and discusses the key considerations and dependencies of each model. Each model is then assessed against the existing identified challenges in cross-border payments.

Model 1 is based on existing plans to enhance the current systems within and across jurisdictions, which is considered to be the baseline for discussions. Model 2 is based on an expanded role for domestic real-time gross settlement infrastructure, which would be &quot;super-correspondents&quot; in settling cross-border payments and would replace existing correspondent banks. Model 3 has three variations, all of which are based on cross-border payments between banks being settled with wholesale central bank digital currencies (W-CBDCs). The three variations are: (i) W-CBDCs that can be held and exchanged only in their home jurisdiction; (ii) W-CBDCs held and exchanged within and beyond their home jurisdictions; and (iii) a single universal W-CBDC backed by a basket of currencies issued by participating central banks.

Read more.]]></description>
					      
						      <pubDate>Thu, 15 Nov 2018 17:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Three-Central-Banks-Explore-Advantages-of-Wholesa</guid>
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					      <title>UK Prudential Regulator Finalizes Supervisory Approach for New EU Securitization Framework</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Finalizes-Supervisory-App</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a Policy Statement setting out its approach to supervision under the new EU securitization framework that will take effect from January 1, 2019. The PRA consulted on its proposals in May 2018. The incoming EU framework consists of: (i) the Securitization Regulation, which imposes general requirements for all EU securitization activity and outlines the criteria and process for designating certain securitizations as &quot;Simple, Transparent and Standardised&quot;; and (ii) revisions to the banking securitization capital framework within the Capital Requirements Regulation. Respondents to the PRA&apos;s consultation on its approach were largely supportive. The PRA has made some changes (outlined in the Policy Statement) to its consultation text in line with comments received.

Read more.]]></description>
					      
						      <pubDate>Thu, 15 Nov 2018 16:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Finalizes-Supervisory-App</guid>
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					      <title>Bank of England Writes to UK Firms on Upcoming Obligations for Internalized Settlement Reporting</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Writes-to-UK-Firms-on-Upcoming-Ob</link>
					      <description><![CDATA[
The Bank of England has published a letter sent by its Financial Market Infrastructure Directive to compliance officers of U.K. firms that may be affected by forthcoming obligations under the EU Central Securities Depositories Regulation to report internalized settlements from July 2019.

The BoE considers that the firms likely to be subject to the CSDR&apos;s obligations are those with the regulatory permissions for safeguarding and administration of assets or arranging the same. Within this subset of regulated firms, an institution will be considered a settlement internalizer if it settles transfer orders on behalf of clients on its own account rather than through a Central Securities Depository. Settlement internalizers must submit reports to the BoE.

Read more.]]></description>
					      
						      <pubDate>Thu, 15 Nov 2018 15:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Writes-to-UK-Firms-on-Upcoming-Ob</guid>
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					      <title>Financial Stability Board Publishes Upcoming Resolution Priorities for Banks, Insurers and CCPs</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Upcoming-Reso</link>
					      <description><![CDATA[
The Financial Stability Board has published its 2018 resolution report, entitled &quot;Keeping the pressure up,&quot; setting out: (i) the progress in implementing the FSB&apos;s resolution policies for CCPs and in the banking and insurance sectors; (ii) the next steps in monitoring and evaluating the effects of resolution reforms; and (iii) the actions and timelines for 2019 and beyond. The FSB highlights that, although substantial progress has been made, firms need to continue work to improve their resolvability, and authorities and lawmakers need to complete the reforms and implement them fully.

The FSB report describes the priority areas for global systemically important banks, including the implementation of technical and operational capabilities to ensure that a resolution plan can be timely and effectively executed, if needed. Another key area is implementation of the total loss absorbing capacity (TLAC) requirements, in particular, internal TLAC. In June 2018, the FSB launched a call for feedback on the technical implementation of TLAC for G-SIBS to assess whether implementation aligns with the timelines and objectives set out in the TLAC Standard. The FSB will report on the outcomes of that review during 2019. Work will also be required to ensure (i) cross-border recognition of temporary stays on early termination rights in financial contracts; and (ii) continuity of access to financial market infrastructures and FMI intermediaries.

Read more.]]></description>
					      
						      <pubDate>Thu, 15 Nov 2018 10:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Upcoming-Reso</guid>
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					      <title>Financial Stability Board Discusses Financial Resources for CCP Resolution</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Discusses-Financial-Res</link>
					      <description><![CDATA[
The Financial Stability Board has published a discussion paper on financial resources to support CCP resolution and the treatment of CCP equity in resolution. The FSB considers that further evidenced-based guidance is needed on this topic and the discussion paper is the first step in developing such guidance by the end of 2020. The FSB intends to use the practical experience of resolution planning that resolution authorities and Crisis Management Groups have gained to develop the guidance. The discussion paper outlines: (i) relevant considerations for evaluating whether a CCP&apos;s existing financial resources and tools are satisfactory for implementing the individual CCPs&apos; resolution strategy, including a proposed five-step process and CCP-specific factors that warrant assessment; and (ii) factors that could steer authorities in their approaches to the treatment of CCP equity in resolution, including consideration of whether different ownership structures are relevant.

Responses to the discussion paper should be submitted by February 1, 2019. The FSB notes that responses to the discussion paper will be used to develop proposed guidance which will be consulted on at the appropriate time.

View the discussion paper.]]></description>
					      
						      <pubDate>Thu, 15 Nov 2018 10:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Discusses-Financial-Res</guid>
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					      <title>UK Prudential Regulator Finalizes Changes to the Leverage Ratio Rules for Ring-Fenced Banks</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Finalizes-Changes-to-the-</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a Policy Statement on applying the U.K. leverage ratio to systemic Ring-fenced Bodies and reflecting the Systemic Risk Buffer. The SRB is one of the elements of the overall capital framework for U.K. banks and building societies. It will be applied by the PRA to individual institutions and introduced at the same time that ring-fencing comes into force in 2019. RFBs are banks that hold more than &amp;pound;25 billion in core deposits. They must separate their core retail banking business from their investment banking business by January 1, 2019.

Read more.]]></description>
					      
						      <pubDate>Wed, 14 Nov 2018 19:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Finalizes-Changes-to-the-</guid>
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					      <title>UK Conduct Regulator Wants Improvements to Banks&apos; Whistleblowing Arrangements</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Wants-Improvements-to-Banks3</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published the outcome of its review of firms&apos; whistleblowing arrangements. The FCA has reviewed how retail and wholesale banks have implemented its whistleblowing rules by looking at firms&apos; policies and procedures, the role of the whistleblowers&apos; champion, firms&apos; whistleblowing annual reports and the relevant training arrangements.

Both the FCA and the Prudential Regulation Authority published their whistleblowing rules in 2015 and the FCA extended certain of the requirements to U.K. branches of overseas banks in early 2017.

The FCA has published its findings, including areas of good practices, areas for improvement and the FCA&apos;s expectations of firms&apos; whistleblowing arrangements. The FCA urges firms to consider its findings and whether they need to take action to improve their whistleblowing arrangements.

View the FCA&apos;s review webpage.]]></description>
					      
						      <pubDate>Wed, 14 Nov 2018 19:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Wants-Improvements-to-Banks3</guid>
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					      <title>Draft EU-UK Withdrawal Agreement Published</title>
					      <link>https://finreg.aoshearman.com/Draft-EU-UK-Withdrawal-Agreement-Published</link>
					      <description><![CDATA[
The European Commission and the U.K. government published a draft Withdrawal Agreement and an Outline Political Declaration on the framework for the future relationship between the EU and the U.K. The draft Withdrawal Agreement has been agreed between the negotiators and must still be ratified by the U.K. and EU27 leaders. The full Political Declaration on the future relationship is expected by the end of November 2018, provided the draft Withdrawal Agreement is ratified.

The draft Withdrawal Agreement outlines how the U.K. will leave the EU and provides for the previously agreed transition period that would run from March 30, 2019 until December 31, 2020. It also provides for the agreements concerning the future relationship to be negotiated expeditiously with the objective of ensuring that the agreements apply from the end of the transition period. This timeframe is reiterated in the Outline Political Declaration. The negotiators have committed to report regularly on progress made on concluding the agreements governing the future relationship between the EU and the U.K.

The Outline Political Declaration briefly sets out the principles agreed by the negotiators for the future relationship. The Outline confirms that the basis of the future relationship in financial services will be decision-making autonomy and equivalence. The EU and the U.K. are to strive to conclude equivalence assessments before the end of June 2020. The documentation is silent on whether there will be any changes to the processes around equivalency or any expansion to the categories of equivalences under U.K. or EU laws.

Read more. ]]></description>
					      
						      <pubDate>Wed, 14 Nov 2018 12:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-EU-UK-Withdrawal-Agreement-Published</guid>
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					      <title>Financial Stability Board Progress Report on Reforming Major Interest Rate Benchmarks</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Progress-Report-on-Refo</link>
					      <description><![CDATA[
The Financial Stability Board has published a progress report on ongoing reforms to major interest rate benchmarks. The FSB has been co-ordinating international reform work, through its Official Sector Steering Group, since 2014, when it made several recommendations aimed at addressing cases of attempted manipulation in relation to key IBORs and the decline in liquidity in certain interbank unsecured funding markets. The OSSG launched a third major initiative in 2016, to improve contract robustness to address risks of discontinuation of widely-used interest rate benchmarks. That initiative is being led by the International Swaps and Derivatives Association, which launched a consultation on fallback rates in July 2018.

The progress report provides an update since the FSB&apos;s progress report in October 2017 and covers:
 

	Developments in Interbank Offered Rates, including discussion of the future of LIBOR.
	Identification of and transition to risk-free rates, where appropriate, for transactions denominated in USD, EUR, JPY, GBP, CHF, AUD, BRL, CAD, HKD, MXN, SGD and ZAR.
	The development of fallback rates to enhance contractual robustness.


The FSB proposes to publish a further progress report in late 2019.

View the progress report.

View details of the October 2017 progress report.

View details of ISDA&apos;s July 2018 consultation on fallback rates.

View FSB statement welcoming ISDA&apos;s July 2018 consultation.]]></description>
					      
						      <pubDate>Wed, 14 Nov 2018 12:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Progress-Report-on-Refo</guid>
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					      <title>International Body Proposes Framework for Assessing Fund Leverage</title>
					      <link>https://finreg.aoshearman.com/International-Body-Proposes-Framework-for-Assessi</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has launched a consultation on a proposed framework to help assess leverage used by investment funds. The consultation follows a recommendation to IOSCO from the Financial Stability Board in its January 2017 report, &quot;Policy Recommendations to Address Structural Vulnerabilities from Asset Management Activities.&quot; The FSB recommended, among other things, that IOSCO should identify and/or develop consistent measures of leverage in funds to facilitate more meaningful monitoring of leverage for financial stability purposes and help enable direct comparisons across funds and at a global level.

Read more.]]></description>
					      
						      <pubDate>Wed, 14 Nov 2018 09:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Body-Proposes-Framework-for-Assessi</guid>
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					      <title>European Commission Publishes Aspects of Contingency Plans For No Deal Brexit</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Aspects-of-Continge</link>
					      <description><![CDATA[
The European Commission has published a Communication establishing certain contingency action plans in preparation for a &quot;no deal&quot; Brexit. The Communication sets out certain actions that the EU is or is proposing to take in the event of a &quot;hard&quot; Brexit. In relation to financial services, the Commission states that it will adopt temporary and conditional equivalence decisions to avoid disruption to derivatives clearing and depositaries services. The decisions would &quot;complement&quot; recognition of U.K. financial market infrastructures. The Commission has also urged these entities to apply in advance for recognition from the European Securities and Markets Authority.

The Commission reiterates that uncleared OTC derivatives contracts should remain valid and executable until maturity although, where one counterparty is based in the U.K., certain life-cycle events may trigger the need for an authorization or exemption.

In the Communication, the European Commission further notes that the risks presented to financial services by a &quot;no deal&quot; Brexit have decreased significantly over time because of the action taken by firms to establish new entities or relocate entities and to transfer contracts. In particular, the Commission observes that insurance firms have taken steps to ensure that they can continue to provide services to their clients, including transferring contracts, setting up branches or subsidiaries and merging with firms established in the EU27.

The Commission also encourages the European Supervisory Authorities to begin preparing cooperation arrangements with the U.K. financial regulators to provide for the exchange of information and supervisory cooperation.

View the Communication.]]></description>
					      
						      <pubDate>Tue, 13 Nov 2018 21:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Aspects-of-Continge</guid>
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					      <title>EU Supervisory Authority Consults on Proposed Guidelines on Money Market Fund Reporting Requirements</title>
					      <link>https://finreg.aoshearman.com/EU-Supervisory-Authority-Consults-on-Proposed-Gui</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a consultation on proposed Guidelines for Money Market Fund Managers, to assist them in complying with their obligations, under the Money Market Funds Regulation, to report information to the relevant national regulator of each MMF they manage. The reporting obligation applies on at least a quarterly basis (or annually for MMFs with total assets under management not exceeding Euro 100 million). The European Commission adopted Implementing Technical Standards in April 2018, which specify the content of a reporting template that will be developed for the information. The ITS have applied since July 21, 2018 and MMF managers must begin submitting reports under the MMF Regulation in the first quarter of 2020.

Read more.]]></description>
					      
						      <pubDate>Tue, 13 Nov 2018 16:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Supervisory-Authority-Consults-on-Proposed-Gui</guid>
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					      <title>EU Supervisory Authority Issues Updated Supervisory Briefing on MiFID II Suitability</title>
					      <link>https://finreg.aoshearman.com/EU-Supervisory-Authority-Issues-Updated-Superviso</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published an updated version of its supervisory briefing on suitability. The original suitability briefing was published in December 2012 to provide guidance to EU national regulators on the suitability requirements under the original Markets in Financial Instruments Directive. The updated suitability briefing reflects the amended requirements introduced by the revised Markets in Financial Instruments Directive and takes into account the new version of ESMA&apos;s Suitability Guidelines that was published in May 2018.

While the updated briefing is primarily aimed at national regulators, it should also assist market participants by providing indications of compliant implementation of the MiFID II suitability provisions.

Read more.]]></description>
					      
						      <pubDate>Tue, 13 Nov 2018 15:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Supervisory-Authority-Issues-Updated-Superviso</guid>
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					      <title>UK Legislation Published to Onshore Anti-Money Laundering and Counter-Terrorism Financing Legislation for Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Legislation-Published-to-Onshore-Anti-Money-La</link>
					      <description><![CDATA[
HM Treasury has published a draft of the Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2018, along with explanatory information. The draft Regulations will primarily be relevant for payment service providers, anti-money laundering/counter-terrorism financing supervisory authorities and firms that are regulated through the U.K.&apos;s AML/CTF regime. The draft Regulations introduce no material policy changes. Their purpose is to correct deficiencies in U.K. law and retained EU law to ensure that the U.K. AML/CTF regime continues to function effectively after the U.K.&apos;s withdrawal from the EU.

The draft Regulations amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs), which transposed into U.K. law the provisions of the EU Fourth Money Laundering Directive (4MLD). The draft Regulations also amend the Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017 and the revised EU Funds Transfer Regulation (Regulation (EU) 2015/847). This EU Regulation gives legal effect to Financial Action Task Force Recommendation 16, on the information accompanying electronic transfers of funds. Additionally, the draft Regulations revoke Commission Delegated Regulation (EU) 2018/1108, which sets out Regulatory Technical Standards for central contact points under 4MLD.

Read more.]]></description>
					      
						      <pubDate>Tue, 13 Nov 2018 12:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Legislation-Published-to-Onshore-Anti-Money-La</guid>
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					      <title>EU Final Draft Technical Standards and Technical Advice Published Governing Securitization Repositories and Data Access</title>
					      <link>https://finreg.aoshearman.com/EU-Final-Draft-Technical-Standards-and-Technical</link>
					      <description><![CDATA[
On November 12, 2018, ESMA published a series of documents delivering on some of its outstanding mandates to provide draft technical standards and technical advice to supplement the Securitization Regulation. The Securitization Regulation will apply directly across the EU from January 1, 2019. ESMA has been mandated to provide draft regulatory and implementing technical standards and technical advice to supplement a number of the Regulation&apos;s provisions. ESMA has also published a statement on its near-term implementation of the Securitization Regulation, to assist market participants in understanding ESMA&apos;s role and its progress on its deliverables.

View ESMA&apos;s Final Report on securitization.

View ESMA&apos;s Final Report on technical advice.]]></description>
					      
						      <pubDate>Mon, 12 Nov 2018 20:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Final-Draft-Technical-Standards-and-Technical</guid>
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					      <title>EU Final Draft Technical Standards and Technical Advice Published Governing Securitization Repositories and Data Access</title>
					      <link>https://finreg.aoshearman.com/EU-Final-Draft-Technical-Standards-and-Technical-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a series of documents delivering on some of its outstanding mandates to provide draft technical standards and technical advice to supplement the Securitization Regulation (also known as the STS Regulation). The Securitization Regulation will apply directly across the EU from January 1, 2019. ESMA has been mandated to provide draft regulatory and implementing technical standards and technical advice to supplement a number of the Regulation&apos;s provisions. ESMA has also published a statement on its near-term implementation of the Securitization Regulation, to assist market participants in understanding ESMA&apos;s role and its progress on its deliverables.

Read more.]]></description>
					      
						      <pubDate>Mon, 12 Nov 2018 16:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Final-Draft-Technical-Standards-and-Technical-</guid>
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					      <title>Eurozone&apos;s Single Resolution Board Publishes 2019 Work Programme</title>
					      <link>https://finreg.aoshearman.com/Eurozone39s-Single-Resolution-Board-Publishes-201</link>
					      <description><![CDATA[
The EU Single Resolution Board has published its 2019 Work Programme, setting out its priorities and principal tasks for the next year. The SRB is the resolution authority for all banking groups and entities as well as cross-border groups that are subject to direct prudential supervision by the European Central Bank (i.e., for banks within the Eurozone Banking Union).

The SRB&apos;s work in 2019 will include, among other things, the following:

	increasing the scope of banks with developed resolution plans and enhancing existing resolution plans to reflect the development of new or updated SRB policies;
	the adoption of more than 100 group-level decisions on minimum requirement for own funds and eligible liabilities (MREL) and the determination of over 530 MREL targets for individual entities;
	enhancing the analysis of potential impediments to resolvability of banks;
	the development of better ICT solutions for crisis management, including establishing a dedicated team to assist individual Crisis Management Teams in implementing the improvements; and
	the adoption of several new and updated SRB policies covering, for example, MREL decisions, resolvability assessments and operational continuity.


The SRB expects a significant increase of the number of resolution plans for less significant institutions, the development of which falls within the remit of the Eurozone national regulators.

View the SRB&apos;s 2019 Work Programme.]]></description>
					      
						      <pubDate>Mon, 12 Nov 2018 14:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Eurozone39s-Single-Resolution-Board-Publishes-201</guid>
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					      <title>Financial Stability Board Publishes Cyber Lexicon</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Cyber-Lexicon</link>
					      <description><![CDATA[
The Financial Stability Board has published the final Cyber Lexicon of terms related to cyber security and cyber resilience. The Lexicon is intended to assist the FSB, other international standard setting bodies (such as the Basel Committee on Banking Supervision, the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions), authorities and the private sector to address threats to cyber security and adopt cyber resilience measures. The FSB has also published an overview of responses to the public consultation, summarizing the main issues that emerged during the FSB&apos;s consultation on a draft lexicon and the changes adopted to address them.

Read more.]]></description>
					      
						      <pubDate>Mon, 12 Nov 2018 14:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Cyber-Lexicon</guid>
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					 <item>
					      <title>European Central Bank Publishes Final Guides for Capital and Liquidity Management</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Final-Guides-for-</link>
					      <description><![CDATA[
The European Central Bank has published two finalized Guides, one on the internal capital adequacy assessment process (ICAAP) and the other on the internal liquidity adequacy assessment process (ILAAP). The ECB consulted on draft versions of the Guides between March and May 2018. The Guides, which are relevant to institutions within the Single Supervisory Mechanism, are designed to assist institutions in strengthening their ICAAPs and ILAAPs and encourage the use of best practices by explaining in greater detail the ECB&apos;s expectations.

The ICAAP and ILAAP Guides each set out seven principles that have been derived from the relevant provisions of the Capital Requirements Directive and that will be considered, among other things, by the ECB in the assessment of each institution&apos;s ICAAP or ILAAP as part of the Supervisory Review and Evaluation Process. Frequently Asked Questions have also been published alongside the Guides, along with consultation responses received and a feedback statement.

The ECB intends to use the guides to assess significant institutions&apos; ICAAPs and ILAAPs from January 1, 2019.

View the ICAAP Guide.

View the ILAAP Guide.

View the FAQs.

View the consultation responses.

View the feedback statement.]]></description>
					      
						      <pubDate>Mon, 12 Nov 2018 12:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Final-Guides-for-</guid>
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					      <title>European Money Markets Institute Launches Second Consultation on Hybrid Methodology for Euribor</title>
					      <link>https://finreg.aoshearman.com/European-Money-Markets-Institute-Launches-Second-</link>
					      <description><![CDATA[
The European Money Markets Institute has published a second consultation paper (dated October 17, 2018) on its proposals to introduce a hybrid determination methodology for the Euro Interbank Offered Rate (Euribor). EMMI is the administrator for Euribor, a major euro interest reference rate for unsecured interbank short-term lending and borrowing. Euribor was classed as a critical benchmark of systemic importance for financial stability by the European Commission in 2016.

The consultation paper sets out a summary of EMMI&apos;s findings during the testing phase for the newly proposed hybrid methodology, which took place between May and July 2018, and provides details on EMMI&apos;s proposals for the different methodological parameters that were yet to be specified when EMMI&apos;s first consultation was issued in March 2018. The consultation paper seeks feedback from market participants on a number of questions on aspects of the proposed methodology.

Read more.]]></description>
					      
						      <pubDate>Mon, 12 Nov 2018 10:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Money-Markets-Institute-Launches-Second-</guid>
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					      <title>EU Countering Money Laundering By Criminal Law Directive Will Apply From December 2020</title>
					      <link>https://finreg.aoshearman.com/EU-Countering-Money-Laundering-By-Criminal-Law-Di</link>
					      <description><![CDATA[
The EU Countering Money Laundering by Criminal Law Directive has been published in the Official Journal of the European Union. The Directive will complement the Fifth Money Laundering Directive, which was adopted in May 2018.

The U.K., Ireland and Denmark have not adopted the new Directive. In the U.K., this mirrors the approach taken by the U.K. in relation to EU criminal sanctions for market manipulation where it has implemented its own national regime.

The new Directive will enter into force on December 3, 2018. EU member states that have adopted the Directive must transpose the new provisions into national law by December 3, 2020.

Read more.]]></description>
					      
						      <pubDate>Mon, 12 Nov 2018 08:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Countering-Money-Laundering-By-Criminal-Law-Di</guid>
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					      <title>EU Legislation Published to Update Supervisory Reporting Requirements</title>
					      <link>https://finreg.aoshearman.com/EU-Legislation-Published-to-Update-Supervisory-Re</link>
					      <description><![CDATA[
A Commission Implementing Regulation supplementing the Capital Requirements Regulation has been published in the Official Journal of the European Union. The Implementing Regulation amends the existing Implementing Regulation ((EU) No 680/2014) to reflect the gradual supplementation and amendment of elements of the CRR reporting requirements by the adoption of further Regulatory Technical Standards. The Amending Regulation was adopted by the European Commission on October 9, 2018. It amends the existing Implementing Regulation to set out:

	additional requirements relating to prudent valuation adjustments of fair-valued positions;
	additional requirements to accommodate the reporting on securitization positions subject to the revised securitization framework; and
	minor changes to the reporting requirements on the geographical distribution of exposures.


The Amending Regulation will enter into force on November 29, 2018 and will apply directly across the EU from December 1, 2018.

View Commission Implementing Regulation (EU) 2018/1627.]]></description>
					      
						      <pubDate>Fri, 09 Nov 2018 19:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Legislation-Published-to-Update-Supervisory-Re</guid>
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					      <title>Statement by EU Supervisory Authority Confirms No EU Transitional Measures For UK Credit Rating Agencies and Trade Repositories on a Hard Brexit</title>
					      <link>https://finreg.aoshearman.com/Statement-by-EU-Supervisory-Authority-Confirms-No</link>
					      <description><![CDATA[
The European Securities and Markets Authority has issued a public statement urging customers of credit rating agencies and trade repositories to prepare for a &quot;no deal&quot; Brexit. The European Market Infrastructure Regulation requires derivatives subject to the reporting obligation to be reported to either a registered trade repository established in the EU or a recognized third-country trade repository. The CRA Regulation provides that banks, investment firms, insurers, reinsurers, management companies, investment companies, alternative investment fund managers and CCPs may only use credit ratings for certain regulatory purposes if a rating is issued by: (i) an EU CRA registered with ESMA; or (ii) a third-country CRA under the endorsement regime or the equivalence/certification regime. Without the EU putting in place a temporary regime (as the U.K. is doing), U.K. CRAs and trade repositories will lose their EU registration when the U.K. leaves the EU on a &quot;hard Brexit.&quot; ESMA reiterates that all market participants must ensure that they continue to comply with their obligations under EMIR, the CRA Regulation and other EU legislation and should monitor the Brexit-related public statements issued by CRAs and trade repositories.

Read more.]]></description>
					      
						      <pubDate>Fri, 09 Nov 2018 17:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Statement-by-EU-Supervisory-Authority-Confirms-No</guid>
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					      <title>UK Financial Conduct Authority Issues Direction For Post-Brexit Temporary Permissions Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Issues-Direction-F</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has issued a Direction detailing how an EEA firm currently passporting into the U.K. should notify it of the firm&apos;s intention to benefit from the Temporary Permissions Regime in the event of a &quot;no deal&quot; Brexit. The Direction was made under the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (made on November 6, 2018). The Regulations provide for a Temporary Permissions Regime for firms that are currently authorized to carry on a regulated activity in the U.K. under an EEA passporting right that have either applied for U.K. authorization prior to the U.K. withdrawal date or have notified the relevant U.K. regulator of their intention to continue carrying on passported activities. Temporary permissions would deem firms within the regime as authorized for their current activities for a maximum of three years, subject to a power for HM Treasury to extend the regime&apos;s duration by increments of 12 months.

As with the PRA&apos;s Direction (issued on November 7, 2018), the FCA requires firms to submit the Temporary Permission Notification Form using Connect between January 7, 2019 and March 28, 2019.

View the FCA&apos;s Direction.

View details of the PRA&apos;s Direction.]]></description>
					      
						      <pubDate>Fri, 09 Nov 2018 17:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Issues-Direction-F</guid>
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					      <title>EU Supervisory Authority Issues Call for Evidence on Periodic Auctions for Equity Instruments</title>
					      <link>https://finreg.aoshearman.com/EU-Supervisory-Authority-Issues-Call-for-Evidence</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a call for evidence on periodic auctions for equity instruments. ESMA wishes to gather more information on the functioning of so-called frequent batch auction trading systems. Frequent batch auctions for equities have rapidly gained market share since the introduction of the Double Volume Cap mechanism under the revised Markets in Financial Instruments package. This has given rise to concerns that this trading may be used as alternative to trading under the DVC waivers and/or as a way to avoid the pre-trade transparency requirements of systematic internalisers. ESMA has conducted a stock-take, assessing seven frequent batch auction systems operating in the EU and sets out its findings in the call for evidence.

In the call for evidence, ESMA distinguishes conventional periodic auctions from frequent batch auctions and outlines the key characteristics of frequent batch auction systems operating in the EU. ESMA sets out its observation of a rising market share for equity trading on frequent batch auctions and considers developments in equity trading since the application of MiFID II. It seeks input on a range of questions focused on these issues.

Responses to the call for evidence are invited by January 11, 2019. The call for evidence will be of particular interest to trading venues and investment firms trading in equity instruments, but ESMA also welcomes responses from any other market participants including trade associations and industry bodies, institutional and retail investors.

ESMA will use the feedback to the call for evidence to assess whether and to what extent frequent batch auction systems can be used to circumvent the MiFID II transparency requirements and will develop appropriate policy measures if necessary.

View the call for evidence.]]></description>
					      
						      <pubDate>Fri, 09 Nov 2018 11:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Supervisory-Authority-Issues-Call-for-Evidence</guid>
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					      <title>EU Supervisory Authority Will Extend Binary Options Ban Into 2019</title>
					      <link>https://finreg.aoshearman.com/EU-Supervisory-Authority-Will-Extend-Binary-Optio</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced that it proposes to renew the prohibition on the marketing, distribution or sale of binary options to retail clients for a further three months from January 2, 2019. ESMA&apos;s product intervention powers under the Markets in Financial Instruments Regulation allow it to impose temporary prohibitions or restrictions on certain financial instruments, financial activities or practices to address a significant investor protection concern in the EU. ESMA is renewing the prohibition on binary options because it considers that a significant investor protection concern remains. The measure will be renewed on the same terms as the previous renewal decision that has applied from October 2, 2018 and that will expire on January 1, 2019.

ESMA&apos;s Board of Supervisors agreed on the renewal of intervention measures on November 7, 2018. ESMA will publish an official notice on its website in the coming weeks. The new Decision will then be published in the Official Journal of the European Union and will start to apply from January 2, 2019 for a period of three months.

View ESMA&apos;s announcement.

View details of the prohibition expiring on January 1, 2019.]]></description>
					      
						      <pubDate>Fri, 09 Nov 2018 10:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Supervisory-Authority-Will-Extend-Binary-Optio</guid>
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					      <title>EU Proposals Aim to Avoid Duplicative Information Requirements on Investment Managers</title>
					      <link>https://finreg.aoshearman.com/EU-Proposals-Aim-to-Avoid-Duplicative-Information</link>
					      <description><![CDATA[
The Joint Committee of the European Supervisory Authorities have launched a consultation on amendments to the Key Information Document for Packaged Retail and Insurance-based Investment Products.

Since January 1, 2018, the EU PRIIPs Regulation has required manufacturers of PRIIPs to prepare and publish a stand-alone, standardized Key Information Document for each of their PRIIPs. Those advising retail investors on PRIIPs, or selling PRIIPs to retail investors, must provide retail investors with a KID in good time before the transaction is concluded. The PRIIPs Regulation exempts until December 31, 2019 management and investment companies and persons advising on or selling Undertakings for Collective Investment in Transferable Securities from the obligation to produce and provide a PRIIPs KID. The UCITS Directive requires these entities to provide investors with a Key Investor Information Document. As a result, if there were no changes made to the EU legislation, UCITS would be subject to duplicative information requirements from January 1, 2020. To address this situation, the ESAs are proposing to amend the Regulatory Technical Standards under the PRIIPs Regulation by moving the UCITS KIID requirements to the PRIIPs RTS.

Read more.]]></description>
					      
						      <pubDate>Thu, 08 Nov 2018 15:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Proposals-Aim-to-Avoid-Duplicative-Information</guid>
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					      <title>Draft EU Guidelines on Supervisory Cooperation on Anti-Money Laundering and Countering the Financing of Terrorism</title>
					      <link>https://finreg.aoshearman.com/Draft-EU-Guidelines-on-Supervisory-Cooperation-on</link>
					      <description><![CDATA[
The Joint Committee of the European Supervisory Authorities have launched a consultation on draft joint guidelines on the cooperation and information exchange between national regulators supervising banks and other financial institutions for compliance with Anti-Money Laundering and Countering the Financing of Terrorism rules. The Fourth Money Laundering Directive requires that EU member states allow, without undue restriction, the exchange of information and provision of assistance between national regulators. The ESA&apos;s proposed guidelines aim to set out how that can be achieved in practice. The ESAs are proposing that a college of supervisors should be established where a financial institution is supervised in three or more EU member states. The draft guidelines set out rules on the establishment and operation of the colleges. For firms that do not require a college but which operate in two member states, the ESAs propose a process for the bilateral exchange of information between national regulators.

The consultation closes on February 8, 2019.

View the consultation paper.]]></description>
					      
						      <pubDate>Thu, 08 Nov 2018 13:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-EU-Guidelines-on-Supervisory-Cooperation-on</guid>
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					      <title>Proposed Exemption From the EU Clearing Obligation for OTC Derivatives Novated to EU Counterparties in Preparation For a &quot;No Deal&quot; Brexit</title>
					      <link>https://finreg.aoshearman.com/Proposed-Exemption-From-the-EU-Clearing-Obligatio</link>
					      <description><![CDATA[
The European Securities and Markets Authority has proposed the introduction of a 12-month exemption from the clearing obligation to facilitate the novation of uncleared OTC derivative contracts to EU counterparties in the event of a &quot;no deal&quot; Brexit. The European Market Infrastructure Regulation imposes a clearing obligation on EU firms that are counterparties to certain OTC derivatives contracts. The clearing obligation applies to Interest Rate Swaps denominated in seven currencies (EUR, GBP, JPY, USD, NOK, PLN and SEK) and to two classes of credit default swap indices (iTraxx Europe Main and iTraxx Europe Crossover). The obligation to clear OTC IRS denominated in all seven currencies is in force for clearing members of EU CCPs as well as large financial counterparties and alternative investment funds. The IRS clearing obligation will apply to small financial counterparties and AIFs from June 21, 2019 and to non-financial counterparties from December 21, 2018 for IRS denominated in the G4 currencies, and from August 9, 2019 for IRS denominated in CZK, DKK, HUF, NOK, SEK and PLN. The CDS clearing obligation is in force for clearing members of EU CCPs, large financial counterparties and AIFs. It applies to non-financial counterparties from May 9, 2019 and to small financial counterparties and AIFs from June 21, 2019.

Read more.]]></description>
					      
						      <pubDate>Thu, 08 Nov 2018 11:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Proposed-Exemption-From-the-EU-Clearing-Obligatio</guid>
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					      <title>UK Legislation Published for Brexit on Bank of England&apos;s Functions</title>
					      <link>https://finreg.aoshearman.com/UK-Legislation-Published-for-Brexit-on-Bank-of-En</link>
					      <description><![CDATA[
HM Treasury has laid before Parliament the draft Bank of England (Amendment) (EU Exit) Regulations 2018, together with a draft explanatory memorandum.

The draft Regulations make amendments to the Bank of England Act 1998, the Financial Services Act 2012 and related secondary legislation to ensure that the constitution, responsibilities and functions of the Bank of England continue to be clearly defined after exit day, including in a &quot;no-deal&quot; scenario. In the explanatory memorandum accompanying the draft Regulations, HM Treasury confirms that the draft Regulations make only technical changes to existing legislation to ensure that it continues to operate effectively once the U.K. leaves the EU. This includes amendments to information sharing and notification requirements and amendments to certain definitions so that they work in the U.K. after exit day. Amendments to secondary legislation include necessary adjustments to provisions on capital buffers and amounts of cash ratio deposits that certain financial services firms must hold with the BoE.

Read more.]]></description>
					      
						      <pubDate>Wed, 07 Nov 2018 18:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Legislation-Published-for-Brexit-on-Bank-of-En</guid>
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					      <title>EU Legislation to Update Technical Standards for Resolution Reporting</title>
					      <link>https://finreg.aoshearman.com/EU-Legislation-to-Update-Technical-Standards-for-</link>
					      <description><![CDATA[
A Commission Implementing Regulation supplementing the EU Bank Recovery and Resolution Directive has been published in the Official Journal of the European Union. The Implementing Regulation sets out Implementing Technical Standards on the information to be provided to resolution authorities to enable them to draw up and implement resolution plans for credit institutions or investment firms. Reflecting experience gained by resolution authorities in resolution planning, the Implementing Regulation repeals and replaces the existing Implementing Technical Standards set out in Regulation (EU) 2016/1066, which specifies the procedure and introduced a minimum set of templates for the provision of information to resolution authorities.

The Implementing Regulation introduces a single data point model, as is the practice in supervisory reporting, and introduces common validation rules to safeguard the quality, consistency and accuracy of the data items reported by institutions. Detailed common validation rules will be published electronically by the European Banking Authority on its website.

Read more.]]></description>
					      
						      <pubDate>Wed, 07 Nov 2018 18:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Legislation-to-Update-Technical-Standards-for-</guid>
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					      <title>UK Prudential Regulation Authority Issues Direction for Temporary Permissions Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Issues-Direction</link>
					      <description><![CDATA[
The Prudential Regulation Authority has issued a Direction setting out how an EEA firm currently passporting into the U.K. should notify the PRA if the firm wants to benefit from the Temporary Permissions Regime in the event of a &quot;no deal&quot; Brexit. The Direction was made under the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (made on November 6, 2018). The Regulations provide for a Temporary Permissions Regime for firms that are currently authorized to carry on a regulated activity in the U.K. under an EEA passporting right that have either applied for U.K. authorization prior to the U.K. withdrawal date or have notified the relevant U.K. regulator of their intention to continue carrying on passported activities. Temporary permission would deem firms within the regime as authorized for their current activities for a maximum of three years, subject to a power for HM Treasury to extend the regime&apos;s duration by increments of 12 months.

The PRA Direction requires firms to submit the Temporary Permission Notification Form using Connect between January 7, 2019 and March 28, 2019.

View the PRA&apos;s Direction.

View the EEA Passport Rights Regulations 2018.]]></description>
					      
						      <pubDate>Wed, 07 Nov 2018 15:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Issues-Direction</guid>
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					      <title>Bank of England Provides Further Guidance on Settlement Finality Designation Post-Brexit</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Provides-Further-Guidance-on-Sett</link>
					      <description><![CDATA[
The Bank of England has published the &quot;Dear CEO&quot; letter that it has sent to the Chief Executive Officers of EU CCPs, central securities depositaries and payment systems that are currently designated under the EU Settlement Finality Directive. The designation of these systems is automatically recognized in the U.K. under the SFD framework for automatic recognition, but the U.K. will fall outside the EU framework upon Brexit.

The &quot;Dear CEO&quot; letter follows an earlier letter issued by the BoE in July 2018 and the publication, by HM Treasury, of a draft of the Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2018 on October 31, 2018. The draft Regulations will, once in force, empower the BoE to grant permanent designation to non-U.K. (including EU) systems that are not governed by U.K. law. They also establish a temporary designation regime for EU systems that are currently designated under the SFD.

In the letter, the BoE sets out further details of the permanent designation of non-U.K. systems post-Brexit. It also sets out how EU systems can go about applying to enter the temporary designation regime in a &quot;no deal&quot; scenario (where the U.K. exits the EU without a ratified Withdrawal Agreement) in order to continue to benefit from U.K. SFD protection until the permanent designation process is complete.

Read more.]]></description>
					      
						      <pubDate>Tue, 06 Nov 2018 17:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Provides-Further-Guidance-on-Sett</guid>
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					      <title>EU National Regulators To Confirm If They Intend to Comply With MiFID II Suitability Guidelines</title>
					      <link>https://finreg.aoshearman.com/EU-National-Regulators-To-Confirm-If-They-Intend-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published on its website the official translations of its revised Guidelines on aspects of the suitability requirements under the revised Markets in Financial Instruments Directive.

ESMA published the finalized Guidelines in May 2018, following a consultation between July and December 2017. The finalized Guidelines largely confirm ESMA&apos;s previous 2012 Guidelines on MiFID I, but have a broader scope and ESMA has added clarifications and refinements where necessary.

Now that the Guidelines have been translated into the official EU languages and published on ESMA&apos;s website, national regulators will have a two-month period (expiring on January 6, 2019) in which to notify ESMA whether they comply or intend to comply with the guidelines. National regulators should state their reasons for non-compliance where they do not comply or do not intend to comply.

Read more.]]></description>
					      
						      <pubDate>Tue, 06 Nov 2018 17:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-National-Regulators-To-Confirm-If-They-Intend-</guid>
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					      <title>Brexit Legislation Published Establishing a Temporary Permissions Regime for EEA Firms Passporting into the UK</title>
					      <link>https://finreg.aoshearman.com/Brexit-Legislation-Published-Establishing-a-Temporary</link>
					      <description><![CDATA[
The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 were made on November 6, 2018. The Regulations provide, among other things, for a Temporary Permissions Regime for firms that are currently authorized to carry on a regulated activity in the U.K. under an EEA passporting right that have either applied for U.K. authorization prior to the U.K. withdrawal date or have notified the relevant U.K. regulator of their intention to continue carrying on passported activities. The Regulations come into force on November 7, 2018 except for the following provisions, which come into force on exit day:

	Regulation 2 (Repeal of passport rights, etc);
	Regulation 3 (Consequential amendments);
	Regulation 4 (Saving provision: tax); and
	Regulation 24 (Financial Services Compensation Scheme - modifications of Part 15 of the Financial Services and Markets Act 2000).


View the EEA Passport Rights Regulations 2018.

View details of the draft regulations.]]></description>
					      
						      <pubDate>Tue, 06 Nov 2018 15:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Brexit-Legislation-Published-Establishing-a-Temporary</guid>
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					 <item>
					      <title>Technical Standards Under the EU Benchmarks Regulation to Apply From January 2019</title>
					      <link>https://finreg.aoshearman.com/Technical-Standards-Under-the-EU-Benchmarks-Regul</link>
					      <description><![CDATA[
A series of ten Commission Delegated Regulations, comprising all of the Regulatory Technical Standards to supplement the EU Benchmarks Regulation, has been published in the Official Journal of the European Union.

The Benchmarks Regulation, which took effect directly across the EU in January 2018, sets out the authorization and registration requirements for benchmark administrators, including third-country entities, and the requirements for governance and control of administrators. It provides for different categories of benchmarks depending on the risks involved, imposes additional requirements on benchmarks considered to be &quot;critical&quot; and gives powers to national regulators to mandate, under certain conditions, contributions to or the administration of critical benchmarks. The RTS outline the behaviors and standards expected of administrators of and contributors to benchmarks. Draft Commission Delegated Regulations setting out the RTS were adopted by the European Commission in July 2018.

All of the Commission Delegated Regulations will enter into force on November 25, 2018 and they will apply directly across the EU from January 25, 2019.

Read more.]]></description>
					      
						      <pubDate>Mon, 05 Nov 2018 17:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Technical-Standards-Under-the-EU-Benchmarks-Regul</guid>
				    </item>
			
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					      <title>US Commodity Futures Trading Commission Adopts Permanent $8 Billion Swap Dealer De Minimis Registration Threshold</title>
					      <link>https://finreg.aoshearman.com/US-Commodity-Futures-Trading-Commission-Adopts-Pe</link>
					      <description><![CDATA[
The Commodity Futures Trading Commission has unanimously voted to adopt a final rule that would permanently set the swap dealer de minimis registration threshold at $8 billion. Absent further action by the CFTC, the de minimis threshold was previously scheduled to drop to $3 billion on December 31, 2019.

Under the final rule, as under current requirements, firms with swap dealing activity below the aggregate gross notional amount (AGNA) threshold of $8 billion over the previous 12 months would be exempt from the CFTC&apos;s swap dealer registration requirements. The CFTC said its analysis concluded that the $8 billion threshold subjects approximately 98% of swap transactions to swap dealer regulations. In the CFTC&apos;s determination, a $3 billion threshold would only subject a small number of additional swap transactions to such regulation, but would likely decrease swap market liquidity.

The CFTC had also previously proposed several other measures in respect of the de minimis threshold, such as excluding swaps of insured depository institutions made in connection with loans from a firm&apos;s AGNA calculation. Although the CFTC did not adopt any of these additional proposals in the final rule, CFTC Chairman J. Christopher Giancarlo said he will direct CFTC staff to continue their analysis of these measures and other issues raised in comments on the rule.

View the final rule.

View the CFTC&apos;s fact sheet on the final rule.

View CFTC Chairman Giancarlo&apos;s statement.

View CFTC Commissioner Dan Berkovitz&apos;s statement.]]></description>
					      
						      <pubDate>Mon, 05 Nov 2018 11:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Commodity-Futures-Trading-Commission-Adopts-Pe</guid>
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					      <title>UK Competition and Markets Authority Consults on Draft Definitions in Investment Consultants Market Investigation</title>
					      <link>https://finreg.aoshearman.com/UK-Competition-and-Markets-Authority-Consults-on</link>
					      <description><![CDATA[
The U.K. Competition and Markets Authority has published a consultation entitled &quot;Draft definitions of Investment Consultancy services and Fiduciary Management for the purposes of potential remedies,&quot; under its Market Investigation into these sectors. The CMA is in the process of reviewing the submissions made in response to the Provisional Decision Report it published in July 2018.

The consultation paper contains working draft definitions of &quot;investment consultancy services&quot; and &quot;fiduciary management services&quot; for the purposes of the remedies that the CMA may impose in any Order following the publication of its final report. The CMA seeks only high-level comments on the draft decisions. It proposes to consult separately in due course on any draft Order it may make.

Comments on the consultation are invited by November 9, 2018.

The CMA&apos;s final report on its Market Investigation is currently scheduled for publication in December 2018.

View the consultation paper.

View details of the July 2018 Provisional Decision Report.]]></description>
					      
						      <pubDate>Fri, 02 Nov 2018 15:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Competition-and-Markets-Authority-Consults-on</guid>
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					      <title>UK Regulator Highlights Role of Remuneration Committee Chair As a Senior Manager</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Highlights-Role-of-Remuneration-Comm</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a letter (dated August 20, 2018) addressed to the Chair of the Remuneration Committee of banks and large investment firms (investment firms with total assets over &amp;pound;50 billion). The letter informs the Chair of how the FCA intends to assess the remuneration policies and practices of firms in 2018/19. Moreover, it sets out the impact of that approach for the Chair of the Remuneration Committee as a Senior Manager under the Senior Managers and Certification Regimes. The Chair of the Remuneration Committee of in-scope firms holds FCA Senior Manager Function 12. The FCA notes that its supervisors will be interacting with the Chair of the Remuneration Committee to ascertain how the Chair has determined that their firm&apos;s policies and practices promote the right behavior. The discussions will include an assessment of how any issues from the 2017/18 remuneration round have been addressed. The FCA also highlights that a Chair of the Remuneration Committee should be satisfied that the level of ex post adjustments are appropriate and be capable of providing reasons for these adjustments. In addition, the FCA is adopting the same approach as the Prudential Regulation Authority and will no longer provide a non-objection statement to the proposed communication or distribution of variable remuneration awards by banks and large investment firms.

View the letter.

View details of the PRA&apos;s approach to the latest remuneration round.]]></description>
					      
						      <pubDate>Thu, 01 Nov 2018 18:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Highlights-Role-of-Remuneration-Comm</guid>
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					      <title>European Securities and Markets Authority Publishes Report on Credit Rating Agency and Trade Repository Fees</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Report-on-Credit-Rating</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a thematic report on the fees charged by EU credit rating agencies and trade repositories for their services. Under the Credit Ratings Agencies Regulation, CRAs must ensure that fees for their services are non-discriminatory and based on actual costs. Under the European Markets Infrastructure Regulation, trade repositories must provide non-discriminatory access to their services and publically disclose their fees, which should be cost-related. ESMA directly supervises both CRAs and trade repositories that are established in the EU. 

Read more.]]></description>
					      
						      <pubDate>Thu, 01 Nov 2018 09:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Publishes-Report-on-Credit-Rating</guid>
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					      <title>UK Legislation Published to Preserve Settlement Finality Designation Post-Brexit
</title>
					      <link>https://finreg.aoshearman.com/UK-Legislation-Published-to-Preserve-Settlement-F</link>
					      <description><![CDATA[
HM Treasury has published a draft of the Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2018. These draft Regulations introduce changes across various pieces of legislation relevant to financial market infrastructure to implement Brexit, namely the Settlement Finality Regulations, the Companies Act 1989, the Financial Collateral Arrangements (No.2) Regulations and the Banking Act 2009, so that U.K. domestic law concerning financial market infrastructure insolvency can continue to operate effectively after the U.K. leaves the EU.

The draft Regulations are designed to maintain legal certainty for EU systems that conduct business with U.K. participants, by providing for the continuation of U.K. settlement finality protections currently provided under the Settlement Finality Directive.

Read more.]]></description>
					      
						      <pubDate>Wed, 31 Oct 2018 19:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Legislation-Published-to-Preserve-Settlement-F</guid>
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					      <title>EU Authority Calls for Non-Enforcement of Impending Clearing Obligation for Intragroup Transactions and Non-Financial Counterparties</title>
					      <link>https://finreg.aoshearman.com/EU-Authority-Calls-for-Non-Enforcement-of-Impendi</link>
					      <description><![CDATA[
The European Securities and Markets Authority has issued a statement on the impending clearing obligation under the European Market Infrastructure Regulation. The statement is also relevant to the trading obligation under the Markets in Financial Instruments Regulation which is triggered by the EMIR clearing obligation.

EMIR provides an exemption from the clearing obligation for intragroup transactions with a third-country group entity where one of the counterparties is a third-country group entity and there is an equivalence decision in respect of the third country in which it is situated. An equivalence decision would enable parties that are subject to both the EU and a third country&apos;s clearing obligation to comply only with one jurisdiction&apos;s requirements, but no equivalence decisions have been made to date for these purposes.

Read more.]]></description>
					      
						      <pubDate>Wed, 31 Oct 2018 18:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Authority-Calls-for-Non-Enforcement-of-Impendi</guid>
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					      <title>UK Prudential Regulator Publishes Information Pack on Ring-fencing Reporting Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Information-Pac</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published an information document entitled &quot;Ring-fencing: Summary of regulatory reporting requirements.&quot; The document summarizes the regulatory reporting and reporting system requirements for ring-fencing that will apply to U.K. banking groups within the scope of the U.K.&apos;s structural reform requirements coming into force on January 1, 2019. The information document is designed to assist firms that must submit ring-fencing regulatory returns.

The PRA states that the information document is not intended to supersede the PRA Rulebook, the regulatory reporting and the structural reform sections of the Bank of England website and relevant and applicable published PRA policy. Affected firms should also continue to refer to these sources to determine their regulatory obligations.

View the information document.]]></description>
					      
						      <pubDate>Wed, 31 Oct 2018 11:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Publishes-Information-Pac</guid>
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					      <title>US Securities and Exchange Commission Issues Non-Enforcement Position Regarding Security-Based Swap Business Conduct Rules</title>
					      <link>https://finreg.aoshearman.com/US-Securities-and-Exchange-Commission-Issues-Non-</link>
					      <description><![CDATA[
The Securities and Exchange Commission has issued a non-enforcement position providing market participants, for a five-year period, with alternative means of compliance with certain business conduct standards for security-based swap dealers and major security-based swap participants (SBS Entities).

Although the SEC has adopted a set of business conduct standards for SBS Entities, compliance with those rules is not yet required, pending finalization of certain other rules and implementation of registration of SBS Entities. The SEC issued the statement, in advance of implementation, to address market participants&apos; concerns regarding compliance difficulties presented by differences between the SEC&apos;s business conduct standards and those of the Commodity Futures Trading Commission, which are applicable to swap transactions with swap dealers.

Read more.]]></description>
					      
						      <pubDate>Wed, 31 Oct 2018 11:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Securities-and-Exchange-Commission-Issues-Non-</guid>
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					      <title>UK Post-Brexit Legislation Published to Onshore the EU Payment Accounts Directive for Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Post-Brexit-Legislation-Published-to-Onshore-t</link>
					      <description><![CDATA[
HM Treasury has published a draft of the Payment Accounts (Amendment) (EU Exit) Regulations 2018, along with explanatory information.

The draft Regulations will amend the U.K. Payment Accounts Regulations 2015, which implemented the EU Payment Accounts Directive in the U.K., to remove references to EU institutions and to remove requirements which were intended to improve the functioning of the EU&apos;s internal market.

The draft Regulations will affect all Payments Service Providers that offer payment accounts, and, in particular, the U.K.&apos;s nine designated providers of basic bank accounts. Consumers of payment accounts will also be affected, in particular those who hold basic bank accounts. HM Treasury states that it expects the changes for payment account providers and consumers to be minimal.

Read more.]]></description>
					      
						      <pubDate>Wed, 31 Oct 2018 10:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Post-Brexit-Legislation-Published-to-Onshore-t</guid>
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					      <title>UK Legislation Published to Onshore the EU Venture Capital Funds and Social Entrepreneurship Funds Regulations for Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Legislation-Published-to-Onshore-the-EU-Ventur</link>
					      <description><![CDATA[
HM Treasury has published the draft Venture Capital Funds (Amendment) (EU Exit) Regulations 2018 and the draft Social Entrepreneurship Funds (Amendment) (EU Exit) Regulations 2018, along with explanatory information. HM Treasury is also preparing draft Long-term Investment Funds (Amendment) (EU Exit) Regulations 2018 and will publish these in due course.

These draft &quot;onshoring&quot; statutory instruments will amend deficiencies in the retained versions of the following directly applicable EU Regulations:

	the European Venture Capital Funds (EuVECA) Regulation, which governs funds that invest into small and medium-sized enterprises;
	the European Social Entrepreneurship Funds (EuSEF) Regulation, which governs funds that invest into social investments; and
	the European Long-term Investment Funds (ELTIF) Regulation, which governs funds that invest into infrastructure and other long-term projects.

Read more.]]></description>
					      
						      <pubDate>Wed, 31 Oct 2018 10:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Legislation-Published-to-Onshore-the-EU-Ventur</guid>
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					      <title>European Banking Authority Final Guidelines on Managing Non-Performing and Forborne Exposures</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Final-Guidelines-on-Ma</link>
					      <description><![CDATA[
The European Banking Authority has published a final report setting out finalized Guidelines on management of non-performing exposures (NPEs) and forborne exposures (FBEs). The EBA consulted on a draft of the Guidelines in March 2018. The aim of the Guidelines is to help to reduce NPEs on banks&apos; balance sheets by providing supervisory guidance to ensure that credit institutions effectively manage NPEs and forborne exposures (FBEs) on their balance sheets.

The final Guidelines cover: (i) key elements for developing and implementing an NPE strategy; (ii) the key elements of governance and operations in relation to an NPE workout framework; (iii) governance and operations in relation to FBEs; (iv) governance and operations for NPE recognition; (v) NPE impairment measurement and write-offs; (vi) collateral valuation of immovable and movable property; and (vii) supervisory evaluation of management of NPEs and FBEs.

The Guidelines will apply from June 30, 2019. Credit institutions should calculate their NPL ratios using the reference date of December 31, 2018.

View the final report.

View details of the EBA&apos;s consultation on the Guidelines.]]></description>
					      
						      <pubDate>Wed, 31 Oct 2018 09:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Final-Guidelines-on-Ma</guid>
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					      <title>UK Prudential Regulator Updates Approach Document on Banking Supervision</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Updates-Approach-Document</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published an updated version of its document entitled &quot;The Prudential Regulatory Authority&apos;s approach to banking supervision.&quot; The document replaces the previous version that was dated March 2016.

In the latest update, the PRA has removed duplicative information and replaced some text with links to information contained in legislation or other material on the PRA&apos;s or Bank of England&apos;s website. The update includes a new foreword by the PRA&apos;s Chief Executive Officer, Sam Woods.

The update includes two new chapters, on identifying the risks to the PRA&apos;s objectives and on how the PRA tailors its supervisory approach. A number of new sections to existing chapters have also been added, covering safety and soundness and the stability of the financial system, the PRA&apos;s regulatory principles and operational resilience. Further detail in areas such as capital and resolvability is also added.

View the Updated Approach Document.]]></description>
					      
						      <pubDate>Wed, 31 Oct 2018 09:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Updates-Approach-Document</guid>
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					      <title>EU Contracts for Differences Product Intervention Measures Extended</title>
					      <link>https://finreg.aoshearman.com/EU-Contracts-for-Differences-Product-Intervention</link>
					      <description><![CDATA[
The European Securities and Markets Authority Decision renewing and amending the temporary restriction on the marketing, distribution or sale of contracts for differences to retail clients has been published in the Official Journal of the European Union. ESMA announced on September 28, 2018 that the existing restriction would be extended and would include an additional reduced character risk warning because CFD providers have experienced technical difficulties in using the risk warnings due to the character limitations imposed by third-party marketing providers. The CFD Decision applies directly across the EU from November 1, 2018 for three months.

ESMA extended the temporary product intervention prohibiting the marketing, distribution and sale of binary options to retail investors for a further three months from October 2, 2018, although certain types of binary options were excluded from the scope of the prohibition because ESMA considers that those binary options are less likely to present a significant investor protection concern. Both of ESMA&apos;s product intervention measures are made using powers under the Markets in Financial Instruments Regulation.

View the Decision.

View details of the extension of the ban relating to binary options.]]></description>
					      
						      <pubDate>Wed, 31 Oct 2018 08:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Contracts-for-Differences-Product-Intervention</guid>
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					      <title>UK Crypto-Assets Task Force Outlines the Path to Crypto-Asset Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Crypto-Assets-Task-Force-Outlines-the-Path-to-</link>
					      <description><![CDATA[
The U.K. Crypto-Assets Task Force has published its Final Report. Established in March 2018 by the U.K. Chancellor of the Exchequer as part of the U.K. government&apos;s FinTech Sector Strategy, the Task Force comprises representatives from HM Treasury, the U.K. Financial Conduct Authority and the Bank of England.

The Task Force engaged with over 60 firms and other stakeholders to seek their views on topics including: the trajectory of the industry, the risks, benefits and underlying economic value of crypto-assets and the U.K.&apos;s future regulatory approach. Stakeholders were of the view that there is a lack of regulatory clarity in the U.K. and that regulation should be introduced to support the legitimate players in the crypto-assets market. It is also crucial in mitigating risks. There were also calls for regulatory and tax frameworks to be aligned.

Read more.]]></description>
					      
						      <pubDate>Tue, 30 Oct 2018 11:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Crypto-Assets-Task-Force-Outlines-the-Path-to-</guid>
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					      <title>EU Amending Legislation Published for Liquidity Coverage Requirement</title>
					      <link>https://finreg.aoshearman.com/EU-Amending-Legislation-Published-for-Liquidity-C</link>
					      <description><![CDATA[
An Amending Regulation supplementing the Capital Requirements Regulation has been published in the Official Journal of the European Union, following its adoption in July 2018 by the European Commission. The Amending Regulation, which relates to the Liquidity Coverage Requirement for credit institutions, makes changes to the existing Delegated Regulation on the LCR with the objective of improving its practical application. The existing Delegated Regulation sets out detailed requirements on the LCR and specifies which assets are to be considered as liquid (so-called high quality liquid assets) and how the expected cash outflows and inflows over a 30-day stressed period are to be calculated.

The Amending Regulation makes the following changes:

	full alignment of the calculation of the expected liquidity outflows and inflows on repurchase agreements, reverse repurchase agreements and collateral swaps transactions with the international liquidity standard developed by the Basel Committee on Banking Supervision;
	treatment of certain reserves held with third-country central banks;
	waiver of the minimum issue size for certain non-EU liquid assets;
	the application of the unwind mechanism for the calculation of the liquidity buffer; and
	integration in the existing Delegated Regulation of the new criteria for simple, transparent and standardized securitizations.


The Amending Regulation will enter into force on November 19, 2018 and will apply directly across the EU from April 30, 2020.

View the Amending Regulation.]]></description>
					      
						      <pubDate>Tue, 30 Oct 2018 09:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Amending-Legislation-Published-for-Liquidity-C</guid>
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					      <title>EU Amending Legislation Published on Duties of Third-Party Custodians Safe-Keeping Fund Assets</title>
					      <link>https://finreg.aoshearman.com/EU-Amending-Legislation-Published-on-Duties-of-Th</link>
					      <description><![CDATA[
Amending Delegated Regulations on the safe-keeping duties of depositaries, supplementing the Alternative Investment Fund Managers Directive and the Undertakings for Collective Investment in Transferable Securities Directive, have been published in the Official Journal of the European Union.

The amending Delegated Regulations were adopted by the European Commission in July 2018. They amend existing delegated regulations under AIFMD and UCITS relating to the safekeeping of AIF and UCITS clients&apos; assets respectively, to ensure a more uniform approach is adopted across the EU. The amendments clarify that where a depositary for an AIF or UCITS delegates safe-keeping functions to a third party custodian, the clients&apos; assets must be segregated at the level of the delegate (i.e. from the delegate&apos;s own assets but not from those of its other clients). This should prevent interpretation of the segregation obligations as requiring separate accounts per depositary and per type of fund at each level of the custody chain. The respective Delegated Regulations set out how that obligation should be fulfilled to ensure a clear identification of assets belonging to a particular AIF or UCITS and the protection of assets in the event of the depositary or custodian entering insolvency.

The amending Delegated Regulations enter into force on November 19, 2018 and will apply directly across the EU from April 1, 2020.

View the amending Delegated Regulation under AIFMD ((EU) 2018/1618).

View the amending Delegated Regulation under UCITS ((EU) 2018/1619).]]></description>
					      
						      <pubDate>Tue, 30 Oct 2018 08:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Amending-Legislation-Published-on-Duties-of-Th</guid>
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					      <title>European Commission Adopts Revised Implementing Standards for Resolution Reporting</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Adopts-Revised-Implementing-S</link>
					      <description><![CDATA[
The European Banking Authority announced on October 29, 2018 that it acknowledged the European Commission&apos;s adoption of a draft Commission Implementing Regulation setting out revised Implementing Technical Standards on the procedures and standard forms and templates to be used to provide information for the resolution plans of credit institutions and investment firms. The Implementing Regulation supplements the Bank Recovery and Resolution Directive and will repeal the existing ITS, reflecting the evolution in the policy and practices applied by authorities in the development of resolution plans for financial institutions. The EBA submitted its final report with final revised draft ITS to the European Commission in April 2018.

Read more.]]></description>
					      
						      <pubDate>Mon, 29 Oct 2018 09:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Adopts-Revised-Implementing-S</guid>
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					      <title>UK Legislation in Force Empowering Regulators to Amend EU Binding Technical Standards For Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Legislation-in-Force-Empowering-Regulators-to-</link>
					      <description><![CDATA[
The Financial Regulators&apos; Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 were made on October 25, 2018 and entered into force on October 26, 2018.

The Regulations delegate power under the EU (Withdrawal) Act 2018 to the Bank of England, the Prudential Regulation Authority, the Financial Conduct Authority and the Payment Systems Regulator to fix deficiencies in EU Binding Technical Standards and regulators&apos; rules in advance of exit day, so that the BTS and regulators&apos; rules function effectively after Brexit. The Regulations also establish the statutory basis on which those regulators will continue to maintain the relevant BTS after exit. The Schedule to the Regulations lists all the BTS that will be &quot;onshored&quot; and, for each, allocates joint or individual responsibility among the regulators.

The version of the Regulations that has entered into force contains only minor changes from the draft version that was published in July 2018.

View the Regulations (S.I. 2018/1115).

View the explanatory memorandum.]]></description>
					      
						      <pubDate>Fri, 26 Oct 2018 17:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Legislation-in-Force-Empowering-Regulators-to-</guid>
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					      <title>EU Supervisory Authorities Propose Revisions to Implementing Technical Standards for Mapping of External Credit Ratings</title>
					      <link>https://finreg.aoshearman.com/EU-Supervisory-Authorities-Propose-Revisions-to-</link>
					      <description><![CDATA[
The Joint Committee of the European Securities Authorities (that is, the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority) has published a consultation paper setting out proposed revisions to Implementing Technical Standards on the mapping of External Credit Assessment Institutions&apos; credit assessments under the Capital Requirements Regulation.

The proposed revisions will amend the existing Implementing Regulation ((EU) 2016/1799), which sets out how ECAIs&apos; credit assessments should be &quot;mapped&quot; to credit quality steps for the purposes of calculating capital requirements. The proposed amendments reflect the result of a monitoring exercise on the adequacy of mappings, which necessitates amendments related to: (i) the re-allocation of the credit quality steps for two ECAIs; and (ii) changes in credit rating scales/types for ten ECAIs. The consultation webpage also contains mapping reports for each of the 11 ECAIs concerned.

Comments on the consultation are invited by December 31, 2018. Respondents are asked to provide comments via the &quot;Send your comments&quot; button on the EBA&apos;s consultation webpage.

View the consultation paper.

View the EBA&apos;s consultation webpage.]]></description>
					      
						      <pubDate>Fri, 26 Oct 2018 07:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Supervisory-Authorities-Propose-Revisions-to-</guid>
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					      <title>Bank of England and UK Prudential Regulator Consult on Approach to Onshoring EU Financial Services Legislation for Brexit</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-and-UK-Prudential-Regulator-Consu</link>
					      <description><![CDATA[
The Bank of England and the U.K. Prudential Regulation Authority have launched a joint consultation paper entitled &quot;The Bank of England&apos;s approach to amending financial services legislation under the European Union (Withdrawal) Act 2018.&quot; The consultation forms part of a package of consultations, &quot;Dear CEO&quot; letters and other communications published by the BoE and the PRA on October 25, 2018.

Read more.]]></description>
					      
						      <pubDate>Thu, 25 Oct 2018 19:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-and-UK-Prudential-Regulator-Consu</guid>
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					      <title>&quot;Dear CEO&quot; Letter From UK Prudential Regulator Updates PRA-Regulated Firms on Brexit</title>
					      <link>https://finreg.aoshearman.com/Dear-CEOquot-Letter-From-UK-Prudential-Regula</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a &quot;Dear CEO&quot; letter that it has sent to the Chief Executive Officers of all firms authorized and regulated by the PRA, as well as EEA firms undertaking cross-border activities into the U.K. from the rest of the European Union by means of a single market passport.

The letter refers to the publication, on October 25, 2018, of a package of consultations and other communications by the Bank of England that provide more detail on the planned Brexit-related changes to PRA rules and to the onshored Binding Technical Standards within the remit of the PRA and the BOE in their various capacities. The letter builds on the communications released by the government and U.K. regulators in June 2018 on their overall approach to onshoring financial services legislation under the EU (Withdrawal) Act 2018.

Read more.]]></description>
					      
						      <pubDate>Thu, 25 Oct 2018 17:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Dear-CEOquot-Letter-From-UK-Prudential-Regula</guid>
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					      <title>Financial Action Task Force Publishes Final Guidance on a Risk-Based Approach for the Securities Sector</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Publishes-Final-Guidance</link>
					      <description><![CDATA[
The Financial Action Task Force has published the finalized version of its Guidance on a Risk-Based Approach for the Securities Sector. The finalized Guidance was adopted at the FATF&apos;s plenary meeting held on October 17—19, 2018. The FATF has developed the Guidance in conjunction with the private sector, to assist governments, regulators, Financial Intelligence Units and participants in the securities sector to adopt a risk-based approach to anti-money laundering and countering the financing of terrorism.

The final Guidance sets out the key principles involved in applying a risk-based approach to AML and CTF. Separate sections provide specific guidance to securities providers and intermediaries and to securities supervisors on the effective implementation of a risk-based approach. Annexes provide examples of supervisory practices that have been adopted and examples of suspicious activity indicators relevant to securities.

The Guidance is non-binding. It should be read in conjunction with the International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation and the 2009 Report on Money Laundering and Terrorist Financing.

View the final Guidance.

View details of the consultation on draft Guidance.

View details of further outcomes of the FATF&apos;s October 2018 plenary.]]></description>
					      
						      <pubDate>Thu, 25 Oct 2018 17:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Publishes-Final-Guidance</guid>
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					      <title>Bank of England Updates Non-UK CCPs on Approach to Recognition Post-Brexit</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Updates-Non-UK-CCPs-on-Approach</link>
					      <description><![CDATA[
The Bank of England has published a &quot;Dear CEO&quot; letter sent by Sir John Cunliffe, Deputy Governor, Financial Stability, to the Chief Executive Officers of non-U.K. CCPs to provide more detail on the post-Brexit recognition of non-U.K. CCPs and the temporary permissions regime that will give temporary deemed recognized status to eligible non-U.K. CCPs.

The BoE wrote to the CEOs of non-U.K. CCPs in December 2017, outlining that forthcoming U.K. legislation would give it a new power to recognize non-U.K. CCPs and that it anticipated that, in the period immediately after Brexit, the recognition regime for non-U.K. CCPs would be materially the same as the third country recognition regime under the European Market Infrastructure Regulation, but might be reviewed later. In an update in March 2018, the BoE confirmed that non-U.K. CCPs already providing services in the U.K. should be able to continue to do so until the end of the envisaged transitional, or &quot;implementation&quot; period after Brexit.

This latest letter to non-U.K. CCPs provides an update following the laying before Parliament, in July 2018, of the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 before Parliament in July 2018. Subject to Parliamentary scrutiny, these Regulations are expected to enter into force during Q4 2018, establishing the post-Brexit framework for non-U.K. CCP recognition. The letter outlines actions non-U.K. CCPs will need to take once the Regulations are in force.

Read more.]]></description>
					      
						      <pubDate>Thu, 25 Oct 2018 17:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Updates-Non-UK-CCPs-on-Approach</guid>
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					      <title>European Commission Adopts Technical Standards for Eligibility for Simplified Obligations under the Bank Recovery and Resolution Directive</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Adopts-Technical-Standards-</link>
					      <description><![CDATA[
The European Commission has adopted a draft Delegated Regulation under the Bank Recovery and Resolution Directive, setting out Regulatory Technical Standards specifying the criteria for assessing the impact of an institution&apos;s failure on financial markets, on other institutions and on funding conditions.

Under the BRRD, where a national regulator or resolution authority is determining whether to grant simplified obligations to an institution, it must assess the impact that the failure of the institution could have due to a number of factors specified in the BRRD. The European Banking Authority submitted final draft RTS to the European Commission in December 2017. The RTS adopted by the Commission set out a two-stage test based on quantitative and qualitative criteria to determine whether an institution is eligible for simplified obligations. Institutions meeting quantitative criteria at stage one must then meet qualitative criteria at stage two to be assessed as eligible.

The draft Delegated Regulation will now be subject to a three-month scrutiny period by the European Parliament and the Council of the European Union. Assuming no objections have been raised by the co-legislators during that period, the Delegated Regulation will then be published in the Official Journal of the European Union and enter into force 20 days later. Once in force, the delegated regulation will have direct effect across the EU and will replace existing EBA Guidelines on simplified obligations.

View the draft Delegated Regulation and Annexes.

View details of the EBA&apos;s final draft RTS.]]></description>
					      
						      <pubDate>Thu, 25 Oct 2018 17:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Adopts-Technical-Standards-</guid>
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					      <title>UK Competition and Markets Authority Consults on Further Working Paper in Investment Consultants Market Investigation</title>
					      <link>https://finreg.aoshearman.com/UK-Competition-and-Markets-Authority-Consults-on--</link>
					      <description><![CDATA[
The U.K. Competition and Markets Authority has published an updated working paper on its &quot;market outcomes&quot; analysis, following responses to its July 2018 consultation on its Provisional Decision Report on its Market Investigation into the supply and acquisition of investment consultancy services and fiduciary management services.

The updated analysis covers: (a) gains from engagement—the impact of engagement on the fees paid by fiduciary management and investment consultancy customers; and (b) the relationship between quality and market success—the relationship between quality of service and market shares for a sample of investment consultancy firms. The CMA has also published a final notice of its intention to operate a confidentiality ring in respect of specified data submitted by respondents to the Provisional Decision Report. Access to the confidentiality ring will be granted to a limited number of approved external legal and/or economic advisers of certain parties. The confidentiality ring will operate from 9:30am on October 29, 2018 until 5:00pm on November 5, 2018.

Read more.]]></description>
					      
						      <pubDate>Thu, 25 Oct 2018 17:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Competition-and-Markets-Authority-Consults-on--</guid>
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					      <title>Bank of England Updates Non-UK CSDs on Approach to Recognition Post-Brexit</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Updates-Non-UK-CSDs-on-Approach</link>
					      <description><![CDATA[
The Bank of England has published a &quot;Dear CEO&quot; letter sent by Sir John Cunliffe, Deputy Governor, Financial Stability, to the Chief Executive Officers of non-U.K. Central Securities Depositories that have been identified as possibly requiring recognition to provide CSD services in the U.K. after Brexit. The Dear CEO letter provides more detail on the post-Brexit recognition of non-U.K. CSDs by the BoE and on the transitional regime that has been set out in the draft Central Securities Depositories (Amendment) (EU Exit) Regulations 2018.

Read more.]]></description>
					      
						      <pubDate>Thu, 25 Oct 2018 14:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Updates-Non-UK-CSDs-on-Approach</guid>
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					      <title>Bank of England Consults on Changes to FMI Rules and Onshored Binding Technical Standards for Brexit</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Changes-to-FMI-Rules-</link>
					      <description><![CDATA[
The Bank of England has published a consultation paper entitled &quot;UK withdrawal from the EU: Changes to FMI rules and onshored Binding Technical Standards.&quot; The consultation forms part of a package of consultations, &quot;Dear CEO&quot; letters and other communications published by the BoE and the PRA on October 25, 2018.

The consultation proposals cover:

	the BoE&apos;s proposed fixes to deficiencies in the onshored Binding Technical Standards for which the BoE, as FMI supervisor, has responsibility under the Financial Regulators&apos; Powers, (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018;
	the BoE&apos;s proposals to amend its FMI rules; and
	the BoE&apos;s proposed approach to non-binding BoE materials after Brexit.


Read more.]]></description>
					      
						      <pubDate>Thu, 25 Oct 2018 12:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Changes-to-FMI-Rules-</guid>
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					      <title>Bank of England Launches Consultation Package on EU Withdrawal</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Launches-Consultation-Package-on-</link>
					      <description><![CDATA[
The Bank of England has issued a press release providing an update on its regulatory and supervisory approach to Brexit. The press release refers to a package of communications and new consultations published by the BoE on October 25, 2018. Building on previous communications with firms, this package of communications includes four consultation papers:

	A joint consultation on the BoE/Prudential Regulation Authority&apos;s general approach to making changes to PRA rules and to Binding Technical Standards to implement Brexit. This consultation is to be read in conjunction with the other three consultations.
	A PRA consultation on proposed changes to PRA rules and to the onshored BTS within the PRA&apos;s remit.
	A BoE consultation on changes to Financial Market Infrastructure rules and onshored BTS within the BoE&apos;s remit as FMI supervisor, along with a draft Supervisory Statement on the BoE&apos;s expectations of FMIs in relation to existing non-binding domestic material.
	A BoE consultation on the onshored BTS within the BoE&apos;s remit as the U.K. resolution authority.


Read more.]]></description>
					      
						      <pubDate>Thu, 25 Oct 2018 10:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Launches-Consultation-Package-on-</guid>
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					      <title>US State Regulators Sue Office of the Comptroller of the Currency Over FinTech Charter</title>
					      <link>https://finreg.aoshearman.com/US-State-Regulators-Sue-Office-of-the-Comptroller</link>
					      <description><![CDATA[
The Conference of State Bank Supervisors has sued the U.S. Office of the Comptroller of the Currency to prevent it from granting charters for special purpose national banks to non-depository FinTech companies. The CSBS is the nationwide organization of state banking regulators in the United States.

The CSBS filed the lawsuit upon the OCC&apos;s announcement on July 31, 2018 that it would begin accepting these applications. The CSBS previously sued the OCC over its ability to provide SPNB charters in April 2017. The federal district court in D.C., however, dismissed the first suit for lack of subject matter jurisdiction and ripeness, stating that the OCC had not decided whether to grant SPNB charters to FinTech firms at that time.

Read more.]]></description>
					      
						      <pubDate>Thu, 25 Oct 2018 08:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-State-Regulators-Sue-Office-of-the-Comptroller</guid>
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					      <title>Bank of England Consults on Approach to Resolution Statements of Policy and Onshored Binding Technical Standards for Brexit</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Approach-to-Resolutio</link>
					      <description><![CDATA[
The Bank of England has published a consultation paper entitled &quot;UK withdrawal from the EU: The Bank of England&apos;s approach to resolution statements of policy and onshored Binding Technical Standards.&quot; The consultation forms part of a package of consultations, &quot;Dear CEO&quot; letters and other communications published by the BoE and the Prudential Regulation Authority on October 25, 2018.

The consultation covers:

	the BoE&apos;s proposals to fix deficiencies in the onshored Binding Technical Standards under the Bank Recovery and Resolution Directive, for which it is responsible in its capacity as U.K. resolution authority. The PRA has consulted separately on proposals for the BRRD BTS that are within its remit; and
	the BoE&apos;s proposed guidance on how the existing Statements of Policy on resolution should be interpreted after Brexit. These SoPs cover the BoE&apos;s: (i) power to direct institutions to address impediments to resolvability; (ii) approach to setting a minimum requirement for own funds and eligible liabilities (MREL) within groups, and further issues; and (iii) policy on valuation capabilities to support resolvability.
li &gt;

The proposals are relevant to all firms that are subject to the BoE&apos;s resolution powers, such as banks, larger investment firms and CCPs.
Read more.]]></description>
					      
						      <pubDate>Thu, 25 Oct 2018 08:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Approach-to-Resolutio</guid>
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					      <title>UK Prudential Regulator Consults on Rule Changes and Onshoring of Binding Technical Standards for Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Rule-Changes-</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a consultation paper entitled &quot;UK withdrawal from the EU: Changes to PRA Rulebook and onshored Binding Technical Standards.&quot;  The consultation forms part of a package of consultations, &quot;Dear CEO&quot; letters and other communications published by the BoE and the PRA on October 25, 2018.

The consultation paper sets out a suite of proposed amendments by the PRA to ensure an operable legal and regulatory framework after the U.K. leaves the EU.

Read more.]]></description>
					      
						      <pubDate>Thu, 25 Oct 2018 08:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Rule-Changes-</guid>
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					      <title>European Banking Authority Sets Out Its Work Priorities for 2019</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Sets-Out-Its-Work-Priorities</link>
					      <description><![CDATA[
The European Banking Authority has published its Work Programme for 2019, setting out details of, and planned main outputs from, 37 separate work streams across the following five key strategic priorities:
 

	Leading the Basel III implementation in the EU.
	Understanding risks and opportunities arising from financial innovation.
	Collecting, disseminating and analyzing banking data.
	Ensuring a smooth relocation of the EBA to Paris.
	Fostering the increase of the loss-absorbing capacity of the EU banking system.


The EBA also confirms that work related to Brexit will remain a horizontal priority for the EBA in 2019 and explains that the EBA&apos;s other activities may be affected in the future by Brexit-related developments. Should that be the case, any substantial change in the work programme will be communicated in due time, in order to seek steering and approval from its Management Board and Board of Supervisors.

View the EBA&apos;s 2019 Work Programme.]]></description>
					      
						      <pubDate>Tue, 23 Oct 2018 13:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Sets-Out-Its-Work-Priorities</guid>
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					      <title>European Commission Announces Work Plan for 2019</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Announces-Work-Plan-for-2019</link>
					      <description><![CDATA[
The European Commission has published a Communication, outlining its work plan for 2019. The Communication is addressed to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions. The Communication discusses the ongoing challenges for the EU in the run-up to the European Parliamentary elections and the post-Brexit Summit in Sibiu at which a new multi-annual framework for the EU27 will be finalized.

Separately published Annexes to the Communication relating to: (i) new initiatives; (ii) REFIT initiatives; (iii) priority pending proposals; (iv) legislative initiatives that have been withdrawn; and (v) a list of envisaged repeals. Priority pending proposals of particular relevance to financial institutions include legislative proposals relating to the forthcoming sustainable finance package, cross-border distribution of collective investment schemes, crowdfunding, amendments to the European Market Infrastructure Regulation, prudential regulation and supervision of investment firms and a proposed amending regulation relating to minimum loss coverage for non-performing exposures.

Read more.]]></description>
					      
						      <pubDate>Tue, 23 Oct 2018 13:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Announces-Work-Plan-for-2019</guid>
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					      <title>UK Government Publishes Guidance on Proposed Legislation to Onshore EU Legislation on Financial Conglomerates and Groups</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Publishes-Guidance-on-Proposed-Legi</link>
					      <description><![CDATA[
HM Treasury has published explanatory information on the draft Financial Conglomerates and Other Financial Groups (Amendment) (EU Exit) Regulations 2018, which it intends to publish in due course. The draft Regulations will amend deficiencies in the U.K. legislation that implemented the EU Financial Conglomerates Directive. FICOD sets out specific solvency requirements designed to prevent different entities in a conglomerate from using the same capital more than once as a buffer against risk. The Directive also sets out requirements for management controls, risk management and for information sharing between relevant regulators of conglomerates. In the U.K., FICOD has been implemented by the Financial Conglomerates and Other Financial Groups Regulations 2004, as well as through provisions in regulatory rulebooks.

The explanatory information explains that the draft Regulations will amend several deficiencies to ensure the U.K.&apos;s FICOR Regulations remain operative in a U.K.-only context.

Read more.]]></description>
					      
						      <pubDate>Mon, 22 Oct 2018 17:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Publishes-Guidance-on-Proposed-Legi</guid>
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					      <title>UK Draft Legislation to Onshore the European Market Infrastructure Regulation Published</title>
					      <link>https://finreg.aoshearman.com/UK-Draft-Legislation-to-Onshore-the-European-Mark</link>
					      <description><![CDATA[
HM Treasury has published in draft format the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 - the U.K.&apos;s draft statutory instrument that would implement a post-Brexit EMIR regime, together with explanatory guidance. The draft EMIR Regulations will affect CCPs, clearing members, their clients, Trade Repositories, TR users and U.K. persons entering into derivatives contracts. They will also, like EMIR, have impacts for persons around the world which enter into derivatives with U.K. persons, through U.K. clearing members or that are ultimately held with CCPs that are regulated or recognized in the U.K.

The draft EMIR Regulations have been prepared to ensure that there continues to be an effective regulatory framework for OTC derivatives, CCPs and TRs in the U.K. after exit day. Onshoring of EMIR has been dealt with in three separate pieces of legislation. The draft EMIR Regulations should be read in conjunction with the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 the Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018, which were published in draft form on July 24, 2018 and October 5, 2018 respectively.

Read more.]]></description>
					      
						      <pubDate>Mon, 22 Oct 2018 17:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Draft-Legislation-to-Onshore-the-European-Mark</guid>
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					      <title>UK Ring-Fencing Regime to Remain Unchanged in a &quot;No Deal&quot; Brexit Scenario</title>
					      <link>https://finreg.aoshearman.com/UK-Ring-Fencing-Regime-to-Remain-Unchanged-in-a-</link>
					      <description><![CDATA[
HM Treasury has published explanatory guidance on potential changes to the U.K.&apos;s laws on ring-fencing in preparation for a &quot;no deal&quot; scenario in which the U.K. leaves the EU on March 29, 2019. The draft Ring-Fenced Bodies (Amendment) (EU Exit) Regulations 2018 have not yet been published. HM Treasury intends to publish the draft Regulations in due course and to lay them before Parliament before exit day.

Read more.]]></description>
					      
						      <pubDate>Mon, 22 Oct 2018 12:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Ring-Fencing-Regime-to-Remain-Unchanged-in-a-</guid>
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					      <title>UK Conduct Regulator Evaluates Impact of UK Benchmark Reform Since 2015</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Evaluates-Impact-of-UK-Benchmark</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published an evaluation paper on the impact of bringing seven additional benchmarks within the U.K.&apos;s regulatory and supervisory perimeter in April 2015, in response to the recommendations of the Fair and Effective Markets Review.  The necessary changes to the FCA&apos;s Handbook and guidance were effected by the Benchmarks (Amendment) Instrument 2015, a legal instrument made by the FCA. In the evaluation paper, the FCA clarifies that this benchmarks-related evaluation does not cover changes due to other policies that affect benchmarks, such as the EU Benchmarks Regulation or principles set by EU or international bodies.

The evaluation has been conducted in line with the FCA&apos;s approach to ex-post evaluation of the impact of its work, which it outlined in a discussion paper in April 2018. The FCA has conducted the benchmarks-related evaluation to understand: (i) the impact of the Benchmarks (Amendment) Instrument 2015 on markets and firms&apos; costs; and (ii) whether the FCA&apos;s regulatory intervention met its objective of increasing the robustness of benchmarks and restoring market confidence.

Read more.]]></description>
					      
						      <pubDate>Mon, 22 Oct 2018 12:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Evaluates-Impact-of-UK-Benchmark</guid>
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					      <title>Draft UK Post-Brexit Legislation Published to Onshore the EU Central Securities Depositories Regulation</title>
					      <link>https://finreg.aoshearman.com/Draft-UK-Post-Brexit-Legislation-Published-to-Ons</link>
					      <description><![CDATA[
HM Treasury has published a draft of the Central Securities Depositories (Amendment) (EU Exit) Regulations 2018, along with explanatory information. 

Read more.]]></description>
					      
						      <pubDate>Mon, 22 Oct 2018 11:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-UK-Post-Brexit-Legislation-Published-to-Ons</guid>
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					      <title>UK Serious Fraud Office Charges Former Banker With Conspiracy To Defraud For Manipulation of Euro Interbank Offered Rate</title>
					      <link>https://finreg.aoshearman.com/UK-Serious-Fraud-Office-Charges-Former-Banker</link>
					      <description><![CDATA[
The U.K. Serious Fraud Office has charged a former banker with conspiracy to defraud, as part of its investigation into the manipulation of the Euro Interbank Offered Rate.

The former banker was arrested in Italy in August 2018 after his trip to the country activated a European Arrest Warrant that had been secured by the SFO in 2016. Italian authorities ruled on October 12, 2018 that he should be extradited to the U.K. and he was charged with conspiracy to defraud at Westminster Magistrates&apos; court on October 20, 2018.

The next hearing will take place at Southwark Crown Court on October 24, 2018.

View the SFO&apos;s announcement.]]></description>
					      
						      <pubDate>Sun, 21 Oct 2018 12:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Serious-Fraud-Office-Charges-Former-Banker</guid>
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					      <title>EU Supervisory Authority Reports on ICO and Crypto-Asset Risks and Potential Regulation</title>
					      <link>https://finreg.aoshearman.com/EU-Supervisory-Authority-Reports-on-ICO-and-Crypt</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published an own-initiative report prepared by its Securities and Markets Stakeholder Group. The purpose of the report is to provide advice to ESMA on steps it might take to contain the risks of Initial Coin Offerings and crypto-assets, on top of existing regulation.

In the report, the term &quot;crypto-assets&quot; is used to refer to coins, tokens, virtual and cryptocurrencies or other digital or virtual assets collectively. The acronym &quot;ICO&quot; is used to refer to an initial offering of any crypto-asset. The report sets out a taxonomy of crypto-assets, based on the distinction between payment tokens, utility tokens, asset tokens and hybrids used by the Swiss Financial Market Supervisory Authority (FINMA).

Read more.]]></description>
					      
						      <pubDate>Fri, 19 Oct 2018 17:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Supervisory-Authority-Reports-on-ICO-and-Crypt</guid>
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					      <title>UK Regulator Launches Green FinTech Challenge</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Launches-Green-FinTech-Challenge</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched the Green FinTech Challenge for firms developing innovative products and services to assist in the U.K.&apos;s transition to a low-carbon economy. The Challenge is part of the FCA&apos;s Innovate project. Successful applicants to the challenge will benefit from authorization support, live testing in the regulatory sandbox and FCA guidance. Applications for inclusion in the challenge should be submitted by January 11, 2019 and successful applicants will be notified by the end of Q1 2019. This is the first FinTech challenge run by the FCA and is separate from the FCA&apos;s other Innovate services, which should continue to be accessed by firms developing propositions that fall outside the scope of the challenge. Once the challenge is complete, it will consider whether to launch more challenges.

View the FCA&apos;s Green FinTech Challenge webpage.]]></description>
					      
						      <pubDate>Fri, 19 Oct 2018 11:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Launches-Green-FinTech-Challenge</guid>
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					      <title>Financial Action Task Force Clarifies Virtual Asset Regulation</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Clarifies-Virtual-Asset</link>
					      <description><![CDATA[
The Financial Action Task Force has published the outcomes of its plenary on October 17-19, 2018. The FATF considered key issues such as the operations and streamlining of the FATF, major and other strategic initiatives and mutual evaluations.

One of the major initiatives covered by the plenary was the regulation of virtual assets. The G20 Finance Ministers &amp; Central Bank Governors communiqu&amp;eacute; following their July 2018 Buenos Aires meeting called on the FATF to clarify, by October 2018, how its global anti-money laundering and counter-terrorist financing standards apply to crypto assets.  At its October plenary, the FATF adopted amendments to the FATF Recommendations and Glossary at the plenary and issued a statement on the regulation of virtual assets. The FATF has done this to clarify that its standards apply to exchanges, wallet providers and providers of financial services for Initial Coin Offerings. Jurisdictions should therefore ensure that virtual asset service providers are subject to AML/CTF regulations. However, jurisdictions are able to choose which category of regulated entity virtual asset service providers should fall into. 

Read more.]]></description>
					      
						      <pubDate>Fri, 19 Oct 2018 11:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Clarifies-Virtual-Asset</guid>
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					      <title>Basel Committee on Banking Supervision Consults on Leverage Ratio Treatment of Client-Cleared Derivatives</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Consults--o</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published a consultation paper entitled &quot;Leverage ratio treatment of client-cleared derivatives,&quot; seeking views from stakeholders on whether a targeted and limited revision of the leverage ratio exposure measure is warranted with respect to the treatment of client cleared derivatives.

On the publication of the finalized Basel III framework in December 2017, the Basel Committee stated that it would continue to monitor the impact of the Basel III leverage ratio&apos;s treatment of client-cleared derivative transactions. It confirmed that it would review the impact of the leverage ratio on banks&apos; provision of clearing services and any consequent impact on the resilience of central counterparty clearing. The Basel Committee has completed its review and is of the view that only a strong evidence-based case would justify making revisions to the current leverage ratio treatment of client cleared derivatives.

Read more. ]]></description>
					      
						      <pubDate>Thu, 18 Oct 2018 15:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Consults--o</guid>
				    </item>
			
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					      <title>Basel Committee on Banking Supervision Highlights Concerns About Leverage Ratio &quot;Window-Dressing&quot;</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Highlights</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has issued a statement on leverage ratio &quot;window-dressing&quot; behavior by banks.

To comply with the Basel III leverage ratio standard, among other things, banks are required to publicly disclose their leverage ratio, calculated on a quarter-end basis, or more frequently in certain jurisdictions. The Basel Committee has noted what may be a tendency in banks to engage in so-called window-dressing by temporarily reducing transaction volumes around key reference dates, which has the effect of allowing banks to report and publicly disclose higher leverage ratios.

The Basel Committee states that window dressing is unacceptable as it undermines the policy objectives of the leverage ratio standard and risks disrupting the operations of financial markets. The Basel Committee calls on banks to desist from undertaking transactions for window-dressing purposes and makes several suggestions for actions by supervisors to address these concerns. These include increasing the frequency of reporting and supervisory monitoring, focused supervisory inspections and/or additional public disclosures. The Basel Committee will continue to monitor potential window-dressing behavior and may consider adjusting the Pillar 1 minimum capital requirements and/or Pillar 3 disclosure requirements if necessary.

View the Basel Committee&apos;s Statement.]]></description>
					      
						      <pubDate>Thu, 18 Oct 2018 14:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Highlights</guid>
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					      <title>UK Prudential Regulator Issues Update to Level One Firms on Supervising Remuneration Compliance</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Issues-Update-to-Level-On</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a &quot;Dear Remuneration Committee Chair&quot; letter that it has sent to Remuneration Committee Chairs of proportionality Level One firms (that is, banks, building societies and PRA-designated investment firms with relevant total assets exceeding &amp;pound;50 billion as at the relevant date) ahead of its annual review of remuneration policies and practices.

In the letter, the PRA explains that, with effect from the 2018/19 remuneration review, the PRA will no longer provide a non-objection statement to the proposed communication or distribution of variable remuneration awards by Level One firms. The PRA states that its oversight of Level One firms&apos; remuneration practices will increasingly draw on the principles for governance set out in the Senior Managers and Certification Regime, placing more emphasis on how the Chairs of firms Remuneration Committees discharge their responsibilities under the SM&amp;CR and on how Remuneration Committees carry out their role of oversight and independent challenge under the PRA&apos;s Remuneration Rules.

Going forward, Level One firms can continue to expect engagement throughout the year from their PRA supervisors on their remuneration policies, practices and processes and, where needed, feedback on issues the firm should address. Level One firms should submit a remuneration policy statement and quantitative data tables three months ahead of the firm&apos;s preferred final feedback date (that is, the date previously referred to as the &quot;non-objection date&quot;), and an update to the figures at least two weeks before the final feedback date.

View the Letter.]]></description>
					      
						      <pubDate>Thu, 18 Oct 2018 14:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Issues-Update-to-Level-On</guid>
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					      <title>US Securities and Exchange Commission Launches Strategic Hub for Innovation and Financial Technology</title>
					      <link>https://finreg.aoshearman.com/US-Securities-and-Exchange-Commission-Launches-St</link>
					      <description><![CDATA[
The Securities and Exchange Commission has launched its Strategic Hub for Innovation and Financial Technology (FinHub), designed to engage investors and market participants on FinTech issues and initiatives.

Valerie A. Szczepanik, the SEC&apos;s Senior Advisor for Digital Assets and Innovation and Associate Director in the SEC&apos;s Division of Corporation Finance, will lead FinHub, which will focus on topics such as distributed ledger technology (DLT) and digital assets, automated investment advice, digital marketplace financing, artificial intelligence and machine learning. The SEC&apos;s various divisions will assign staff with expertise in the FinTech space. inHub will replace and build on the efforts of several of the SEC&apos;s internal FinTech working groups.

The SEC said that FinHub will provide a platform for market participants to engage directly with SEC staff on innovations and technological developments, publicize the SEC&apos;s FinTech-related activity on the FinHub webpage, host FinTech events (including a forum on DLT and digital assets planned for 2019) and act as a resource for SEC staff to acquire and disseminate FinTech-related information within the agency. Further, it will serve as the SEC&apos;s liaison to domestic and global regulators in respect of innovations in financial, regulatory and supervisory systems.

Read more.]]></description>
					      
						      <pubDate>Thu, 18 Oct 2018 09:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Securities-and-Exchange-Commission-Launches-St</guid>
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					      <title>Basel Committee on Banking Supervision Publishes Updated Stress Testing Principles</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision--Publishes-</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published a final version of its Stress Testing Principles, which replace its 2009 Principles for Stress Testing and Supervision. The Basel Committee conducted a review of the 2009 Principles during 2017 and launched a consultation on proposed revisions in December 2017.

The new principles reflect the growth in importance of stress testing since the 2009 version was produced and its evolution into a critical element of risk management for banks as well as a core tool for both banking supervisors and macroprudential authorities.

The new principles are also set at a higher level than the previous version, so that the principles can apply across many banks and jurisdictions and so that they are robust to developments in stress testing practices. The principles focus on the core elements of stress testing frameworks, including the objectives, governance, policies, processes, methodology, resources and documentation that guide stress testing. Each principle is followed by a short description of considerations that are equally relevant for banks and authorities, along with additional considerations for banks or authorities.

View the Stress Testing Principles.]]></description>
					      
						      <pubDate>Wed, 17 Oct 2018 15:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision--Publishes-</guid>
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					      <title>UK Conduct Regulator Issues Feedback Statement on Digital Regulatory Reporting</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Issues-Feedback-Statement-on</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Feedback Statement on the Digital Regulatory Reporting project it began earlier in 2018. The Feedback Statement summarizes the feedback the FCA received from the call for input it published in January 2018 and sets out the FCA&apos;s responses.

The FCA is working with the Bank of England in the RegTech sphere to explore ways of using technology to link regulation, compliance procedures and firms&apos; policies and standards together with firms&apos; transactional applications and databases. Most respondents to the FCA&apos;s call for input agreed in particular that digital regulatory reporting could bring increased efficiency, among other benefits. Some respondents expressed concerns about costs of implementation and called for a period of overlap were digital regulatory reporting to be introduced. Overall, the FCA is encouraged by the feedback.

The Feedback Statement confirms that participants to a pilot launched in June 2018 to further explore the proof of concept for a move to digital regulatory reporting will publish their findings in a technical paper in Q1 2019. The FCA will continue with workstreams under the project and should a business case be made, it will launch a consultation and a cost benefit analysis. While the FCA is focusing on implementation of digital regulatory reporting in the U.K., it also believes that multinational adoption could bring benefits and is in discussions with its counterparts internationally.

View the Feedback Statement (FCA FS 18/2).

View details of the FCA&apos;s call for input.

View details of the terms of reference for the project&apos;s pilot phase.]]></description>
					      
						      <pubDate>Wed, 17 Oct 2018 15:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Issues-Feedback-Statement-on</guid>
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					      <title>US Commissioner Quintenz Speaks on Smart Contract Regulation</title>
					      <link>https://finreg.aoshearman.com/US-Commissioner-Quintenz-Speaks-on-Smart-Contract</link>
					      <description><![CDATA[
Commodity Futures Trading Commission Commissioner Brian Quintenz has given a wide-ranging speech at the GITEX Technology Week Conference in Dubai addressing a number of key issues faced by the CFTC in considering how to regulate smart contracts. While he acknowledged that there are still many questions to be answered on smart contract regulation, Commissioner Quintenz expressed a number of important views that should make market participants pause before assuming that activity in smart contracts will avoid CFTC scrutiny.

Commissioner Quintenz explained that, in his view, the first step the CFTC should take when considering a smart contract is to understand the basic nature of the contract and whether it is within the CFTC&apos;s jurisdiction. For example, is the contract a product that must be traded on an exchange? Does the protocol itself perform the functions of an exchange, which may trigger registration requirements? While the answers will of course be different for every smart contract, Commissioner Quintenz made clear that he believes existing CFTC regulations can and should be applied to such contracts where appropriate.

Read more.]]></description>
					      
						      <pubDate>Tue, 16 Oct 2018 09:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Commissioner-Quintenz-Speaks-on-Smart-Contract</guid>
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					      <title>UK Conduct Regulator Publishes Finalized Approach to Competition</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Finalized-Approach</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published its finalized Approach to Competition, following feedback to its consultation between December 2017 and March 2018 on a draft of its approach document. The FCA&apos;s Approach to Competition should be read alongside the FCA Mission, which was first published in October 2016.

In the approach document, the FCA outlines its &quot;competition objective&quot; of promoting effective competition in the interests of consumers in particular markets and its &quot;competition duty,&quot; which requires it to discharge its general functions in a way that promotes effective competition in the interests of consumers. It then explains how it advances its competition objective by: (i) using market studies to examine market structures and dynamics and imposing rule changes to improve consumer outcomes if necessary; (ii) using its powers under the Competition Act 1998 to investigate anti-competitive behavior under U.K. and EU law; and (iii) implementing regulation with the aim of supporting competition in the interests of consumers.

Read more.]]></description>
					      
						      <pubDate>Mon, 15 Oct 2018 15:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Finalized-Approach</guid>
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					      <title>UK Conduct Regulator Invites Applications for Cohort Five of Its Regulatory Sandbox</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Invites-Applications-for-Coh</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has announced that the application window has opened for cohort five of its regulatory sandbox. The FCA announced the successful applicants to the previous cohort in July 2018.

The FCA&apos;s sandbox is part of the FCA&apos;s Project Innovate, which was launched in 2014.  The regulatory sandbox has been in operation since 2016 and provides a controlled environment for firms that satisfy the relevant eligibility criteria to test innovative products and services with real customers.

The deadline for completed applications for cohort five is November 30, 2018.

View the FCA webpage.

View details of the successful applicants to cohort four.]]></description>
					      
						      <pubDate>Mon, 15 Oct 2018 14:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Invites-Applications-for-Coh</guid>
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					      <title>UK Regulator Considers Potential Regulatory Refinements for Climate Change</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Considers-Potential-Regulatory-Refin</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Discussion Paper on climate change and green finance in which it calls for comment on potential changes to its regulatory approach in these areas. The Discussion Paper sets out specific action that the FCA intends to take in the short term in four focus areas - capital markets disclosures, public reporting requirements, green finance and pensions.

First, the FCA is considering whether the regulatory approach to disclosures by issuers in the capital markets should be amended. In particular, the FCA is asking for comments on: (i) the difficulties that issuers may have in determining materiality of climate-related issues such that a specific disclosure would be warranted; (ii) whether investors would benefit from greater comparability of disclosures; (iii) whether further prescribed requirements on climate-related disclosures should be introduced to facilitate more consistent disclosures by issuers. This final point includes whether the introduction of a &quot;comply or explain&quot; approach to the Task Force on Climate-related Disclosures would facilitate more effective markets.

Read more.]]></description>
					      
						      <pubDate>Mon, 15 Oct 2018 10:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Considers-Potential-Regulatory-Refin</guid>
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					      <title>UK Prudential Regulator Consults on Managing Financial Risks from Climate Change</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Managing-Fina</link>
					      <description><![CDATA[
The Prudential Regulation Authority has published a consultation paper on a draft Supervisory Statement on managing the financial risks from climate change. The consultation follows the PRA&apos;s publication in September 2018 of its report &quot;Transition in thinking: The impact of climate change on the U.K. banking sector.&quot; The consultation paper is relevant to banks, insurers, re-insurers, building societies and PRA-designated investment firms. The PRA wants firms to take a strategic approach to financial risks from climate change by taking into account current and credible risks and identifying actions needed now to mitigate existing and future risks.

Read more.]]></description>
					      
						      <pubDate>Mon, 15 Oct 2018 10:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Managing-Fina</guid>
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					      <title>UK Conduct Regulator Consults on Enforcement Powers under the Securitization Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Enforcement-Powe</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a further consultation on implementation of the EU Securitization Regulation. The Securitization Regulation (also known as the STS Regulation) and a related amendment to the Capital Requirements Regulation came into effect on January 17, 2018. The majority of the provisions of the Securitization Regulation and the related amendment to the CRR will apply directly across the EU from January 1, 2019. While the Securitization Regulation is directly applicable, HM Treasury must make certain legislative amendments to align provisions of U.K. law with the Regulation. The FCA must also align its Handbook and launched a first consultation in August 2018 on its proposals for Handbook amendments.

In this further consultation, the FCA is consulting on proposed amendments to its Decision Procedure and Penalties manual (DEPP) and to its Enforcement Guide, to reflect the expected provisions of a Statutory Instrument which is expected to be laid before Parliament by HM Treasury in December 2018.

Read more.]]></description>
					      
						      <pubDate>Fri, 12 Oct 2018 14:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Enforcement-Powe</guid>
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					      <title>UK Government&apos;s Guidance on Approach to Sanctions in a &apos;Hard Brexit&apos; Scenario</title>
					      <link>https://finreg.aoshearman.com/UK-Government39s-Guidance-on-Approach-to-Sanction</link>
					      <description><![CDATA[
The U.K. Foreign and Commonwealth Office has published guidance on the U.K. government&apos;s approach to implementing sanctions in the event that no deal is agreed between the EU and the U.K. on the U.K.&apos;s exit from the EU. If there is no deal, the U.K. will leave the EU on March 29, 2019.

The U.K. currently implements sanctions agreed by the UN Security Council, according to international law requirements, and the EU, as provided for in EU legislation and U.K. implementing legislation. In the event of a &quot;hard Brexit,&quot; the U.K. would continue to implement sanctions agreed by the UN Security Council and would have the power to adopt other sanctions under the Sanctions and Anti-Money Laundering Act 2018. The FCO would publish the names of individuals and organizations subject to U.K. sanctions.

Read more.]]></description>
					      
						      <pubDate>Fri, 12 Oct 2018 13:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government39s-Guidance-on-Approach-to-Sanction</guid>
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					      <title>UK Prudential Regulator Proposes Period of Overlap for Transition to New Pillar 2 Reporting Template</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Proposes-Period-of-Overla</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a consultation proposing a six-month overlap period following the introduction of the new Pillar 2 Liquidity reporting template (PRA110) from July 1, 2019. The Capital Requirements Directive gives national regulators discretion to set additional Pillar 2 liquidity requirements, to capture those liquidity risks that are either not captured or not fully captured under the Pillar 1 framework. The final element - Pillar 3 - involves public reporting of capital. The PRA published its final Policy Statement on the introduction of its Pillar 2 framework in February 2018. The PRA110 template was scheduled to replace the existing &quot;daily flows&quot; and &quot;enhanced mismatch&quot; liquidity reports (FSA047 and FSA048) from July 1, 2019.

Since its Policy Statement, the PRA has reassessed the risks from transitioning to the PRA110 template and considers it prudent to delay the termination of FSA047 and FSA048, to ensure data quality and continuity. The PRA proposes that the PRA110 is introduced on July 1, 2019 as planned. However, between then and January 1, 2020, firms should additionally continue to submit liquidity reports using FSA047 and FSA048. The overlap will allow the PRA and firms alike to assess the quality of PRA110 reporting.

The PRA is inviting comments on the proposal by November 12, 2018. The PRA considers that the short consultation period is justified due to the fact that firms are already reporting using FSA047 and FSA048.

View the consultation paper (PRA CP22/18).

View details of the PRA&apos;s Pillar 2 Policy Statement.]]></description>
					      
						      <pubDate>Fri, 12 Oct 2018 13:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Proposes-Period-of-Overla</guid>
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					      <title>Securities and Exchange Commission Reopens Comment Period on Capital, Margin and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants</title>
					      <link>https://finreg.aoshearman.com/Securities-and-Exchange-Commission-Reopens-Commen</link>
					      <description><![CDATA[
The U.S. Securities and Exchange Commission has voted to reopen the comment period and request additional comments on proposals for capital, margin and segregation requirements for security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs) and capital requirements for broker-dealers. The Commission approved the measure by a 4-1 vote, with only Commissioner Robert Jackson Jr. dissenting.

The Commission initially published in 2012 a proposal on capital and margin requirements for non-bank SBSDs and MSBSPs, and segregation requirements for all SBSDs. The Commission published proposed provisions to establish the cross-border treatment of these rules in 2013 and an additional capital requirement for nonbank SBSDs in 2014. By reopening the comment period, the Commission stated that it is looking to provide market participants with an opportunity to provide comments that account for regulatory and market developments since the initial publication of the proposals, as well as the potential economic effects of the proposals in light of such developments. The Commission has previously indicated that it intends to finalize these rules prior to commencing registration of SBSDs and MSBSPs.

Read more.]]></description>
					      
						      <pubDate>Thu, 11 Oct 2018 15:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Securities-and-Exchange-Commission-Reopens-Commen</guid>
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					      <title>UK Financial Conduct Authority Consults on Guidance Under the Extended Senior Managers Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Guidan</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a consultation paper on proposed guidance on the Statement of Responsibilities (SoR) and Responsibilities Maps required under the Senior Managers and Certification regimes. The extended SM&amp;CR will apply to all firms authorized under the Financial Services and Markets Act 2000 and regulated by the FCA, as well as EEA and third-country (non-EEA) branches. SM&amp;CR will be extended to FCA solo-regulated firms from December 9, 2019.

Read more.]]></description>
					      
						      <pubDate>Thu, 11 Oct 2018 14:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Guidan</guid>
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					      <title>Draft UK Post-Brexit Legislation to Onshore the EU Markets in Financial Instruments Package</title>
					      <link>https://finreg.aoshearman.com/Draft-UK-Post-Brexit-Legislation-to-Onshore-the-E</link>
					      <description><![CDATA[
HM Treasury has published a draft of the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018, along with explanatory information. The draft Regulations are primarily relevant for MiFID II-authorized firms including investment banks, stock and futures exchanges, broker-dealers, investment advisers and investment managers.

The draft Regulations have been prepared in preparation for a &quot;no-deal&quot; scenario, in which the U.K. exits the EU on March 29, 2019 without a ratified Withdrawal Agreement. The no-deal scenario would mean that there would be no transitional period following Brexit and that the U.K. would be treated as a third-country after exit day. The changes set out in the draft Regulations will not take effect if the U.K. enters a transition period.

Read more.]]></description>
					      
						      <pubDate>Thu, 11 Oct 2018 11:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-UK-Post-Brexit-Legislation-to-Onshore-the-E</guid>
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					      <title>Financial Stability Board Recommends Vigilant Ongoing Monitoring of Crypto-Assets</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Recommends-Vigilant-Ong</link>
					      <description><![CDATA[
The Financial Stability Board has published a report entitled &quot;Crypto-asset markets: Potential Channels for future financial stability,&quot; in which it outlines its findings following its assessment of the crypto-asset markets in 2018.

The FSB has considered the primary risks present in crypto-assets markets as low liquidity, volatility, leverage risks, as well as technological and operational risks (including cyber security risks). The FSB considers that crypto-assets lack the key attributes of sovereign currencies and do not serve as a common means of payment, a stable store of value or a mainstream unit of account. Based on the available information, the FSB considers that crypto-assets do not pose a material risk to global financial stability at this time. However, the FSB&apos;s report highlights that there could be financial stability implications from these primary risks through a variety of transmission channels including: (i) confidence effects; (ii) financial institutions&apos; exposures to crypto-assets, related financial products and entities that are financially impacted by crypto-assets; (iii) the level of market capitalisation of crypto-assets; and (iv) the extent of their use for payments and settlements.

Read more.]]></description>
					      
						      <pubDate>Wed, 10 Oct 2018 14:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Recommends-Vigilant-Ong</guid>
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					      <title>UK Regulator Provides Information on Brexit Process for Credit Rating Agencies, Trade Repositories and Data Reporting Services Providers</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Provides-Information-on-Brexit-Proce</link>
					      <description><![CDATA[
The Financial Conduct Authority has published three press releases announcing how entities can register with it as a credit rating agency, a trade repository or apply for temporary authorization as a data reporting services provider in preparation for the U.K. leaving the EU without a deal. The press releases follow the draft legislation and explanatory guidance recently published by HM Treasury and the FCA&apos;s first consultation on onshoring the EU technical standards through changes to its rulebook.

For credit rating agencies, the U.K. intends to establish a conversion regime (for U.K. CRAs and third-country CRAs currently registered or certified by the European Securities and Markets Authority) and a temporary registration regime (for newly established U.K. entities that are part of a group of CRAs with an existing ESMA registration before exit day). The FCA&apos;s CRA press release informs CRAs of how they can notify the FCA of their intention to use one of these regimes and provides an indicative timeline for the legislation and regime to be put into place.

Read more.]]></description>
					      
						      <pubDate>Wed, 10 Oct 2018 14:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Provides-Information-on-Brexit-Proce</guid>
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					      <title>UK Conduct Regulator Consults on Brexit-Related Changes to Its Rulebook and Binding Technical Standards</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Brexit-Related-C</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published its first consultation on proposed changes to the FCA Handbook to ensure a functioning legal and regulatory framework for financial services in the event of a &quot;no-deal&quot; scenario whereby the U.K. exits the EU on March 29, 2019 without a ratified Withdrawal Agreement in place and there is consequently no transitional period for firms. The proposed amendments will not take effect if the U.K. enters into a transitional period after exit day.

The consultation includes the FCA&apos;s proposals in relation to the Binding Technical Standards it has been empowered by HM Treasury to amend prior to Brexit and to maintain afterward. These are the retained EU &quot;Level 2&quot; delegated and implementing regulations that set out regulatory technical standards and implementing technical standards. The consultation also sets out the FCA&apos;s proposed approach to non-legislative &quot;Level 3&quot; materials such as guidelines, recommendations and opinions that will also be onshored.

The FCA states in the consultation that the majority of the proposed changes are consequential in nature and follow the amendments to retained EU law that HM Treasury is proposing, as set out in the series of financial services-related statutory instruments being made under the European Union (Withdrawal) Act 2018.

Read more.]]></description>
					      
						      <pubDate>Wed, 10 Oct 2018 14:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Brexit-Related-C</guid>
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					      <title>UK Conduct Regulator Consults on Post-Brexit Temporary Permissions Regime for EEA Firms and Funds</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Post-Brexit-Temp</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a consultation on its proposed approach to a Temporary Permissions Regime for EEA firms and investment funds that currently provide services in the U.K. - either via a branch or cross-border - pursuant to a single market passport. The proposed TPR is designed to minimize the potential harm caused by an abrupt loss of the passport in a &quot;no-deal&quot; scenario, in which the U.K. exits the EU without a ratified Withdrawal Agreement, which would mean that there would be no transitional period following Brexit and that the U.K. would be treated as a third-country after exit day. The TPR will enable EEA firms and investment funds to continue to provide services in the U.K. for a limited period following exit day.

The proposed TPR will take effect on March 29, 2019 in the event of no deal. Should the U.K. and EU negotiations lead to ratification of the Withdrawal Agreement, the TPR will not enter into force. Instead, during the transitional period, firms and investment funds would continue to have access to the same passporting arrangements as they do now.

Read more.]]></description>
					      
						      <pubDate>Wed, 10 Oct 2018 14:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Post-Brexit-Temp</guid>
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					      <title>Post-Brexit UK Law to Exclude EU Laws on the European Supervisory Authorities</title>
					      <link>https://finreg.aoshearman.com/Post-Brexit-UK-Law-to-Exclude-EU-Laws-on-the-Euro</link>
					      <description><![CDATA[
HM Treasury has published guidance stating that the laws establishing the three European Supervisory Authorities and the European Systemic Risk Board will be revoked in their entirety once the U.K. has left the EU. The ESAs are the European Securities and Markets Authority, the European Banking Authority and the European Insurance and Occupational Pensions Authority. These ESAs and the ESRB are part of the EU framework for supervision and regulation of the EU financial services sector. The European Union (Withdrawal) Act 2018 automatically incorporates such EU legislation into U.K. laws when the U.K. leaves the EU.

At the point of Brexit, the ESAs and the ESRB will no longer perform functions in relation to the U.K. and the EU legislation that established them will be inoperable in U.K. laws. HM Treasury intends to use a statutory instrument to revoke those laws in their entirety so that they do not become applicable on Brexit. Where other EU legislation automatically incorporated into U.K. law refers to the ESAs or ESRB, statutory instruments will either amend the law or revoke it, as appropriate.

View the guidance.]]></description>
					      
						      <pubDate>Tue, 09 Oct 2018 15:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Post-Brexit-UK-Law-to-Exclude-EU-Laws-on-the-Euro</guid>
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					      <title>UK Financial Policy Committee Publishes Outcome of its October Meeting</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Policy-Committee-Publishes-Outcome-o</link>
					      <description><![CDATA[
The Financial Policy Committee has published a statement from its meeting held on October 3, 2018 where it reviewed developments since June 19, 2018. The FPC continues to consider that the U.K. banking system is sufficiently robust to withstand the disruption of a &quot;hard Brexit&quot; and that there is no need for additional capital buffers for banks as a result. The FPC is of the view that the banking system would be able to absorb, in addition to a disorderly Brexit, further costs that might arise from trade tensions. However, the FPC is concerned about the lack of action taken by EU authorities to address the risks of disruption in the event of the U.K. leaving the EU without a deal on March 29, 2019. In particular, the FPC would like mitigating action to be taken to address the risks associated with derivatives contracts and the transfer of personal data.

Aside from the risks presented by Brexit, the FPC considers that domestic risks are still at a standard level overall. However, the FPC is concerned about the swift growth of leveraged lending and intends to: (i) assess the implications for banks in the 2018 stress test; and (ii) review the impact of the increasing role of non-bank lenders and changes in the distribution of corporate debt. The FPC has decided to maintain the U.K. countercyclical capital buffer rate at 1% and will review the rate again at its meeting on November 28, 2018.

Read more.]]></description>
					      
						      <pubDate>Tue, 09 Oct 2018 12:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Policy-Committee-Publishes-Outcome-o</guid>
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					      <title>European Supervisors Announce 2019 Work Priorities</title>
					      <link>https://finreg.aoshearman.com/European-Supervisors-Announce-2019-Work-Prioritie</link>
					      <description><![CDATA[
The Joint Committee of the European Supervisory Authorities (that is, the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority) has published its 2019 Work Programme. EIOPA will Chair the Joint Committee in 2019. The Work Programme provides details of the Joint Committee&apos;s key workstreams for 2019.

Read more.]]></description>
					      
						      <pubDate>Tue, 09 Oct 2018 11:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisors-Announce-2019-Work-Prioritie</guid>
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					      <title>UK Conduct Regulator Consults on Illiquid Assets and Open-Ended Funds</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Illiquid-Assets-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation on illiquid assets and open-ended funds, following responses from stakeholders to a discussion paper it issued early in 2017. After observing the impact of certain temporary fund suspensions following the U.K.&apos;s 2016 referendum on exiting the EU, the FCA considers that open ended funds investing in illiquid assets have a potential structural liquidity mismatch which, under stress, can create a &quot;first mover&quot; advantage that may lead to runs on funds and sales of fund assets at reduced prices.

The FCA is consulting on a number of proposals to alleviate the risk of poor outcomes to retail investors in open ended funds, specifically non-UCITS retail schemes (NURSs), that invest in illiquid assets. The consultation includes a proposed approach to defining &quot;inherently illiquid assets,&quot; examples of which include property or infrastructure investments.

In addition to the responses received to its discussion paper, the FCA&apos;s consultation proposals are also informed by its supervisory work and by the revised version of the Recommendations on Liquidity Risk Management for Collective Investment Schemes published in February 2018 by the International Organization of Securities Commissions.

Read more.]]></description>
					      
						      <pubDate>Mon, 08 Oct 2018 14:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Illiquid-Assets-</guid>
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					      <title>UK Government Proposes Temporary Transitional Powers for UK Financial Regulators to Ease Brexit Adjustments</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Proposes-Temporary-Transitional-Pow</link>
					      <description><![CDATA[
HM Treasury has published an Approach Paper setting out its proposal for a temporary transitional power to be given to the U.K. financial regulators to assist firms to adapt to the post-Brexit regulatory framework in an orderly manner in the event of a &quot;no deal&quot; scenario.

It is proposed that the Bank of England, the Prudential Regulation Authority and the Financial Conduct Authority are granted a temporary power to award transitional relief from regulatory requirements where the requirements have been introduced or have changed as a result of onshoring financial services legislation. The power would relate to regulatory requirements in the PRA and FCA rules, onshored EU technical standards, onshored EU financial services regulations or delegated regulations and relevant U.K. primary or secondary legislation. The regulators would be able to grant transitional relief by issuing a &quot;direction&quot; setting out the terms of the relief, including whether the relief would apply to particular firms, classes of firms or to all firms. The power would not be available where a specific transitional arrangement has already been put in place for firms through regulations made under the European Union (Withdrawal) Act because HM Treasury believes that additional relief would not be necessary.

Read more.]]></description>
					      
						      <pubDate>Mon, 08 Oct 2018 14:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Proposes-Temporary-Transitional-Pow</guid>
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					      <title>Draft UK Post-Brexit Regulations to Onshore the EU Bank Recovery and Resolution Directive Published</title>
					      <link>https://finreg.aoshearman.com/Draft-UK-Post-Brexit-Regulations-to-Onshore-the-E</link>
					      <description><![CDATA[
HM Treasury has published draft Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 to onshore the EU Bank Recovery and Resolution Directive in preparation for the U.K.&apos;s exit from the EU. An explanatory guide to the draft Regulations has also been published. The draft Regulations will make changes to the existing U.K. legislation which transposed the BRRD into U.K. law, which is mainly the Banking Act 2009 and the Bank Recovery and Resolution (No 2) Order 2014, and to certain Delegated Regulations adopted by the European Commission under the BRRD. The aim of the draft Regulations is to ensure that the U.K. Special Resolution Regime is &quot;legally and practically workable on a standalone basis&quot; when the U.K. leaves the EU.

Read more.]]></description>
					      
						      <pubDate>Mon, 08 Oct 2018 11:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-UK-Post-Brexit-Regulations-to-Onshore-the-E</guid>
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					      <title>Draft UK Post-Brexit Legislation to Onshore Alternative Investment Fund Managers Directive Published</title>
					      <link>https://finreg.aoshearman.com/Draft-UK-Post-Brexit-Legislation-to-Onshore-Alter</link>
					      <description><![CDATA[
HM Treasury has published a draft of the Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2018, along with explanatory information. The draft Regulations will onshore the Alternative Investment Fund Managers Directive for Brexit.

The draft Regulations are primarily relevant for Alternative Investment Fund Managers that are already regulated in the U.K. under the Alternative Investment Fund Managers Regulations 2013 and AIFMs currently marketing EEA AIFs in the U.K. They are also relevant for fund managers that market EEA Undertakings for Collective Investment in Transferable Securities (UCITS) into the U.K. HM Treasury has published separately the draft U.K. legislation to onshore EU legislation for UCITS funds for Brexit.

The draft Regulations have been prepared in preparation for a &quot;no-deal&quot; scenario, in which the U.K. exits the EU on March 29, 2019 without a ratified Withdrawal Agreement. The no-deal scenario addressed in the draft Regulations involves no transitional period following Brexit and the U.K. being treated as a third-country under EU law after exit day. The changes set out in the draft Regulations will not take effect on exit day if the U.K. enters a transition period.

Read more.]]></description>
					      
						      <pubDate>Mon, 08 Oct 2018 11:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-UK-Post-Brexit-Legislation-to-Onshore-Alter</guid>
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					      <title>Draft UK Post-Brexit Legislation to Onshore EU UCITS Directive Published</title>
					      <link>https://finreg.aoshearman.com/Draft-UK-Post-Brexit-Legislation-to-Onshore-EU-UC</link>
					      <description><![CDATA[
HM Treasury has published a draft of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2018, along with explanatory information. The draft Regulations will onshore the Undertakings for Collective Investment in Transferable Securities (UCITS) Directive for Brexit.

The draft Regulations are primarily relevant for EEA fund managers operating UCITS authorized in the U.K., fund managers marketing EEA UCITS into the U.K. and depositaries that provide services to U.K. authorized funds. HM Treasury has also published separately the draft U.K. legislation to onshore EU legislation for Alternative Investment Funds for Brexit.

The draft Regulations have been prepared in preparation for a &quot;no-deal&quot; scenario, in which the U.K. exits the EU on March 29, 2019 without a ratified Withdrawal Agreement. The no-deal scenario would mean that there would be no transitional period following Brexit and that the U.K. would be treated as a third-country after exit day. The changes set out in the draft Regulations will not take effect on exit day if the U.K. enters a transition period.

Read more. ]]></description>
					      
						      <pubDate>Mon, 08 Oct 2018 11:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-UK-Post-Brexit-Legislation-to-Onshore-EU-UC</guid>
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					      <title>UK Plans Transitional Regime for Credit Ratings for Potential &quot;No Deal&quot; Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Plans-Transitional-Regime-for-Credit-Ratings-f</link>
					      <description><![CDATA[
HM Treasury has published explanatory guidance on a proposed U.K. regulation to onshore EU legislation on credit rating agencies in the event of a &quot;no deal&quot; scenario resulting from the EU-U.K. Brexit negotiations. If no deal is reached, the U.K. exits the EU on March 29, 2019. The draft statutory instrument is still being prepared and the approach as set out in the guidance may change as a result. It is expected that the draft SI will be published and also laid before Parliament before the end of the year.

Read more. ]]></description>
					      
						      <pubDate>Mon, 08 Oct 2018 07:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Plans-Transitional-Regime-for-Credit-Ratings-f</guid>
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					      <title>European Supervisory Authority Issues Opinion on Position Limits for UK Natural Gas Derivatives</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authority-Issues-Opinion-on-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published an Opinion (dated September 24, 2018) on position limits for U.K. Natural Gas Contracts, for the purposes of the position limit regime established by the revised Markets in Financial Instruments Directive. MiFID II and its secondary legislation establish the position limits regime for commodity derivatives. For illiquid contracts, the position limits are set in the legislation. However, where contracts are liquid, position limits are set by the relevant national regulator and notified to ESMA. Secondary legislation under MiFID II sets out Regulatory Technical Standards for the methodology national regulators should use and the factors they should consider when setting position limits.

The U.K. Financial Conduct Authority notified ESMA in February 2018 of the position limits the FCA intends to set for U.K. Natural Gas commodity futures and options contracts. In its Opinion, ESMA confirms that the spot month position limit and the other months&apos; position limit are consistent with the objectives of MiFID II and compliant with the methodology established by the relevant RTS.

Read more.]]></description>
					      
						      <pubDate>Fri, 05 Oct 2018 17:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authority-Issues-Opinion-on-</guid>
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					      <title>UK Office of Financial Sanctions Implementation Publishes First Annual Review</title>
					      <link>https://finreg.aoshearman.com/UK-Office-of-Financial-Sanctions-Implementation-P</link>
					      <description><![CDATA[
The U.K. Office of Financial Sanctions Implementation has published its Annual Review for the period from April 2017 to March 2018. OFSI was established in March 2016 with the objective of raising awareness of financial sanctions, assessing and addressing suspected sanctions breaches and providing a professional service to the public and industry. The Annual Review provides an overview of:

	U.N. and EU financial sanction regimes implemented by OFSI;
	OFSI&apos;s work on asset freezing and a breakdown of funds frozen;
	action taken by OFSI following reports of suspected breaches of financial sanctions;
	licenses issued by OFSI during the period; and
	awareness-raising activities.

The Annual Review also outlines OFSI&apos;s forward plans in the above areas. This includes: (i) a plan to improve searchability of OFSI&apos;s Consolidated List of financial sanctions targets; (ii) potentially imposing monetary penalties in 2018-19; (iii) further activities to raise awareness, including the publication of more targeted guidance on financial sanctions compliance and on changes to the legal framework for sanctions; and (iv) Brexit preparations.

View the Annual Report.]]></description>
					      
						      <pubDate>Fri, 05 Oct 2018 16:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Office-of-Financial-Sanctions-Implementation-P</guid>
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					      <title>
US FDIC Seeks to Improve Communication, Transparency and Accountability</title>
					      <link>https://finreg.aoshearman.com/USFDIC-Seeks-to-Improve-Communication-Transparency-and-Accountability</link>
					      <description><![CDATA[
The U.S. Federal Deposit Insurance Corporation published a notice and request for comment seeking input on how to improve the efficacy, efficiency and transparency of the agency&apos;s communication with insured depository institutions.  The notice outlines current forms of communication, including, regulations, policies, procedures and guidance; news and updates; industry data, educational materials and outreach; general communication; and direct communication.  The notice requests comment with respect to the efficiency, ease of access and content of communications with insured financial institutions.  Comments to the FDIC&apos;s notice are due no later than December 4, 2018.

Read more.]]></description>
					      
						      <pubDate>Fri, 05 Oct 2018 14:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USFDIC-Seeks-to-Improve-Communication-Transparency-and-Accountability</guid>
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					      <title>Draft UK Post-Brexit Legislation to Onshore Trade Repositories&apos; Obligations and Establish Temporary Recognition Regime</title>
					      <link>https://finreg.aoshearman.com/Draft-UK-Post-Brexit-Legislation-to-Onshore-Trade</link>
					      <description><![CDATA[
HM Treasury has published a draft of the Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018, along with explanatory information. The draft Regulations are primarily relevant for Trade Repositories in both the U.K. and the EU that are currently registered with and supervised by the European Securities and Markets Authority and that are planning to continue servicing the U.K. market after the U.K.&apos;s exit from the EU on March 29, 2019.

The draft Regulations have been prepared to ensure that the U.K.&apos;s legal framework for reporting of derivatives trades to TRs will continue to operate effectively after exit day. The draft Regulations amend the version of the European Markets Infrastructure Regulation that will be retained on Brexit. The draft Regulations transfer to the Financial Conduct Authority the functions carried out by ESMA for the registration of TRs. They also establish: (i) a temporary registration regime that will enable U.K. and EU TRs that wish to establish a new U.K. legal entity to benefit - on complying with certain requirements - from temporary registration while the FCA considers their application; and (ii) a conversion regime that will allow U.K. TRs that are currently registered with ESMA to be registered as authorized U.K. TRs by the FCA from exit day.

Read more.]]></description>
					      
						      <pubDate>Fri, 05 Oct 2018 11:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-UK-Post-Brexit-Legislation-to-Onshore-Trade</guid>
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					      <title>Global Foreign Exchange Committee Update and Survey on Adoption of the FX Global Code</title>
					      <link>https://finreg.aoshearman.com/Global-Foreign-Exchange-Committee-Update-and-Surv</link>
					      <description><![CDATA[
The Global Foreign Exchange Committee has published an update on the ongoing work of its four priority working groups: (i) the cover and deal working group; (ii) the disclosures working group; (iii) the buy-side outreach working group; and (iv) the working group on embedding the FX Global Code. The GFXC was established in 2017 as a forum for participants in the wholesale foreign exchange markets and its terms of reference include addressing misconduct in FX markets by facilitating adoption of the global principles of good practice enshrined in the FX Global Code.

The update refers to the recent launch (on September 28, 2018) of a survey by the working group on embedding the FX Global Code. Completed surveys are requested by October 19, 2018. The aims of the survey are to measure awareness and adoption of the FX Global Code among market participants and to inform the GFXC&apos;s further work on embedding and integrating the code into the global FX markets. The survey results will be considered at the GFXC&apos;s next meeting, which will be held in November.

View the survey.

View the press release.]]></description>
					      
						      <pubDate>Thu, 04 Oct 2018 16:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Global-Foreign-Exchange-Committee-Update-and-Surv</guid>
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					      <title>US and Australian Regulators Agree FinTech Information Sharing Arrangement</title>
					      <link>https://finreg.aoshearman.com/US-and-Australian-Regulators-Agree-FinTech-Inform</link>
					      <description><![CDATA[
The Commodity Futures Trading Commission and the Australian Securities and Investments Commission have signed an arrangement designed to support cross-border FinTech innovation through their respective FinTech initiatives, LabCFTC and the ASIC Innovation Hub. The arrangement will facilitate information sharing between the two regulators in respect of emerging trends and developments, regulatory issues pertaining to FinTech innovations and best practices, among other things. It also includes a referral mechanism that will allow the CFTC and ASIC to refer to one another innovators that wish to operate or have questions about operating in the other&apos;s jurisdiction. The arrangement further calls for joint proofs of concept, trials and innovation competitions, where permitted, as well as periodic meetings to update each other on FinTech and RegTech trends and developments of common interest.

Read more.]]></description>
					      
						      <pubDate>Thu, 04 Oct 2018 13:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-and-Australian-Regulators-Agree-FinTech-Inform</guid>
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					      <title>European Supervisory Authority Withdraws Guidelines for Algorithmic Trading Controls</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authority-Withdraws-Guidelin</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a decision (dated September 26, 2018) of its Board of Supervisors to withdraw its existing Guidelines for trading platforms, investment firms and national regulators on systems and controls in an automated trading environment.

The Guidelines were published by ESMA in 2011 to provide important clarifications to ensure a common, uniform and consistent application of the original Markets in Financial Instruments Directive and its secondary legislation (MiFID I). The content of the Guidelines has now been incorporated within, and consequently superseded by, detailed provisions in the revised Markets in Financial Instruments Directive and its secondary legislation (MiFID II) and the Market Abuse Regulation.

The Guidelines have been withdrawn effective from September 26, 2018.

View the ESMA decision.]]></description>
					      
						      <pubDate>Wed, 03 Oct 2018 16:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authority-Withdraws-Guidelin</guid>
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					      <title>UK Regulator Finds E-Money Firms Have Effective Anti-Money Laundering Controls</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Finds-E-Money-Firms-Have-Effective-A</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a report on the outcome of its thematic review into money laundering and terrorist financing risks in the e-money sector. The report focuses on e-money products, including prepaid cards and digital wallets. The FCA assessed the anti-money laundering and counter-terrorist financing controls of 13 authorized Electronic Money Institutions and registered small Electronic Money Institutions. The review included consideration of business models that involve distributing e-money through agents and distributors.

The FCA&apos;s review did not cover activities that are not regulated by the FCA (for instance, gift cards that can be used only within a limited network or prepaid products denominated in a cryptocurrency) or money remittance services provided by the EMIs.

Read more.]]></description>
					      
						      <pubDate>Wed, 03 Oct 2018 16:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Finds-E-Money-Firms-Have-Effective-A</guid>
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					      <title>US Federal Reserve Board Seeks Comment on Facilitating Faster Payments</title>
					      <link>https://finreg.aoshearman.com/USFRB-Seeks-Comment-on-Facilitating-Faster-Payments</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System published a notice and request for comment with respect to potential measures that could be taken to improve the efficiency and speed of payment services, specifically regarding the facilitation of real-time interbank settlement of &quot;faster payments&quot;—a term generally used to convey a future payment and settlement system that is fast, convenient and accessible.  The notice highlights that while traditional payment methods, such as checks, ACH payments, and credit card transactions have created a payment systems infrastructure that is universal, safe and reliable, this does not necessarily translate into speed and efficiency.  The notice suggests that the current system has resulted in a gap between the speed and efficiency of the payment systems infrastructure and user expectations.  The notice provides background regarding Federal Reserve Board initiatives associated with faster payments, including its Strategies for Improving the U.S. Payment System initiative and Faster Payments Task Force, provides an overview of the faster payments construct, and introduces potential faster payment models, including deferred net settlement of interbank obligations and real-time gross settlement of interbank obligations.  The notice also discusses potential actions that the Federal Reserve Board could undertake to support faster payments, including the development of &quot;24x7x365&quot; real-time interbank settlement and the creation of a liquidly management tool to help promote, support and drive participation in real-time interbank settlement.

View full text of the request for comments.]]></description>
					      
						      <pubDate>Wed, 03 Oct 2018 14:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USFRB-Seeks-Comment-on-Facilitating-Faster-Payments</guid>
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					      <title>US Federal Financial Regulatory Agencies Release Joint Statement on Sharing Bank Secrecy Act Resources</title>
					      <link>https://finreg.aoshearman.com/USFFRA-Release-Joint-Statement-on-Sharing-Bank-Secrecy-Act-Resources</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System, Financial Crimes Enforcement Network, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation and National Credit Union Administration released an interagency statement regarding the sharing of Bank Secrecy Act resources among banks through collaborative arrangements intended to improve efficiency, reduce costs, and benefit from specialized expertise by pooling resources among banks.

Read more.]]></description>
					      
						      <pubDate>Wed, 03 Oct 2018 14:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USFFRA-Release-Joint-Statement-on-Sharing-Bank-Secrecy-Act-Resources</guid>
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					      <title>European Parliament Adopts Resolution on Distributed Ledger Technologies</title>
					      <link>https://finreg.aoshearman.com/European-Parliament-Adopts-Resolution-on-Distribu</link>
					      <description><![CDATA[
The European Parliament has adopted a non-legislative resolution entitled &quot;distributed ledger technologies and blockchains: building trust with disintermediation.&quot; Of particular relevance to the financial services sector, the European Parliament is requesting that the European Commission and other EU authorities take various steps to maximize the potential of this technology in the EU.

Read more.]]></description>
					      
						      <pubDate>Wed, 03 Oct 2018 13:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Parliament-Adopts-Resolution-on-Distribu</guid>
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					      <title>EU Opinion Attempts to Clarify the Market Size Calculation for Ancillary Activity Exemption under MiFID II</title>
					      <link>https://finreg.aoshearman.com/EU-Opinion-Attempts-to-Clarify-the-Market-Size-Ca</link>
					      <description><![CDATA[
The European Securities and Markets Authority has issued an opinion addressed to EU national regulators on the market size calculation for the ancillary activity exemption under the revised Markets in Financial Instruments Directive.

MiFID II provides an exemption from the requirement for authorization as an investment firm when dealing on own account, or providing investment services to clients in commodity derivatives, emission allowances or derivatives thereof, provided that the activity is an ancillary activity to their main business at group level and the main business is not the provision of investment services within the meaning of MiFID II or banking activities under the Capital Requirements Directive. Delegated Regulation (EU 2017/592) sets out the criteria for establishing when an activity should be considered as ancillary to the main business at group level, including the rules for calculating the overall market trading activity of a firm.

ESMA&apos;s opinion provides guidance to market participants and national regulators on determining market size figures, since there is no centralized, publicly available record of transactions for commodity derivatives and emission allowances. ESMA acknowledges that the data it has used for the guidance may have limitations in terms of accuracy and completeness and states that national regulators may use alternative data provided by market participants for the calculation.

View the opinion.]]></description>
					      
						      <pubDate>Tue, 02 Oct 2018 09:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Opinion-Attempts-to-Clarify-the-Market-Size-Ca</guid>
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					      <title>European Supervisory Authorities and European Commission Disagree on Retail Fund Investor Disclosures</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-and-European-Com</link>
					      <description><![CDATA[
The Joint Committee of the European Supervisory Authorities (i.e., the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) has published a letter it has sent to the European Commission, in response to a request from the European Commission on August 10, 2018 for the ESAs to develop guidance on facilitating the production and distribution of information on investment funds.

Read more.]]></description>
					      
						      <pubDate>Mon, 01 Oct 2018 16:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-and-European-Com</guid>
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					      <title>UK Prudential Regulator Consults on Changes to Forms for Regulatory Transactions</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Changes-to-Fo</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has launched a consultation entitled &quot;Regulatory transactions: Changes to notification and application forms.&quot; The proposals in the consultation are for the amendment of various PRA forms that are used for applications and notifications for regulatory transactions. The PRA has chosen to combine the proposals into one substantial consultation paper to avoid having to issue multiple separate consultations on the same forms. The affected forms are located in the Passporting, Change in Control, Insurance Special Purpose Vehicles (ISPVs) and Notifications Parts of the PRA Rulebook.

The consultation proposals are relevant for PRA-authorized firms and any firms that have, or intend to acquire, a qualifying holding in a PRA-authorized firm.

Comments on the consultation are invited by November 1, 2018. The PRA expects that the proposals will take effect immediately after the publication of its planned Policy Statement.

View the consultation paper (PRA CP 21/18).]]></description>
					      
						      <pubDate>Mon, 01 Oct 2018 15:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Changes-to-Fo</guid>
				    </item>
			
					 <item>
					      <title>European Securities and Markets Authority Recommends Tightening of Third-Country Requirements</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority--Recomme</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a letter (dated September 26, 2018) from ESMA Chair Steven Maijoor addressed to Valdis Dombrovskis, the Vice President of the European Commission. The purpose of the letter is to contribute to any further work the Commission may undertake on the investor protection and intermediaries-related requirements under the revised Markets in Financial Instruments Directive and the Markets in Financial Instruments Regulation.

Read more.]]></description>
					      
						      <pubDate>Mon, 01 Oct 2018 13:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority--Recomme</guid>
				    </item>
			
					 <item>
					      <title>EU Ban Relating to Binary Options Extended</title>
					      <link>https://finreg.aoshearman.com/EU-Ban-Relating-to-Binary-Options-Extended</link>
					      <description><![CDATA[
Following its announcement in August 2018, the European Securities and Markets Authority has published notice of the extension of the prohibition on the marketing, distribution and sale of binary options to retail investors for a further three-month period from October 2, 2018. ESMA is extending the ban because the threat to investor protection has not been addressed yet through a change in EU legislation and national regulators have either taken no action or have taken insufficient action to address the potential harm.

Read more.]]></description>
					      
						      <pubDate>Mon, 01 Oct 2018 09:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Ban-Relating-to-Binary-Options-Extended</guid>
				    </item>
			
					 <item>
					      <title>European Securities and Markets Authority Publishes Its 2019 Priorities</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets--Authority</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its Annual Work Programme for 2019, dated September 26, 2018. ESMA sets out its focus areas for 2019 and provides details of expected outputs within each of the areas. ESMA also indicates that a number of pieces of EU legislation may be reviewed. These include the Market Abuse Regulation and the clearing obligation under the European Market Infrastructure Regulation, in addition to the reviews that have already been announced.

Read more.]]></description>
					      
						      <pubDate>Mon, 01 Oct 2018 09:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets--Authority</guid>
				    </item>
			
					 <item>
					      <title>Proposed Revisions to EU Guidelines on Stress Testing of Money Market Funds</title>
					      <link>https://finreg.aoshearman.com/Proposed-Revisions-to-EU-Guidelines-on-Stress-Tes</link>
					      <description><![CDATA[
The European Securities and Markets Authority has opened a consultation on proposed updates to the Guidelines on stress test scenarios for Money Market Funds under the Money Market Fund Regulation. The MMF Regulation has applied directly across the EU since July 21, 2018. MMFs are fund vehicles that invest in highly liquid short-term debt instruments, such as government bonds and often regarded as a short-term cash management function alternative to bank deposits.

The MMF Regulation tasks ESMA with developing Guidelines on common reference parameters of the stress test scenarios to be included in the stress tests that managers of MMFs are required to conduct. ESMA&apos;s original Guidelines, published in March 2018, include specifications for the stress tests, including common parameters and scenarios which take into account certain hypothetical risk factors. The Guidelines must be reviewed at least annually and updated for any market developments.

The consultation paper proposes updating the section in the Guidelines on the establishment of common reference stress test scenarios, the results of which should be included in the reporting template that managers of MMFs are required to use. ESMA is seeking feedback on the methodology, risk factors, data and the calculation of the impact. The calibration of stress test scenarios is not within scope of the consultation. However, feedback on how to calibrate the scenarios would be welcomed by ESMA.

Responses to the consultation should be submitted by December 1, 2018. ESMA intends to finalize the revised Guidelines in Q1 2019.

View the consultation paper.]]></description>
					      
						      <pubDate>Fri, 28 Sep 2018 14:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Proposed-Revisions-to-EU-Guidelines-on-Stress-Tes</guid>
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					 <item>
					      <title>EU Contracts for Difference Product Intervention Measures to be Extended</title>
					      <link>https://finreg.aoshearman.com/EU-Contracts-for-Difference-Product-Intervention-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced that its various restrictions on the sale, distribution and marketing of Contracts for Difference to retail investors will be extended from November 1, 2018 for a further three months.

ESMA adopted two temporary product intervention Decisions under the Markets in Financial Instruments Regulation in June this year, one relating to binary options and another to CFDs. ESMA has powers under MiFIR to impose prohibitions or restrictions on certain financial instruments, financial activities or practices to address a significant investor protection concern in the Union. Product intervention measures imposed by ESMA under MiFIR must be reviewed at appropriate intervals and at least every three months. If a measure is not renewed after three months, it will expire and it would then fall to member states to impose similar restrictions at a national level, if they so wish. The U.K. Financial Conduct Authority is expected to consult before the end of the year on whether to make permanent the EU&apos;s temporary prohibition on marketing, distribution and sale of binary options to retail investors. The International Organization of Securities Commissions recently published a report on retail OTC leveraged products, alongside a statement warning retail investors of the risks of investing in illegal or fraudulent binary options.

Read more.]]></description>
					      
						      <pubDate>Fri, 28 Sep 2018 14:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Contracts-for-Difference-Product-Intervention-</guid>
				    </item>
			
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					      <title>UK Serious Fraud Office to Recruit New Senior Staff to Management Team</title>
					      <link>https://finreg.aoshearman.com/UK-Serious-Fraud-Office-to-Recruit-New-Senior-Sta</link>
					      <description><![CDATA[
The U.K.&apos;s Serious Fraud Office has announced that it will be restructuring and expanding its management team with two new senior appointments:
 

	A new Head of Intelligence to enable the SFO to move to a more proactive approach to sourcing new cases. This appointment will enable the Head of Investigations to focus on advising on investigative strategy and leading the professional development of investigators.
	A new Head of Corporate Services to manage the finance, human resources, procurement and facilities management functions. This new appointment will enable the General Counsel to focus on legal matters.


The recruitment process for the new roles will run concurrently with recruitment of an appropriate replacement for the SFO&apos;s current General Counsel, who will be leaving the SFO later in the year after six years.

View the SFO press release.]]></description>
					      
						      <pubDate>Thu, 27 Sep 2018 12:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Serious-Fraud-Office-to-Recruit-New-Senior-Sta</guid>
				    </item>
			
					 <item>
					      <title>EU Final Report to Extend Exemption From the Clearing Obligation for Certain Intragroup Derivatives Transactions</title>
					      <link>https://finreg.aoshearman.com/EU-Final-Report-to-Extend-Exemption-From-the-Clea</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report on the exemption from the clearing obligation for intragroup transactions with a third country group entity. There are currently three sets of Regulatory Technical Standards made under the European Market Infrastructure Regulation that impose the clearing obligation of certain interest rate derivatives and credit derivatives. Each of these three RTS exempts from the clearing obligation certain intragroup derivatives transactions where one of the counterparties is a third-country group entity and there is no relevant equivalence decision in respect of the third country in which it is situated. An equivalence decision would enable parties that are subject to both the EU and a third country&apos;s clearing obligation to comply only with one jurisdiction&apos;s requirements, but no equivalence decisions have been made to date. Each of the three RTS sets a different expiry date for the intra-group exemption. These dates fall between December 21, 2018 and July 9, 2019.

Following a consultation launched in July 2018, ESMA&apos;s final report contains final draft amending RTS setting out ESMA&apos;s proposal to extend the exemption period by amending each of the RTS to have one unified expiry date of December 21, 2020. The final draft amending RTS have been submitted to the European Commission for endorsement.

View the Final Report.]]></description>
					      
						      <pubDate>Thu, 27 Sep 2018 09:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Final-Report-to-Extend-Exemption-From-the-Clea</guid>
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					      <title>New Data Completeness Indicators to be Published for EU Trading Venues</title>
					      <link>https://finreg.aoshearman.com/New-Data-Completeness-Indicators-to-be-Published-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced that it will publish two new data completeness indicators for trading venues, detailing how venues are performing on the delivery of Double Volume Cap and bond liquidity data in compliance with their obligations under the Markets in Financial Instruments Regulation. ESMA has been working with national regulators to improve the timeliness and completeness of the data underpinning the monthly DVC and quarterly bond liquidity assessment publications. ESMA believes that the new indicators will incentivize trading venues to provide timely and complete data. For both DVC and bond liquidity data, ESMA will introduce the following completeness indicators:
 

	The Completeness Ratio, to provide information on the completeness of each particular venue, irrespective of the performance of other venues.
	The Completeness Shortfall, which will give an indication of a venue&apos;s performance in terms of completeness compared to other trading venues and reflect the percentage of missing data for which a particular venue is responsible.

ESMA will publish the DVC completeness indicators on October 8, 2018 with the next DVC update and then on a monthly basis. It will publish bond liquidity completeness indicators from the next bond liquidity quarterly assessment publication by November 1, 2018 and then on a quarterly basis.

View the ESMA press release.]]></description>
					      
						      <pubDate>Thu, 27 Sep 2018 09:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-Data-Completeness-Indicators-to-be-Published-</guid>
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					      <title>International Task Force Report Shows Momentum Building for Climate-Related Financial Disclosures</title>
					      <link>https://finreg.aoshearman.com/International-Task-Force-Report-Shows-Momentum-Bu</link>
					      <description><![CDATA[
The Task Force on Climate-related Financial Disclosures has issued a status report outlining progress on adoption of the TCFD disclosure recommendations issued in June 2017. The TCFD was established by the Financial Stability Board in 2015 and its 2017 recommendations provide a voluntary framework for companies to develop more effective climate-related financial disclosures through their existing reporting processes. The recommendations are structured around four areas: (i) governance; (ii) strategy; (iii) risk management; and (iv) metrics and targets.

Read more.]]></description>
					      
						      <pubDate>Wed, 26 Sep 2018 10:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Task-Force-Report-Shows-Momentum-Bu</guid>
				    </item>
			
					 <item>
					      <title>Prudential Regulator Reports on Climate-Related Financial Risks for the UK Banking Sector</title>
					      <link>https://finreg.aoshearman.com/Prudential-Regulator-Reports-on-Climate-Related-F</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a report entitled &quot;Transition in thinking: The impact of climate change on the U.K. banking sector&quot;.

The purpose of the report is to: (i) examine the financial risks from climate change that impact PRA regulated banks, building societies and designated investment firms; (ii) assess how those entities are responding to and managing the financial risks from climate change; and (iii) assist those entities in understanding the PRA&apos;s supervisory approach to the financial risks from climate change. The report will also be used to inform the Bank of England&apos;s wider work to assess the system-wide financial risks from climate change.

Read more.]]></description>
					      
						      <pubDate>Wed, 26 Sep 2018 10:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Prudential-Regulator-Reports-on-Climate-Related-F</guid>
				    </item>
			
					 <item>
					      <title>US Federal Judge Affirms Commodity Futures Trading Commission&apos;s Authority to Police Virtual Currency Fraud</title>
					      <link>https://finreg.aoshearman.com/US-Federal-Judge-Affirms-Commodity-Futures-Tradin</link>
					      <description><![CDATA[
The U.S. District Court for the District of Massachusetts issued an order confirming that the Commodity Futures Trading Commission maintains the authority to police virtual currency fraud. The order was issued in response to a motion to dismiss charges against My Big Coin Pay, Inc. and several individuals for operating a fraudulent virtual currency scheme through which they solicited customers to purchase a virtual currency known as My Big Coin (MBC).

The CFTC&apos;s initial enforcement order, filed in January 2018, accused the defendants of operating a fraudulent virtual currency scheme through which they solicited more than $6 million from customers throughout the U.S. by making false and misleading claims that MBC was actively being traded, was backed by gold and could be used anywhere MasterCard credit cards were accepted. The defendants also were alleged to have misrepresented MBC&apos;s daily trading price in reports on its website, when no daily trading price existed because MBC was not actively being traded.

Read more. ]]></description>
					      
						      <pubDate>Wed, 26 Sep 2018 07:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Federal-Judge-Affirms-Commodity-Futures-Tradin</guid>
				    </item>
			
					 <item>
					      <title>UK Parliamentary Committee Calls For Urgent Regulation of Crypto-Assets</title>
					      <link>https://finreg.aoshearman.com/UK-Parliamentary-Committee-Calls-For-Urgent-Regul</link>
					      <description><![CDATA[
The U.K. House of Commons Treasury Committee has published a report calling for crypto-assets to be regulated in the U.K. as a matter of urgency. The Treasury Committee considers that the current &quot;ambiguity of the UK Government and regulators&apos; position is clearly not sustainable&quot; and is recommending that an amendment be made to the Regulated Activities Order to bring crypto-assets within the U.K. regulatory perimeter, supervised by the Financial Conduct Authority. The Committee does not specify in the report the activity related to crypto-assets that should go into the RAO, but recommends that it should at least include the issuance of crypto-assets through Initial Coin Offerings and the provision of crypto-exchange services. This will, according to the Committee&apos;s report, address anti-money laundering risks and consumer protection, aligning investor protections with those adopted in the U.S.

The Committee is also seeking various actions by the Government and the U.K. regulators.

Read more. ]]></description>
					      
						      <pubDate>Fri, 21 Sep 2018 17:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Parliamentary-Committee-Calls-For-Urgent-Regul</guid>
				    </item>
			
					 <item>
					      <title>European Central Bank Guide to On-site Inspections and Internal Model Investigations</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Guide-to-On-site-Inspection</link>
					      <description><![CDATA[
The European Central Bank has published its finalized Guide to on-site inspections and internal model investigations under the Single Supervisory Mechanism. The ECB is empowered under the SSM Regulation to conduct, with respect to Eurozone entities within its supervisory remit: (i) on-site inspections, which are in-depth investigations of risk, risk controls and governance; and (ii) internal model investigations, which involve in-depth assessments of internal models used for the calculation of own fund requirements.

The ECB has developed the Guide as a reference document for supervised entities and other legal entities for which the ECB has decided to launch an on-site inspection. It consulted on a draft of the Guide in July 2017 and has published a separate feedback statement on the consultation responses that were received. The Guide applies to ECB inspections of significant institutions, less significant institutions and other legal entities referred to in the SSM Regulation, including third parties to whom credit institutions have outsourced functions.

The Guide comprises three sections: (i) the general framework for inspections; (ii) the inspection process; and (iii) applicable principles for inspections. The Guide is not a legally binding document and does not replace the legal requirements laid down in the relevant applicable EU law.

View the Guide.

View the feedback statement.]]></description>
					      
						      <pubDate>Fri, 21 Sep 2018 09:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Guide-to-On-site-Inspection</guid>
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					 <item>
					      <title>US Prudential Regulators Amend Swap Margin Rule to Reflect QFC Stay Requirements</title>
					      <link>https://finreg.aoshearman.com/US-Prudential-Regulators-Amend-Swap-Margin-Rule-t</link>
					      <description><![CDATA[
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Farm Credit Administration and the Federal Housing Finance Agency (together, the &quot;Prudential Regulators&quot;) have approved amendments to their margin requirements for uncleared swaps and security-based swaps to align with regulations of the Board, FDIC and OCC relating to stays on default remedies for certain qualified financial contracts (QFC Rules). The final amendments conform the definition of &quot;eligible master netting agreement&quot; under the Swap Margin Rule with the &quot;qualifying master netting agreement&quot; definition in the QFC Rules. Therefore, master netting agreements that comply with the limitations on default remedies in the QFC Rules are not excluded from the definition of EMNA for purposes of the Swap Margin Rules. Additionally, any legacy uncleared swaps not subject to the Swap Margin Rule would not become subject to the Swap Margin Rule due solely to amendments to comply with the QFC Rules.

The final amendments are effective 30 days following their publication in the Federal Register.

View the final amendments.

View the Prudential Regulators&apos; joint press release.]]></description>
					      
						      <pubDate>Fri, 21 Sep 2018 08:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Prudential-Regulators-Amend-Swap-Margin-Rule-t</guid>
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					 <item>
					      <title>Scottish Court Says Court of Justice of the European Union Should Rule on Whether Brexit Notification Can Be Revoked</title>
					      <link>https://finreg.aoshearman.com/Scottish-Court-Says-Court-of-Justice-of-the-Europ</link>
					      <description><![CDATA[
The Court of Session has delivered an Opinion allowing a reference to be made to the Court of Justice of the European Union for a preliminary ruling on whether the U.K. can unilaterally revoke its notice of withdrawal from the EU - Wightman v Secretary of State for Exiting the European Union [2018] CSIH 62 (21 September 2018).

Under Article 50 of the Treaty on European Union, the United Kingdom gave notice to the EU Council on March 29, 2017 that it would leave the EU. The notification means that unless an agreement is reached between the U.K. and the EU, and absent any agreement to extend the two-year period, the U.K. will exit the EU on March 29, 2019.

Read more.]]></description>
					      
						      <pubDate>Fri, 21 Sep 2018 07:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Scottish-Court-Says-Court-of-Justice-of-the-Europ</guid>
				    </item>
			
					 <item>
					      <title>Basel Committee on Banking Supervision Provides Brief Update on Various Workstreams</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Provides-B</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published a press release summarizing the outcome of its meeting on September 19-20, 2018. The Committee committed to consider Pillar 1 and Pillar 3 measures to prevent banks adjusting their balance sheets around regulatory reporting dates to manipulate reported leverage ratios. In addition, the Committee intends to further analyze banks&apos; exposures to crypto-assets to reach a conclusion on whether action is needed to address the risks that these assets may present.

The Basel Committee will publish the following before the end of the year:

	an updated 2018 list of global systemically important banks, along with the high-level indicator values of all the banks that are within the G-SIB assessment exercise;
	final revisions to the market risk framework (towards the end of the year);
	a consultation paper (in October 2018) on whether the exposure measure should be revised to alleviate its impact on client clearing, including presenting options for revising this; and
	the revised Principles on Stress Testing (in October 2018).


The Basel Committee also published responses to Frequently Asked Questions on the treatment of settled-to-market derivatives under the Liquidity Coverage Ratio and Net Stable Funding Ratio.

View the press release.

View the FAQs.]]></description>
					      
						      <pubDate>Thu, 20 Sep 2018 10:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Provides-B</guid>
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					      <title>Further Amendments to Technical Standards on EU Systematic Internalisers&apos; Quote Rules</title>
					      <link>https://finreg.aoshearman.com/Further-Amendments-to-Technical-Standards-on-EU-S</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published an Opinion and revised draft amendments to the Regulatory Technical Standard on the equity transparency obligations of trading venues and investment firms. The RTS, known as RTS 1, is set out in Commission Delegated Regulation (EU) 2017/587, supplementing the Markets in Financial Instruments Regulation.

Read more.]]></description>
					      
						      <pubDate>Thu, 20 Sep 2018 09:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Further-Amendments-to-Technical-Standards-on-EU-S</guid>
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					      <title>UK Regulators Ask Large Banks and Insurers for LIBOR Transition Plans</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Ask-Large-Banks-and-Insurers-for-LI</link>
					      <description><![CDATA[
The Prudential Regulation Authority and the Financial Conduct Authority have published letters addressed to the CEOs of the largest banks and insurers supervised in the U.K. asking for confirmation of each firm&apos;s preparations for transition from LIBOR to risk-free rates. The regulators are requesting these firms to provide the following by December 14, 2018:

	A summary of the firm&apos;s assessment of key risks relating to LIBOR discontinuation and details of actions the firm intends to take to mitigate those risks, approved by the board; and
	The names of the Senior Manager(s) responsible for the provision of the firm&apos;s response to the letter and for implementing its transition plans.


The letter relates to the ongoing global benchmark reform effort instigated by the Financial Stability Board, in particular, the transition from LIBOR to alternative rates by the end of 2021. Firms that have not received the letter are not subject to the information request, but the regulators ask those firms to nevertheless consider their LIBOR transition plans, where relevant.

View the letters.]]></description>
					      
						      <pubDate>Wed, 19 Sep 2018 11:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Ask-Large-Banks-and-Insurers-for-LI</guid>
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					      <title>International Standards Body Encourages Regulatory Clampdown on OTC Leveraged Products</title>
					      <link>https://finreg.aoshearman.com/International-Standards-Body-Encourages-Regulator</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published a report on retail OTC leveraged products, alongside a statement warning retail investors of the risks of investing in illegal or fraudulent binary options. This step at international level follows the temporary prohibition of the marketing, distribution or sale of binary options and the restrictions on the marketing, distribution or sale of CFDs to retail clients introduced in the EU earlier this year, which the U.K. Financial Conduct Authority fully supported.

The report covers rolling spot forex contracts, CFDs and binary options offered and sold on a domestic and cross-border basis by intermediaries to retail investors. The report includes three toolkits providing guidance to IOSCO member jurisdictions on methods for mitigating the harm to retail investors investing in these products.

Read more. ]]></description>
					      
						      <pubDate>Wed, 19 Sep 2018 10:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Standards-Body-Encourages-Regulator</guid>
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					      <title>New International Guidance Addresses Conflicts of Interest and Conduct Risks in Equity Capital Raisings</title>
					      <link>https://finreg.aoshearman.com/New-International-Guidance-Addresses-Conflicts-of</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published a final report setting out Guidance to its members to address the significant potential conflicts of interest arising from the role of intermediaries during key stages of an equity raising. IOSCO consulted on a draft version of the guidance between February and April 2018.

IOSCO has identified a number of key risks. In the early, pre-offering, phase of an equity raising, conflicts of interest can arise if analysts employed by firms managing the securities offering are at risk of being under pressure to present a positive view of the issuer. During the investor education and price-formation phase, there is a risk that these &quot;connected&quot; analysts may produce conflicted research and conflicts can also be present during the allocation of securities. IOSCO considers that there can be both conflicts of interest and risks of misconduct where staff employed within firms that are managing an equity raising enter into personal transactions related to the capital raising. These issues can damage investor confidence and the effectiveness of the capital markets as route for issuers to raise finance.

Read more.]]></description>
					      
						      <pubDate>Tue, 18 Sep 2018 10:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-International-Guidance-Addresses-Conflicts-of</guid>
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					      <title>US-UK Financial Regulatory Working Group Holds Inaugural Meeting</title>
					      <link>https://finreg.aoshearman.com/US-UK-Financial-Regulatory-Working-Group-Holds-In</link>
					      <description><![CDATA[
The U.S.-U.K. Financial Regulatory Working Group has issued a statement following its inaugural meeting held on September 12, 2018 in London. Participants discussed the outlook for financial regulatory reforms and future priorities, including possible areas for deeper regulatory cooperation to facilitate further financial services activity between U.S. and U.K. markets. Participants also discussed Brexit-related issues, including: (i)  U.S.-U.K. financial regulatory issues resulting from the U.K.&apos;s exit from the EU;  and (ii) the implications of Brexit for financial stability and cross-border financial regulation, including contractual continuity and potential cliff-edge risks.

The Working Group was established in April 2018 to serve as a forum for staff from the U.S. Department of the Treasury and HM Treasury and financial regulatory authorities to exchange views on the regulatory relationship between the U.S. and the U.K. Its objectives are to further financial regulatory cooperation, improve transparency, reduce regulatory uncertainty, identify possible cross-border implementation issues, address regulatory arbitrage and work towards achieving compatibility of U.S. and U.K. laws and regulations.

The next meeting of the Working Group will be held in the first half of 2019 in Washington, D.C.

View the statement. ]]></description>
					      
						      <pubDate>Tue, 18 Sep 2018 09:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-UK-Financial-Regulatory-Working-Group-Holds-In</guid>
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					      <title>UK Conduct Regulator Consults on its Approach to Technical Standards and Guidelines Under the Revised Payment Services Directive</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-its-Approach-to-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation on its approach to implementing Regulatory Technical Standards and related Guidelines developed by the European Banking Authority to supplement provisions of the revised Payment Services Directive. The FCA&apos;s consultation focuses in particular on the RTS for strong customer authentication and common and secure open standards of communication. These RTS impose obligations on payment service providers to increase the security of customers&apos; payments made by card and other means and also set out requirements on account servicing payment service providers (ASPSPs) relating to the third party providers of Account Information Services (AIS) and Payment Initiation Services (PIS) that were brought within the regulatory regime by PSD2.

The consultation includes proposals on new fraud reporting requirements reflecting PSD2 fraud reporting guidelines published by the EBA in July 2018. The FCA is also consulting on proposed changes to its Payment Services and E-Money Approach Document to reflect other legislative changes and clarify its expectations.
The EBA consulted between June and August 2018 on proposed Guidelines on aspects of the RTS. The FCA&apos;s proposed implementation approach is premised on the assumption that the final Guidelines will be largely as consulted on and the FCA will adjust its approach if necessary when the finalized Guidelines are published.

Read more.]]></description>
					      
						      <pubDate>Mon, 17 Sep 2018 10:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-its-Approach-to-</guid>
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					      <title>Bank of England Launches Public Register for the UK Money Markets Code</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Launches-Public-Register-for-the-</link>
					      <description><![CDATA[
The Bank of England has announced that its Money Markets Committee has launched a public register to display the statements of commitment from market participants that have agreed to abide by the UK Money Markets Code and would like their statements to be included on the register. The public register is accessible via a dedicated BoE webpage.

The Code is a voluntary industry code launched in April 2017, written by market participants. It sets out best practice expected from participants in the deposit, repo and securities lending markets and incorporates revised relevant sections of the Non-Investment Products Code, and also a revision and update of the Gilt Repo Code and Securities Borrowing and Lending Code.

View the public register. 

View the Money Markets Code. ]]></description>
					      
						      <pubDate>Mon, 17 Sep 2018 10:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Launches-Public-Register-for-the-</guid>
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					      <title>European Central Bank Consults on Part 2 to Guide to Licensing Credit Institutions</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Part-2-to-Guide</link>
					      <description><![CDATA[
The European Central Bank has opened a consultation on a draft Part 2 to its Guide to Assessments of Licence Applications by banks. The ECB published the Guide to Assessment of Licence Applications in March 2018, which applies to all license applications to become a credit institution within the meaning of the Capital Requirements Regulation.  The ECB developed the Guide, which is not legally binding, to promote awareness and enhance the transparency of the assessment criteria and processes for establishing a credit institution within the Single Supervisory Mechanism.

The consultation on the draft Part 2 of the Guide focuses on assessment criteria for capital requirements and business plans, including initial capital, own funds, location, operations and structural organization, banking group and outsourcing.

The consultation closes on October 25, 2018.

View the consultation paper. 

View the consultation webpage. 

View details of the Guide to Assessments of Licence Applications.]]></description>
					      
						      <pubDate>Fri, 14 Sep 2018 13:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Part-2-to-Guide</guid>
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					      <title>UK Regulator Publishes Application Requirements for EEA Market Operators Seeking Recognition</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Publishes-Application-Requirements-f</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a direction on how EEA market operators can apply for recognition as an overseas investment exchange in preparation for Brexit. EEA market operators operating a regulated market, a multilateral trading facility or an organised trading facility currently use passports granted under the revised Markets in Financial Instruments Directive to give their U.K.-based members access to their markets. Once the U.K. has left the EU, those passports will no longer be valid and the U.K. Government does not intend to establish a temporary permissions regime in the event of a &quot;no deal&quot; outcome to the EU-U.K. Brexit negotiations or without an agreed implementation period. EEA market operators that engage in regulated activities when providing their U.K. members with access to their markets will need to apply for ROIE status, unless they can rely on the U.K.&apos;s overseas persons exclusion. The FCA&apos;s direction sets out the FCA&apos;s expectations for EEA market operators.

View the FCA&apos;s statement.

View the FCA&apos;s Direction. ]]></description>
					      
						      <pubDate>Fri, 14 Sep 2018 13:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Publishes-Application-Requirements-f</guid>
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					      <title>US and Singaporean Regulators Sign FinTech Collaboration Agreement</title>
					      <link>https://finreg.aoshearman.com/US-and-Singaporean-Regulators-Sign-FinTech-Collab</link>
					      <description><![CDATA[
The U.S. Commodity Futures Trading Commission and the Monetary Authority of Singapore today signed a cooperation arrangement on FinTech innovation, which is to be supported by the agencies&apos; respective FinTech initiatives, LabCFTC and the MAS Financial Technology &amp; Innovation Group. The arrangement will facilitate inter-agency cooperation on FinTech innovation and referrals for innovators that wish to enter the other regulator&apos;s market. In addition, it will provide an information sharing framework between the agencies focused on FinTech market trends and developments, innovations and best practices within their respective jurisdictions. The arrangement also calls for joint events, proofs of concept, trials and innovation competitions where permitted, along with periodic meetings to discuss FinTech issues of common interest.

CFTC Chairman J. Christopher Giancarlo in a statement said that he believes this collaboration with the MAS will &quot;enhance global awareness of the critical role of regulators in 21st century digital markets,&quot; while Ravi Menon, Managing Director of the MAS, said that he hopes the arrangement will &quot;create more opportunities for firms in both jurisdictions, especially in developing innovative business models for the derivatives market.&quot;

The arrangement follows a similar agreement reached by the CFTC and the U.K. Financial Conduct Authority this past February, and reflects the global nature of FinTech markets and the importance of cross-border collaboration between regulators.

View the cooperation agreement.

View the CFTC/FCA agreement.]]></description>
					      
						      <pubDate>Thu, 13 Sep 2018 16:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-and-Singaporean-Regulators-Sign-FinTech-Collab</guid>
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					      <title>US Federal Deposit Insurance Corporation Seeks Comments Regarding the Treatment of Reciprocal Deposits</title>
					      <link>https://finreg.aoshearman.com/USFDIC-Seeks-Comments-Regarding-the-Treatment-of-Reciprocal-Deposits</link>
					      <description><![CDATA[
The U.S. Federal Deposit Insurance Corporation published a notice of proposed rulemaking and request for comments regarding a limited exception for a capped amount of reciprocal deposits from treatment as brokered deposits.

Read more.]]></description>
					      
						      <pubDate>Thu, 13 Sep 2018 13:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USFDIC-Seeks-Comments-Regarding-the-Treatment-of-Reciprocal-Deposits</guid>
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					      <title>Working Group Recommends Replacement of EONIA With New Euro Short-Term Rate</title>
					      <link>https://finreg.aoshearman.com/Working-Group-Recommends-Replacement-of-EONIA-Wit</link>
					      <description><![CDATA[
The European Central Bank has announced its recommendation of the Euro short-term rate - &amp;euro;STR - as a euro risk-free rate by a private sector working group. The group also recommends that &amp;euro;STR replaces the Euro overnight index average, EONIA, because EONIA no longer complies with the EU Benchmark Regulation and will be restricted from January 1, 2020. The recommendations of the working group are not legally binding.

Read more.]]></description>
					      
						      <pubDate>Thu, 13 Sep 2018 10:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Working-Group-Recommends-Replacement-of-EONIA-Wit</guid>
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					      <title>EU Delegated Regulation on Settlement Discipline Published</title>
					      <link>https://finreg.aoshearman.com/EU-Delegated-Regulation-on-Settlement-Discipline-</link>
					      <description><![CDATA[
A Commission Delegated Regulation on settlement discipline has been published in the Official Journal of the European Union. The Delegated Regulation sets out Regulatory Technical Standards on settlement discipline as required under the Central Securities Depository Regulation. The RTS cover measures for preventing settlement fails through automated matching, a hold and release mechanism and partial settlement. The RTS also provide measures for monitoring and addressing settlement fails, such as a mechanism for cash penalties and a buy-in process. The RTS will apply directly across the EU from September 13, 2020.

View the RTS.]]></description>
					      
						      <pubDate>Thu, 13 Sep 2018 10:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Delegated-Regulation-on-Settlement-Discipline-</guid>
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					      <title>US Federal Reserve Board Issues Final Rule Amending the Liability Provisions of Regulation CC</title>
					      <link>https://finreg.aoshearman.com/USFRB-Issues-Final-Rule-Amending-the-Liability-Provisions-of-Regulation-CC</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System announced a final rule amending the liability provisions of Subpart C of Regulation CC to address instances where there is a dispute between banks as to whether a check has been altered or is a forgery, and the original check is not available for inspection.  The final rule creates a rebuttable presumption of alteration (as that term is used in the UCC) with respect to disputes that arise between banks regarding substitute or electronic checks.  The presumption is rebuttable either by proving by a preponderance of the evidence that the substitute or electronic check is forged (i.e., derives from an original check that was issued with an unauthorized signature of the drawer) or does not contain an alteration.  The presumption of alteration does not apply if a copy of the original check is available for inspection by all parties or where one bank sent the original check to the other bank, even if the check was subsequently truncated and destroyed.  The final rule will take effect on January 1, 2019.

View full text of the final rule.]]></description>
					      
						      <pubDate>Wed, 12 Sep 2018 14:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USFRB-Issues-Final-Rule-Amending-the-Liability-Provisions-of-Regulation-CC</guid>
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					      <title>European Commission Proposes Enhancements to the European Banking Authority&apos;s Supervisory Powers for Anti-Money Laundering</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Proposes-Enhancements-to-the-</link>
					      <description><![CDATA[
The European Commission has published a Communication setting out a broad strategy for strengthening the EU&apos;s framework for anti-money laundering supervision. The Communication is accompanied by a fact sheet setting out Questions and Answers on the strategy.

The Commission notes that, despite the recent strengthening of the EU&apos;s framework, through the Fourth Money Laundering Directive (4MLD) and the forthcoming Fifth Money Laundering Directive (5MLD), there are concerns that gaps remain in the EU&apos;s supervisory framework. The Commission highlights that there is no clear articulation between the prudential and anti-money laundering rules for financial institutions. It identifies shortcomings in the reaction time of national supervisors and in the level of cooperation and information sharing both between prudential and anti-money laundering supervisors and on a cross-border basis between EU supervisors and other supervisors based both within and outside the EU. While the Commission recognizes that 5MLD will remove certain obstacles to cooperation between anti-money laundering and prudential supervisors, it also notes that further steps are necessary to ensure effective supervisory cooperation, especially where financial institutions operate across borders.

Read more.]]></description>
					      
						      <pubDate>Wed, 12 Sep 2018 13:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Proposes-Enhancements-to-the-</guid>
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					      <title>UK Government Consults on Transposition Measures for the EU Bank Creditor Hierarchy Directive</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Consults-on-Transposition-Measures-</link>
					      <description><![CDATA[
HM Treasury has published a consultation on the U.K. Government&apos;s proposed approach to implementing the EU Bank Creditor Hierarchy Directive (also known as the Insolvency Hierarchy Directive) into U.K. domestic law. Member states are required to transpose the BCHD into national law by December 29, 2018 and must apply the laws from the date of transposition.

The BCHD is part of a package of reforms aimed at further strengthening the resilience of EU banks. It lays down harmonized rules for the insolvency ranking of unsecured debt instruments for the purposes of the EU recovery and resolution framework. The BCHD introduces statutory subordination across the EU, by amending the Bank Recovery and Resolution Directive so as to require Member States to create a new class of non-preferred senior debt in their creditor hierarchy. Instruments meeting the relevant criteria to fall within the new class will be eligible to meet subordination requirements under the provisions of the Total Loss Absorbing Capacity (TLAC) term sheet and its EU equivalent, the requirement for Minimum Requirement for Own Funds and Eligible Liabilities (MREL). HM Treasury explains in the consultation paper that the statutory subordination introduced by the BCHD will not prevent the U.K.&apos;s preferred approach, which is to require structural subordination (i.e. subordination within the terms of capital instruments).

Read more.]]></description>
					      
						      <pubDate>Wed, 12 Sep 2018 13:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Consults-on-Transposition-Measures-</guid>
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					      <title>UK Prudential Regulator Consults on Revisions to Supervisory Reporting Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Revisions-to-</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has launched a consultation on changes to the PRA&apos;s reporting requirements to reflect proposed changes set out by the European Banking Authority in EBA consultations launched in August 2018. The EBA proposes a number of revisions to the existing Implementing Technical Standards on the supervisory reporting requirements under the Capital Requirements Regulation. These include proposed revisions to the financial reporting (FINREP) annexes of the ITS, which add new reporting requirements for non-performing and forborne exposures, amend the reporting of profit or loss items (in particular on expenses) and amend the reporting on leases following International Financial Reporting Standard 16. Proposed revisions to the common reporting (COREP) annexes relate to the Liquidity Coverage Requirement for credit institutions.

Read more.]]></description>
					      
						      <pubDate>Wed, 12 Sep 2018 12:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Revisions-to-</guid>
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					      <title>Bank of England Governor to Stay on Until Brexit</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Governor-to-Stay-on-Until-Brexit</link>
					      <description><![CDATA[
HM Treasury has published a press release announcing that Bank of England Governor Mark Carney will remain in his position for an extended term until January 31, 2020. The extension of Dr. Carney&apos;s term will ensure continuity at the BoE until Brexit is completed. A new governor would be appointed during Autumn 2019 after the terms for the U.K.&apos;s withdrawal and the framework for the future U.K.-EU partnership have been agreed.

Sir Jon Cunliffe, BoE Deputy Governor with responsibility for financial stability, has also been re-appointed for a term from November 1, 2018 to October 2023.

View the HM Treasury press release.

View the correspondence between Dr. Carney and the Chancellor of the Exchequer. ]]></description>
					      
						      <pubDate>Tue, 11 Sep 2018 12:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Governor-to-Stay-on-Until-Brexit</guid>
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					      <title>US Federal Financial Regulatory Agencies Reaffirm the Role of Supervisory Guidance</title>
					      <link>https://finreg.aoshearman.com/USFFR-Agencies-Reaffirm-the-Role-of-Supervisory-Guidance</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency and Bureau of Consumer Financial Protection issued an interagency statement explaining the role and legal status of supervisory guidance.

Read more.]]></description>
					      
						      <pubDate>Tue, 11 Sep 2018 09:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USFFR-Agencies-Reaffirm-the-Role-of-Supervisory-Guidance</guid>
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					      <title>US Office of the Comptroller of the Currency Proposes to Permit Certain Federal Savings Associations to Operate with National Bank Powers</title>
					      <link>https://finreg.aoshearman.com/USOCC-Proposes-to-Permit-Certain-FSAs-to-Operate-with-National-Bank-Powers</link>
					      <description><![CDATA[
The U.S. Office of Comptroller of the Currency published a notice of proposed rulemaking regarding permitting federal savings associations with total consolidated assets of $20 billion or less as of December 31, 2017 (&quot;covered savings associations&quot;), to elect to operate with the same rights and privileges as a national bank.  The proposed rule seeks to implement Section 206 of the Economic Growth, Regulatory Relief, and Consumer Protection Act, which amends the Home Owners&apos; Loan Act, and is intended to provide business flexibility for certain federal savings associations to adapt to change without a corresponding requirement to change charters.   Under the proposed rule, a covered savings association has same rights and privileges as a national bank that has its main office situated in the same location as the home office of the covered savings association, and is subject to the same duties, restrictions, penalties, liabilities, conditions and limitations that would apply to such a national bank.  The covered savings institution, however, will retain its federal savings association charter, and will be treated as a federal savings association for governance and other purposes, including consolidation, merger, dissolution, conversion, conservatorship and receivership.  Treatment as a covered savings association would generally continue even after the institution&apos;s total consolidated assets exceed $20 billion.  Comments to proposed rule are due no later than November 19, 2018.

View full text of the proposal.]]></description>
					      
						      <pubDate>Mon, 10 Sep 2018 14:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USOCC-Proposes-to-Permit-Certain-FSAs-to-Operate-with-National-Bank-Powers</guid>
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					      <title>US Federal Deposit Insurance Corporation Seeks to Retire Certain Financial Institution Letters</title>
					      <link>https://finreg.aoshearman.com/USFDIC-Seeks-to-Retire-Certain-Financial-Institution-Letters</link>
					      <description><![CDATA[
The U.S. Federal Deposit Insurance Corporation published a proposal (FIL-46-2018) seeking comment with respect to the retirement of certain Financial Institution Letters.  FILs are letters that typically announce various types of regulations, policies, publications, and other matters of interest to those in the banking community.  The retired FILs would be archived and moved to inactive status, but would still be available for reference.  The FDIC issued the proposal pursuant to the Economic Growth and Regulatory Paperwork Reduction Act of 1996, which requires the FDIC (and other agencies) to conduct a review of their rules at least every 10 years to identify outdated or unnecessary regulations.  In connection with this mandate, the FDIC has identified 374 FILs issued between 1995 and 2017 regarding risk management supervision that have become outdated or redundant.  The FDIC is also currently reviewing FILs regarding other subject matters, and is exploring opportunities to update or streamline its remaining FILs generally.  Comments to the proposal are due by October 10, 2018.

View full text of the FDIC proposal, including a list of the letters to be retired.]]></description>
					      
						      <pubDate>Mon, 10 Sep 2018 14:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USFDIC-Seeks-to-Retire-Certain-Financial-Institution-Letters</guid>
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					      <title>Post-Brexit UK Secondary Legislation Published For Temporary Permissions Regime For Payments Services</title>
					      <link>https://finreg.aoshearman.com/Post-Brexit-UK-Secondary-Legislation-Published-Fo</link>
					      <description><![CDATA[
HM Treasury has published draft statutory instruments on the regulation of payments and e-money and on access to the Single Euro Payments Area in preparation for the U.K.&apos;s withdrawal from the EU - the draft Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 and the Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018. The draft Regulations are relevant to all Payment Service Providers and registered Account Information Service Providers. The draft Regulations will amend the Payment Services Regulations 2017, Electronic Money Regulations 2011 and the SEPA Regulation to:

	Create a temporary permissions regime for EEA payment firms

In line with the proposed temporary permissions regime for EEA firms regulated under the Financial Services and Markets Act 2000 (covered by the draft EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018), HM Treasury is proposing a TPR for payments. EEA firms operating under the TPR for payments will need to establish a U.K. subsidiary at the end of the proposed three-year TPR period. This provision should give firms the time to fully operationalize their new U.K. subsidiary.

Read more.]]></description>
					      
						      <pubDate>Wed, 05 Sep 2018 17:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Post-Brexit-UK-Secondary-Legislation-Published-Fo</guid>
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					      <title>UK Financial Conduct Authority Appoints New Director of Competition</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Appoints-New-Dire</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has issued a press release announcing the appointment of Sheldon Mills as its new director of competition. Mr. Mills is currently senior director, mergers and state aid at the Competition and Markets Authority. Mr. Mills will take up his role in November 2018.

View the FCA press release.]]></description>
					      
						      <pubDate>Wed, 05 Sep 2018 15:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Appoints-New-Dire</guid>
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					      <title>European Supervisory Authorities Report on Automation in Financial Advice</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Report-on-Automa</link>
					      <description><![CDATA[
The Joint Committee of the European Supervisory Authorities has published a joint report on automation in financial advice. The Report follows the ESA&apos;s 2015 joint discussion paper and follow-up report in 2016. The Report provides a summary of recent sectoral work by the ESAs in this area and the main findings of a survey with national regulators on the evolution of automation in financial advice in the securities, banking and insurance sectors. The ESAs observed that automated services are more often offered through partnerships between established financial intermediaries and FinTech firms than by FinTech firms alone. The ESAs also found that automation in financial advice has grown slowly and that the number of firms and customers involved is still limited. As a result, the ESAs do not consider that any of the previously identified risks have materialized and therefore that further action is unnecessary at this stage. The ESAs will conduct a new monitoring exercise if and when market developments and risks merit the work.

View the report.]]></description>
					      
						      <pubDate>Wed, 05 Sep 2018 12:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Report-on-Automa</guid>
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					      <title>EU Disagreement on EU Technical Standards for Reporting of Securities Financing Transactions</title>
					      <link>https://finreg.aoshearman.com/EU-Disagreement-on-EU-Technical-Standards-for-Rep</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published an Opinion on the European Commission&apos;s proposed amendments to the final draft Implementing and Regulatory Technical Standards on reporting under the Securities Financing Transactions Regulation. Various parts of the SFTR came into effect on January 12, 2016. However, the new reporting obligation for SFTs is not yet in force. Securities financing transactions involve the use of securities to borrow cash or other higher investment-grade securities, or vice versa. Such transactions can include repurchase transactions, securities lending and sell/buy backs. The SFTR requires, amongst other things, all securities financing transactions to be reported to EU recognized trade repositories, including details on the composition of collateral, whether collateral is available for reuse or has been reused, the substitution of collateral and any haircuts applied. The reporting obligation will apply to financial and non-financial counterparties, subject to exceptions for central banks and similar bodies.

Read more.]]></description>
					      
						      <pubDate>Wed, 05 Sep 2018 10:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Disagreement-on-EU-Technical-Standards-for-Rep</guid>
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					      <title>European Commission Communication on Proposed Amendments to Technical Standards on Systematic Internalisers&apos; Quote Rules</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Communication-on-Proposed-Ame</link>
					      <description><![CDATA[
The European Commission has published a Communication (dated August 10, 2018) on proposed amendments by the European Securities and Markets Authority to a Regulatory Technical Standard, known as &quot;RTS1,&quot; supplementing the Markets in Financial Instruments Regulation.

Under MiFIR, Systematic Internalisers must make public firm quotes in equity instruments. The quotes must: (i) be at least equivalent of 10% of the standard market size for the quoted instrument; (ii) include both a bid and offer price; and (iii) reflect the prevailing market conditions for that instrument. RTS 1 specifies the concept of &quot;prices reflecting prevailing market conditions&quot; as being &quot;close in price, at the time of publication, to quotes of equivalent sizes for the same financial instrument on the most relevant market in terms of liquidity.&quot; ESMA submitted final draft amendments to RTS 1 in March 2018, which provided that, where a financial instrument is subject to the &quot;minimum tick size&quot; regime, the quotes of an SI can only adequately reflect prevailing market conditions when those quotes reflect the minimum price increments (&quot;tick sizes&quot;) quoted by EU trading venues trading the instrument.

Read more.]]></description>
					      
						      <pubDate>Mon, 03 Sep 2018 16:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Communication-on-Proposed-Ame</guid>
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					      <title>UK Regulator Confirms its Expectations on Reporting for Resolution Planning</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Confirms-its-Expectations-on-Reporti</link>
					      <description><![CDATA[
The Prudential Regulation Authority has issued an update on the application of its supervisory statement, &quot;Resolution Planning.&quot; The supervisory statement sets out the PRA&apos;s expectations on the resolution planning information that firms must submit to comply with their obligations under the EU Bank Recovery and Resolution Directive. The update confirms the approach that will be taken by the PRA and the Bank of England as the U.K.&apos;s national resolution authority.

Read more.]]></description>
					      
						      <pubDate>Fri, 31 Aug 2018 11:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Confirms-its-Expectations-on-Reporti</guid>
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					      <title>US Federal Reserve Board and FDIC Extend Resolution Plan Submission Deadlines for Certain Institutions</title>
					      <link>https://finreg.aoshearman.com/USFRB-and-FDIC-Extend-Resolution-Plan-Submission-Deadlines-for-Certain-Institutions</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System and U.S. Federal Deposit Insurance Corporation announced that the agencies have extended the submission deadline for the resolution plans (commonly referred to as &quot;living wills&quot;) for one designated non-bank and four foreign banking organizations. The announcement extends the submission deadline for the non-bank financial company from December 31, 2018 to December 31, 2019, and extends the submission deadline for the four foreign banking organizations from July 1, 2019 to July 1, 2020. The agencies noted that the extended deadline will allow for feedback to be provided to the institutions with respect to their prior resolution plan submissions, and will also provide time for the institutions to prepare their next resolution plan submissions.  The FDIC also announced that it will be extending the resolution plan submission deadline for all insured depository institutions to no sooner than July 1, 2020.

View full text of the FDIC and Federal Reserve press release.]]></description>
					      
						      <pubDate>Thu, 30 Aug 2018 16:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USFRB-and-FDIC-Extend-Resolution-Plan-Submission-Deadlines-for-Certain-Institutions</guid>
				    </item>
			
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					      <title>Basel Committee Finalizes Technical Amendment to Pillar 3 Disclosure Requirements</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-Finalizes-Technical-Amendment-to-</link>
					      <description><![CDATA[
Following a consultation in March 2018, the Basel Committee on Banking Supervision has published a finalized technical amendment to the consolidated Pillar 3 disclosure technical standard that was issued in March 2017. The amendment imposes additional Pillar 3 disclosure requirements for those jurisdictions implementing an Expected Credit Loss, or ECL, accounting model as well as for those adopting transitional arrangements for the regulatory treatment of accounting provisions. These additional disclosures require banks to disclose, where applicable: (i) the &quot;fully loaded&quot; impact of ECL transitional arrangements used in Total Loss Absorbing Capacity resources and ratios; (ii) the allocation between general and specific provisions for standardized approach exposures; and (iii) the rationale for their categorization of ECL accounting provisions in general and specific categories for standardized approach exposures.

The technical amendment will also apply to jurisdictions adopting transitional arrangements for the regulatory treatment of accounting provisions. The interim approach to, and transitional arrangements for, the regulatory treatment of accounting provisions were published separately by the Basel Committee in March 2017.

The amendments covered by the revised Technical Standard will take effect from January 1, 2019.

View the Technical Amendment. 

View the consultation paper.

View the interim approach and transitional arrangements published March 2017.]]></description>
					      
						      <pubDate>Thu, 30 Aug 2018 11:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-Finalizes-Technical-Amendment-to-</guid>
				    </item>
			
					 <item>
					      <title>US Office of the Comptroller of the Currency Issues Guidance with Respect to Implied Sovereign Support</title>
					      <link>https://finreg.aoshearman.com/USOCC-Issues-Guidance-with-Respect-to-Implied-Sovereign-Support</link>
					      <description><![CDATA[
The U.S. Office of the Comptroller of the Currency issued guidance to OCC-supervised institutions with respect to the role of informal or implied expressions of support from foreign governments in determining credit risk ratings.

Read more.]]></description>
					      
						      <pubDate>Tue, 28 Aug 2018 16:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USOCC-Issues-Guidance-with-Respect-to-Implied-Sovereign-Support</guid>
				    </item>
			
					 <item>
					      <title>US Office of the Comptroller of the Currency Publishes Advanced Notice of Proposed Rulemaking with Respect to Community Reinvestment Act Modernization</title>
					      <link>https://finreg.aoshearman.com/USOCC-Publishes-Advanced-Notice-of-Proposed-Rulemaking-regarding-CRA-Modernization</link>
					      <description><![CDATA[
The U.S. Office of the Comptroller of the Currency issued an advanced notice of proposed rulemaking with respect to the modernization of the Community Reinvestment Act.

Read more.]]></description>
					      
						      <pubDate>Tue, 28 Aug 2018 16:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USOCC-Publishes-Advanced-Notice-of-Proposed-Rulemaking-regarding-CRA-Modernization</guid>
				    </item>
			
					 <item>
					      <title>US Federal Reserve Board Issues Interim Final Rule Expanding the Applicability of the Small Bank Holding Company Policy Statement</title>
					      <link>https://finreg.aoshearman.com/US-FRB-Issues-IFR-Expanding-Applicability-of-Small-Bank-Holding-Company-Policy-Statement</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System issued an interim final rule increasing the asset threshold for the applicability of the Federal Reserve Board&apos;s Small Bank Holding Company and Savings and Loan Holding Company Policy Statement (Regulation Y, Appendix C) from $1 billion to $3 billion in total consolidated assets.

Read more.]]></description>
					      
						      <pubDate>Tue, 28 Aug 2018 15:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FRB-Issues-IFR-Expanding-Applicability-of-Small-Bank-Holding-Company-Policy-Statement</guid>
				    </item>
			
					 <item>
					      <title>European Banking Authority Proposes Revised Implementing Technical Standards for Reporting of Securitization Information</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Proposes-Revised-Imple</link>
					      <description><![CDATA[
The European Banking Authority has published a consultation paper setting out proposed amendments to existing Implementing Technical Standards on supervisory reporting, to align the reporting of securitizations with the new EU securitization framework. The new securitization framework took effect in January 2018 and comprises: (i) the Securitization Regulation (also known as the STS Regulation), which lays down common due diligence for institutional investors, risk retention and transparency measures and establishes a category of simple, transparent and standardized securitization in the EU; and (ii) a Regulation making targeted amendments to the Capital Requirements Regulation to provide for the capital treatment of STS securitizations and certain SME synthetic securitizations, including measures to reduce reliance on external credit ratings.

Read more.]]></description>
					      
						      <pubDate>Tue, 28 Aug 2018 11:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Proposes-Revised-Imple</guid>
				    </item>
			
					 <item>
					      <title>European Banking Authority Proposes Revised Implementing Technical Standards for Supervisory Reporting Under the Capital Requirements Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Proposes-Revised</link>
					      <description><![CDATA[
The European Banking Authority has launched a consultation on proposed revisions to the existing Implementing Technical Standards for the financial reporting, or FINREP, framework under the Capital Requirements Regulation.

The proposed revisions relate to the reporting requirements for non-performing and forborne exposures. The EBA proposes revisions to existing templates to provide for additional breakdowns on performing and non-performing exposures, forborne exposures and collateral obtained. The proposals include some new templates for additional reporting by institutions with elevated levels of non-performing exposures that are not &quot;small and non-complex.&quot; The new templates are designed to provide further insights into an institution&apos;s portfolios of performing and non-performing loans and/or or forborne loans and advances and on collateral obtained. The EBA also proposes revisions to the reporting on profit or loss items in FINREP and to account for the introduction of International Financial Reporting Standard 16 Leases, which is due to replace IAS 17 as the standard for the accounting of leases from January 1, 2019.

Read more.]]></description>
					      
						      <pubDate>Tue, 28 Aug 2018 08:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Proposes-Revised</guid>
				    </item>
			
					 <item>
					      <title>European Banking Authority Proposes Revised Supervisory Reporting Technical Standards on Liquidity Coverage Requirement</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Proposes-Revised-Super</link>
					      <description><![CDATA[
The European Banking Authority has launched a consultation on proposed revisions to the Implementing Technical Standards that relate to supervisory reporting, under the common reporting, or COREP, framework, in line with the Liquidity Coverage Requirement, or LCR, under the Capital Requirements Regulation.

The proposed revisions to the ITS are intended to reflect amendments made to an existing Delegated Regulation supplementing the Capital Requirements Regulation. These amendments were made by an Amending Regulation adopted by the European Commission in July 2018. The changes introduced by the Amending Regulation require the EBA to make related changes to the ITS on LCR reporting to capture the necessary elements for its calculation and monitoring. The revisions to the ITS relate mainly to the calculation of inflows and outflows in securities financing transactions and collateral swaps or the unwind waivers envisaged for some SFTs and collateral swaps with central banks. Further minor amendments are also proposed.

Read more.]]></description>
					      
						      <pubDate>Tue, 28 Aug 2018 08:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Proposes-Revised-Super</guid>
				    </item>
			
					 <item>
					      <title>European Securities and Markets Authority Intends to Extend Product Intervention Measures for Binary Options for a Further Three Months</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Intends</link>
					      <description><![CDATA[
The European Securities and Markets Authority has announced its intention to adopt a Decision to extend the prohibition on the marketing, distribution and sale of binary options to retail investors for a further three-month period from October 2, 2018. ESMA has previously adopted intervention measures for binary options, with the current Decision set to expire on October 1, 2018.

ESMA has power under the Markets in Financial Instruments Regulation to impose prohibitions or restrictions on certain financial instruments, financial activities or practices. This may be done when, among other conditions, the exercise of ESMA&apos;s power addresses a significant investor protection concern in the Union. Product intervention measures imposed by ESMA under MiFIR must be reviewed at appropriate intervals and at least every three months. If a measure is not renewed after three months, it will expire. In reviewing the current Decision, ESMA has agreed to exclude from the scope of product intervention certain types of binary option that are less likely to lead to a significant investor protection concern.

Read more.]]></description>
					      
						      <pubDate>Fri, 24 Aug 2018 14:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Intends</guid>
				    </item>
			
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					      <title>US Federal Reserve Board, OCC and FDIC Expand 18-Month Examination Cycle for Small Banks and Branches and Agencies of Foreign Banks</title>
					      <link>https://finreg.aoshearman.com/USFRB-OCC-and-FDIC-Expand-18-Month-Exam-Cycle-for-Small-Banks-and-Branches-Agencies-of-FB</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System, U.S. Office of the Comptroller of the Currency and U.S. Federal Deposit Insurance Corporation jointly issued an interim final rule and request for comment to expand the number of insured depository institutions and U.S. branches and agencies of foreign banks eligible for an 18-month on-site examination cycle.

Read more.]]></description>
					      
						      <pubDate>Thu, 23 Aug 2018 13:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USFRB-OCC-and-FDIC-Expand-18-Month-Exam-Cycle-for-Small-Banks-and-Branches-Agencies-of-FB</guid>
				    </item>
			
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					      <title>Commodity Futures Trading Commission Proposes Clearing Requirement Exemptions for Certain Financial End Users</title>
					      <link>https://finreg.aoshearman.com/Commodity-Futures-Trading-Commission-Proposes-Cle</link>
					      <description><![CDATA[
The Commodity Futures Trading Commission has proposed exempting certain bank holding companies, savings and loan holding companies and community development financial institutions from swap clearing requirements. The proposed exemptions, issued in response to comments made through the CFTC&apos;s Project KISS initiative, codify prior no-action relief provided under CFTC Staff Letters 16-01 and 16-02.

Read more. ]]></description>
					      
						      <pubDate>Thu, 23 Aug 2018 10:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Commodity-Futures-Trading-Commission-Proposes-Cle</guid>
				    </item>
			
					 <item>
					      <title>UK Government Issues Brexit &quot;No-Deal&quot; Guidance for Financial Services</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Issues-Brexit-quotNo-Dealquot-Guida</link>
					      <description><![CDATA[
HM Treasury has published a technical notice entitled &quot;Banking, insurance and other financial services if there&apos;s no Brexit deal,&quot; to provide guidance about the impact of the U.K. leaving the EU without a ratified withdrawal agreement in place. The guidance is relevant to financial services firms, funds and financial market infrastructures and to their customers. The technical notice is one of the first 25 of a series of U.K. government technical notices setting out information that will enable businesses and citizens to make informed plans and preparations in the event of the U.K. exiting the EU on March 29, 2019 without a deal. These technical notices include a notice on the government&apos;s overarching approach to preparing for a &quot;no deal&quot; scenario.

Read more.]]></description>
					      
						      <pubDate>Thu, 23 Aug 2018 10:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Issues-Brexit-quotNo-Dealquot-Guida</guid>
				    </item>
			
					 <item>
					      <title>European Central Bank Issues Opinion on Proposed Prudential Framework for Investment Firms</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Issues-Opinion-on-Proposed-</link>
					      <description><![CDATA[
The European Central Bank has published an Opinion on the legislative proposals adopted by the European Commission in December 2017 for a new framework for the prudential regulation of investment firms. The framework proposed by the European Commission comprises a proposal for a regulation on the prudential requirements of investment firms (including amendments to the Capital Requirements Regulation, the Markets in Financial Instruments Regulation and the European Banking Authority Regulation) along with a proposal for a directive on the prudential supervision of investment firms, which includes amendments to the CRD IV Directive and the revised Markets in Financial Instruments Directive. The ECB was asked by the European Parliament and the Council of the European Union to provide its opinion on the proposed framework in January 2018.

In the Opinion the ECB states that it generally supports the objectives of the proposed framework, which are to create a prudential framework better suited to the risks and business models of different types of investment firms and to subject systemically important investment firms to the same prudential rules as credit institutions.

Read more.]]></description>
					      
						      <pubDate>Wed, 22 Aug 2018 14:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Issues-Opinion-on-Proposed-</guid>
				    </item>
			
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					      <title>US Federal Reserve Board, OCC and FDIC Issue Interim Final Rule with Respect to the Treatment of Certain Municipal Obligations as High-Quality Liquid Assets</title>
					      <link>https://finreg.aoshearman.com/USFRB-OCC-and-FDIC-Issue-Interim-Final-Rule-for-Treatment-of-Certain-Municipal-Obligations-as-HQLA</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System, U.S. Office of the Comptroller of the Currency and U.S. Federal Deposit Insurance Corporation jointly issued an interim final rule and request for comment to treat &quot;liquid and readily-marketable,&quot; investment grade municipal obligations as level 2B high-quality liquid assets (HQLAs) for purposes of the liquidity coverage ratio rule.

Read more.]]></description>
					      
						      <pubDate>Wed, 22 Aug 2018 14:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USFRB-OCC-and-FDIC-Issue-Interim-Final-Rule-for-Treatment-of-Certain-Municipal-Obligations-as-HQLA</guid>
				    </item>
			
					 <item>
					      <title>EU Final Draft Technical Standards on Reporting and Disclosure Requirements for Securitizations</title>
					      <link>https://finreg.aoshearman.com/EU-Final-Draft-Technical-Standards-on-Reporting-a</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report and technical standards on the disclosure and reporting requirements under the EU Securitization Regulation (or STS Regulation). The Securitization Regulation requires originators and sponsors to notify ESMA of any securitization that meets the &quot;Simple, Transparent and Standardized&quot; criteria. ESMA will maintain a list of all such securitizations on its website. Securitization special purpose entities, originators and sponsors of a securitization will be required to make certain information available via a securitization repository to holders of a securitization position, to the national regulators and, upon request, to potential investors. The Securitization Regulation will apply directly across the EU from January 1, 2019 to securities issued under securitizations on or after January 1, 2019. Securitizations issued before that date may be referred to as STS securitizations provided that they meet certain conditions.

Read more.]]></description>
					      
						      <pubDate>Wed, 22 Aug 2018 11:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Final-Draft-Technical-Standards-on-Reporting-a</guid>
				    </item>
			
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					      <title>UK Releases Draft Legislation to Onshore EU Regulatory Capital Requirements Legislation Post-Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Releases-Draft-Legislation-to-Onshore-EU-Regul</link>
					      <description><![CDATA[
HM Treasury has released another draft statutory instrument in preparation for Brexit, the Capital Requirements (Amendment) (EU Exit) Regulations 2018 - the draft Capital Requirements Regulations. The EU regulatory capital requirements framework for banks, building societies and investment firms comprises the Capital Requirements Regulation, the Capital Requirements Directive and secondary legislation in the form of technical standards. The CRD is implemented into U.K. law through various sector-specific legislation, for example, the Regulated Covered Bonds Regulations 2008, the Capital Requirements Regulations 2013, the Capital Requirements (Country-by-Country Reporting) Regulations 2013, and the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014 as well as through PRA and FCA rules. The CRR and the technical standards are directly applicable across the EU.

This draft Capital Requirements Regulations will amend the CRR to ensure that it continues to operate effectively in the U.K. when the U.K. leaves the EU. The domestic legislation implementing CRD is also amended to ensure that it continues to function as intended. The Prudential Regulation Authority and the Financial Conduct Authority will be responsible for amendments to the technical standards and for updating their rulebooks. They are expected to consult in Autumn 2018 on these aspects.

Read more.]]></description>
					      
						      <pubDate>Tue, 21 Aug 2018 12:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Releases-Draft-Legislation-to-Onshore-EU-Regul</guid>
				    </item>
			
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					      <title>Commodity Futures Trading Commission Finalizes Amendments to Rules Governing Chief Compliance Officer Duties and Annual Reporting Requirements for Certain Registrants</title>
					      <link>https://finreg.aoshearman.com/Commodity-Futures-Trading-Commission-Finalizes-Am</link>
					      <description><![CDATA[
The Commodity Futures Trading Commission has unanimously approved final amendments to clarify and simplify its regulations governing the duties and annual reporting requirements for chief compliance officers at futures commission merchants, swap dealers and major swap participants. The amendments, first proposed in May 2017, are designed to clarify certain requirements (including as to the annual CCO report) as well as harmonize the CFTC&apos;s requirements with similar Securities and Exchange Commission rules that will be applicable to security-based swap dealers.

Read more.]]></description>
					      
						      <pubDate>Tue, 21 Aug 2018 10:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Commodity-Futures-Trading-Commission-Finalizes-Am</guid>
				    </item>
			
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					      <title>US Federal Deposit Insurance Corporation Announces Modifications to its Statement of Policy Regarding Section 19 of the Federal Deposit Insurance Act</title>
					      <link>https://finreg.aoshearman.com/US-FDIC-Announces-Modification-to-its-Statement-of-Policy-Regarding-Section-19-of-the-FDIA</link>
					      <description><![CDATA[
The U.S. Federal Deposit Insurance Corporation issued modification to its Statement of Policy with respect to Section 19 of the Federal Deposit Insurance Act, which (among other things) prohibits persons with convictions for certain criminal offenses, or those who have entered into pretrial diversion or similar programs with respect to the same, from participating in the affairs of a FDIC-insured financial institution without prior approval of the FDIC.

Read more.]]></description>
					      
						      <pubDate>Mon, 20 Aug 2018 14:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FDIC-Announces-Modification-to-its-Statement-of-Policy-Regarding-Section-19-of-the-FDIA</guid>
				    </item>
			
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					      <title>US Federal Reserve Board Division of Research and Statistics Director, David Wilcox, to Retire</title>
					      <link>https://finreg.aoshearman.com/US-FRB-Division-of-Research-and-Statistics-Director-David-Wilcox-to-Retire</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System Announced that David Wilcox, the director of the Federal Reserve Board&apos;s Division of Research and Statistics, would retire at the end of the year.  Mr. Wilcox has served as the director of the division for 7 years, and in his 30 years of service has also held positions on the staff of the President&apos;s Council of Economic Advisers, as assistant secretary for economic policy at the Treasury Department and as deputy director of the Division of Research and Statistics.

View full text of the Federal Reserve Press.]]></description>
					      
						      <pubDate>Mon, 20 Aug 2018 11:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FRB-Division-of-Research-and-Statistics-Director-David-Wilcox-to-Retire</guid>
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					 <item>
					      <title>Global Authorities Consult on Governance for OTC Derivatives Data Elements</title>
					      <link>https://finreg.aoshearman.com/Global-Authorities-Consult-on-Governance-for-OTC-</link>
					      <description><![CDATA[
The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions have published a consultation paper on governance arrangements for OTC derivatives data elements other than the Unique Transaction Identifier and the Unique Product Identifier. Critical data elements are an important aspect of reporting derivatives transactions to a trade repository. The consultation paper proposes the key criteria for the CDE maintenance and governance, the different areas of CDE governance and governance functions and allocation of the governance functions to different bodies.

Responses to the consultation should be submitted by September 27, 2018 using the dedicated response form, available through the links below.

View the press release.

View the consultation paper.]]></description>
					      
						      <pubDate>Thu, 16 Aug 2018 14:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Global-Authorities-Consult-on-Governance-for-OTC-</guid>
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					      <title>Financial Stability Board Consults on Implementation of the Legal Entity Identifier</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Consults-on-Implementat</link>
					      <description><![CDATA[
The Financial Stability Board has launched a thematic peer review on implementation of the Legal Entity Identifier and is inviting feedback on implementation of the LEI at the same time. The objective of the LEI system is for unique identifiers to be held by all legal entities participating in financial markets across the globe. It is envisaged that the LEI system will lead to better data aggregation, enhance systemic risk monitoring and reduce costs to market participants.

Using the peer review, the FSB will: (i) consider the approaches and strategies used by FSB members to implement the LEI, including its adoption for regulatory requirements; (ii) assess whether current levels and rates of LEI adoption are sufficient to support the ongoing and anticipated needs of FSB member authorities; (iii) identify the challenges in further advancing the implementation and use of the LEI; and (iv) if appropriate, make recommendations for addressing any challenges.

Read more.]]></description>
					      
						      <pubDate>Thu, 16 Aug 2018 10:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Consults-on-Implementat</guid>
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					      <title>UK Government Releases Post-Brexit Draft Legislation for Deposit Protection</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Releases-Post-Brexit-Draft-Legislat</link>
					      <description><![CDATA[
HM Treasury has published draft Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018. The draft regulations are expected to be laid before Parliament in autumn 2018 and to come into force mostly on the day the U.K. withdraws from the EU. These draft regulations are part of HM Treasury&apos;s measures to onshore EU legislation under the provisions of the European Union (Withdrawal) Act 2018. The key changes proposed are:

	transferring the power to review, adjust and set the coverage level from EU bodies to the Prudential Regulation Authority, with approval from HMT; and
	removing the cooperation arrangement under which the U.K. Financial Services Compensation Scheme administers compensation payments to depositors at U.K. branches of EEA banks on behalf of EEA deposit guarantee schemes. A transitional provision will allow the FSCS to continue after Brexit to accept instructions and funds from EEA DGS should an EEA firm operating in the U.K. fail immediately before Exit Day.


View the draft Regulations.

View the explanatory guidance.]]></description>
					      
						      <pubDate>Wed, 15 Aug 2018 14:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Releases-Post-Brexit-Draft-Legislat</guid>
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					      <title>EU Implementing Regulations for Benchmark Regulation Published</title>
					      <link>https://finreg.aoshearman.com/EU-Implementing-Regulations-for-Benchmark-Regulat</link>
					      <description><![CDATA[
Two Commission Implementing Regulations supplementing the Benchmark Regulation have been published in the Official Journal of the European Union. The Benchmark Regulation, which took effect across the EU in January 2018, sets out the authorization and registration requirements for benchmark administrators, including third-country entities, and the requirements for governance and control of administrators. It provides for different categories of benchmarks depending on the risks involved, imposes additional requirements on benchmarks considered to be &quot;critical&quot; and gives powers to national regulators to mandate, under certain conditions, contributions to or the administration of critical benchmarks.

Read more.]]></description>
					      
						      <pubDate>Thu, 09 Aug 2018 16:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Implementing-Regulations-for-Benchmark-Regulat</guid>
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					      <title>UK Post-Brexit Secondary Legislation on Short Selling Published</title>
					      <link>https://finreg.aoshearman.com/UK-Post-Brexit-Secondary-Legislation-on-Short-Sel</link>
					      <description><![CDATA[
Draft U.K. secondary legislation has been published to onshore the EU Short Selling Regulation on the day the U.K. exits the EU. The draft Short Selling (Amendment) (EU Exit) Regulations 2018 (or U.K. SSRs) are expected to be laid before Parliament in Autumn 2018 and to come into force mostly on the day the U.K. withdraws from the EU. The draft U.K. SSRs are made under the provisions of the European Union (Withdrawal) Act 2018 to address failures of retained EU law relating to short selling to operate effectively and other deficiencies arising from Brexit.

The explanatory guide to the U.K. SSRs states that changes for firms with shares admitted to trading on a U.K. venue should be minimal. The procedure for notifying U.K. instruments to the Financial Conduct Authority will be kept and instruments admitted to trading on U.K. venues will continue to have the same restrictions applied to them.

Read more.]]></description>
					      
						      <pubDate>Thu, 09 Aug 2018 16:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Post-Brexit-Secondary-Legislation-on-Short-Sel</guid>
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					      <title>EU and UK Authorities Clarify Trading Obligation Expectations for Pension Schemes</title>
					      <link>https://finreg.aoshearman.com/EU-and-UK-Authorities-Clarify-Trading-Obligation-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a further statement on the transitional exemption from the clearing obligation for pension scheme arrangements under the European Market Infrastructure Regulation and delegated regulations. Transitional provisions provide for PSAs to be exempt from the clearing obligation until August 16, 2018. There is no provision in EMIR that would allow for a further extension of this exemption period. It is proposed that this exemption will be further extended under the proposal to amend EMIR, known as EMIR Refit. ESMA issued a statement on July 3, 2018 stating that national regulators are expected not to prioritize &quot;their supervisory actions towards entities that are expected to be exempted again in a relatively short period of time and to generally apply their risk-based supervisory powers in their day-to-day enforcement of applicable legislation in a proportionate manner.&quot;

This new statement clarifies that ESMA does not expect national regulators to focus on any non-compliance by PSAs with the related trading obligation under the Markets in Financial Instruments Regulation. Financial counterparties that are exempt from the clearing obligation under EMIR are also exempt from the trading obligation under MiFIR. It is likely that the clearing obligation exemption will expire before it is extended under EMIR Refit and therefore the trading obligation exemption would also lapse.

Read more.]]></description>
					      
						      <pubDate>Wed, 08 Aug 2018 13:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-and-UK-Authorities-Clarify-Trading-Obligation-</guid>
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					      <title>UK Financial Conduct Authority Confirms it is Open to a Range of Booking Models for Brexit Preparations</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Confirms-it-is-Ope</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a &quot;Dear CEO&quot; letter on firms&apos; cross-border booking models in preparation for Brexit. In the letter the FCA reminds firms that where the firm is expanding its European presence, it must still be possible for the FCA to supervise the firm&apos;s U.K. business and firms must still meet their threshold conditions. However, unlike other EU regulators, the FCA is not stipulating specific requirements for booking models. Instead, the FCA states that it is &quot;open to a broad range of legal entity structures or booking models. This includes those making use of back-to-back and remote booking, providing their associated conduct risks are effectively controlled and managed. Our starting point is therefore not to restrict business models but to understand the principles and practice involved and how the conduct risks that arise from them are managed.&quot;

Read more.]]></description>
					      
						      <pubDate>Wed, 08 Aug 2018 13:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Confirms-it-is-Ope</guid>
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					      <title>Global Bodies Consult on Incentives to Centrally Clear OTC Derivatives</title>
					      <link>https://finreg.aoshearman.com/Global-Bodies-Consult-on-Incentives-to-Centrally-</link>
					      <description><![CDATA[
A consultation paper on incentives to centrally clear OTC derivatives has been jointly published by the Financial Stability Board, the International Organization of Securities Commissions, the Basel Committee on Banking Supervision and the Committee on Payments and Market Infrastructures. The paper is part of the FSB&apos;s post-implementation evaluation of the effects of the G20 financial regulatory reforms. The consultation paper sets out the results of an evaluation of the reforms that have been implemented to incentivize central clearing of OTC derivatives, including mandatory clearing requirements, capital, liquidity and margin requirements, as well as the reforms to CCP resilience, recovery and resolution. The evaluation found that:

	the changes observed in OTC derivatives markets are consistent with the G20 Leaders&apos; objective of promoting central clearing as part of mitigating systemic risk and making derivatives markets safer.
	the relevant post-crisis reforms, in particular the capital, margin and clearing reforms, taken together, appear to create an overall incentive, at least for dealers and larger and more active clients, to centrally clear OTC derivatives.

Read more.]]></description>
					      
						      <pubDate>Tue, 07 Aug 2018 17:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Global-Bodies-Consult-on-Incentives-to-Centrally-</guid>
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					 <item>
					      <title>Regulators Unveil Plans to Launch Global Financial Innovation Network</title>
					      <link>https://finreg.aoshearman.com/Regulators-Unveil-Plans-to-Launch-Global-Financia</link>
					      <description><![CDATA[
12 international financial regulators and related organizations have announced the launch of the Global Financial Innovation Network. The announcement, which was accompanied by a consultation paper on the role and objectives of the GFIN, serves as part two of a whitepaper published earlier this year by the U.K. Financial Conduct Authority on the possibility of forming a &quot;global sandbox.&quot; The GFIN, as proposed, would consist of three components: (i) information sharing and collaboration through a network of regulators; (ii) joint policy work and regulatory trials; and (iii) cross-border firm trials.

The GFIN hopes to build upon existing information sharing agreements to allow information sharing to take place on a larger and quicker scale, which would allow regulators to fill information gaps related to innovation, technological trends and emerging issues. This would help FinTech firms navigate international regulations by providing a comprehensive forum through which to interact with multiple regulators. In addition, the GFIN aims to provide a space to encourage joint policy work and address areas of divergence between financial services regulators, particularly with respect to emerging technologies and legacy business models and regulatory frameworks. As envisioned, the GFIN would also facilitate cross-border trials of emerging technologies across global jurisdictions.

Read more.]]></description>
					      
						      <pubDate>Tue, 07 Aug 2018 09:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Regulators-Unveil-Plans-to-Launch-Global-Financia</guid>
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					      <title>Upcoming Priorities for the Global FX Code</title>
					      <link>https://finreg.aoshearman.com/Upcoming-Priorities-for-the-Global-FX-Code</link>
					      <description><![CDATA[
The Global Foreign Exchange Committee has published a paper entitled: &quot;The FX Global Code at One Year: a Look Back and a Look Ahead.&quot; The FX Global Code was published by the GFXC in May 2017. It superseded and substantively updated existing guidance for participants in FX markets previously provided by the Non-investment Products (NIPs) Code. The Code comprises a set of global principles of good practice for the FX market, covering a broad range of areas, including ethics, governance, execution, information-sharing, risk management, compliance, trade confirmation and settlement.

The paper discusses the achievements of the GFXC and the way in which the Code has been received by market participants over the past year. These include increased awareness of and commitment to the Code, further integration of the Code into the business practices of FX market participants and evolution of the Code with changes in the FX market, in particular for transparency and disclosure.

The GFXC&apos;s upcoming priorities are outlined in the paper. These include:

	continuing the existing GFXC working groups - the disclosures working group and the cover and deal working group; and
	establishing two new GFXC working groups - one on buy-side outreach and the other to further integration of the Code.


View the paper.]]></description>
					      
						      <pubDate>Mon, 06 Aug 2018 15:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Upcoming-Priorities-for-the-Global-FX-Code</guid>
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					      <title>Bank of England Establishes Enforcement Decision Making Committee and Appoints Members</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Establishes-Enforcement-Decision-</link>
					      <description><![CDATA[
Following a consultation that ran between November 2017 and February 2018, the Bank of England has published a policy statement on the procedure and necessary revisions to existing policies and procedures required for the establishment of an Enforcement Decision Making Committee.

The EDMC has been established as a response to a recommendation from HM Treasury arising from its review of enforcement decision-making at the U.K. financial regulators. HM Treasury had recommended the establishment of a functionally-independent decision-making committee composed of independent members with expertise suited to the Prudential Regulation Authority&apos;s regulatory focus. The BoE has gone beyond HM Treasury&apos;s original recommendation and, going forward, the EDMC will be the BoE&apos;s decision-making body in contested enforcement cases that relate to all areas in which the BoE has enforcement powers (that is, prudential regulation, financial market infrastructure, resolution and note issuances). It will ensure the necessary functional separation between the BoE&apos;s investigation teams and decision-makers.

Alongside the Policy Statement, the BoE has published revised statements of policy and procedures reflecting the EDMC&apos;s establishment. These cover the EDMC&apos;s remit and operation and the selection, appointment, remuneration and governance of EDMC members. The BoE has also issued a press release announcing its appointment of six EMDC members. Members are appointed for renewable, fixed, three-year periods and cannot serve more than two consecutive terms.

Read more.]]></description>
					      
						      <pubDate>Fri, 03 Aug 2018 08:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Establishes-Enforcement-Decision-</guid>
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					      <title>UK Conduct Regulator Consults on Rule Alignments for EU Securitization Framework</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Rule-Alignments-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation on proposed changes to its rules to ensure consistency with the provisions of the directly applicable EU Securitization Regulation (also known as the STS Regulation) and related amendments to the Capital Requirements Regulation, which take effect across the EU on January 1, 2019. This forthcoming EU legislation will introduce a new framework for simple, transparent and standardized securitizations, intended to make the EU securitization market function more effectively.

Read more.]]></description>
					      
						      <pubDate>Wed, 01 Aug 2018 14:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Consults-on-Rule-Alignments-</guid>
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					      <title>UK Financial Conduct Regulator Proposes to Apply Principles and Conduct Rules to Payment Service Providers and Electronic Money Firms</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Regulator-Proposes-to-Apply-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a consultation on general standards and communication rules for the payment services and e-money sectors.

Payment Service Providers and e-money firms are authorized or registered under the Payment Services Regulations 2017 and Electronic Money Regulations 2011, respectively. The Payment Services Regulations 2017 brought certain of these firms within the scope of the FCA&apos;s rulemaking powers.

Read more.]]></description>
					      
						      <pubDate>Wed, 01 Aug 2018 14:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Regulator-Proposes-to-Apply-</guid>
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					      <title>UK Conduct Regulator Reminds Firms of Obligations on Selling High-Risk Products to Retail Clients</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Reminds-Firms-of-Obligations</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has issued a statement on selling high-risk speculative investments to retail clients following the European Securities and Markets Authority&apos;s product intervention on contracts for difference products.

ESMA issued decisions in March and June 2018 to temporarily prohibit the marketing, distribution or sale of binary options and to impose restrictions on the marketing, distribution or sale of CFDs to retail clients. In the CFD decision, ESMA had clarified that turbo certificates were outside the scope of the CFD restrictions. However, in its recently updated Q&amp;A on its product intervention, ESMA acknowledges that turbo certificates have comparable features to CFDs, such as leverage.

Read more.]]></description>
					      
						      <pubDate>Wed, 01 Aug 2018 13:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Reminds-Firms-of-Obligations</guid>
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					 <item>
					      <title>Global Recommendations for Trading Venues to Manage Extreme Volatility</title>
					      <link>https://finreg.aoshearman.com/Global-Recommendations-for-Trading-Venues-to-Mana</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published a report on mechanisms used by trading venues to manage extreme volatility and preserve orderly trading. Following its consultation earlier this year, IOSCO is making eight recommendations for trading venues and their regulators to consider when implementing, operating and monitoring volatility control mechanisms to preserve orderly trading.

Read more.]]></description>
					      
						      <pubDate>Wed, 01 Aug 2018 09:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Global-Recommendations-for-Trading-Venues-to-Mana</guid>
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					      <title>US Office of the Comptroller of the Currency Begins Accepting National Bank Charters from FinTech Companies</title>
					      <link>https://finreg.aoshearman.com/US-OCC-Begins-Accepting-National-Bank-Charters-from-FinTech-Companies</link>
					      <description><![CDATA[
The U.S. Office of the Comptroller of the Currency announced that it would begin accepting national bank charter applications from non-depository FinTech companies that seek to engage in the business of banking.  In connection with the announcement, the OCC released a policy statement that outlines the OCC&apos;s chartering authority with respect to non-depository FinTech companies, the OCC&apos;s stated support for reasonable innovation, and the chartering standards and supervisory expectations applicable to such institutions.

Read more.]]></description>
					      
						      <pubDate>Tue, 31 Jul 2018 19:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-OCC-Begins-Accepting-National-Bank-Charters-from-FinTech-Companies</guid>
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					      <title>US Treasury Publishes Report on Nonbank Financials, Fintech, and Innovation</title>
					      <link>https://finreg.aoshearman.com/US-Treasury-Publishes-Report-on-Nonbank-Financials-Fintech-and-Innovation</link>
					      <description><![CDATA[
The U.S. Department of the Treasury released its report on Nonbank Financials, Fintech, and Innovation.  The FinTech report is the fourth in a series mandated by U.S. President Donald Trump&apos;s Executive Order 13772 on Core Principles for Regulating the United States Financial System.

Read more.]]></description>
					      
						      <pubDate>Tue, 31 Jul 2018 19:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Treasury-Publishes-Report-on-Nonbank-Financials-Fintech-and-Innovation</guid>
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					      <title>US Office of the Comptroller of the Currency Publishes Updated Business Combinations Booklet</title>
					      <link>https://finreg.aoshearman.com/US-OCC-Publishes-Updated-Business-Combinations-Booklet</link>
					      <description><![CDATA[
The U.S. Officer of the Comptroller     of the Currency released an updated version of the Comptroller&apos;s Licensing Manual Business Combinations booklet.  The booklet, which was updated in November of 2017, has been revised to make certain technical corrections and process updates with respect to clarifications regarding the public notice and comment period and a change in the public comment calculation period.

View full text of the revised booklet.]]></description>
					      
						      <pubDate>Tue, 31 Jul 2018 19:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-OCC-Publishes-Updated-Business-Combinations-Booklet</guid>
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					      <title>Final Draft EU Technical Standards on Securitization Risk Retention Requirements</title>
					      <link>https://finreg.aoshearman.com/Final-Draft-EU-Technical-Standards-on-Securitizat</link>
					      <description><![CDATA[
The European Banking Authority has published a final report and final draft Regulatory Technical Standards under the EU Securitization Regulation (or STS Regulation) on the risk retention requirements for originators, sponsors and original lenders. The Securitization Regulation requires, among other things, originators, sponsors or original lenders of a securitization to retain on an ongoing basis a material net economic interest in the securitization of at least 5 %. The final draft RTS specify in greater detail the risk retention requirement, including the modalities of retaining risk, the measurement of the level of retention, the prohibition of hedging or selling the retained interest and the conditions for retention on a consolidated basis.

The final draft RTS have been submitted to the European Commission for endorsement. The final RTS will apply directly across the EU twenty days after publication in the Official Journal of the European Union.

The Securitization Regulation, which will apply from January 1, 2019, has replaced the risk retention requirements in the Capital Requirements Regulation. Once the final RTS enter into force, the existing Commission Delegated Regulation ((EU) No 625/2014) on risk retention requirements, made under the Capital Requirements Regulation, will be repealed.

View the final draft RTS.

View the existing Delegated Regulation on risk retention requirements. 

View details of the EBA&apos;s consultation on the draft RTS.]]></description>
					      
						      <pubDate>Tue, 31 Jul 2018 15:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Draft-EU-Technical-Standards-on-Securitizat</guid>
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					      <title>Final Draft EU Technical Standards on Homogeneity Conditions for STS Securitizations</title>
					      <link>https://finreg.aoshearman.com/Final-Draft-EU-Technical-Standards-on-Homogeneity</link>
					      <description><![CDATA[
The European Banking Authority has published a final report and final draft Regulatory Technical Standards under the EU Securitization Regulation on the conditions for a securitization to be considered homogenous. Homogeneity is one of the requirements for a securitization to be classed as a simple, transparent and standardized securitization or STS securitization. Exposures related to STS securitizations will attract lower risk weightings for firms subject to the Capital Requirements Regulation. The new EU securitization framework will apply across the EU from January 1, 2019.

Read more.]]></description>
					      
						      <pubDate>Tue, 31 Jul 2018 15:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Draft-EU-Technical-Standards-on-Homogeneity</guid>
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					      <title>Final Draft EU Technical Standards on Home-Host Regulatory Cooperation Under the Revised Payment Services Directive</title>
					      <link>https://finreg.aoshearman.com/Final-Draft-EU-Technical-Standards-on-Home-Host-R</link>
					      <description><![CDATA[
The European Banking Authority has published a final report and final draft Regulatory Technical Standards under the revised Payment Services Directive on cooperation between national regulators in home and host states of a payment institution that operates cross-border in the EU. PSD2 took effect on January 13, 2018. The final report summarizes the feedback the EBA received to the proposed draft RTS and sets out the EBA&apos;s responses. The EBA confirms that it has made a number of the changes to the text of the final draft RTS as a result of the feedback.

The final draft RTS specify the framework for cooperation between supervisors of payment institutions operating on a cross-border basis, including the method for cooperation and details of information that should be provided between regulators. The final draft RTS also specify the means, details and frequency of reporting that a host national regulator may request from payment institutions concerning activities carried out in its territory through agents or branches. The final draft RTS will further apply to the framework for cooperation, and for the exchange of information, between national regulators for electronic money institutions providing services cross-border in the EU.

The EBA has submitted the final draft RTS to the European Commission for endorsement. The final RTS will apply across the EU twenty days after publication in the Official Journal of the European Union.

View the final report and final draft RTS.]]></description>
					      
						      <pubDate>Tue, 31 Jul 2018 14:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Draft-EU-Technical-Standards-on-Home-Host-R</guid>
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					      <title>UK Payment Systems Regulator Reports on the UK Contactless Mobile Payment Sector</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Reports-on-the-UK-Co</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator has published a Report setting out its understanding of the Contactless Mobile Payments sector, following information-gathering during 2016 and 2017. CMPs are in-store payments made by consumers, using apps installed on their mobile devices, usually using Near Field Technology for communication between the mobile device and the retailer&apos;s point-of-sale terminal and with payment security enabled via a &quot;tokenization&quot; process.

The PSR conducted two calls for information in 2016 and 2017, to increase its understanding of:

	whether the way CMPs operate and the way they are being offered in the U.K. potentially affects competition, innovation and the interests of people and organizations that use payment systems (and, if so, how); and
	whether there were any restrictions affecting the provision of tokenization services.


The Report explains how CMPs work from a functional and technical perspective, outlines the main participants and their respective roles, summarizes the PSR&apos;s consideration of particular issues and proposes next steps.

Read more.]]></description>
					      
						      <pubDate>Tue, 31 Jul 2018 13:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Reports-on-the-UK-Co</guid>
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					      <title>International Swaps and Derivatives Association Publishes ISDA 2018 US Resolution Stay Protocol to Facilitate Compliance with US Stay Regulations</title>
					      <link>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Association-</link>
					      <description><![CDATA[
The International Swaps and Derivatives Association has published the ISDA 2018 U.S. Resolution Stay Protocol. The protocol was developed to facilitate compliance with regulations issued by the Federal Reserve, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency that require global systemically important banking organizations to include contractual stays on early termination rights within in-scope qualified financial contracts, including swaps and repurchase agreements.

Adherence to the protocol will allow covered entities to comply with the U.S. stay regulations by amending in-scope QFCs to ensure that they are consistent with the limits on counterparties&apos; exercise of default rights under Title II of Dodd-Frank and the Federal Deposit Insurance Act. The protocol will also limit counterparties&apos; ability to exercise cross-default rights based on the insolvency or resolution of an affiliate of a covered entity.

ISDA members and non-members may adhere to the protocol beginning from the second half of August 2018. ISDA also announced it would also publish frequently asked questions to provide market participants with additional background information on the protocol and the U.S. stay regulations.

The first compliance date for the U.S. stay regulations is January 1, 2019.

View the protocol.

View ISDA&apos;s press release.

View Shearman &amp; Sterling&apos;s client alert regarding the U.S. stay regulations.]]></description>
					      
						      <pubDate>Tue, 31 Jul 2018 10:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Association-</guid>
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					      <title>UK Financial Conduct Authority Proposes Changes to Rules Governing Peer-to-Peer Lending Platforms</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Proposes-Changes-</link>
					      <description><![CDATA[
The Financial Conduct Authority has launched a consultation on new rules for loan-based crowdfunding platforms, also known as peer-to-peer lending platforms. The FCA implemented rules regulating FCA-authorized firms operating investment-based and loan-based crowdfunding platforms on April 1, 2014. Investment-based crowdfunding is governed by the Markets in Financial Instruments package and the Alternative Investment Fund Managers Directive, as transposed into U.K. law. The regime for P2P lending is a national one and is less detailed and prescriptive.

The FCA began a post-implementation review of the crowdfunding sector and the applicable regimes in 2016. In the post-implementation review, the FCA identified that harm may be caused to investors as a result of poor business practices and due to the business models that some platforms have adopted. The consultation paper summarizes the FCA&apos;s findings from that review and sets out the FCA&apos;s proposals to change certain rules and guidance.

Read more.]]></description>
					      
						      <pubDate>Fri, 27 Jul 2018 17:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Proposes-Changes-</guid>
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					      <title>European Commission Requires Drafting Amendments to Proposed Technical Standards for Reporting of Securities Financing Transactions</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Requires-Drafting-Amendments-</link>
					      <description><![CDATA[
The European Commission has published a Communication announcing its intention to adopt, with amendments, the Regulatory Technical Standards and Implementing Technical Standards prepared by the European Securities and Markets Authority under the Securities Financing Transactions Regulation. ESMA submitted final draft RTS and ITS to the Commission in March 2017.

The Commission has amended the draft RTS on the details of Securities Financing Transactions to be reported to Trade Repositories and the draft ITS on the format and frequency of reports on the details of SFTs to TRs. The draft RTS and ITS had contained wording to the effect that ESMA would have the power to endorse global unique trade identifiers for transactions or the global legal identifier system as it applies to the branch of an entity. This wording would have had the effect of delegating regulatory powers on potential future reporting requirements directly to ESMA, which is not possible under the legal framework for the European Supervisory Authorities. The Commission has made amendments to clarify that the Commission, rather than ESMA, has the responsibility to introduce changes to the reporting requirements, on the basis of a proposal by ESMA.

Read more.]]></description>
					      
						      <pubDate>Fri, 27 Jul 2018 16:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Requires-Drafting-Amendments-</guid>
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					      <title>UK Regulator Consults on Changes to Definition of Default for Credit Risk</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Changes-to-Definition-of</link>
					      <description><![CDATA[
The Prudential Regulation Authority has opened a consultation on proposals to implement the European Banking Authority&apos;s recent regulatory products on the definition of default in the Capital Requirements Regulation. The CRR risk quantification provisions set out that a default occurs when an obligor is past due more than 90 days on any material credit obligation to a firm, its parent or any of its subsidiaries. The materiality of the credit commitment is to be assessed against a threshold set by the national regulator according to its view of a reasonable level of risk.

The EBA developed a roadmap of regulatory products that aim to reduce unwarranted variability in the risk weighted assets calculated using banks&apos; Internal Ratings-Based models. Three of these products pertain to the definition of default: the Regulatory Technical Standards on the materiality threshold for credit obligations past due, the Guidelines on the application of the definition of default and the EBA Opinion on the use of the 180 days past due criterion.

Read more.]]></description>
					      
						      <pubDate>Fri, 27 Jul 2018 09:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Changes-to-Definition-of</guid>
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					      <title>Financial Action Task Force Publishes Report on Professional Money Laundering</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Publishes-Report-on-P</link>
					      <description><![CDATA[
The Financial Action Task Force has published a report on professional money laundering. The report is intended to assist authorities to target professional money launderers and the structures that they set up and use to launder money and to disrupt the organizations of their criminal clients. PMLs are referred to by the FATF as &quot;individuals, organisations and networks that are involved in third-party laundering for a fee or commission.&quot; PMLs specialize in providing professional money laundering services, such as locating investments or purchasing assets, establishing companies or legal arrangements, acting as nominees, recruiting and managing networks of cash couriers or money mules, providing account management services and creating and registering financial accounts. By providing detailed explanations of the roles performed by PMLs, the FATF aim to facilitate the identification and understanding of how PMLs operate. The report provides recent examples of financial organizations acquired by criminal operations or co-opted to aid money laundering and focuses on some of the common methods used to launder funds, such as trade-based money laundering, account settlement mechanism and underground banking.

Read more.]]></description>
					      
						      <pubDate>Thu, 26 Jul 2018 18:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Publishes-Report-on-P</guid>
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					      <title>UK Regulator Seeks Input on EU Packaged Retail and Insurance-based Investment Products Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Seeks-Input-on-EU-Packaged-Retail-an</link>
					      <description><![CDATA[
The Financial Conduct Authority has issued a call for input on the Packaged Retail and Insurance-based Investment Products Regulation. Since January 1, 2018, the EU PRIIPs Regulation has required manufacturers of PRIIPs to prepare and publish a stand-alone, standardized Key Information Document for each of their PRIIPs. Those advising retail investors on PRIIPs, or selling PRIIPs to retail investors, must provide retail investors with a KID in good time before the transaction is concluded.

The FCA is seeking input about the initial experience of: (i) those producing, advising on, or distributing PRIIPs and preparing and providing KIDs; and (ii) consumers using KIDs to decide whether to invest in these investment products. In addition, the FCA is asking for feedback on the scope of the PRIIPs Regulation, in particular, which instruments fall in or out of the scope of the requirements, and on practical aspects of certain cost and risk disclosure requirements.

Feedback to the call for input should be provided by September 28, 2018. The FCA intends to publish a feedback statement in Q1 2019.

View the call for input.]]></description>
					      
						      <pubDate>Thu, 26 Jul 2018 15:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Seeks-Input-on-EU-Packaged-Retail-an</guid>
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					      <title>US Federal Reserve Board Launches New Consumer Protection Bulletin</title>
					      <link>https://finreg.aoshearman.com/US-Federal-Reserve-Board-Launches-New-Consumer-PrProtection-Bulletin</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System launched the Consumer Compliance Supervision Bulletin.  The bulletin will be published by the Federal Reserve Board&apos;s Division of Consumer and Community Affairs, and will provide high-level summaries of supervisory issues, highlight violations that have been identified, include practical guidance with respect to the management of consumer compliance risks and enhance transparency with respect to the Federal Reserve Board&apos;s consumer compliance supervisory program.  The current issue of the bulletin includes content with respect to fair lending, unfair or deceptive acts or practices and regulatory and policy developments.

View full text of the bulletin.]]></description>
					      
						      <pubDate>Thu, 26 Jul 2018 08:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Federal-Reserve-Board-Launches-New-Consumer-PrProtection-Bulletin</guid>
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					      <title>UK Payment Systems Regulator Will Review Supply of Card-Acquiring Services</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Will-Review-Supply-o</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator has published for consultation its draft terms of reference for a planned market review into the supply of card-acquiring services in the U.K. Merchants that accept card payments from customers purchase card-acquiring services from specialist providers to enable card payments to be accepted and processed on their behalf. The market review is a response to concerns raised by stakeholders that the supply of these services may not be working well for some merchants and, ultimately, consumers.

The market review will examine: (i) the nature and characteristics of card-acquiring services; (ii) the providers of these services and how their market shares have developed historically; (iii) how merchants buy card-acquiring services; (iv) the availability of credible alternatives to card-acquiring services for some or all merchants; and (v) how competition is working in the sector, including looking at issues around the fees merchants pay and the quality of service they receive.

The PSR is inviting feedback on its draft terms of reference until September 14, 2018. The PSR intends to publish finalized terms of reference, including a timetable for the review, before the end of 2018.

View the draft terms of reference for the review (MR 18/1.1).]]></description>
					      
						      <pubDate>Tue, 24 Jul 2018 19:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Will-Review-Supply-o</guid>
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					      <title>UK Secondary Legislation Published to Align Ring-Fencing With Financial Sanctions Legislation</title>
					      <link>https://finreg.aoshearman.com/UK-Secondary-Legislation-Published-to-Align-Ring-</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) (Amendment) Order 2018 has been made and will come into force on October 31, 2018.

The Amendment Order amends the definition of a &quot;core deposit&quot; (set out in The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014) for the purposes of the U.K. framework for the ring-fencing of retail from wholesale/investment banking. Under the U.K. framework, if a deposit is not a &quot;core deposit,&quot; then carrying on the regulated activity of accepting deposits in relation to that non-core deposit can take place in the non-ring-fenced bank.

Read more.]]></description>
					      
						      <pubDate>Tue, 24 Jul 2018 16:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Secondary-Legislation-Published-to-Align-Ring-</guid>
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					      <title>European Banking Authority Makes Policy Recommendations for Proposed Introduction of European Secured Notes</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Makes-Policy-Recommend</link>
					      <description><![CDATA[
The European Banking Authority has published a final report in response to a call for advice from the European Commission, in the context of the Commission&apos;s Capital Markets Union project, to help the Commission assess the case for introducing European Secured Notes, an additional instrument which would be available for institutions to gain funding on the capital markets, particularly infrastructure loans and loans to Small and Medium Sized Enterprises. ESNs are defined in the call for advice as &quot;dual recourse financial instruments on an issuer&apos;s balance sheet applying the basic structural characteristics of covered bonds to two non-traditional cover pool assets - SME bank loans and infrastructure bank loans.&quot;

The Commission asked the EBA to assess whether a dual recourse instrument, similar to covered bonds, may provide a useful funding option to banks engaged in lending to SMEs and infrastructure projects and to determine an appropriate EU framework and regulatory treatment for this new product.

In the final report, the EBA: (i) assesses the business case for ESNs; (ii) analyzes the potential implications of issuances of ESNs on asset encumbrance; and (iii) considers the risk profile of SME loans and project finance. The EBA makes suggestions on the pool eligibility criteria and the structure and features of ESNs and on their potential regulatory treatment. The EBA makes five main policy recommendations on crucial aspects for the Commission to consider when possibly designing the legislative framework for ESNs. These relate to the structure, cover assets and regulatory treatment of SME ESNs, the EBA&apos;s reservations about introducing Infrastructure ESNs and the impact of ESNs on asset encumbrance.

View the final report.]]></description>
					      
						      <pubDate>Tue, 24 Jul 2018 15:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Makes-Policy-Recommend</guid>
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					      <title>UK White Paper Published on How the Withdrawal Agreement Will Be Implemented in the UK</title>
					      <link>https://finreg.aoshearman.com/UK-White-Paper-Published-on-How-the-Withdrawal-Ag</link>
					      <description><![CDATA[
The U.K.&apos;s Department for Exiting the EU has published a further Brexit white paper, entitled: &quot;Legislating for the Withdrawal Agreement between the United Kingdom and the European Union.&quot; The paper describes the Bill that will implement the terms of the Withdrawal Agreement in the U.K. The Bill, which must pass before exit day (March 29, 2019) will only be introduced once Parliament has approved the finalized Withdrawal Agreement as required under the EU (Withdrawal) Act 2018. In the paper, the Government sets out how it envisages the Bill will implement the U.K.&apos;s withdrawal and provides detail on those parts of the draft Withdrawal Agreement that have been agreed so far: citizens&apos; rights, the implementation period and the negotiated financial settlement. The final provisions of the Bill will be subject to the final terms of the Withdrawal Agreement. The paper also sets out the procedures for Parliament&apos;s approval of the terms of the final Withdrawal Agreement.

Read more.]]></description>
					      
						      <pubDate>Tue, 24 Jul 2018 14:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-White-Paper-Published-on-How-the-Withdrawal-Ag</guid>
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					      <title>UK Legislation Published for a Post-Brexit Recognition Regime for CCPs</title>
					      <link>https://finreg.aoshearman.com/UK-Legislation-Published-for-a-Post-Brexit-Recogn</link>
					      <description><![CDATA[
A draft of the Central Counterparties (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 has been laid before Parliament. The finalized Regulations will come into force partly on the day after the day they are made and fully on the day the U.K. withdraws from the EU.

The draft Regulations have been prepared using the power under the European Union (Withdrawal) Act 2018 to address failures of retained EU law to operate effectively or other deficiencies arising from the withdrawal of the U.K. from the EU. These draft Regulations deal with &quot;onshoring&quot; certain aspects of the European Market Infrastructure Regulation that relate to the regulatory framework for CCPs. The Bank of England wrote to non-U.K. CCPs in December 2017, outlining how it envisaged that non-U.K. CCPs will be recognized to provide services in the U.K. once the U.K. has withdrawn from the EU. Recognized status under EMIR enables third-country CCPs to provide clearing services to clearing members or trading venues established in the EU. The BoE explained in its letter that U.K. domestic law requirements for the recognition of non-U.K. CCPs would be substantially the same as the current requirements under EMIR, although references to international MoUs being in place would change, such that these must be established between third countries and relevant U.K. authorities.

Read more.]]></description>
					      
						      <pubDate>Tue, 24 Jul 2018 11:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Legislation-Published-for-a-Post-Brexit-Recogn</guid>
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					      <title>UK Secondary Legislation Published for Post-Brexit Temporary Permissions Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Secondary-Legislation-Published-for-Post-Brexi</link>
					      <description><![CDATA[
A draft of one of several pieces of U.K. legislation has been published, that will establish a temporary permissions regime after the U.K.&apos;s withdrawal from the EU. Temporary permission will be available for EEA firms currently operating in the U.K. under financial services passports. The draft EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 are expected to be laid before Parliament in Autumn 2018 and to come into force mainly on the day after they are made, apart from some provisions that will apply on the day the U.K. withdraws from the EU. The draft Regulations also amend the Financial Services and Markets Act 2000 and related legislation to remove references to EEA passport rights.

The draft Regulations have been prepared under the provisions of the EU (Withdrawal) Act 2018, which sets out an enhanced scrutiny procedure for secondary legislation used to amend certain retained EU law. This means that the draft Regulations will require the approval of both Houses of Parliament before they are made.

Read more.]]></description>
					      
						      <pubDate>Tue, 24 Jul 2018 10:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Secondary-Legislation-Published-for-Post-Brexi</guid>
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					      <title>UK Plans Temporary Designation Regime for Settlement Finality Designation Post-Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Plans-Temporary-Designation-Regime-for-Settlem</link>
					      <description><![CDATA[
The U.K. Government has announced that it intends to legislate to ensure, after U.K. withdrawal from the EU, the continuation of U.K. settlement finality protections currently provided under the Settlement Finality Directive and implemented in the U.K. by the Financial Markets and Insolvency (Settlement Finality) Regulations 1999. The SFRs establish various insolvency carve-outs for designated market infrastructure systems and also legislate for finality of transactions within such systems. However, only EU systems are in scope.

The SFD requires Member States to notify the European Securities and Markets Authority with information concerning the national systems (and the respective system operators) they have designated to be included within the scope of the SFD protections. Member States must also designate the national authorities that must be notified when insolvency proceedings are opened against a participant or a system operator. Under the protections afforded by the SFD, transfer orders which enter into designated systems within certain deadlines are guaranteed to be finally settled, regardless of whether the sending participant has become insolvent or transfer orders have been revoked in the meantime. Under the SFD, each Member State automatically recognizes systems that have been designated by other Member States.

Read more.]]></description>
					      
						      <pubDate>Tue, 24 Jul 2018 10:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Plans-Temporary-Designation-Regime-for-Settlem</guid>
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					      <title>G20 Sets October 2018 Deadline for Financial Action Task Force to Clarify AML/CTF Standards For Crypto Assets</title>
					      <link>https://finreg.aoshearman.com/G20-Sets-October-2018-Deadline-for-Financial-Acti</link>
					      <description><![CDATA[
The G20 Finance Ministers &amp; Central Bank Governors have issued a communiqu&amp;eacute; following their meeting in Buenos Aires on July 21 - 22, 2018. Among other things, the communiqu&amp;eacute; requests that the Financial Action Task Force clarify, by October 2018, how its global anti-money laundering and counter-terrorist financing standards apply to crypto assets.

The FATF&apos;s global standards (also known as the 40 Recommendations) promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. However, the FATF standards do not refer explicitly to crypto assets or the associated service providers and intermediaries, which creates uncertainty as to the scope of AML/CTF obligations that may apply to them.

Read more.]]></description>
					      
						      <pubDate>Mon, 23 Jul 2018 17:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/G20-Sets-October-2018-Deadline-for-Financial-Acti</guid>
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					      <title>US Federal Reserve Vice Chairman Randal Quarles Sworn in for Second Term</title>
					      <link>https://finreg.aoshearman.com/US-FR-Vice-Chairman-Randal-Quarles-Sworn-in-for-Second-Term</link>
					      <description><![CDATA[
Randal Quarles, current Vice Chairman for Supervision, was sworn in for his second term as a member of the U.S. Board of Governors of the Federal Reserve System.  Vice Chairman Quarles&apos;s term as Vice Chairman for Supervision ends in 2021, while his term as a member of the Federal Reserve Board ends in 2032.

View full text of the Federal Reserve Board press release.]]></description>
					      
						      <pubDate>Mon, 23 Jul 2018 16:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FR-Vice-Chairman-Randal-Quarles-Sworn-in-for-Second-Term</guid>
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					      <title>UK Proposals for a Register of Beneficial Ownership for Foreign Entities</title>
					      <link>https://finreg.aoshearman.com/UK-Proposals-for-a-Register-of-Beneficial-Ownersh</link>
					      <description><![CDATA[
The U.K.&apos;s Government Department for Business, Energy &amp; Industrial Strategy has launched a consultation on a draft Bill that would introduce a register of beneficial owners for overseas legal entities that own U.K. property. Since April 6, 2016, the U.K. has required U.K. companies, limited liability partnerships and societates europaeae to establish and maintain a register of persons with significant control over them and since June 30, 2016 and those entities have been required to file such information with Companies House where it is publicly available on the People with Significant Control register.

Currently, information about overseas owners of land or property is often limited to the entity&apos;s name and territory of incorporation and it is unclear who ultimately owns and/or controls the entity. The aim of the draft Bill is to prevent and combat the use of land in the U.K. by overseas entities for the purposes of laundering money or investing illicit funds.

Read more.]]></description>
					      
						      <pubDate>Mon, 23 Jul 2018 15:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Proposals-for-a-Register-of-Beneficial-Ownersh</guid>
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					      <title>Bank of England Confirms its Renewed Real-Time Gross Settlement System Can Interface With DLT</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Confirms-its-Renewed-Real-Time-Gr</link>
					      <description><![CDATA[
The Bank of England has published the outcomes from a &quot;Proof of Concept&quot; it ran to understand how its renewed Real-Time Gross Settlement service could be capable of supporting settlement in systems operating on innovative payment technologies, such as those built on Distributed Ledger Technology. The BoE has operated the RTGS service since 1996 to provide a safe and reliable means of settling high-value cash payments in real time in sterling central bank money. The BoE published a blueprint for renewal of the RTGS in May 2017, setting out how it proposed to overhaul the system to ensure higher resilience, broader access, wider interoperability, improved user functionality and strengthened end-to-end risk management of the high-value payment system.

Read more.]]></description>
					      
						      <pubDate>Mon, 23 Jul 2018 13:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Confirms-its-Renewed-Real-Time-Gr</guid>
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					      <title>UK Working Group Outlines Risk Mitigation Considerations for Bond Market Participants During Transition From LIBOR</title>
					      <link>https://finreg.aoshearman.com/UK-Working-Group-Outlines-Risk-Mitigation-Conside</link>
					      <description><![CDATA[
The U.K. Working Group on Sterling Risk-Free Reference Rates has published a paper to raise awareness among market participants of some of the current market uncertainties surrounding issuance of long-dated bonds referencing LIBOR. The Working Group is tasked with helping to bring about broad-based transition to the Sterling Overnight Index Average rate by end-2021 across Sterling bond, loan and derivative markets. SONIA has been selected as the preferred alternative risk-free rate for Sterling and, among other work, the Working Group is in the process of developing market conventions for SONIA-linked bonds. A key milestone for the Working Group will be its publication, later in 2018, of best practice for referencing SONIA in bond markets.

In the paper, the Working Group outlines some of the risks faced by bond market participants who are continuing to issue, offer and purchase new Sterling bonds referencing LIBOR, in particular where those bonds are long-dated. &quot;Long-dated&quot; refers to bonds set to mature beyond the end of 2021, when banks&apos; commitments to submit data for purposes of LIBOR are due to end. The Working Group suggests certain steps market participants could take to mitigate some of the risks arising where LIBOR continues to be referenced in new Sterling bonds issued in the interim period before market conventions and infrastructure for referencing alternatives to LIBOR are fully developed.

View the paper.]]></description>
					      
						      <pubDate>Mon, 23 Jul 2018 11:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Working-Group-Outlines-Risk-Mitigation-Conside</guid>
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					      <title>UK Law Commission Seeks Input on Proposals for Reform of Anti-Money Laundering and Counter-Terrorism Financing Law in England and Wales</title>
					      <link>https://finreg.aoshearman.com/UK-Law-Commission-Seeks-Input-on-Proposals-for-Re</link>
					      <description><![CDATA[
The Law Commission has published a substantial consultation paper entitled &quot;Anti-Money Laundering: the SARs Regime,&quot; seeking views on proposals to reform the law of England and Wales governing anti-money laundering. In particular, the report considers issues around Suspicious Activity Reports, which are the mechanism by which the private sector make disclosures relating to money laundering and terrorism financing.

The Law Commission has identified a number of legal difficulties that arise from the current regime and, following extensive fact-finding meetings with stakeholders, it has also identified a number of issues in the current regime that are causing particular practical difficulties. In the consultation paper, the Law Commission: (i) identifies the most pressing problems and proposes provisional solutions to improve the current regime; (ii) consults on reforming the consent regime within the Proceeds of Crime Act 2002 (POCA), which sets out the process whereby an individual who suspects that they are dealing with the proceeds of crime can seek permission to complete a transaction by disclosing their suspicion to the U.K. Financial Intelligence Unit of the National Crime Agency; and (iii) seeks to generate and consider ideas for long term reform.

Read more.]]></description>
					      
						      <pubDate>Fri, 20 Jul 2018 18:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Law-Commission-Seeks-Input-on-Proposals-for-Re</guid>
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					      <title>UK Conduct Regulator Confirms Policy on Recognizing Industry Codes of Conduct in Unregulated Markets</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Confirms-Policy-on-Recognizi</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Policy Statement outlining its final policy and rule amendments on its approach to recognizing industry codes of conduct in unregulated markets, including the process and criteria for doing so. In the FCA&apos;s view, industry codes of conduct can be useful in helping firms to communicate what is expected of individuals to meet their conduct obligations under the Senior Managers and Certification Regimes. The SM&amp;CR, which currently only applies to banks, credit unions, building societies and large investment firms (including EEA branches), will be extended to insurers from December 2018 and to all other FCA-regulated firms from December 2019.

The FCA consulted in November 2017 on proposals to formally recognize industry codes of conduct in markets that are outside the regulatory perimeter and to publish a list of recognized industry codes on its website. The consultation set out the criteria to be met for recognition of industry codes and proposed that recognition would apply for a renewable period of three years.

Read more.]]></description>
					      
						      <pubDate>Fri, 20 Jul 2018 16:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Confirms-Policy-on-Recognizi</guid>
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					      <title>European Banking Authority Publishes Final Revised Pillar 2 Guidelines</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final-Revise</link>
					      <description><![CDATA[
Following a consultation between October 2017 and January 2018 on a package of revisions to certain of its Guidelines, the European Banking Authority has published three final reports and revised Guidelines aimed at strengthening the Pillar 2 framework.

The revised Guidelines have been prepared in line with the EBA&apos;s April 2017 Roadmap for revisions of the Pillar 2 framework, to keep the SREP Guidelines that were published in December 2014 (and in force from January 2016) up to date with respect to the EU and international standards. The EBA also aims to promote best supervisory practices and address issues identified in the EBA&apos;s ongoing work on assessment of supervisory convergence.

Read more. ]]></description>
					      
						      <pubDate>Fri, 20 Jul 2018 14:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-Final-Revise</guid>
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					      <title>Upcoming Changes to the EU Single Resolution Board&apos;s Composition</title>
					      <link>https://finreg.aoshearman.com/Upcoming-Changes-to-the-EU-Single-Resolution-Boar</link>
					      <description><![CDATA[
The EU Single Resolution Board has announced that Sr. Mauro Grande, Board Member and Director of Resolution Strategy and Cooperation, intends to leave his position. Sr. Grande has been with the SRB since its inception in March 2015. Sr. Grande will vacate the position once a successor is appointed, which is expected in the next few months. The European Commission and the SRB have jointly published a vacancy notice and applications for the position can be made until September 12, 2018.

View the SRB&apos;s announcement.]]></description>
					      
						      <pubDate>Fri, 20 Jul 2018 11:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Upcoming-Changes-to-the-EU-Single-Resolution-Boar</guid>
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					      <title>UK Conduct Regulator Outlines Scope of Digital Regulatory Reporting Pilot</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulatory-Outlines-Scope-of-Digital-R</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published the terms of reference (dated June 2018) for the pilot phase of its Digital Regulatory Reporting project. The FCA is working with the Bank of England in the RegTech sphere to explore ways of using technology to link regulation, compliance procedures and firms&apos; policies and standards together with firms&apos; transactional applications and databases.

The FCA published a Call for Input in February 2018 following a TechSprint in November 2017, at which a &apos;proof of concept&apos; was achieved, showing that it was feasible to make regulatory reporting requirements machine readable and executable. Using this &quot;Digital Regulatory Reporting&quot; would allow firms to map their regulatory requirements directly to the data that they hold. Potential benefits include automated, straight-through processing of regulatory returns, greater accuracy in data submissions and faster implementation of changes in regulatory requirements, as well as cost reduction and improvements to competition.

Read more.]]></description>
					      
						      <pubDate>Fri, 20 Jul 2018 09:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulatory-Outlines-Scope-of-Digital-R</guid>
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					      <title>European Banking Authority Responds to Caius Capital LLP&apos;s Challenge Against Regulatory Capital Treatment of UniCredit CASHES</title>
					      <link>https://finreg.aoshearman.com/EBA-Responds-to-Caius-Capital-LLP39s-Challenge-Ag</link>
					      <description><![CDATA[
The European Banking Authority has published a response following allegations by Caius Capital LLP that UniCredit S.p.A.&apos;s regulatory capital treatment in respect of a 2008 issuance of convertible and subordinated hybrid equity-linked securities (CASHES), which had been sanctioned by regulators including the European Central Bank, was incorrect. On May 3, 2018, Caius wrote a letter to the EBA, asking it to open an investigation for a breach of EU law on the basis that the structure of the transaction called into question the eligibility of ordinary shares underlying the CASHES as CET1 capital under the EU Capital Requirements Regulation. Caius has since published further letters restating and expanding upon its arguments that a portion of UniCredit&apos;s regulatory capital currently recognized as CET1 under the EU rules is ineligible for such classification.

Read more.]]></description>
					      
						      <pubDate>Fri, 20 Jul 2018 08:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EBA-Responds-to-Caius-Capital-LLP39s-Challenge-Ag</guid>
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					      <title>EU Consultation on Revised Guidelines on Periodic Reporting by Credit Rating Agencies</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Revised-Guidelines-on-Periodic</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a consultation on proposed revised Guidelines on periodic reporting by credit rating agencies. Under the EU Credit Rating Agencies Regulation, ESMA is responsible for direct supervision of EU CRAs registered with it. ESMA wishes to update its existing Guidelines, first published in 2015, to better reflect ESMA&apos;s supervisory powers and duties. In particular, ESMA does not consider that the current approach of determining reporting requirements according supervisory fees matches its risk-based approach to supervision. ESMA is proposing to establish reporting categorizations for CRAs as well as reporting calendars based on reporting categorization. Furthermore, ESMA is proposing to standardize the reporting templates and to provide additional reporting instructions.

The consultation closes on September 26, 2018. ESMA intends to publish the Final Report on the Guidelines before the end of 2018.

View the consultation.]]></description>
					      
						      <pubDate>Thu, 19 Jul 2018 14:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Revised-Guidelines-on-Periodic</guid>
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					      <title>US Federal Reserve Vice Chairman Randal Quarles Discusses the SOFR Reference Rate</title>
					      <link>https://finreg.aoshearman.com/US-FR-Vice-Chairman-Randal-Quarles-Discusses-the-SOFR-Reference-Rate</link>
					      <description><![CDATA[
U.S. Board of Governors of the Federal Reserve System Vice Chairman for Supervision, Randal Quarles, discussed the evolution of reference rates at the Alternative Reference Rates Committee (ARRC) Roundtable at the Federal Reserve Bank of New York. Vice Chairman Quarles stated his view that certain markets relevant to some LIBOR tenors are relatively illiquid. He contrasted this with the newly established secured overnight financing rate (SOFR). SOFR is the product of a collaborative effort by the Federal Reserve Bank of New York, the Federal Reserve Board and the U.S. Office of Financial Research, and was created in response to the ARRC&apos;s interest in establishing a Treasury repo rate benchmark that would span the widest possible scope of the market. Vice Chairman Quarles further noted that the implementation timetable for SOFR is ahead of schedule, that market participants have begun offering clearing of SOFR overnight index and basis swaps, and that futures markets for SOFR have been introduced on the Chicago Mercantile Exchange.

View full text of Vice Chairman Quarles&apos;s remarks.]]></description>
					      
						      <pubDate>Thu, 19 Jul 2018 11:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FR-Vice-Chairman-Randal-Quarles-Discusses-the-SOFR-Reference-Rate</guid>
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					      <title>Financial Action Task Force Reports to G20 and Announces Priority Work for 2018-2019</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Reports-to-G20-and-Fi</link>
					      <description><![CDATA[
The Financial Action Task Force has published its report to the G20 Finance Ministers and Central Bank Governors. The report gives an overview of recent FATF work and its proposed next steps in its current workstreams. The United States takes over the FATF Presidency for the period July 2018 to June 2019 and has separately published a document summarizing its priority and other initiatives for the duration of its presidency.

Read more. ]]></description>
					      
						      <pubDate>Thu, 19 Jul 2018 11:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Reports-to-G20-and-Fi</guid>
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					      <title>European Commission Presses for Step Up in Brexit Preparations</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Presses-for-Step-Up-in-Brexit</link>
					      <description><![CDATA[
The European Commission has published a Communication on preparing for the withdrawal of the U.K. from the EU on March 30, 2019. Alongside the Communication, a factsheet has been published entitled, &quot;Seven Things Businesses in the EU27 Need to Know in Order to Prepare for Brexit.&quot; In the Communication, the Commission warns all stakeholders that &quot;[p]reparation must therefore be stepped up immediately at all levels and taking into account all possible outcomes.&quot; The Commission highlights that it is not yet certain that an agreement will be in place by exit day (March 30, 2019) and that a cliff-edge scenario could still occur. Without ratification of the Withdrawal Agreement, there will be no transitional period providing a further 21 months to prepare for when EU law ceases to apply to and in the U.K. and the Commission is urging all stakeholders to prepare for all scenarios.

In the Communication, the Commission counsels the financial services sector (see page 14) to prepare for a &quot;hard Brexit.&quot; The Commission advises that ensuring that there is no disruption to their current business model and that they can continue to serve clients is the responsibility of all operators in all financial services sectors. Notably, the Commission is not concerned, at this stage, about any contractual continuity issues on the principle that the performance of existing obligations can continue post-Brexit. However, the Commission notes that &quot;every type of contract needs to be looked at separately.&quot;

Read more.]]></description>
					      
						      <pubDate>Thu, 19 Jul 2018 09:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Presses-for-Step-Up-in-Brexit</guid>
				    </item>
			
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					      <title>UK Competition Authority Consults on Proposed Remedies to Adverse Competition in the Investment Consultancy and Fiduciary Management Markets</title>
					      <link>https://finreg.aoshearman.com/UK-Competition-Authority-Consults-on-Proposed-Rem</link>
					      <description><![CDATA[
The U.K. Competition and Markets Authority has published a Provisional Decision Report in respect of the Investment Consultants Market Investigation in which it is assessing the supply and acquisition of investment consultancy services and fiduciary management services. The CMA has already published several working papers and an Issues Statement as part of the investigation.

The Provisional Decision Report sets out the CMA&apos;s assessment of the investment consultancy and fiduciary management markets, its general conclusions on competition, its provisional decision on competition and provisional remedies to address the identified competition issues. The CMA&apos;s provisional finding is that there is an adverse effect on competition which may result in material detriment to customers in both the investment consultancy and fiduciary management markets, although there are more concerns with the fiduciary management market.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Jul 2018 17:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Competition-Authority-Consults-on-Proposed-Rem</guid>
				    </item>
			
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					      <title>Final EU Guidelines Clarify the Third-Country Endorsement Regime for Credit Ratings</title>
					      <link>https://finreg.aoshearman.com/Final-EU-Guidelines-Clarify-the-Third-Country-End</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report on the application of the endorsement regime under the EU Credit Rating Agencies Regulation. The report contains ESMA&apos;s feedback statement for its earlier consultation on draft supplementary Guidelines as well as the final supplementary Guidelines.

The CRA Regulation provides that banks, investment firms, insurers, reinsurers, management companies, investment companies, alternative investment fund managers and CCPs may only use credit ratings for certain regulatory purposes if a rating is issued by: (i) an EU CRA registered with ESMA; or (ii) a third-country CRA under the endorsement regime or the equivalence/certification regime. Endorsement allows credit ratings issued by a third-country CRA to be used for regulatory purposes in the EU provided that the rating has been endorsed by an EU CRA. The CRA Regulation sets out various conditions for such an endorsement.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Jul 2018 16:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-EU-Guidelines-Clarify-the-Third-Country-End</guid>
				    </item>
			
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					      <title>Financial Stability Board Consults on Initial Evaluation of the Impact of Regulatory Reforms on Infrastructure Finance</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Consults-on-Initial-Eva</link>
					      <description><![CDATA[
The Financial Stability Board is seeking feedback on an initial evaluation of the effects of the post-financial crisis regulatory reforms on infrastructure finance. The initial evaluation focuses on infrastructure finance provided by the financial sector, for which the financial regulatory reforms are of immediate relevance. The FSB has established a framework for assessing whether the reforms are achieving their intended outcomes and whether there are any material unintended consequences to be addressed.

The initial evaluation shows the results of a qualitative and quantitative analysis of the Basel III reforms to regulatory capital and the OTC derivatives reforms. The results of a qualitative analysis of reforms that are at an earlier stage of implementation, such as investment funds rules and accounting standards, are also presented.

Feedback on the initial evaluation is invited by August 22, 2018. The FSB will consider the feedback in finalizing its report to the G20, due to be published towards the end of November 2018.

View the consultation paper.]]></description>
					      
						      <pubDate>Wed, 18 Jul 2018 16:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Consults-on-Initial-Eva</guid>
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					      <title>US Federal Reserve Vice Chairman Randal Quarles Discusses Streamlining the Supervision and Regulation of Large Financial Institutions</title>
					      <link>https://finreg.aoshearman.com/USFR-VC-Randal-Quarles-Discusses-Streamlining-Supervision-and-Regulation-of-Large-FIs</link>
					      <description><![CDATA[
U.S. Board of Governors of the Federal Reserve System Vice Chairman for Supervision, Randal Quarles, discussed the tailoring of supervision and regulation for large financial institutions.  Vice Chairman Quarles noted that post-crisis regulations made the financial system demonstrably stronger and more resilient, and that there was some degree of tailoring that occurred in the initial creation of the post-crisis regulatory framework.  Vice Chairman Quarles stressed that while steps have been taken since to improve the efficiency and efficacy of regulation, more can be done to streamline this framework.  He noted that there are still improvements that can be made to allow for greater differentiation in the supervision and regulation of large firms and further tailoring, a theme he has reiterated in several prior speeches.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Jul 2018 16:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USFR-VC-Randal-Quarles-Discusses-Streamlining-Supervision-and-Regulation-of-Large-FIs</guid>
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					 <item>
					      <title>EU Final Guidelines on Fraud Reporting Under the Payment Services Directive</title>
					      <link>https://finreg.aoshearman.com/EU-Final-Guidelines-on-Fraud-Reporting-Under-the-</link>
					      <description><![CDATA[
The European Banking Authority has published final Guidelines on fraud reporting under the revised Payment Services Directive. PSD2 aims to increase the security of electronic payments and decrease the risk of fraud. The Directive, which has applied since January 13, 2018, requires Payment Service Providers to provide, at least on an annual basis, data on fraud relating to different means of payment to their national regulator. The regulators must in turn provide such data in aggregated form to the EBA and the European Central Bank. Existing data reporting practices vary across the EU. The EBA has worked with the ECB to develop these Guidelines to ensure that data is reported consistently and that the data is comparable and reliable.

The final Guidelines are addressed to PSPs, except account information service providers, and to their national regulators. The Guidelines cover payment transactions that have been initiated and executed, including the acquiring of payment transactions for card payments, identified by reference to: (a) fraudulent payment transactions data over a defined period of time; and (b) payment transactions over the same defined period. The Guidelines also set out how national regulators should aggregate the data.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Jul 2018 15:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Final-Guidelines-on-Fraud-Reporting-Under-the-</guid>
				    </item>
			
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					      <title>Financial Action Task Force and Egmont Group Publish Research Findings on Concealment of Beneficial Ownership</title>
					      <link>https://finreg.aoshearman.com/FATF-and-Egmont-Group-Publish-Research-Findings-o</link>
					      <description><![CDATA[
The Financial Action Task Force has issued a detailed report on the concealment of beneficial ownership, assessing how legal persons, legal arrangements and professional intermediaries can help criminals conceal wealth and illicit assets. The aim of the report is to help national authorities including financial intelligence units, financial institutions and other professional service providers in understanding the nature of the risks that they face. The report was prepared in conjunction with the Egmont Group of financial intelligence units.

The FATF and the Egmont Group together identified the need for further analysis of the vulnerabilities associated with beneficial ownership, with a particular focus on the involvement of professional intermediaries, to guide global responses. Their joint report brings together the results of analysis of open-source research, public intelligence reports, classified intelligence holdings and public and private sector experience and expertise. It sets out a comprehensive overview of the main characteristics and vulnerabilities that lead to the misuse of legal persons and arrangements, and the exploitation of professional intermediaries, to conceal beneficial ownership.

The report identifies a number of issues for consideration to help address the vulnerabilities associated with the concealment of beneficial ownership.

View the FATF-Egmont Group report.]]></description>
					      
						      <pubDate>Wed, 18 Jul 2018 14:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FATF-and-Egmont-Group-Publish-Research-Findings-o</guid>
				    </item>
			
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					      <title>Financial Stability Oversight Council Announces Proposed Decision to not Apply &quot;Hotel California&quot; Provision to Large US National Bank</title>
					      <link>https://finreg.aoshearman.com/US-FSOC-Announces-Proposed-Decision-to-not-Apply-Hotel-California-Provision-to-Large-US-NB</link>
					      <description><![CDATA[
The U.S. Financial Stability Oversight Council issued a proposed decision with respect to a national bank&apos;s petition to not treat the surviving entity of a bank holding company parent merging into its large U.S. national bank subsidiary as a nonbank financial company supervised by the U.S. Board of Governors of the Federal Reserve System pursuant to Section 117 of the Dodd Frank Act (commonly referred to as the &quot;Hotel California&quot; provision).  Section 117 applies to any entity, or its successor entity, that received financial assistance under, or participated in, the Capital Purchase Plan established under the Troubled Asset Relief Program and was a bank holding company with total consolidated assets of at least $50 billion as of January 1, 2010.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Jul 2018 14:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FSOC-Announces-Proposed-Decision-to-not-Apply-Hotel-California-Provision-to-Large-US-NB</guid>
				    </item>
			
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					      <title>US Federal Financial Regulators Publish Proposed Changes to the Volcker Rule</title>
					      <link>https://finreg.aoshearman.com/US-FFR-Publish-Proposed-Changes-to-the-Volcker-Rule</link>
					      <description><![CDATA[
The U.S. Office of the Comptroller of the Currency, U.S. Board of Governors of the Federal Reserve System, U.S. Federal Deposit Insurance Corporation, U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission published their previously announced notice of proposed rulemaking entitled Proposed Revisions to Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships with, Hedge Funds and Private Equity Funds in the Federal Register.  The proposed rules seek to simplify and tailor the Volcker Rule.  Comments to the proposal are due by September 17, 2018.

View proposed changes to the Volcker Rule.

View full text of the proposal.]]></description>
					      
						      <pubDate>Tue, 17 Jul 2018 20:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FFR-Publish-Proposed-Changes-to-the-Volcker-Rule</guid>
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					      <title>UK Brings First Service Provider to Payment Systems Within Special Administration Regime</title>
					      <link>https://finreg.aoshearman.com/UK-Brings-First-Service-Provider-to-Payment-Syste</link>
					      <description><![CDATA[
The Financial Market Infrastructure Administration (Designation of VocaLink) Order 2018 has been laid before Parliament. The Order relates to the special administration regime for operators of financial market infrastructures, which came into force on July 13, 2018. Relevant FMIs are operators of recognized payment systems, excluding recognized CCPs (which are already subject to the Banking Act resolution regime in the U.K.) and recognized central securities depositories operating a securities settlement system. However, HM Treasury is able to designate certain service providers to FMIs as infrastructure companies and so bring them within the FMI administration regime.

The Order designates VocaLink as an infrastructure company in connection with its provision of services to the operators of Faster Payments Service, Bacs and LINK. HM Treasury judges that an interruption in VocaLink&apos;s services to these operators of payment services would have a serious adverse effect on their operation.

The Order comes into force on August 9, 2018.

View the Order (SI 2018/858).

View the explanatory memorandum.]]></description>
					      
						      <pubDate>Tue, 17 Jul 2018 17:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Brings-First-Service-Provider-to-Payment-Syste</guid>
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					      <title>Final Draft Technical Standards Under the EU Prospectus Regulation Published</title>
					      <link>https://finreg.aoshearman.com/Final-Draft-Technical-Standards-Under-the-EU-Pros</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report setting out Regulatory Technical Standards supplementing the Prospectus Regulation, which will apply fully across the EU from July 21, 2019. ESMA consulted on draft RTS in December 2017. The final draft RTS cover:

	the content and format of key financial information for the summary;
	the data necessary for the classification of prospectuses and the practical arrangements to ensure machine readability of that data;
	advertisements;
	situations requiring a supplement to the prospectus to be published;
	requirements on the publication of the prospectus; and
	technical arrangements for the notification portal for passporting prospectuses.


ESMA has submitted the final draft RTS to the European Commission for endorsement.

View ESMA&apos;s final report.]]></description>
					      
						      <pubDate>Tue, 17 Jul 2018 16:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Draft-Technical-Standards-Under-the-EU-Pros</guid>
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					      <title>UK Conduct Authority Contemplates Introducing a New Duty of Care</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Authority-Contemplates-Introducing-a-N</link>
					      <description><![CDATA[
The Financial Conduct Authority has published its Approach to Consumers alongside a discussion paper on the potential introduction of a new duty of care and possible alternative approaches. The Approach to Consumers forms part of a series of formal approach documents explaining the FCA&apos;s approach to regulation in more depth. It should be read alongside the FCA&apos;s Mission document, which was first published in October 2016 and most recently updated in November 2017.

The Approach to Consumers sets out the FCA&apos;s approach to regulating for retail customers. The document sets out the FCA&apos;s vision for well-functioning markets that work for consumers, the relevant regulatory and legal framework, when and how the regulator will act to protect consumers, the FCA&apos;s policy position on key issues and its strategy for ensuring that its consumer protection objective is advanced with the greatest impact.

Read more.]]></description>
					      
						      <pubDate>Tue, 17 Jul 2018 14:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Authority-Contemplates-Introducing-a-N</guid>
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					      <title>Bank of England Consults on Term SONIA Reference Rates</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Term-SONIA-Reference-</link>
					      <description><![CDATA[
The Bank of England&apos;s Working Group on Risk-Free Reference Rates has launched a consultation on term reference rates for the Sterling Overnight Index Average.

The Working Group is tasked with facilitating the transition across sterling bond, loan and derivatives markets from the use of sterling LIBOR to the use of SONIA. The Working Group notes that SONIA is an overnight rate, while LIBOR is commonly referenced in longer tenors of three or six months. Some end-users in loan and debt capital markets have reported that term rates are essential for their business needs.

Read more.]]></description>
					      
						      <pubDate>Tue, 17 Jul 2018 11:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Term-SONIA-Reference-</guid>
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					      <title>UK Secondary Legislation Laid Before Parliament Amending Building Societies Legislation</title>
					      <link>https://finreg.aoshearman.com/UK-Secondary-Legislation-Laid-Before-Parliament-A</link>
					      <description><![CDATA[
A draft of the Building Societies Legislation (Amendment) (EU Exit) Regulations 2018 has been laid before Parliament. The Regulations will come into force on the day the U.K. withdraws from the EU.

The draft Regulations have been prepared using the power under the European Union (Withdrawal) Act 2018 to address failures of retained EU law to operate effectively or other deficiencies arising from the withdrawal of the U.K. from the EU. The draft Regulations make amendments to various U.K. primary and secondary legislation that relate to building societies. The amendments remove references to EEA countries and territories, EU directives and EU member states that will no longer be appropriate following the U.K.&apos;s withdrawal. In addition, the amendments remove provisions that provide reciprocal treatment to borrowers whose loans are secured on land in an EEA state and to bodies incorporated in an EEA state.

Read more.]]></description>
					      
						      <pubDate>Mon, 16 Jul 2018 16:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Secondary-Legislation-Laid-Before-Parliament-A</guid>
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					      <title>Final Draft Technical Standards Under the Securitization Regulation Published</title>
					      <link>https://finreg.aoshearman.com/Final-Draft-Technical-Standards-Under-the-Securit</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published final draft technical standards under the Securitization Regulation (also known as the STS Regulation). Among other things, the Securitization Regulation, which will apply directly across the EU from January 1, 2019, provides the criteria for identifying which securitizations will be designated as &quot;simple, transparent and standardized&quot; (STS) securitizations. The Securitisation Regulation requires originators and sponsors to notify ESMA when a securitization meets the STS criteria and ESMA will maintain a list of all such securitizations on its website. The Securitization Regulation allows (but does not require) originators, sponsors and securitization special purpose entities to use third-party firms to assess whether a securitization meets the STS criteria, provided that those firms are authorized by the relevant national regulator.

ESMA is mandated under the Securitization Regulation to develop Regulatory Technical Standards and Implementing Technical Standards on these elements. ESMA consulted on proposed draft Technical Standards in December 2017.

Read more.]]></description>
					      
						      <pubDate>Mon, 16 Jul 2018 15:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Draft-Technical-Standards-Under-the-Securit</guid>
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					      <title>UK Secondary Legislation Laid Before Parliament on Regulators&apos; Powers to Onshore EU Technical Standards on Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Secondary-Legislation-Laid-Before-Parliament-o</link>
					      <description><![CDATA[
A revised draft of the Financial Regulators&apos; Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 has been laid before Parliament. The Regulations will come into force the day after the day on which they are made.

The draft Regulations, which include some changes to the original draft published in April 2018, among other things empower the Bank of England, the Financial Conduct Authority, the Prudential Regulation Authority and the Payment Systems Regulator to make EU Exit instruments and to make any necessary amendments to the Regulatory Technical Standards and Implementing Technical Standards that comprise &quot;level 2&quot; of the EU financial services legislation that will be onshored (that is, converted into U.K. law) on the U.K.&apos;s withdrawal from the EU. A schedule to the draft Regulations sets out a full list of technical standards that will be onshored and allocates responsibility for making EU Exit instruments to one or more of the regulators.

The draft Regulations have been prepared under the EU (Withdrawal) Act 2018, which sets out an enhanced scrutiny procedure for secondary legislation used to amend certain retained EU law. This means that the draft Regulations will require the approval of both Houses of Parliament before they are made.

View the draft Regulations.

View the draft explanatory memorandum.

View details of the proposed approach to onshoring EU legislation.

View details of the EU (Withdrawal) Act 2018.]]></description>
					      
						      <pubDate>Mon, 16 Jul 2018 15:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Secondary-Legislation-Laid-Before-Parliament-o</guid>
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					      <title>UK Conduct Regulator Publishes Interim Report on Investment Platforms Market Study</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Interim-Report-on-</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published an Interim report as part of its market study to ascertain whether competition between investment platforms is working in the interests of consumers. The FCA launched the investment platforms market study in July 2017 after potential competition issues in the sector were highlighted in the course of its asset management market study, on which it issued its final report in June 2017.

The FCA has been assessing competition in the sector by exploring a range of areas, namely: barriers to entry and expansion; business models; platform profitability; the impact of financial advisers; and consumer preferences and behaviour. Noting the increasing vertical integration in the sector, the FCA has also been examining commercial relationships between platforms, asset managers, discretionary investment managers and financial advisers.

The FCA has found that the market appears largely to be working well for both advised and non-advised consumers and that customer satisfaction is currently high. However, the FCA has found that there are some customers for whom the market is not working as well as it should. The interim report highlights the issues the FCA has identified and consults on proposed remedies. The report is supported by eight annexes covering elements of the FCA&apos;s research and findings so far.

Read more.]]></description>
					      
						      <pubDate>Mon, 16 Jul 2018 14:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Publishes-Interim-Report-on-</guid>
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					      <title>Financial Stability Board Reports on the Work of International Bodies on Crypto-Assets</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Reports-on-the-Work-of-</link>
					      <description><![CDATA[
The Financial Stability Board has issued a report to the G20 providing an overview of its current work on crypto-assets and that of the international standard setters, namely the Committee on Payments and Market Infrastructures, the International Organization of Securities Commissions and the Basel Committee on Banking Supervision. The G20 Ministers of Finance and Central Bank Governors issued a communiqu&amp;eacute; in March 2018 stating that they were concerned that crypto-assets raise a number of problematic issues in the contexts of consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing. The G20 highlighted that crypto-assets may also have implications for financial stability and called on the FSB to provide a report on ongoing work by July 2018.

Read more.]]></description>
					      
						      <pubDate>Mon, 16 Jul 2018 13:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Reports-on-the-Work-of-</guid>
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					      <title>EU Court Annuls European Central Bank Leverage Ratio Decisions for Six Banks</title>
					      <link>https://finreg.aoshearman.com/EU-Court-Annuls-European-Central-Bank-Leverage-Ra</link>
					      <description><![CDATA[
The General Court of the European Union has annulled decisions of the European Central Bank, refusing to allow six French banks to exclude from the calculation of the leverage ratio certain exposures connected to French savings accounts. Banque Postale, BPCE, Conf&amp;eacute;d&amp;eacute;ration Nationale du Cr&amp;eacute;dit Mutual, Soci&amp;eacute;t&amp;eacute; G&amp;eacute;n&amp;eacute;rale, Cr&amp;eacute;dit Agricole and BNP Paribas applied to the ECB, as their direct prudential supervisor under the Single Supervisory Mechanism, for permission to exclude exposures consisting of sums in a number of savings accounts taken out with them and transferred to the Caisse des D&amp;eacute;p&amp;ocirc;ts et Consignations, a French public investment vehicle. National regulators and the ECB have discretion to allow banks to exclude exposures that satisfy a number of conditions from the calculation of the leverage ratio under the Capital Requirements Regulation.

Read more.]]></description>
					      
						      <pubDate>Fri, 13 Jul 2018 15:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Court-Annuls-European-Central-Bank-Leverage-Ra</guid>
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					      <title>EU Secondary Legislation for Money Market Funds Published</title>
					      <link>https://finreg.aoshearman.com/EU-Secondary-Legislation-for-Money-Market-Funds-P</link>
					      <description><![CDATA[
A Commission Delegated Regulation amending and supplementing the European Money Market Funds Regulation has been published in the Official Journal of the European Union. The MMF Regulation, which applies directly across the EU from July 21, 2018, allows MMFs to invest in securitizations or asset-backed commercial paper and incentivizes the investment in simple, transparent and standardized securitizations. The Delegated Regulation amends the MMF Regulation (or MMFR) by applying the requirements for STS securitizations provided for in the Securitization Regulation (also known as the STS Regulation).

The MMF Regulation also allows an MMF to enter into a reverse repurchase agreement provided that certain conditions are met. The assets received by the MMF under that agreement must be money market instruments that meet certain requirements. A derogation from those requirements provides that an MMF may also receive instruments that are either: (i) issued or guaranteed by the EU, a central authority or central bank of a Member State, the European Central Bank, the European Investment Bank, the European Stability Mechanism or the European Financial Stability Facility; or (ii) issued or guaranteed by a central authority or central bank of a third country. The Delegated Regulation supplements the MMF Regulation by providing the quantitative and qualitative liquidity requirements for the assets that an MMF receives under a reverse repurchase agreement where the derogation is being used.

Read more.]]></description>
					      
						      <pubDate>Fri, 13 Jul 2018 14:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Secondary-Legislation-for-Money-Market-Funds-P</guid>
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					      <title>EU Proposals to Amend MiFID II&apos;s Tick Size Regime</title>
					      <link>https://finreg.aoshearman.com/EU-Proposals-Amendments-to-MiFID-II39s-Tick-Size-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has launched a consultation on proposed amendments to the Regulatory Technical Standards (Commission Delegated Regulation (EU) 2017/588, also known as RTS 11) providing for the tick size regime under the Markets in Financial Instruments package, known as MiFID II. The tick size regime subjects orders in shares and depositary receipts to minimum tick sizes that are determined according to both the: (i) average daily number of transactions on the most relevant market in terms of liquidity; and (ii) price of the order. RTS 11 calibrates the minimum tick size based on the most liquid market in the EU, without any consideration being given to the liquidity on non-EU trading venues. The result is that EU trading venues have experienced a drop in market share in third-country financial instruments since January 3, 2018 when MiFID II came into effect. The trading venues have highlighted that the decrease in market share is because the RTS 11 methodology requires them to have in place larger price increments than those of their third-country competitor trading venues.

Read more.]]></description>
					      
						      <pubDate>Fri, 13 Jul 2018 13:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Proposals-Amendments-to-MiFID-II39s-Tick-Size-</guid>
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					      <title>European Commission Adopts Regulatory Technical Standards Under the EU Benchmarks Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Commission-egulatory-Technical-S</link>
					      <description><![CDATA[
The European Commission has adopted a series of Commission Delegated Regulations comprising all of the Regulatory Technical Standards to supplement the EU Benchmarks Regulation. The Benchmark Regulation, which took effect across the EU in January 2018, sets out the authorization and registration requirements for benchmark administrators, including third-country entities, and the requirements for governance and control of administrators. It provides for different categories of benchmarks depending on the risks involved, imposes additional requirements on benchmarks considered to be &quot;critical&quot; and gives powers to national regulators to mandate, under certain conditions, contributions to or the administration of critical benchmarks. The RTS outline the behaviors and standards expected of administrators of and contributors to benchmarks. The RTS adopted by the Commission are based on draft RTS prepared by the European Securities and Markets Authority in March 2017.

The European Parliament and the Council of the European Union will now have three months in which to raise any objections to the Delegated Regulations. The Delegated Regulations will take effect 20 days after their publication in the Official Journal of the European Union.

Read more. ]]></description>
					      
						      <pubDate>Fri, 13 Jul 2018 13:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-egulatory-Technical-S</guid>
				    </item>
			
					 <item>
					      <title>EU Secondary Legislation Adopted Amending Liquidity Coverage Requirement</title>
					      <link>https://finreg.aoshearman.com/EU-Secondary-Legislation-Adopted-Amending-Liquidi</link>
					      <description><![CDATA[
The European Commission has adopted an Amending Regulation to make amendments to an existing Delegated Regulation (Regulation (EU) 2015/61) supplementing the Capital Requirements Regulation. The existing Delegated Regulation sets out detailed requirements on the Liquidity Coverage Requirement and specifies which assets are to be considered as liquid (so-called high quality liquid assets) and how the expected cash outflows and inflows over a 30-day stressed period are to be calculated.

The European Commission consulted on a draft of the Amending Regulation between January and February 2018. The Amending Regulation makes changes to the existing Delegated Regulation with the objective of improving its practical application, relating to:

	full alignment of the calculation of the expected liquidity outflows and inflows on repurchase agreements, reverse repurchase agreements and collateral swaps transactions with the international liquidity standard developed by the Basel Committee on Banking Supervision;
	treatment of certain reserves held with third-country central banks;
	waiver of the minimum issue size for certain non-EU liquid assets;
	the application of the unwind mechanism for the calculation of the liquidity buffer; and
	integration in the existing Delegated Regulation of the new criteria for simple, transparent and standardized securitizations.


Read more. ]]></description>
					      
						      <pubDate>Fri, 13 Jul 2018 13:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Secondary-Legislation-Adopted-Amending-Liquidi</guid>
				    </item>
			
					 <item>
					      <title>European Securities and Markets Authority Consults on Minimum Standards for an Exemption from Providing a Prospectus Under the Prospectus Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Securities-aonsult</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation paper on its draft technical advice to the European Commission on the minimum information content of documents provided for the purpose of describing a takeover, merger or division. ESMA was mandated by the Commission in February 2017 to provide it with technical advice for the circumstance where, under the Prospectus Regulation, issuers can benefit from an exemption to the requirement to supply a prospectus when they offer or admit securities connected with a takeover, merger or division. Issuers may, as an alternative to a prospectus, make available to investors an alternative document, which describes the transaction and its impact on the issuer.

ESMA&apos;s technical advice sets out the minimum information content of documents describing a merger, division or takeover which is necessary for an exemption from the obligation to publish a prospectus. ESMA invites comments on a range of questions on the content of the following sections of such &quot;exempted documents&quot;: (i) operative provisions and definitions; (ii) Minimum Information Content Simplified Disclosure Regime for the Issuer; (iii) the Minimum Information Content Securities; (iv) the Minimum Information Content Description and Impact of Takeover, Merger and Division.

The consultation on the draft technical advice closes on October 5, 2018. ESMA expects to publish its final report on its technical advice in Q1 2019.

View the consultation.]]></description>
					      
						      <pubDate>Fri, 13 Jul 2018 12:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-aonsult</guid>
				    </item>
			
					 <item>
					      <title>European Securities and Markets Authority Seeks Feedback on Proposed Risk Factors Guidelines Under the Prospectus Regulation</title>
					      <link>https://finreg.aoshearman.com/Eurorities-and-Markets-Authority-Seeks-F</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a consultation paper setting out draft guidelines for national regulators on risk factors under the Prospectus Regulation. ESMA has prepared the draft guidelines following a mandate from the European Commission to assist national regulators in their review of the specificity and materiality of risk factors within prospectuses and of the presentation of risk factors across categories depending on their nature.

The draft guidelines cover: (i) specificity; (ii) materiality; (iii) corroboration of the materiality and specificity; (iv) presentation of risk factors across categories; (v) focused/concise risk factors; and (vi) risk factors in the summary.

Comments on the draft guidelines are invited by October 5, 2018.

View the consultation paper.]]></description>
					      
						      <pubDate>Fri, 13 Jul 2018 11:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Eurorities-and-Markets-Authority-Seeks-F</guid>
				    </item>
			
					 <item>
					      <title>European Commission Adopts Regulations Clarifying Duties of Third-Party Custodians Safe-Keeping Fund Assets</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Adopts-Regulations-Clarifying</link>
					      <description><![CDATA[
The European Commission has adopted revisions to the Delegated Regulations on the safekeeping duties of depositaries under both the Alternative Investment Fund Managers Directive and the Undertakings for Collective Investment in Transferable Securities Directive. The Commission consulted on the proposed changes between May 29 and June 26, 2018. Following feedback received during that consultation the Commission has agreed to defer the date from which the revisions will apply to 18 months after publication in the Official Journal of the European Union. It had been proposed that the revisions would apply from six months of publication. In addition, the Commission has made certain changes to the text to improve the clarity of the requirements without introducing any further substantive changes.

The adopted Delegated Regulations are subject to review by the European Parliament and the Council of the European Union. If there is no objection from either of those bodies, the revised Delegated Regulations should apply directly across the EU from Spring 2020.

View the amending Delegated Regulation under AIFMD.

View the amending Delegated Regulation under UCITS.

View details of the proposed revisions to the Delegated Regulations.]]></description>
					      
						      <pubDate>Thu, 12 Jul 2018 18:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Adopts-Regulations-Clarifying</guid>
				    </item>
			
					 <item>
					      <title>UK Special Administration Regime for Financial Market Infrastructure Brought Into Force</title>
					      <link>https://finreg.aoshearman.com/UK-Special-Administration-Regime-for-Financial-Ma</link>
					      <description><![CDATA[
A U.K. Order, the Financial Services (Banking Reform) Act 2013 (Commencement No. 1) (England and Wales) Order 2018, has been made. The Order brings into force, from July 13, 2018, the provisions in the Financial Services (Banking Reform) Act 2013 relating to the special administration regime for operators of financial market infrastructures. Relevant FMIs are operators of recognized payment systems, excluding recognized CCPs (which are already subject to the Banking Act resolution regime in the U.K.) and recognized central securities depositories operating a securities settlement system.

Read more.]]></description>
					      
						      <pubDate>Thu, 12 Jul 2018 16:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Special-Administration-Regime-for-Financial-Ma</guid>
				    </item>
			
					 <item>
					      <title>European Securities and Markets Authority Urges UK Financial Institutions to Apply for EU Authorizations Now</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Urges-U</link>
					      <description><![CDATA[
The European Securities and Markets Authority has issued a public statement urging U.K.-based financial institutions to prepare for a hard Brexit. In particular, ESMA states that firms wishing to continue providing services across the EU after the U.K. has exited the EU must make timely applications for authorization to the relevant national regulators in the EU member state in which the firm wants to relocate its business. ESMA notes that it has seen an increase in applications being made and highlights that some national regulators have stipulated that applications needed to be received in June/July 2018 for approval to be granted in time.

View ESMA&apos;s statement.]]></description>
					      
						      <pubDate>Thu, 12 Jul 2018 15:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Urges-U</guid>
				    </item>
			
					 <item>
					      <title>UK Prudential Regulator Provides Hurdle Rate Change Information for 2018 Stress Test</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Provides-Hurdle-Rate-Chan</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a statement on Systemic Risk Buffers and Pillar 2A in stress test hurdle rates. The Bank of England announced in its March 2018 Key Elements of the 2018 Stress Test that it would be making four changes to the way hurdle rates are calculated. Hurdle rates are the level that a firm&apos;s capital ratio falls to during a stress scenario relative to the level of capital a firm is expected to maintain during the scenario. The PRA&apos;s statement provides details on two of the ways in which hurdle rates will change: (i) hurdle rates will incorporate buffers to capture domestic systemic importance, in addition to global systemic importance; and (ii) the calculation of minimum capital requirements (incorporated in the hurdle rates) will more accurately reflect how they would evolve in a real stress scenario.

The PRA has not commented on when further details of the other changes to hurdle rates will be published. The BoE expects to publish the results of the stress test in Q4 2018.

View the statement.

View details of the Key Elements of the 2018 stress test.]]></description>
					      
						      <pubDate>Thu, 12 Jul 2018 14:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Provides-Hurdle-Rate-Chan</guid>
				    </item>
			
					 <item>
					      <title>Financial Stability Board Welcomes ISDA Consultation on Fall Backs Risk-Free Rates for Derivatives</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Welcomes-ISDA-Consultat</link>
					      <description><![CDATA[
The Financial Stability Board has published a statement welcoming the consultation by the International Swaps and Derivatives Association on fall backs based on overnight risk-free rates for certain derivative contracts. The statement has been issued to provide market participants with the FSB&apos;s views ahead of the consultation by ISDA. The FSB&apos;s view is that overnight RFRs are more robust than interbank or term rates because they are based on active and liquid underlying markets. Overnight RFRs are considered by the FSB to be a better choice than term rates for markets where participants do not need forward-looking term rates. The FSB stated that for those markets where the IBOR may cease, citing the example of LIBOR, a transition to new reference rates will be crucial. The FSB acknowledges the work to reform some IBORS excluding LIBOR. It is therefore unclear whether the FSB has factored in the recently announced changes to LIBOR methodology in making this assessment and reaching these conclusions.

Read more. ]]></description>
					      
						      <pubDate>Thu, 12 Jul 2018 11:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Welcomes-ISDA-Consultat</guid>
				    </item>
			
					 <item>
					      <title>International Swaps and Derivatives Association Consults on Fall Backs Based on Overnight Risk-Free Rates for Certain Derivatives</title>
					      <link>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Association-C</link>
					      <description><![CDATA[
The International Swaps and Derivatives Association has launched a consultation in which it proposes to amend its standard documentation to implement fall-backs based on alternative risk-free rates for certain key Interbank Offered Rates - GBP LIBOR, CHF LIBOR, JPY LIBOR, TIBOR, Euroyen TIBOR and BBSW. ISDA states that the back-ups will apply if the relevant IBOR is permanently discontinued, based on defined triggers.

ISDA is seeking feedback on the approach to address certain technical issues arising from the necessary adjustments that will apply to the RFRs if the fall backs are triggered.

ISDA intends to consult on the technical issues for these changes for derivatives referencing USD LIBOR, EUR LIBOR and EURIBOR at a later date. It requests preliminary feedback on the technical issues associated with fall-backs for these benchmarks in this consultation.

Responses to the consultation should be submitted by October 12, 2018. ISDA will determine which approach to adopt based on the feedback and will publish the final approach for review and comment before implementing any changes to the ISDA standard documentation.

The FSB issued a statement on the same day welcoming ISDA&apos;s consultation and encouraging market participants to respond to the proposals.

View ISDA&apos;s consultation.

View details of the FSB&apos;s statement. ]]></description>
					      
						      <pubDate>Thu, 12 Jul 2018 11:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Swaps-and-Derivatives-Association-C</guid>
				    </item>
			
					 <item>
					      <title>UK Government Publishes White Paper on the Future Relationship Between the UK and the EU</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Publishes-White-Paper-on-the-Future</link>
					      <description><![CDATA[
The U.K. Government has published a White Paper setting out its approach and proposals for a future relationship between the U.K. and the EU. The Government is proposing new economic and regulatory arrangements for financial services that would give both the EU and the U.K. autonomy over decisions regarding access to its market. The Government acknowledges that both the EU and the U.K. will want to legislate for their own interests to take account of the differences in the EU and U.K. markets, business models as well as financial stability exposures.

The Government does not intend to replicate the existing EU passporting regime, which is reserved for countries falling within the single market. Instead, the Government intends that the new arrangements would be based on an enhanced equivalence regime that would enable the cross-border provision of the most important financial services and would preserve regulatory and supervisory cooperation. The Government states that the existing equivalence frameworks would need to be expanded, because the EU&apos;s equivalence regime does not cover the breadth of U.K. and EU financial services provision and because there are no provisions which ensure a transparent and predictable process with lasting effect.

Read more. ]]></description>
					      
						      <pubDate>Thu, 12 Jul 2018 08:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Publishes-White-Paper-on-the-Future</guid>
				    </item>
			
					 <item>
					      <title>US FDIC Publishes Updates to Interagency Forms</title>
					      <link>https://finreg.aoshearman.com/US-FDIC-Publishes-Updates-to-Interagency-Forms</link>
					      <description><![CDATA[
The U.S. Federal Deposit Insurance Corporation announced updates to four of its interagency forms: (i) the Biographical and Financial Report (OMB Control Number 3064-0006); (ii) the Bank Merger Act Application (OMB Control Number 3064-0015); (iii) the Notice of Change in Control form (OMB Control Number 3064-0019); and (iv) the Notice of Change in Director or Senior Executive Officer form (OMB Control Number 3064-0097).  The U.S. Board of Governors of the Federal Reserve System also published updated versions of these forms (FR 2081c, FR 2070, FR 2081a and FR 2081b, respectively) to its website on July 11, 2018.  The FDIC announcement notes that these updates are based upon the comments and recommendations of an interagency working group, comprised of representatives from the FDIC, the Federal Reserve Board and the U.S. Office of the Comptroller of the Currency.  The changes to the forms were made  to improve the clarity of the specific information requested in the forms, provide additional transparency to financial institutions completing the forms, make changes to reflect new laws, regulations, capital requirements and accounting rules and to delete information requests that have been determined to be unnecessary.  The changes to the FDIC forms are effective immediately.

View full text of the FDIC Financial Institution Letter.]]></description>
					      
						      <pubDate>Wed, 11 Jul 2018 20:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FDIC-Publishes-Updates-to-Interagency-Forms</guid>
				    </item>
			
					 <item>
					      <title>EU Consultation on Extending the Exemption From the Clearing Obligation for Intragroup Transactions with Third Country Group Entities</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Extending-the-Exemption-From-t</link>
					      <description><![CDATA[
The European Securities and Markets Authority has opened a consultation on the exemption from the clearing obligation for intragroup transactions with a third country group entity. There are three Regulatory Technical Standards made under the European Market Infrastructure Regulation that provide for the clearing obligation of interest rate derivatives and credit derivatives - the RTS on the clearing obligation for IRS denominated in G4 currencies, the RTS on the clearing obligation for IRS denominated in certain other currencies and the RTS on the clearing obligation for CDS. Each of the RTS also exempt from the clearing obligation intragroup derivative transactions that meet certain conditions where one of the counterparties is a third country group entity and there is no relevant equivalence decision. An equivalence decision enables parties subject to both the EU and a third country&apos;s clearing obligation to only comply with one jurisdiction&apos;s requirements.

Each of the RTS sets a different expiry date for the exemption period. These dates are:

	December 21, 2018 in the RTS on the clearing obligation for IRS denominated in G4 currencies (RTS 2015/2205);
	May 9, 2019 in the RTS on the clearing obligation for CDS (RTS 2015/592); and
	July 9, 2019 in the RTS on the clearing obligation for IRS denominated in certain other currencies (RTS 2016/1178).


ESMA is proposing to extend the exemption period by amending each of the RTS to have one unified expiry date of December 21, 2020.

Comments on the proposals should be provided by August 30, 2018. ESMA will consider the feedback in finalizing the draft amending RTS for submission to the European Commission.

View the consultation paper.]]></description>
					      
						      <pubDate>Wed, 11 Jul 2018 17:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Extending-the-Exemption-From-t</guid>
				    </item>
			
					 <item>
					      <title>FICC Markets Standards Board Consults on Statement of Good Practice on Algorithmic Trading</title>
					      <link>https://finreg.aoshearman.com/FICC-Markets-Standards-Board-Consults-on-Statemen</link>
					      <description><![CDATA[
The FICC Markets Standards Board has launched a consultation on a transparency draft of a Statement of Good Practice on algorithmic trading in the wholesale fixed income, commodity and currency markets. The draft SGP forms part of the FMSB&apos;s work to build up a body of Standards and Statements of Good Practice to improve conduct and raise standards in the wholesale FICC markets. The FMSB Standards and SGPs do not impose legal or regulatory obligations on FMSB members, nor do they take the place of regulation. Instead, an SGP is intended to be considered to the extent it is possible to follow it in compliance with applicable laws.

For the purposes of the consultation paper, &quot;algorithmic trading&quot; is defined as trading in instruments where a computer algorithm, with limited or no human intervention, automatically determines individual parameters of orders, such as whether to initiate the order, the timing, price or quantity of the order or how to manage the order after its submission.

Read more.]]></description>
					      
						      <pubDate>Wed, 11 Jul 2018 16:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FICC-Markets-Standards-Board-Consults-on-Statemen</guid>
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					      <title>UK Financial Conduct Authority Confirms UK Rule Alignments for the EU Money Market Funds Regulation</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Confirms-UK-Rule-A</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Policy Statement outlining the rule changes necessary to align its rulebook with the provisions of the EU Money Market Funds Regulation.

The FCA has made changes to amend, delete or disapply rules in its Handbook to MMFs to ensure those rules do not conflict with the MMFR. The regulator consulted on the proposed changes between January and March 2018. The amended rules apply from July 21, 2018 to new MMFs, including funds with substantially similar objectives to MMFs, once they are authorized as MMFs under the MMFR. Funds already operating as either MMFs or funds falling within the current definition of short-term money market funds in the FCA&apos;s rules will benefit from transitional provisions and will have until July 21, 2019 to apply for authorization under the MMFR.

The MMFR takes effect directly across the EU from July 21, 2018. The effect of the MMFR in the U.K. will be that authorized unit trusts, authorized contractual schemes, open-ended investment companies and alternative investment funds can all apply to be authorized as MMFs. As a directly applicable EU regulation, the MMFR does not require transposition into national law. However these changes have been made to ensure the U.K. rules are in line with EU laws and empower the FCA to authorize funds as MMFs, to levy fees and to enforce requirements under the MMFR.

View the Policy Statement (FCA PS 18/17).

View details of the FCA consultation on proposed Handbook changes.

View details of the U.K. implementing regulations for the MMFR.]]></description>
					      
						      <pubDate>Wed, 11 Jul 2018 15:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Confirms-UK-Rule-A</guid>
				    </item>
			
					 <item>
					      <title>UK Conduct Regulator Chair Supports New Standards for Data Ethics</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Chair-Supports-New-Standards</link>
					      <description><![CDATA[
Charles Randell, Chair of the Financial Conduct Authority and Payment Systems Regulator,delivered a speech on big data, regulation and data protection entitled, &quot;How can we ensure that big data does not make us prisoners of technology?&quot;

Discussing the risks associated with big data and artificial intelligence, Mr. Randell highlighted that in order to innovate ethically, thought needs to be given to the questions posed by big data, AI and behavioural science. In particular, the FCA Chair is concerned that technical innovation could increase social exclusion and reduce access to financial services if it was used, for example, to identify the most profitable or most risky customers.

Read more.]]></description>
					      
						      <pubDate>Wed, 11 Jul 2018 09:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Chair-Supports-New-Standards</guid>
				    </item>
			
					 <item>
					      <title>UK Legislation Published to Permit Islamic Bonds to be Traded on More Venues</title>
					      <link>https://finreg.aoshearman.com/UK-legislation-Published-to-Permit-Islamic-Bonds-</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2018 has been made and comes into force on July 11, 2018. The Order amends the definition of &quot;Alternative Finance Investment Bonds&quot; in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. The result of the amendment is that AFIBs, such as Sukuk, will be permitted to trade on multilateral trading facilities or organised trading facilities and ensure AFIBs are treated in the same way as conventional bonds for trading purposes.

The amendment removes a glitch creating disparity of treatment between AFIBs and conventional bonds, which had created an obstacle to the use of U.K. venues for the issue and trading of AFIBs. This was contrary to the U.K. Government&apos;s standing commitment to provide a level playing field for Islamic finance instruments in regulation and taxation in the U.K.

Read more.]]></description>
					      
						      <pubDate>Tue, 10 Jul 2018 13:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-legislation-Published-to-Permit-Islamic-Bonds-</guid>
				    </item>
			
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					      <title>US Federal Reserve Board and US FDIC Publish Public Sections of July 2018 Resolution Plans</title>
					      <link>https://finreg.aoshearman.com/US-FRB-and-US-FDIC-Publish-Public-Sections-of-July-2018-Resolution-Plans</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System and U.S. Federal Deposit Insurance Corporation published the public portions of the July 2018 resolution plans for four foreign banking organizations, which plans focus on the institutions&apos; U.S. operations.  The public sections of the resolution plans summarize certain elements of the plans and how the resolution plans would be executed.  The public portions of the resolution plans are published exactly as submitted by the institutions and are available on the Federal Reserve Board and FDIC websites.

View full text of the FDIC release.

View full text of Federal Reserve Board press release.]]></description>
					      
						      <pubDate>Mon, 09 Jul 2018 16:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FRB-and-US-FDIC-Publish-Public-Sections-of-July-2018-Resolution-Plans</guid>
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					      <title>EU Regulatory Technical Standards Published on Assessment Methodology For Use of Advanced Measurement Approaches for Calculating Operational Risk Capital Requirements</title>
					      <link>https://finreg.aoshearman.com/Regulatory-Technical-Standards-Published-on-Asses</link>
					      <description><![CDATA[
A Commission Delegated Regulation has been published in the Official Journal of the European Union, which supplements the Capital Requirements Regulation with Regulatory Technical Standards on the assessment methodology to be used by national regulators when deciding whether to permit institutions to use Advanced Measurement Approaches for operational risk. The RTS cover: (i) the qualitative and quantitative criteria that firms must meet before they are granted permission to use AMA models for calculating their capital requirements to cover operational risk; (ii) the criteria for the supervisory assessment of key methodological components of the operational risk measurement system; and (iii) common standards for the supervisory assessment of a bank&apos;s operational risk governance.

The Delegated Regulation was made by the European Commission on March 14, 2018 and is based on final draft RTS submitted to the European Commission by the European Banking Authority in June 2015. The Delegated Regulation comes into effect across the EU on July 26, 2018. For institutions currently using AMA models or whose application to do so is pending, the Delegated Regulation will apply from July 26, 2019 and certain provisions related to correlation will not apply until July 26, 2020.

View the Commission Delegated Regulation (EU) 2018/959.


]]></description>
					      
						      <pubDate>Fri, 06 Jul 2018 20:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Regulatory-Technical-Standards-Published-on-Asses</guid>
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					      <title>Financial Action Task Force Seeks Input on Draft Risk-Based Approach Guidance for the Securities Sector</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Seeks-Input-on-Draft-</link>
					      <description><![CDATA[
The Financial Action Task Force has published for consultation draft Risk-Based Approach Guidance for the securities sector. The FATF is developing the Guidance to assist countries, regulators, Financial Intelligence Units and participants in the securities sector to adopt a risk-based approach to anti-money laundering and countering financing of terrorism. The draft Guidance aims to assist in the risk-based design and implementation of applicable AML/CFT measures by providing general guidelines and examples of current practices and facilitate the effective implementation and supervision of national AML/CFT measures by focusing on risks and on mitigation measures. The FATF is also hoping that the draft Guidance will aid the development of a common understanding of what the risk-based approach to AML/CFT entails in the context of the securities sector. The Guidance will not be binding once it is finalized. The draft Guidance should be read in conjunction with the International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation and the 2009 Report on Money Laundering and Terrorist Financing.

Read more. ]]></description>
					      
						      <pubDate>Fri, 06 Jul 2018 20:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Seeks-Input-on-Draft-</guid>
				    </item>
			
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					      <title>UK Financial Conduct Authority Updates Guidance on its Approach to Payment Services and Electronic Money</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Updates-Guidance-o</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has updated its Approach Document on payment services and electronic money, to reflect final guidelines issued in December 2017 by the European Banking Authority on security measures for mitigating operational and security risks under the revised Payment Services Directive. The changes will affect all payment service providers. The FCA has also updated its webpage on reporting requirements for payment services providers and e-money issuers to reflect these changes. The webpage includes a link to the revised version of the FCA&apos;s REP018 (operational and security risk) reporting form.

The FCA will expect payment services providers to comply with the EBA guidelines, which cover issues such as operational and security risk management framework governance, the use of models, outsourcing and how functions, processes and assets should be identified, classified and risk-assessed. The EBA guidelines also cover security of data integrity, systems and confidentiality as well as physical security and asset control and communication of the security measures to payment service users. PSPs will be expected to report at least annually to the FCA on their operational and security risk management frameworks.

Read more.]]></description>
					      
						      <pubDate>Fri, 06 Jul 2018 18:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Updates-Guidance-o</guid>
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					      <title>UK Draft Regulations Restricting the Assignment of Receivables Published</title>
					      <link>https://finreg.aoshearman.com/UK-Draft-Regulations-Restricting-the-Assignment-o</link>
					      <description><![CDATA[
The draft Business Contract Terms (Assignment of Receivables) Regulations 2018 have been laid before Parliament. The draft Regulations will invalidate terms in business contracts that prohibit or restrict the assignment of receivables, including terms that prevent the enforcement of a receivable. A receivable in this context is a right to be paid under a contract for the supply of goods, services or intangible assets. The Regulations will not apply if the person to whom the receivable is owed is a large enterprise or a special purpose vehicle.

Read more.]]></description>
					      
						      <pubDate>Fri, 06 Jul 2018 16:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Draft-Regulations-Restricting-the-Assignment-o</guid>
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					      <title>US Federal Reserve Board Seeks Comment on Changes to Fedwire Funds Service Message Format</title>
					      <link>https://finreg.aoshearman.com/US-FRB-Seeks-Comment-on-Changes-to-FFS-Message-Format</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System published a notice of proposed service enhancement and request for comment with respect to adopting the International Organization for Standardization (ISO) 20022 message format for the Fedwire Funds Service.  The new format would replace the service&apos;s current proprietary message format.  The proposal notes that the decision to implement the ISO 20022 message format standard is the result of a multi-year process, where the Federal Reserve Board and U.S. Federal Reserve Banks sought input from a number of stakeholders and industry participants, including The Clearing House Payments Company, which owns and operates the other main large-value payment system in the United States.  The Federal Reserve Banks have also performed extensive public outreach on this topic, including the formation of advisory groups, the distribution of customer surveys, and the preparation of educational materials regarding the ISO 20022 standard.  The proposal suggests that switching to the ISO 20022 standard may result in a number of benefits, including a richer and more structured message format, improved domestic and cross-border interoperability and the ability for financial institutions to provide additional services to customers.  The proposal notes that the implementation of the ISO 20022 standard will consist of three phases, with a target final implementation date of November 2023.  Comments to the proposal are due by September 4, 2018.

View full text of the FRB proposal.]]></description>
					      
						      <pubDate>Thu, 05 Jul 2018 20:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FRB-Seeks-Comment-on-Changes-to-FFS-Message-Format</guid>
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					      <title>Basel Committee Finalizes Revised Assessment Framework for G-SIBs</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-Finalizes-Revised-Assessment-Fram</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published a revised methodology and the higher loss absorbency (HLA) requirement for the assessment of Global Systemically Important Banks. The revised framework updates and replaces the Basel Committee&apos;s July 2013 publication, &quot;Global systemically important banks: updated assessment methodology and the higher loss absorbency requirement.&quot;

The Basel Committee committed, on the introduction of the G-SIB framework, to review the framework every three years. It consulted on potential enhancements to the framework between March and June 2017. Following feedback to that consultation, the Basel Committee is proposing no changes to the fundamental structure of the G-SIB framework and states that it is generally recognized that the G-SIB framework is meeting its primary objective of requiring systemically important banks to hold higher capital buffers. The framework is also providing incentives for G-SIBs to reduce their systemic importance.

The proposed revisions to enhance the framework include a timetable for implementation. The revised assessment methodology will apply from 2021, based on end-2020 data. The corresponding HLA requirements based on the revised methodology will apply from January 1, 2023.

Read more.]]></description>
					      
						      <pubDate>Thu, 05 Jul 2018 18:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-Finalizes-Revised-Assessment-Fram</guid>
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					      <title>US Federal Financial Regulators Release Statements Regarding Implementation and Impact of the Economic Growth, Regulatory Relief, and Consumer Protection Act</title>
					      <link>https://finreg.aoshearman.com/US-FFR-Release-Statements-Regarding-Implementation-and-Impact-of-EGRRCPA</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System, U.S. Office of the Comptroller of the Currency and U.S. Federal Deposit Insurance Corporation released statements regarding the implementation and impact of the passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act.

Read more.
 ]]></description>
					      
						      <pubDate>Thu, 05 Jul 2018 15:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FFR-Release-Statements-Regarding-Implementation-and-Impact-of-EGRRCPA</guid>
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					      <title>UK Regulators Seek Views on Improving Operational Resilience of Firms and Financial Market Infrastructures</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Seek-Views-on-Improving-Operational</link>
					      <description><![CDATA[
The Bank of England, the U.K. Prudential Regulation Authority and the U.K. Financial Conduct Authority have published a joint discussion paper entitled &quot;Building the UK financial sector&apos;s operational resilience.&quot; The Discussion Paper is aimed at opening a dialogue with the financial services industry on achieving what the Authorities view as a &quot;step change&quot; in the operational resilience of firms and Financial Market Infrastructures and at generating debate about the expectations regulators and the wider public might have of the operational resilience of financial services institutions.

While the existing regulatory framework already supports operational resilience, the BoE, PRA and FCA are together considering the extent to which they might supplement existing policies, to improve the resilience of the financial system as a whole and increase the focus on operational resilience within firms and FMIs.

Read more.]]></description>
					      
						      <pubDate>Thu, 05 Jul 2018 09:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Seek-Views-on-Improving-Operational</guid>
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					      <title>UK Conduct Regulator Issues Near-Final Rules on Extension of Individual Accountability Regime to All Financial Services Firms</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Issues-Near-Final-Rules-on-E</link>
					      <description><![CDATA[
The U.K. Financial Authority has published Policy Statements confirming the rule changes it will apply to extend the application of the Senior Managers &amp; Certification Regimes to all FCA solo-regulated firms (that is, firms for which the FCA is both conduct and prudential regulator). At this stage, the rules are near-final as they are subject to commencement regulations that will be made by HM Treasury and they may also be amended by subsequent changes related to, for example, Brexit or SM&amp;CR optimizations. The FCA also plans to consult separately on rules for benchmark-related activities.

The extended SM&amp;CR will apply to all firms authorized under the Financial Services and Markets Act 2000 and regulated by the FCA, as well as EEA and third country (non-EEA) branches. SM&amp;CR will be extended to FCA solo-regulated firms from December 9, 2019.

While insurance intermediaries, which are solo-regulated by the FCA, will fall within the FCA&apos;s new rules, the FCA and the Prudential Regulation Authority have separately published policy statements on the extension of the SM&amp;CR to insurers.

Read more.]]></description>
					      
						      <pubDate>Wed, 04 Jul 2018 18:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Issues-Near-Final-Rules-on-E</guid>
				    </item>
			
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					      <title>UK Regulators Finalize Rule Changes For Extending Individual Accountability Regime to Insurers</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Finalize-Rule-Changes-For-Extending</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority and Prudential Regulation Authority have published Policy Statements confirming the near-final and final rule changes they will apply to extend the application of the Senior Managers &amp; Certification Regimes to insurers. The Policy Statements do not make an changes to the prudential rules implementing Solvency II or to the wider U.K. regulatory framework for insurers.

The extended SM&amp;CR will apply from December 10, 2018, subject to commencement regulations being made by HM Treasury. The SM&amp;CR will apply to all insurers and reinsurers regulated by the FCA and the PRA. The Policy Statements will be of specific interest to Solvency II firms (that is, all firms within the scope of the U.K. rules implementing the Solvency II Directive), insurance special purpose vehicles (undertakings with permission to carry on the regulated activity of insurance risk transformation), insurers outside the scope of the Solvency II Directive (so-called Non-Directive Firms) and small run-off firms (all insurers with less than &amp;pound;25 million technical provisions that no longer have permission to write or acquire new business).

Read more.]]></description>
					      
						      <pubDate>Wed, 04 Jul 2018 09:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Finalize-Rule-Changes-For-Extending</guid>
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					      <title>UK Financial Conduct Authority Consults on a New Directory For Financial Services Workers</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-a-New-</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a consultation paper setting out proposals to introduce a new directory of financial services workers.

In the consultation paper, the FCA explains that one effect of the extension of the Senior Management and Certification Regimes to all financial services firms will be that the Financial Services Register will contain the details of fewer individuals. Currently the Financial Services Register contains details of individuals who have been approved by the FCA or PRA. This includes individuals in senior management roles, individuals approved to hold controlled functions and individuals who hold customer-facing roles. However, this will change following the extension of SM&amp;CR to all firms, because Individuals in customer functions, for example, will need to be assessed as fit and proper by firms rather than being approved by the regulators. Only individuals in specified senior manager roles will be approved by the relevant regulators and entered on the Register.

Read more.]]></description>
					      
						      <pubDate>Wed, 04 Jul 2018 08:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-a-New-</guid>
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					      <title>UK Financial Policy Committee Outlines Steps to Reduce Risks to the UK&apos;s Financial Stability</title>
					      <link>https://finreg.aoshearman.com/Financial-Policy-Committee-Outlines-Steps-to-Redu</link>
					      <description><![CDATA[
The Bank of England has published a Financial Stability Report, dated June 2018, and a record of the Financial Policy Committee Meeting held on June 19, 2018. The Report sets out the FPC&apos;s view of the U.K.&apos;s financial stability, the resilience of the U.K.&apos;s financial system and the risks posed to each of those. Where applicable, the Report also notes the steps that the FPC is taking to address the risks. The record of the meeting provides a summary of issues discussed by the FPC in June.

Read more. ]]></description>
					      
						      <pubDate>Tue, 03 Jul 2018 20:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Policy-Committee-Outlines-Steps-to-Redu</guid>
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					      <title>First UK Statutory Instrument Made Under the European Union (Withdrawal Act) 2018</title>
					      <link>https://finreg.aoshearman.com/First-UK-Statutory-Instrument-Made-Under-the-Euro</link>
					      <description><![CDATA[
The European Union (Withdrawal) Act 2018 (Commencement and Transitional Provisions) Regulations 2018 have been made. These Regulations are the first statutory instrument to be made under the EU (Withdrawal) Act 2018, which was made on June 26, 2018. The Regulations bring into force some of the provisions of the Act. The Act, which was also formerly referred to as the Great Repeal Bill, ensures that the U.K.&apos;s laws will continue to operate from the day the U.K. exits the EU.

View the Regulations.

View details of the EU (Withdrawal) Act 2018.]]></description>
					      
						      <pubDate>Tue, 03 Jul 2018 17:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/First-UK-Statutory-Instrument-Made-Under-the-Euro</guid>
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					      <title>EU and UK Authorities Clarify Clearing Obligation Expectations for Pension Schemes</title>
					      <link>https://finreg.aoshearman.com/EU-and-UK-Authorities-Clarify-Clearing-Obligation</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a statement on the transitional exemption from the clearing obligation for pension scheme arrangements under the European Market Infrastructure Regulation and delegated regulations. Transitional provisions provide for PSAs to be exempt from the clearing obligation until August 16, 2018. There is no provision in EMIR that would allow for a further extension of this exemption period. It is proposed that this exemption will be further extended under the proposal to amend EMIR, known as EMIR Refit. The length of the extension is yet to be agreed as part of the EMIR Refit legislative process between the European Parliament (which advocates a two-year extension) and the Council of the European Union (which supports a three-year extension). Parliament is also proposing to backdate the application of the new transitional period to August 16, 2018 if EMIR Refit enters into force after the expiry of the existing exemption so as to prevent a gap between the two exemptions periods, providing legal certainty for PSAs and their counterparties.

Read more.]]></description>
					      
						      <pubDate>Tue, 03 Jul 2018 17:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-and-UK-Authorities-Clarify-Clearing-Obligation</guid>
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					      <title>New UK Standard on Risk Management Transactions for New Issuances for the Fixed Income Markets</title>
					      <link>https://finreg.aoshearman.com/New-UK-Standard-on-Risk-Management-Transactions-f</link>
					      <description><![CDATA[
The U.K. Fixed Income, Currency and Commodities Markets Standards Board has published a new Standard on Risk Management Transactions for New Issuances for the Fixed Income markets.

The FMSB has created several Standards to improve conduct in the FICC markets since its establishment in 2015 in response to the Fair and Effective Markets Review conducted by HM Treasury, the Bank of England and the Financial Conduct Authority. FMSB members commit to applying the FMSB Standards but the Standards do not impose legal or regulatory obligations.

The new Standard describes expected behaviors to improve the practice and awareness regarding risk management activities conducted in and around the new issuance of bonds and includes 12 Core Principles. Following its consultation at the end of 2017 on the proposed Standard on Risk Management Transactions for New Issuances, the FMSB has made some minor changes, including providing more detail on the nature of the conduct risks and amending the Principle on dissemination of information (Core Principle 9).

Read more.]]></description>
					      
						      <pubDate>Tue, 03 Jul 2018 16:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-UK-Standard-on-Risk-Management-Transactions-f</guid>
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					      <title>European Central Bank Publishes Best Practices for Eurozone Recovery Plans</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Best-Practices-fo</link>
					      <description><![CDATA[
The European Central Bank has published a report on recovery plans. The ECB is responsible for direct prudential supervision of certain significant banks based in the Eurozone as part of the Single Supervisory Mechanism. Under that remit, the ECB has analyzed the recovery plans of numerous Eurozone banks. The report sets out the ECB&apos;s experience of that process and best practices that have been adopted by some banks. The report is intended to assist Eurozone banks to improve their recovery planning, although the report itself is restricted to the recovery plans of significant institutions.

View the ECB&apos;s report.]]></description>
					      
						      <pubDate>Tue, 03 Jul 2018 15:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Best-Practices-fo</guid>
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					      <title>European Commission Formally Withdraws Proposals for an EU Regulation on Bank Structural Reform</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Formally-Withdraws-Proposals-</link>
					      <description><![CDATA[
Following its announcement in its 2018 Work Programme of its intention to withdraw 15 pending EU legislative proposals, the European Commission has announced the formal withdrawal of that legislation, which includes the 2014 Proposal for a Regulation on structural reform of the EU banking sector.

The original proposal built on the 2013 recommendations of a high level expert group on reforming the structure of EU banking sector, chaired by Bank of Finland Governor and European Central Bank Governing Council member Erkki Liikanen. For banks within its scope, the provisions of the proposed regulation would have imposed a ban on proprietary trading and would have empowered supervisors to require banks to ring-fence certain trading activities from a deposit-taking entity.

Read more.]]></description>
					      
						      <pubDate>Tue, 03 Jul 2018 15:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Formally-Withdraws-Proposals-</guid>
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					      <title>European Central Bank Consults on Materiality Threshold for Credit Obligations Past Due</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Materiality-Thr</link>
					      <description><![CDATA[
The European Central Bank has launched a consultation on a proposed Regulation on the materiality threshold for credit obligations past due under the Capital Requirements Regulation. The CRR risk quantification provisions set out that a default occurs when an obligor is past due more than 90 days on any material credit obligation to a firm, its parent or any of its subsidiaries. The materiality of the credit obligation is to be assessed against a threshold set by the national regulator according to its view of a reasonable level of risk. The ECB is responsible for direct prudential supervision of certain significant banks based in the Eurozone as part of the Single Supervisory Mechanism and must set the materiality threshold for these banks. The ECB must take into account the Regulatory Technical Standards on the materiality threshold for credit obligations past due that supplement the CRR requirements on the conditions for use of the internal ratings-based approach.

Read more.]]></description>
					      
						      <pubDate>Tue, 03 Jul 2018 15:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Materiality-Thr</guid>
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					      <title>UK Prudential Regulator Consults on Reflecting the Systemic Risk Buffer Framework Within the Leverage Ratio Framework for UK Systemic Ring-Fenced Bodies</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Reflecting-th</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a consultation paper entitled &quot;UK leverage ratio: Applying the framework to systemic ring-fenced bodies and reflecting the systemic risk buffer.&quot;

The Systemic Risk Buffer is one of the elements of the overall capital framework for U.K. banks and building societies. It is applied by the PRA to individual institutions and will be introduced at the same time that ring-fencing comes into force in 2019. SRB institutions are banks falling within the definition of Ring-fenced Bodies in the Financial Services and Markets Act 2000 and large building societies that hold more than &amp;pound;25 billion in deposits (where one or more of the accountholders is a small business) and shares (excluding deferred shares).

Read more.]]></description>
					      
						      <pubDate>Tue, 03 Jul 2018 15:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Consults-on-Reflecting-th</guid>
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					      <title>UK Regulator Announces Successful Applicants to Cohort Four of Its Regulatory Sandbox</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Announces-Successful-Applicants-to-C</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a press release confirming the acceptance of 29 firms to begin testing in the fourth cohort of its regulatory sandbox.

The FCA&apos;s regulatory sandbox is part of Project Innovate, the FCA&apos;s initiative for encouraging innovation in the interest of consumers. On its launch in June 2016, the FCA sandbox was the first in the world and has since been emulated by regulators globally. The sandbox is open to authorized and unauthorized firms of all sizes and provides a controlled live environment for participating firms to test product and service innovations on a time-limited basis. Applicants to the sandbox must satisfy strict eligibility criteria to be able to test in the sandbox and testing is subject to appropriate safeguards for consumer protection which are set on a case-by-case basis. Cohort 4 had 69 applicants, which is the largest number of applicants to date.

Read more.]]></description>
					      
						      <pubDate>Tue, 03 Jul 2018 14:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Announces-Successful-Applicants-to-C</guid>
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					      <title>European Banking Authority Publishes First Outputs from Its FinTech Roadmap</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-First-Output</link>
					      <description><![CDATA[
Following the publication of its FinTech Roadmap in March 2018, the European Banking Authority has published two reports contemplated by the Roadmap.

The first report sets out the results of a thematic review of the impact of FinTech on the business models of incumbent credit institutions. The second report outlines the perceived benefits and potential prudential risks of seven FinTech use cases.

The EBA has also established a FinTech Knowledge Hub for the sharing of information and experience and promotion of emerging trends among EU national regulators.

Read more.]]></description>
					      
						      <pubDate>Tue, 03 Jul 2018 13:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-First-Output</guid>
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					      <title>UK Competition and Markets Authority to Impose Confidentiality Ring for Provisional Decision Report on the Investment Consultants Market Investigation</title>
					      <link>https://finreg.aoshearman.com/UK-Competition-and-Markets-Authority-to-Impose-Co</link>
					      <description><![CDATA[
The U.K. Competition and Markets Authority has published a notice of intention to operate a confidentiality ring, following publication of the Provisional Decision Report on the Investment Consultants Market Investigation. The CMA is assessing the supply and acquisition of investment consultancy services and fiduciary management services. As part of the investigation, the CMA has received information and/or data from a number of parties. This data has been used by the CMA in the investigation, in particular in preparing the Provisional Decision Report, which will be published in mid-July 2018. The notice:

	provides a description of the data that has been used;
	sets the timing of the confidentiality ring - from 9.30 am on the date of publication of the Provisional Decision Report until 5 pm on the date five weeks thereafter; and
	stipulates the access conditions under the confidentiality ring, including completion of an undertaking by those wishing to access the confidentiality ring, the form of which is set out in an annex.


View the CMA&apos;s notice.

View the form of undertaking.]]></description>
					      
						      <pubDate>Mon, 02 Jul 2018 20:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Competition-and-Markets-Authority-to-Impose-Co</guid>
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					      <title>UK Payments Regulators Announce Full Consolidation of UK Retail Payment Systems</title>
					      <link>https://finreg.aoshearman.com/UK-Payments-Regulators-Announce-Full-Consolidatio</link>
					      <description><![CDATA[
The Payment Systems Regulator and the New Payment System Operator have issued press releases confirming that the consolidation of U.K. retail payment systems is now complete. Consolidation of the three U.K. payment systems was one of the recommendations made in the Payments Strategy Forum&apos;s November 2016 report, which set out a wide-ranging strategy for reforming the U.K. retail payments industry.

The NPSO assumed responsibility for Bacs Payment Schemes Limited and Faster Payments Scheme Ltd on May 1, 2018. The NPSO&apos;s press release confirms that, as of July 1, 2018, the Cheque and Credit Clearing Company Limited has become a subsidiary of the NPSO and the NPSO has assumed responsibility for oversight of running and managing the cheque paper and cheque image clearing systems. All payments will continue to be processed through the cheque clearing systems. The NPSO has also acquired UK Payments Administration Ltd, which is the service company responsible for providing people, facilities and business services to the U.K. payments industry.

Read more.]]></description>
					      
						      <pubDate>Mon, 02 Jul 2018 14:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payments-Regulators-Announce-Full-Consolidatio</guid>
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					      <title>Financial Stability Board Issues Consultation on Developing a Cyber Lexicon</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Issues-Consultation-on-</link>
					      <description><![CDATA[
As part of its work on the protection of financial stability against the malicious use of information and communication technologies, the Financial Stability Board has published a draft cyber lexicon for consultation.

In March 2017, the FSB was asked by the G20 Finance Ministers to review and produce a stock-take report on the existing regulation, supervisory practices and guidance on cyber security in the financial sectors of G20 jurisdictions. The G20 welcomed the FSB&apos;s stock-take report in October 2017 and asked the FSB to continue its work and to develop a common lexicon of cyber terms.

The FSB stresses that the lexicon is not intended for use in the legal interpretation of any international arrangement or agreement or any private contract. The use of the cyber lexicon will not be mandatory. Its purpose is to support the work of the FSB, standard-setting bodies, national authorities and private sector participants to address, and develop guidance on, cyber security and cyber resilience in the financial sector. In particular, the aim of the cyber lexicon is to create a cross-sector common understanding of relevant cyber security and cyber resilience terminology and to facilitate assessment and monitoring of financial stability risks in cyber risk scenarios.

Read more.]]></description>
					      
						      <pubDate>Mon, 02 Jul 2018 11:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Issues-Consultation-on-</guid>
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					      <title>US Regulators Extend Resolution Plan Filing Deadline for 14 US Financial Institutions</title>
					      <link>https://finreg.aoshearman.com/US-Regulators-Extend-Resolution-Plan-Filing-Deadl</link>
					      <description><![CDATA[
The U.S. Federal Reserve Board and FDIC have announced that they were extending the filing deadline for the resolution plans of 14 U.S. financial institutions to December 31, 2019. The agencies note that the deadline was extended to allow for additional time to provide feedback to these institutions with respect to their last resolution plan submissions and for the institutions to file their next resolution plan submissions. The agencies also reiterated that, pursuant to the Economic Growth, Regulatory Reform, and Consumer Protection Act, financial institutions with less than $100 billion in total consolidated assets are no longer subject to resolution plan requirements, and that over the course of the next 18 months, the agencies will determine which financial institutions with $100 billion or more, but less than $250 billion in total consolidated assets will be subject to the resolution plan process going forward.

View the FDIC  press release.

View the Federal Reserve press release. ]]></description>
					      
						      <pubDate>Mon, 02 Jul 2018 08:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Regulators-Extend-Resolution-Plan-Filing-Deadl</guid>
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					      <title>UK Regulations Implementing Parts of the Prospectus Regulation Published</title>
					      <link>https://finreg.aoshearman.com/UK-Regulations-Implementing-Parts-of-the-Prospect</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018, dated June 27, 2018, have been laid before Parliament. The U.K. Regulations will come into force on July 21, 2018, implementing parts of the Prospectus Regulation that will apply from that date. The Prospectus Regulation will replace the existing Prospectus Directive and sets out the requirements for a prospectus to be published when securities are offered to the public or admitted to trading on a regulated market. The Prospectus Regulation aims to simplify the rules and administrative obligations for companies wishing to issue shares or debt on the market and reducing the costs of preparing a prospectus, thus fostering cross-border investments in the single market, while at the same time still enabling investors to make informed investment decisions. The remainder of its provisions take effect on July 21, 2019.

U.K. law is not needed to transpose the Prospectus Regulation, which will be directly applicable across the EU. However, certain U.K. legislation will need to be amended to ensure that there is no conflict of laws. The U.K. Regulations amend the Financial Services and Markets Act by increasing the threshold, from &amp;euro;5 million to &amp;euro;8 million, for which a prospectus is required for an offer of securities to the public within the U.K. The U.K. Regulations also amend the U.K. legislation that implemented the Markets in Financial Instruments Directive, including by correcting the definition of a MiFID investment firm.

View the U.K. Regulations (S.I. 2018/786).

View the explanatory memorandum.]]></description>
					      
						      <pubDate>Fri, 29 Jun 2018 18:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulations-Implementing-Parts-of-the-Prospect</guid>
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					      <title>EU Draft Amended Technical Standards on Benchmarking of Internal Models</title>
					      <link>https://finreg.aoshearman.com/EU-Draft-Amended-Technical-Standards-on-Benchmark</link>
					      <description><![CDATA[
The European Banking Authority has published amended draft Implementing Technical Standards specifying the benchmarking portfolios, templates and definitions to be used as part of the annual benchmarking exercise by those institutions that use internal approaches for market and credit risk under the EU Capital Requirements Directive. The EBA consulted on proposed changes to the ITS in Q4 2017 and Q1 2018.

The amended ITS include all the portfolios that will be used for the 2019 benchmarking exercise, provided that the amended ITS are adopted by the European Commission. For market risk benchmarking, major changes have been made to the portfolios, including the introduction of a new set of portfolios comprising vanilla instruments. Minor changes have been made to the credit risk portfolios including changes to the information requested from firms.

Regarding the 2018 benchmarking exercise, the EBA has confirmed that firms do not have to resubmit the same data as a result of the difference between the submission dates in the draft ITS published by the EBA and the final ITS published on May 18, 2018 in the Official Journal of the European Union.

View the amended ITS.

View details of the EBA&apos;s consultation on amending the ITS.]]></description>
					      
						      <pubDate>Fri, 29 Jun 2018 18:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Draft-Amended-Technical-Standards-on-Benchmark</guid>
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					      <title>US Federal Reserve Board and US Federal Deposit Insurance Corporation Seek Comment on 2019 Resolution Plan Guidance</title>
					      <link>https://finreg.aoshearman.com/US-Federal-Reserve-Board-and-US-Federal-Deposit-I</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System and U.S. Federal Deposit Insurance Corporation have published revised resolution plan (or &quot;living wills&quot;) guidance for the eight largest and most complex U.S. banking institutions. The proposed guidance would be applicable to resolution plans submitted beginning in 2019. The proposed guidance is largely based upon, and consistent with, prior guidance issued by the Federal Reserve Board and FDIC in 2016 - through the publication of Guidance for 2017 &amp;sect;165(d) Annual Resolution Plan Submissions by Domestic Covered Companies that Submitted Resolution Plans in July 2015 - and has been informed by, and updated as a result of, Federal Reserve Board and FDIC review of recent resolution plan submissions by these institutions. Consistent with prior guidance published by the Federal Reserve Board and FDIC, the proposed guidance is organized into six substantive areas: (1) Capital; (2) Liquidity; (3) Governance Mechanisms; (4) Operational; (5) Legal Entity Rationalization and Separability; and (6) Derivatives and Trading Activities. The proposed guidance includes updates to the Derivatives and Trading Activities and Operational: Payment, Clearing, and Settlement Activities Sections, and makes other clarifying changes. The changes and updates are intended, in part, to help streamline submissions by these institutions and to provide additional clarity with respect to the process. Comments to the proposed guidance will be due 60 days from its publication in the Federal Register.

View the full text of the proposal.]]></description>
					      
						      <pubDate>Fri, 29 Jun 2018 15:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Federal-Reserve-Board-and-US-Federal-Deposit-I</guid>
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					      <title>UK Prudential Regulator Sets out Expectations on Firms&apos; Exposures to Crypto-Assets</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Sets-out-Expectations-on-</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a &quot;Dear CEO&quot; letter, addressed to the Chief Executive Officers of banks, insurance companies and designated investment firms. The purpose of the letter is to remind firms of their relevant obligations under the PRA rules and to communicate the PRA&apos;s expectations regarding firms&apos; exposures to crypto-assets.

Crypto-assets have exhibited high price volatility and relative illiquidity and may also be vulnerable to fraud and manipulation, which raises concerns about potential misconduct and poses issues for market integrity. The PRA&apos;s letter does not define crypto-assets, but the Financial Conduct Authority uses this term to refer to any publicly available electronic medium of exchange that features a distributed ledger and a decentralized system for exchange. The FCA recently published a &quot;Dear CEO&quot; letter outlining best practice for firms in handling the financial crime risks that crypto-assets can pose.

Read more.]]></description>
					      
						      <pubDate>Thu, 28 Jun 2018 17:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Sets-out-Expectations-on-</guid>
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					      <title>UK Prudential Regulator Confirms Changes to Large Exposures Framework</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Confirms-Changes-to-Large</link>
					      <description><![CDATA[
Following a consultation in October 2017, which closed on January 4, 2018, the U.K. Prudential Regulation Authority has published a Policy Statement on changes to its large exposures framework.

The Policy Statement sets out the PRA&apos;s feedback on the responses received to its consultation. Respondents were largely supportive of the proposals. The PRA is implementing its proposals largely as consulted on, with only minor changes. The Policy Statement outlines the changes as follows:

(i) Changes to the relevant part of the PRA Rulebook on large exposures and regulatory reporting - the text of the changes is set out in a PRA Rulebook Instrument, &quot;CRR Firms: Large Exposures Amendment Instrument&quot;.

(ii) An update to the PRA&apos;s supervisory statement on large exposures (SS16/13) to reflect the PRA&apos;s expectations on the resolution exemption and to provide additional guidance to firms on Core UK Group and Non-core Large Exposures Group permissions.

(iii) An update to the PRA&apos;s supervisory statement, Guidelines for completing regulatory reports (SS34/15), to remove the requirement to submit the UK integrated groups - large exposures data item (FSA018).

Read more.]]></description>
					      
						      <pubDate>Thu, 28 Jun 2018 16:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Confirms-Changes-to-Large</guid>
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					      <title>US Federal Reserve Board Releases 2018 CCAR Results</title>
					      <link>https://finreg.aoshearman.com/US-Federal-Reserve-Board-Releases-2018-CCAR-Resul</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System announced the results of this year&apos;s Comprehensive Capital Analysis and Review process. This year, 35 financial institutions participated in the CCAR process. The CCAR process consists of a quantitative assessment, which evaluates an institution&apos;s capital adequacy and planned capital distributions against its ability to continue operating and lending throughout times of economic and financial market stress. In addition to the quantitative analysis, institutions that are designated &quot;large and complex firms&quot; or supervised by the Large Institution Supervision Coordinating Committee are subject to a qualitative assessment, which evaluates the reliability of each institution&apos;s analyses and other processes for capital planning. Of the 35 institutions that participated, 18 were subject to both quantitative and qualitative assessments, while the remaining 17 were only subject to the quantitative assessment. In connection with the CCAR process, the Federal Reserve Board objected to the capital plan of one institution due to qualitative concerns. Two institutions were issued a conditional no-objection to their capital plans and will be required to maintain their capital distributions at the levels paid by these institutions in recent years. A third institution was issued a conditional no-objection to its capital plan, subject to the institution &quot;taking certain steps regarding the management and analysis of its counterparty exposures under stress.&quot;

View the full text of the 2018 CCAR results.]]></description>
					      
						      <pubDate>Thu, 28 Jun 2018 14:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Federal-Reserve-Board-Releases-2018-CCAR-Resul</guid>
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					      <title>US Office of the Comptroller of the Currency Releases Updated Supervision Booklets</title>
					      <link>https://finreg.aoshearman.com/US-Office-of-the-Comptroller-of-the-Currency-Rel</link>
					      <description><![CDATA[
The U.S. Office of the Comptroller of the Currency has announced updates to a number of supervision booklets, including the &quot;Bank Supervision Process,&quot; &quot;Community Bank Supervision,&quot; &quot;Compliance Management Systems&quot; and &quot;Large Bank Supervision&quot; booklets of the Comptroller&apos;s Handbook, and the &quot;Federal Branches and Agencies Supervision&quot; booklet. The updated booklets replace previously issued booklets of the same titles. The OCC also provided a table of previously issued bulletins and publications that have been rescinded and incorporated into the updated booklets. At a high level, the revisions and updates clarify the applicability of the booklets for financial institutions of differing size; add content with respect to asset management, including assessing Bank Secrecy Act, anti-money laundering and Office of Foreign Assets Control compliance; incorporate aspects of the Dodd-Frank Act; make technical corrections, including clarified terminology and to reflect the integration of the Office of Thrift Supervision into the OCC; include revised concepts and references; and incorporate references to OCC issuances published since each booklet&apos;s last publication date.

View the full text of the OCC press release and revised booklets.]]></description>
					      
						      <pubDate>Thu, 28 Jun 2018 13:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Office-of-the-Comptroller-of-the-Currency-Rel</guid>
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					      <title>European Money Markets Institute Confirms Certain Changes for Euribor</title>
					      <link>https://finreg.aoshearman.com/European-Money-Markets-Institute-Confirms-Certain</link>
					      <description><![CDATA[
The European Money Markets Institute has published a feedback summary report on its March 2018 consultation on a hybrid determination methodology for the Euro Interbank Offered Rate (Euribor). EMMI is the administrator for Euribor, a major euro interest reference rate for unsecured interbank short-term lending and borrowing. Euribor was classed as a critical benchmark of systemic importance for financial stability by the European Commission in 2016.

EMMI consulted on: (i) introducing a three-level &quot;hybrid&quot; methodology for calculating Euribor; (ii) producing an overnight tenor for Euribor following the implementation of the hybrid methodology; (iii) discontinuing the calculation of three of the eight tenors; (iv) clarifying Euribor&apos;s underlying interest; (v) ceasing the publication of individual Panel Banks&apos; submissions; and (vi) simplifying the publication process.

Read more.]]></description>
					      
						      <pubDate>Thu, 28 Jun 2018 10:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Money-Markets-Institute-Confirms-Certain</guid>
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					      <title>US Commodity Futures Trading Commission Approves Proposed Amendments to Self-Regulatory Organization Surveillance Programs for Futures Commission Merchants</title>
					      <link>https://finreg.aoshearman.com/US-Commodity-Futures-Trading-pproves-</link>
					      <description><![CDATA[
The Commodity Futures Trading Commission has proposed to simplify its standards for a self-regulatory organization&apos;s financial surveillance program for futures commission merchants. The proposed amendments result from the CFTC&apos;s Project KISS initiative to simplify and modernize the Commission&apos;s regulations.

Under CFTC Regulation 1.52, a third-party examinations expert is required to evaluate an SRO&apos;s FCM supervisory program and the application of the program at least once every three years. The proposed amendments would narrow the scope of this evaluation to only consider whether the SRO&apos;s FCM examination standards are consistent with auditing standards issued by the Public Company Accounting Oversight Board. The proposal would also reduce the frequency of reviews by an examination expert, to once every five years or after the issuance of new or amended audit standards by the PCAOB that require material changes to the SRO&apos;s FCM examination standards.

Comments on the proposed amendments are due September 4, 2018.

View the CFTC&apos;s press release.

View the proposed amendments.]]></description>
					      
						      <pubDate>Thu, 28 Jun 2018 08:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Commodity-Futures-Trading-pproves-</guid>
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					      <title>US Commodity Futures Trading Commission and the Securities and Exchange Commission Approve New Arrangements to Harmonize Title VII Rulemakings</title>
					      <link>https://finreg.aoshearman.com/US-Commodity-Futures-Trading-Commission-and-the-S</link>
					      <description><![CDATA[
The U.S. Commodity Futures Trading Commission and the Securities and Exchange Commission have approved a new Memorandum of Understanding between the two agencies. The MOU, which updates and enhances an MOU approved by the agencies in 2008, is aimed at fostering cooperation and information sharing in order to harmonize joint rulemakings mandated under Title VII of Dodd-Frank, which governs the regulation of swaps and security-based swaps.

The MOU outlines several measures intended to increase coordination. These include holding inter-agency meetings and consultations to enhance coordination and cooperation, sharing information relating to firms registered with both agencies and specific incidents that are of common regulatory interest to both agencies, and informing the other agency in advance of developments that may impact its regulatory interests.

CFTC Chairman J. Christopher Giancarlo said the MOU will enhance the agencies&apos; &quot;oversight efforts and reduce unnecessary complexity, and lessen costs on both regulators and market participants,&quot; and SEC Chairman Jay Clayton added that the agreement will support a &quot;coherent and coordinated approach to regulation.&quot;

The MOU will become effective on the date of its signing and will remain effective unless terminated by either agency. Revisions and modifications may be made upon agreement or as required by changes in law.

View the joint press release.

View the MOU.]]></description>
					      
						      <pubDate>Thu, 28 Jun 2018 08:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Commodity-Futures-Trading-Commission-and-the-S</guid>
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					      <title>UK Government and Regulators Set Out Approach to Onshoring Financial Services Legislation for Brexit</title>
					      <link>https://finreg.aoshearman.com/UK-Government-and-Regulators-Set-Out-Approach-to-</link>
					      <description><![CDATA[
Following the enactment of the European Union (Withdrawal) Act 2018, HM Treasury has set out its approach to &quot;onshoring&quot; EU financial services legislation under the Act. The Bank of England, the Financial Conduct Authority and the Payment Systems Regulator have each also issued statements on their respective roles in preparing for the U.K.&apos;s withdrawal from the EU.

Read more.]]></description>
					      
						      <pubDate>Wed, 27 Jun 2018 17:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-and-Regulators-Set-Out-Approach-to-</guid>
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					      <title>US Federal Reserve Vice Chairman for Supervision Discusses the Promotion of Global Financial Stability</title>
					      <link>https://finreg.aoshearman.com/US-Federal-Reserve-Vice-Chairman-for-Supervision-</link>
					      <description><![CDATA[
U.S. Board of Governors of the Federal Reserve System Vice Chairman for Supervision, Randal Quarles, discussed the importance of the promotion of global financial stability at the Utah Bankers Association 110th Annual Convention. Vice Chairman Quarles began by discussing financial stability in the United States, noting that the implementation of post-financial crisis reform is largely complete and is now in the process of being reviewed and revised to promote efficiency and efficacy. Vice Chairman Quarles also noted how this review and revision process is easing the regulatory burden on community and regional banks, through reforms such as the passage of the Economic Growth, Regulatory Relief and Consumer Protection Act, the Bank Exams Tailored to Risk program and the implementation of a new streamlined Call Report form in 2017. With respect to global financial stability, Vice Chairman Quarles discussed the role of the Financial Stability Board, explaining that the FSB helps to improve access to information on an international scale and promote minimum standards in areas such as resolution planning. Vice Chairman Quarles also highlighted that while the FSB may set international regulatory standards, it has no enforcement powers and no legal authority to direct its members to act. Instead, the FSB promotes effective dialogue by functioning by consensus, which allows international stakeholders to have meaningful input in the decisions that are made.

View the full text of Vice Chairman Quarles&apos;s speech.]]></description>
					      
						      <pubDate>Wed, 27 Jun 2018 14:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Federal-Reserve-Vice-Chairman-for-Supervision-</guid>
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					      <title>UK Regulator Provides Update on its Retail Banking Business Model Review</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Provides-Update-on-its-Retail-Bankin</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a Progress Report on its Strategic Review of Retail Banking Business Models. The FCA launched the Review in April 2017 and published a purpose and scope document in October 2017. The FCA is conducting the Review to gain a picture of how profits are generated by the sector, of the relative competitive advantages and disadvantages of different business models and of barriers to entry and expansion. The Review covers retail banking services to personal and small business customers. It focuses on the products and services that are used on a regular basis by large numbers of consumers and small businesses. This includes current accounts, savings products, mortgages, personal loans, credit cards, and business finance.

The FCA explains that its early analysis indicates that a key component of the competitive advantage enjoyed by retail banks to date has been the combination of personal current accounts and large branch networks. This combination has brought a number of benefits including a funding cost advantage (from personal current accounts paying zero interest or lower interest than other providers), significant additional income from fees and charges on personal current accounts (including overdrafts), the opportunity to cross-sell lending products to personal current account holders and the ability to cross-sell business accounts and associated business savings balances.

Read more.]]></description>
					      
						      <pubDate>Wed, 27 Jun 2018 13:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Provides-Update-on-its-Retail-Bankin</guid>
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					      <title>UK Brexit Legislation Receives Royal Assent</title>
					      <link>https://finreg.aoshearman.com/UK-Brexit-Legislation-Receives-Royal-Assent</link>
					      <description><![CDATA[
The EU (Withdrawal) Bill has received Royal Assent from Her Majesty the Queen and has become an Act of Parliament, the EU (Withdrawal) Act 2018. The Act, which was also formerly referred to as the Great Repeal Bill, is necessary to ensure that the U.K.&apos;s laws continue to operate from the day the U.K. exits the EU.

From the date of the U.K.&apos;s exit from the EU, the Act will (i) end the supremacy of EU law in U.K. law by repealing the European Communities Act 1972; (ii) convert EU law as it stands at the moment of exit into domestic law before the U.K. leaves the EU; and (iii) maintain the current scope of devolved decision making powers in areas currently governed by EU law.

The Act also creates powers to make secondary legislation, including temporary powers to enable corrections to be made to the laws that would otherwise no longer operate appropriately once the U.K. has left the EU and to implement the withdrawal agreement under Article 50 of the Treaty on European Union. The Government will now start work to begin laying before Parliament the expected 800 pieces of secondary legislation that will be required to prepare the U.K.&apos;s statute book for EU withdrawal.

Read more.]]></description>
					      
						      <pubDate>Tue, 26 Jun 2018 18:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Brexit-Legislation-Receives-Royal-Assent</guid>
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					      <title>European Banking Authority Warns Financial Institutions to Prepare for a Hard Brexit</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Warns-Financial-Instit</link>
					      <description><![CDATA[
The European Banking Authority has published an Opinion on preparations for the withdrawal of the U.K. from the EU. The Opinion is addressed to EU national regulators and regulators in the European Free Trade Area States (Norway, Liechtenstein and Iceland), the European Central Bank and the Single Resolution Board. The Opinion concerns the activities of financial institutions in the context of preparing for the U.K.&apos;s withdrawal. Financial Institutions comprise credit institutions, investment firms, payment service providers, electronic money institutions, creditors and credit intermediaries.

The purpose of the Opinion is to encourage national regulators to ensure that financial institutions are adequately considering the risks that arise from the possible departure of the U.K. from the EU in March 2019 without a ratified withdrawal agreement in place (a so-called &quot;hard&quot; Brexit). The EBA also seeks to ensure that national regulators draw the attention of financial institutions to their consumer protection obligations should that eventuality occur.

Read more.]]></description>
					      
						      <pubDate>Mon, 25 Jun 2018 14:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Warns-Financial-Instit</guid>
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					      <title>European Securities and Markets Authority Issues Opinion on CCP Liquidity Risk Assessment</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Is</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published an Opinion on the liquidity risk assessment that a CCP must undertake under the European Market Infrastructure Regulation. The Opinion is addressed to national regulators that supervise CCPs.

EMIR requires a CCP to measure its potential liquidity needs on a daily basis and to ensure that it has access at all times to adequate liquidity to perform its services and activities. A CCP must, therefore, ensure it has access to credit lines or other arrangements with liquidity providers in case the financial resources at its disposal are not immediately available. In measuring its liquidity needs, a CCP is required to take into account the liquidity risk generated by the default of at least the two clearing members to which it has its largest exposures (the liquidity risk &quot;Cover-2&quot; test). EMIR and related delegated legislation provide detail on how a CCP should assess the liquidity risk arising from each of its relationships with its clearing members and its liquidity providers.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 Jun 2018 17:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Is</guid>
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					      <title>European Banking Authority Proposes Updated Guidelines on Outsourcing by Financial Institutions</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Proposes-Updated-Guide</link>
					      <description><![CDATA[
The European Banking Authority has launched a consultation on draft Guidelines on outsourcing arrangements. The proposed Guidelines are intended to update and replace the outsourcing guidelines issued in 2006 (by the EBA&apos;s predecessor, the Committee of European Banking Supervisors) that applied to outsourcing by credit institutions. The proposed Guidelines will have a wider scope, applying to all financial institutions that are within the scope of the EBA&apos;s mandate, namely credit institutions and investment firms subject to the Capital Requirements Directive, payment institutions and electronic money institutions. The proposed Guidelines also integrate the recommendation on outsourcing to cloud service providers that was published by the EBA in December 2017.

The proposed Guidelines set out a definition of outsourcing in line with delegated legislation under the revised Markets in Financial Instruments Directive. They cover: (i) proportionality and group application; (ii) the nature of outsourcing arrangements; (iii) the applicable governance framework; (iv) the outsourcing process; and (v) guidelines on outsourcing addressed to competent authorities. A separate Annex provides an illustrative template that could be used for complying with the requirement in the proposed Guidelines to maintain a register of all outsourcing arrangements at institution and group level where applicable.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 Jun 2018 16:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Proposes-Updated-Guide</guid>
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					      <title>UK Conduct Regulator Issues Statement on PSD2 Strong Customer Authentication and Common and Secure Communication Provisions</title>
					      <link>https://finreg.aoshearman.com/UK-Conduct-Regulator-Issues-Statement-on-PSD2-Str</link>
					      <description><![CDATA[
Following the publication by the European Banking Authority of an Opinion and draft Guidelines on Regulatory Technical Standards under the revised Payment Services Directive for strong customer authentication and common and secure communication, the U.K. Financial Conduct Authority has published a statement on its website. The RTS under PSD2 set out how third-party providers of account information and payment initiation services (TPPs) and account servicing payment service providers (ASPSPs) should interact and communicate securely to enable TPPs to provide their services to customers with the customer&apos;s consent. The Opinion relates to the implementation of the RTS and the draft Guidelines relate to the availability of an exemption for ASPSPs from a requirement to build a contingency access mechanism.

The FCA welcomes the EBA&apos;s Opinion and draft Guidelines and confirms that, assuming the Guidelines remain as drafted, it expects to comply with them. The FCA will be consulting in Summer 2018 on proposed changes to its rules and guidance to reflect the RTS, the Opinion and the draft Guidelines. The consultation will outline the proposed process and level of information that the FCA will require from firms to make an exemption assessment. The FCA raises a number of issues that ASPSPs and TPPs should be considering, along with some key points from the Opinion and draft Guidelines of which they should take note in advance of the consultation.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 Jun 2018 15:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Conduct-Regulator-Issues-Statement-on-PSD2-Str</guid>
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					      <title>European Commission Clarifies Ancillary Activity Exemption Under MiFID II</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Clarifies-Ancillary-Activity-</link>
					      <description><![CDATA[
The European Commission has published a letter, dated May 31, 2018, from the President of the European Commission, Valdis Dombrovskis, to Steven Maijoor, Chair of the European Securities and Markets Authority, following ESMA&apos;s request in April for clarification on how to interpret the ancillary activity exemption under the revised Markets in Financial Instruments Directive.

MiFID II exempts non-financial entities that deal on own account, or provide investment services to clients, in commodity derivatives from having to obtain authorization as an investment firm under MiFID II provided that, among other things, this activity is ancillary to their main business. The wording of both MiFID II and related Regulatory Technical Standards suggests that the tests for whether an activity is ancillary to the main business should be carried out at the level of the entity&apos;s group. However, ESMA stated in its letter to the Commission that some drafting amendments that were introduced by the Commission have led to uncertainty as to whether the tests should be carried out at the level of the entity rather than at group level.

The Commission has confirmed that MiFID II requires that the ancillary activities test needs to be calculated by each entity within a group that engages in either of the two relevant MiFID activities for which the exemption is available. In consequence, the ancillary activities test must be calculated as many times as necessary for each separate entity which trades in commodity derivatives within a group.

View the letter to ESMA.

View ESMA&apos;s request for clarification.]]></description>
					      
						      <pubDate>Fri, 22 Jun 2018 15:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Clarifies-Ancillary-Activity-</guid>
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					      <title>Federal Reserve Bank of New York Executive Vice President and Director of Research Discusses Supervisory Stress Testing Objectives</title>
					      <link>https://finreg.aoshearman.com/FRBNY-EVP-and-Director-of-Research-Discusses-Supervisory-Stress-Testing-Objectives</link>
					      <description><![CDATA[
Federal Reserve Bank of New York Executive Vice President and Director of Research, Beverly Hirtle, discussed the macroprudential  objectives of supervisory stress testing; focusing on structural and cyclical  macroprudential considerations.

Read more.]]></description>
					      
						      <pubDate>Fri, 22 Jun 2018 13:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FRBNY-EVP-and-Director-of-Research-Discusses-Supervisory-Stress-Testing-Objectives</guid>
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					      <title>Financial Stability Board Finalizes Guidance to Support G-SIB Resolution Planning</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Finalizes-Guidance-to-S</link>
					      <description><![CDATA[
Following consultation on draft guidance in November 2017, the Financial Stability Board has published two finalized guidance papers on aspects of the recovery and resolution of global systemically important banks.

The first guidance paper sets out Principles on Bail-in Execution. The Principles are designed to assist resolution authorities developing bail-in resolution strategies and making resolution plans for G-SIBs operational. The Principles cover six aspects of bail-in execution: (i) bail-in scope; (ii) valuation; (iii) exchange mechanic; (iv) securities law and securities exchange requirements; (v) governance and (vi) communications.

Read more.]]></description>
					      
						      <pubDate>Thu, 21 Jun 2018 17:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Finalizes-Guidance-to-S</guid>
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					      <title>US Board of Governors of the Federal Reserve System Announce Stress Test Results</title>
					      <link>https://finreg.aoshearman.com/US-Board-of-Governors-of-the-FRS-Announce-Stress-Test-Results</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System announced the results of the eighth and latest round of Dodd-Frank Act stress testing.

View full text of the 2018 DFAST Methodology and Results.

Read more.]]></description>
					      
						      <pubDate>Thu, 21 Jun 2018 15:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Board-of-Governors-of-the-FRS-Announce-Stress-Test-Results</guid>
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					      <title>European Central Bank Consults on Assessing Potential Successors to the EONIA Benchmark</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Assessing-Poten</link>
					      <description><![CDATA[
The European Central Bank has published a consultation on behalf of the Working Group on Euro Risk-Free Rates. The ECB provides the secretariat for this Working Group. The Working Group is tasked, among other things, with identifying and recommending alternatives to Euro lending benchmark rates, namely EURIBOR and EONIA.

The administrator of EONIA announced in February 2018 that, due to prolonged structural change in the underlying interbank lending market that uses EONIA as a benchmark, EONIA&apos;s compliance with the EU Benchmarks Regulation by January 2020 &quot;cannot be warranted&quot; and that the ongoing review of EONIA would therefore be discontinued. The consultation invites comments on three euro risk-free rates that could potentially replace EONIA. These are:

	The euro short-term rate (ESTER), a new wholesale unsecured overnight bank borrowing rate that the ECB proposes to launch before 2020;
	GC Pooling Deferred, a one-day secured, centrally cleared, general collateral repo rate, which is produced by STOXX, a wholly-owned subsidiary of Deutsche B&amp;ouml;rse Group; and
	RepoFunds Rate, a one-day secured, centrally cleared, combined general and specific collateral repo rate, which is produced by NEX Data Services Limited, a wholly owned subsidiary of NEX Group plc, soon to be acquired by CME Group.

Read more.]]></description>
					      
						      <pubDate>Thu, 21 Jun 2018 10:01:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Assessing-Poten</guid>
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					 <item>
					      <title>European Banking Authority Updates Recommendations on Equivalence of Non-EU Confidentiality Regimes</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Updates-Recommendation</link>
					      <description><![CDATA[
The European Banking Authority has published an updated Final Report on recommendations on the equivalence of confidentiality regimes under the Capital Requirements Directive. The Final Report was originally published in April 2015.

The EBA has added three third-country national regulators to the current list of third-country national regulators whose confidentiality regimes can be regarded as equivalent with those in the EU, following an assessment of the professional secrecy and confidentiality frameworks under which they operate.

The new entries are:

	The Guernsey Financial Services Commission (the Bailiwick of Guernsey);
	The Superintendence of the Financial Services of the Central Bank of Uruguay (the Oriental Republic of Uruguay); and
	The Bank of Korea (the Republic of Korea).


The updated recommendations apply from June 21, 2018. The recommendations are intended to assist national regulators in the EU in their assessment of third-country equivalence with the aim of facilitating cooperation with third-country supervisory authorities and their participation in supervisory colleges overseeing international banks.

View the updated Final Report.]]></description>
					      
						      <pubDate>Wed, 20 Jun 2018 16:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Updates-Recommendation</guid>
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					      <title>European Central Bank Updates its Asset Quality Review Manual</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Updates-its-Asset-Quality-R</link>
					      <description><![CDATA[
The European Central Bank has published a revised version of its manual on the methodology for phase 2 of its Asset Quality Review, which forms part of the Comprehensive Assessment that the ECB and national regulators must make of relevant Eurozone banks under the EU Regulation on the Single Supervisory Mechanism. This revised version replaces the earlier version of the AQR manual published in 2014.

In Frequently Asked Questions published alongside the updated AQR manual, the ECB explains that the AQR manual has been updated to reflect the entry into force of the new accounting rules of International Financial Reporting Standard 9 on January 1, 2018. This has required some changes to the provisions of the AQR manual, in particular to incorporate new approaches to determining impairments and classifying financial instruments. The manual has also been updated to reflect their view that bank business models focused on investment services have become increasingly important for ECB Banking Supervision, in particular in the context of Brexit.

Read more.]]></description>
					      
						      <pubDate>Wed, 20 Jun 2018 15:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Updates-its-Asset-Quality-R</guid>
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					      <title>European Securities and Markets Authority and UK Financial Conduct Authority End Concessionary Period for Legal Entity Identifier Requirements</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-and-UK-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a statement on the requirements under the Markets in Financial Instruments Regulation for a Legal Entity Identifier. In response to concerns that institutions would not all be able to obtain LEI codes in time for MiFIR&apos;s effective date, January 3, 2018, ESMA had issued a statement in December 2017 providing temporary concessions for a period of six months. Those temporary concessions permitted investment firms to provide a service triggering the obligation to submit a transaction report to a client from which they had not obtained an LEI code, provided that, before providing the service, they obtain the necessary documentation from the client to apply for an LEI code on the client&apos;s behalf. Trading venues were also permitted to report their own LEI codes instead of LEI codes of non-EU issuers while reaching out to those non-EU issuers.

Read more.]]></description>
					      
						      <pubDate>Wed, 20 Jun 2018 14:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-and-UK-</guid>
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					      <title>Kathleen Kraninger Nominated to Serve as US CFPB Director</title>
					      <link>https://finreg.aoshearman.com/Kathleen-Kraninger-Nominated-to-Serve-as-US-CFPB-Director</link>
					      <description><![CDATA[
U.S. President Donald Trump announced that he had nominated Kathleen Kraninger to serve as Director of the U.S. Bureau of Consumer Financial Protection.  Ms. Kraninger is nominated to replace former CFPB Director Richard Cordray, who resigned in November of 2017.  Mick Mulvaney currently serves as Acting Director of the CFPB.

View full White House press release.]]></description>
					      
						      <pubDate>Wed, 20 Jun 2018 14:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Kathleen-Kraninger-Nominated-to-Serve-as-US-CFPB-Director</guid>
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					      <title>EU&apos;s Fifth Money Laundering Directive to Enter into Force July 2018</title>
					      <link>https://finreg.aoshearman.com/EU39s-Fifth-Money-Laundering-Directive-to-Enter-i</link>
					      <description><![CDATA[
The Fifth Money Laundering Directive has been published in the Official Journal of the European Union and will enter into force on July 9, 2018. Member States must transpose the directive into their national laws within 18 months of that date. 5MLD makes a number of changes to the European Anti-Money Laundering and Counter-Terrorist Financing regime set out in the Fourth Money Laundering Directive.

The key changes introduced by 5MLD are:

1. Extending the scope of &quot;obliged entities&quot; to include providers of exchange services between virtual and fiat currencies as well as custodian wallet providers. These entities will need to register in their home Member State.

2. Harmonizing the application of enhanced customer due diligence for third countries that are determined by the European Commission to be high risk countries. Member States will be able to apply additional measures, where appropriate.

Read more.]]></description>
					      
						      <pubDate>Tue, 19 Jun 2018 18:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU39s-Fifth-Money-Laundering-Directive-to-Enter-i</guid>
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					      <title>European Securities and Markets Authority Publishes Annual Report</title>
					      <link>https://finreg.aoshearman.com/Europeanand-Markets-Authority-Pub</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its Annual Report, dated June 15, 2018. The report sets out ESMA&apos;s key achievements against its 2017 objectives of promoting supervisory convergence, assessing risks to investors, markets and financial stability, completing a single rulebook for the EU financial markets and directly supervising trade repositories, credit rating agencies and third-country CCPs. The report also discusses ESMA&apos;s contributions to the work of the Joint Committee of the European Supervisory Authorities.

The report does not consider the focus areas for ESMA in 2018, which are set out in ESMA&apos;s work programes. However, ESMA indicates that in 2018 it will be, among other things: (i) issuing further opinions on pre-transparency waivers under the Markets in Financial Instruments package; (ii) engaging with credit rating agencies and trade repositories on their strategy, governance, operational matters and preparations for Brexit; and (iii) continuing its work to finalize the technical standards and technical advice under the EU Prospectus Regulation.

View ESMA&apos;s Annual Report.]]></description>
					      
						      <pubDate>Tue, 19 Jun 2018 16:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Europeanand-Markets-Authority-Pub</guid>
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					      <title>Bank of England Finalizes Fee-Levying Regime for Financial Market Infrastructures</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Finalizes-Fee-Levying-Regime-for-</link>
					      <description><![CDATA[
The Bank of England has published a Policy Statement outlining the fees it intends to levy on Financial Market Infrastructures, namely CCPs, central securities depositaries, recognised payment systems and specified service providers to recognised payment systems.

The BoE is empowered under the Banking Act 2009 to levy fees on FMIs but has not so far exercised its power to do so. The BoE has instead funded its supervision of FMIs through the Cash Ratio Deposit scheme. The Policy Statement follows a recommendation in February 2017 from the BoE&apos;s independent evaluation office that the BoE review its approach to funding FMI supervision and consider whether levying fees on supervised FMIs would be appropriate. The BoE consulted in August 2017 on proposals to introduce a new funding structure for FMI supervision. A further joint consultation was launched by the BoE and HM Treasury in March 2018 on the detail of the proposed fee-levying regime and the proposed fees for the 2018/19 fee year. The rationale for introducing an FMI fee-levying regime is to allocate the costs of FMI supervision to those entities that directly benefit from the BoE&apos;s supervision.

Read more.]]></description>
					      
						      <pubDate>Tue, 19 Jun 2018 13:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Finalizes-Fee-Levying-Regime-for-</guid>
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					      <title>European Banking Authority Consults on Use of Purchased Receivables Approach for Capital Requirements for Securitized Exposures</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Use-of-Pur</link>
					      <description><![CDATA[
The European Banking Authority has launched a consultation on draft Regulatory Technical Standards on the conditions to allow institutions to calculate capital requirements, including on expected loss, arising from securitized exposures (known as KIRB) in accordance with the purchased receivables approach under the Capital Requirements Regulation.

As part of the new EU Securitization framework that will apply from January 1, 2019, an Amending Regulation makes amendments to the CRR to revise the capital requirements for securitizations.

Read more.]]></description>
					      
						      <pubDate>Tue, 19 Jun 2018 13:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Use-of-Pur</guid>
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					      <title>Federal Reserve Bank of New York President John C. Williams Discusses Banking Culture Reform</title>
					      <link>https://finreg.aoshearman.com/FRBNY-President-John-C-Williams-Discusses-Banking-Culture-Reform</link>
					      <description><![CDATA[
The Federal Reserve Bank of New York&apos;s new President, John C. Williams, discussed banking cultural reform at the FRBNY&apos;s annual Governance and Culture Reform Conference.  His speech kicked off a full day of panels discussing various aspects of bank culture reform.  President Williams noted that while the economy and regulation of the financial system have improved markedly since the financial crisis, more work needs to be done with respect to promoting good bank culture.  President Williams highlighted that bank culture is often overlooked, especially in prosperous times when hard numbers, such as profits, losses, capital and liquidity, often look very positive.  With respect to reform, President Williams suggested that effectuating change in bank culture is a multi-year process, and that maintaining good bank culture is an ongoing exercise that requires clearly defined expectations and values, a board and management who are committed to maintaining and promoting high standards of conduct and culture and an environment that empowers employees to speak up when they have concerns.

View full text of President Williams&apos;s remarks.]]></description>
					      
						      <pubDate>Mon, 18 Jun 2018 14:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FRBNY-President-John-C-Williams-Discusses-Banking-Culture-Reform</guid>
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					      <title>John C. Williams Becomes 11th President and CEO of the Federal Reserve Bank of New York</title>
					      <link>https://finreg.aoshearman.com/John-C-Williams-Becomes-11th-President-and-CEO-of-the-FRBNY</link>
					      <description><![CDATA[
John C. Williams became the 11th President and Chief Executive Officer of the Federal Reserve Bank of New York.  President Williams replaces outgoing President William C. Dudley, whose last day as president was June 17, 2018.  In a statement given on his first day in office, President Williams noted that his goals as President included openness and transparency, objectivity and independence of thought and a commitment to the diverse needs of constituents across the Federal Reserve Bank of New York&apos;s District.

View President Williams&apos;s full statement.]]></description>
					      
						      <pubDate>Mon, 18 Jun 2018 14:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/John-C-Williams-Becomes-11th-President-and-CEO-of-the-FRBNY</guid>
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					      <title>European Banking Authority Issues Annual Report for 2017</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Issues-Annual-Report-f</link>
					      <description><![CDATA[
The European Banking Authority has published its Annual Report for 2017.

The Annual Report summarizes the progress made in a number of workstreams undertaken by the EBA in 2017, including the EBA&apos;s work on: (i) developing and maintaining an EU Single Rulebook for banking; (ii) promoting supervisory convergence; (iii) developing resolution policies and promoting common approaches for the resolution of failing financial institutions; (iv) determining and monitoring key risks in the banking sector across Europe; (v) strengthening the EBA&apos;s role as EU data hub for the collection, use and dissemination of banking data; (vi) protecting consumers, monitoring financial innovation and contributing to easy retail payments in the EU; (vii) Brexit preparations; (viii) international engagement; and (ix) cross-sectoral work by the European Supervisory Authorities under the Joint Committee.

Read more.]]></description>
					      
						      <pubDate>Mon, 18 Jun 2018 13:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Issues-Annual-Report-f</guid>
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					      <title>Professor Julia Black and Jill May Appointed to the Prudential Regulation Committee</title>
					      <link>https://finreg.aoshearman.com/Professor-Julia-Black-and-Jill-May-Appointed-to-t</link>
					      <description><![CDATA[
HM Treasury has announced the appointment, by the Chancellor, Philip Hammond, of two new external members of the Prudential Regulation Committee for a three-year term: Professor Julia Black and Jill May. In addition, Norval Bryson has been re-appointed to the PRC for a further three-year term.

View the announcement.]]></description>
					      
						      <pubDate>Mon, 18 Jun 2018 13:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Professor-Julia-Black-and-Jill-May-Appointed-to-t</guid>
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					      <title>European Banking Authority Mediates Disagreement on Two Cross-Border Banking Groups&apos; Resolution Plans</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Mediates-Disagreement-</link>
					      <description><![CDATA[
The European Banking Authority has published a redacted Decision on the disagreement between the Single Resolution Board and the National Bank of Romania, in their capacity as national resolution authorities under the EU Bank Recovery &amp; Resolution Directive and the Single Resolution Mechanism Regulation. The Decision is the first that the EBA has made in its role as mediator between two resolution authorities responsible for agreeing the resolution plan for a EU cross-border banking group. The SRB and NRB failed to reach agreement on the resolution plan for two different banking groups. The EBA&apos;s Decision relates to both cases as the underlying facts and situation were similar.

The EBA&apos;s Decision requires the SRB and NRB to include detailed resolvability assessments and a consideration of the impediments to resolvability within any resolution plan that is adopted by either or both of the parties. Both resolution authorities must report within one month of the Decision to the EBA on the steps that they have taken to comply with the Decision and must make subsequent reports on a quarterly basis until the adoption of a joint decision on a group resolution plan.

View the Decision.]]></description>
					      
						      <pubDate>Mon, 18 Jun 2018 12:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Mediates-Disagreement-</guid>
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					      <title>UK Prudential Regulator Confirms Algorithmic Trading Expectations</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Confirms-Algorithmic-Trad</link>
					      <description><![CDATA[
Following its consultation in February 2018, the Prudential Regulation Authority has published a Policy Statement and final new Supervisory Statement on Algorithmic Trading. The Supervisory Statement sets out the PRA&apos;s supervisory expectations of firms in relation to their algorithmic trading activities and covers: (i) governance; (ii) a firm&apos;s algorithmic approval process; (iii) testing and deployment; (iv) inventories and documentation; and (v) risk management and other systems and controls functions.

The Supervisory Statement applies to firms that engage in algorithmic trading and that are subject to the PRA&apos;s rules on algorithmic trading as well as the Regulatory Technical Standards on the organizational requirements of investment firms engaged in algorithmic trading (Commission Delegated Regulation (EU) 2017/589) under the Markets in Financial Instruments package. The Supervisory Statement applies to all of a firm&apos;s algorithmic trading activities, including those related to unregulated financial instruments.

Read more.]]></description>
					      
						      <pubDate>Fri, 15 Jun 2018 17:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Confirms-Algorithmic-Trad</guid>
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					      <title>European Central Bank Confirms Appointment of Petra Senkovic as Director General</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Confirms-Appointment-of-Pet</link>
					      <description><![CDATA[
The European Central Bank has announced the appointment of Petra Senkovic as Director General, in the Directorate General Secretariat to the Supervisory Board, from July 1, 2018. Ms. Senkovic has been acting Director General since February 2018. The appointment follows the reorganization of the ECB&apos;s banking supervision division.

View the announcement.]]></description>
					      
						      <pubDate>Fri, 15 Jun 2018 15:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Confirms-Appointment-of-Pet</guid>
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					      <title>US Office of the Comptroller of the Currency Issues Clarifications Regarding CRA Evaluation</title>
					      <link>https://finreg.aoshearman.com/US-Office-oComptroller-of-the-Currency-Issu</link>
					      <description><![CDATA[
The U.S. Office of the Comptroller of the Currency has issued clarifying guidance with respect to the examination and evaluation of institutions under the Community Reinvestment Act. The bulletin issued by the OCC notes that clarifications with respect to CRA evaluation processes were previously communicated to examiners, and that effective June 1, 2018, the OCC rescinded its previous &quot;Large Bank CRA Examiner Guidance,&quot; issued December 29, 2000 (OCC Bulletin 2000-35). The OCC bulletin provides clarification with respect to a number of aspects of the CRA evaluation process, including the frequency and timing of CRA performance evaluations, the applicable CRA performance evaluation period, full-scope and limited-scope reviews, the evaluation of various components of CRA evaluations and the timing for the finalization of CRA performance evaluations when there is an open investigation regarding potential discriminatory or other illegal credit practices. The OCC bulletin also outlines the guidance provided to examiners with respect to CRA evaluations, including the factors to consider in the evaluation process, communication with supervised institutions during the evaluation process and the presentation and analysis of performance data.

View the full text of the OCC bulletin. ]]></description>
					      
						      <pubDate>Fri, 15 Jun 2018 09:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Office-oComptroller-of-the-Currency-Issu</guid>
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					      <title>US Comptroller of the Currency Discusses Agency Priorities before House and Senate Committees</title>
					      <link>https://finreg.aoshearman.com/US-Comptroller-of-the-Currency-Discusses-Agency-P</link>
					      <description><![CDATA[
U.S. Comptroller of the Currency Joseph M. Otting has discussed the priorities of the U.S. Office of the Comptroller of the Currency before the U.S. House Financial Services Committee and U.S. Senate Committee on Banking, Housing, and Urban Affairs. Comptroller Otting identified the following as his key priorities: modernizing the OCC&apos;s approach to the Community Reinvestment Act, encouraging institutions to meet the short-term, small-dollar credit needs of their customers, enhancing Bank Secrecy Act and anti-money laundering compliance, simplifying regulatory capital requirements, simplifying the Volcker Rule and promoting efficacy and efficiency in the supervisory activities of the OCC.

View the full text of Comptroller Otting&apos;s prepared testimony before the two committees, here, here and here.]]></description>
					      
						      <pubDate>Thu, 14 Jun 2018 09:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Comptroller-of-the-Currency-Discusses-Agency-P</guid>
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					      <title>US Federal Reserve Board Approves Final Rule Regarding Single-Counterparty Credit Limits for Bank Holding Companies and Foreign Banking Organizations</title>
					      <link>https://finreg.aoshearman.com/US-Federal-Reserve-Board-Approves-Final-Rule-Rega</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System approved a final rule, which implements section 165(e) of the Dodd-Frank Act, and establishes single-counterparty credit limits for bank holding companies and foreign banking organizations with $250 billion or more in total consolidated assets (including any U.S. intermediate holding company of these foreign banking organizations with $50 billion or more in total consolidated assets) and any other bank holding company classified by the Federal Reserve Board as a global systemically important bank.

Under the final rule, a U.S. GSIB cannot have aggregate net credit exposure to another single global systemically important banking organization or a nonbank financial company supervised by the Federal Reserve Board that exceeds 15% of its tier 1 capital, and cannot have aggregate net credit exposure that exceeds 25% of its tier 1 capital to any other counterparty (defined under the final rule to include a company (including any consolidated affiliates of the company); a natural person (including the person&apos;s immediate family collectively where the exposure to the natural person exceeds 5% of the institution&apos;s tier 1 capital); a U.S. state (including all of its agencies, instrumentalities, and political subdivisions); foreign sovereign entities that are not assigned a zero risk weighting under the risk-based capital rules (including their agencies and instrumentalities); and political subdivisions of foreign sovereign entities (including their agencies and instrumentalities)). Other financial institutions subject to the final rule (other than U.S. IHCs subject to the rule) cannot have aggregate net credit exposure to any other counterparty that exceeds 25% of an institution&apos;s tier 1 capital.

Read more. ]]></description>
					      
						      <pubDate>Thu, 14 Jun 2018 09:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Federal-Reserve-Board-Approves-Final-Rule-Rega</guid>
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					      <title>EU Report on Penalties Under the European Market Infrastructure Regulation</title>
					      <link>https://finreg.aoshearman.com/EU-Report-on-Penalties-Under-the-European-Market-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its first annual report on penalties imposed by national regulators for infringement of obligations under the European Market Infrastructure Regulation. The report focuses on supervisory measures and penalties imposed by EU national regulators in relation to the EMIR clearing obligation, the reporting obligation, obligations on non-financial counterparties and the risk mitigation techniques for uncleared derivatives. The obligations on CCPs and Trade Repositories are out of scope of the report.

The report has been provided to the European Commission, the Council of the European Union and the European Parliament. ESMA notes that the report can be used to identify best practices as well as areas which might benefit from increased harmonization.

Read more.]]></description>
					      
						      <pubDate>Wed, 13 Jun 2018 17:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Report-on-Penalties-Under-the-European-Market-</guid>
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					      <title>European Banking Authority Clarifies Strong Customer Authentication Requirements for Account Servicing Payment Service Providers</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Clarifies-Strong-Custo</link>
					      <description><![CDATA[
The European Banking Authority has published an Opinion on the implementation of the Regulatory Technical Standards on strong customer authentication and common and secure communication. It has also published a consultation paper on draft Guidelines on the conditions that an account servicing payment service provider (ASPSP) must meet if it wants to provide access via a dedicated interface and be exempt from the obligation to have a fall-back option in place.

PSD2 requires that SCA is used for accessing a payment account online, initiating a payment transaction and carrying out a transaction through a remote channel. The RTS on SCA and CSC will apply directly across the EU partly from March 14, 2019 and predominantly from September 14, 2019.

Read more.]]></description>
					      
						      <pubDate>Wed, 13 Jun 2018 13:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Clarifies-Strong-Custo</guid>
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					      <title>Bank of England Confirms Approach to Valuation Capabilities of Firms to Support Resolvability</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Confirms-Approach-to-Valuation-Ca</link>
					      <description><![CDATA[
Following its consultation in August 2017, which closed in November 2017, the Bank of England has published its Statement of Policy on its expectations on the minimum standard of valuation capabilities that firms should have in place to ensure that their valuations are sufficiently timely and robust to support the effective resolution of the firm. In the BoE&apos;s view, limitations to a firm&apos;s valuation capabilities may constitute an impediment to resolvability where those limitations would not reliably enable valuations that support the firm&apos;s intended resolution strategy.

The BoE has made several changes to its proposed Statement of Policy following consultation responses. Briefly, these are: (i) extending the compliance deadline to January 1, 2021 and introducing a provision for firm-specific compliance dates to be set in certain cases; (ii) explicitly requiring operational documentation of how capabilities would be used in a resolution scenario; and (iii) including a provision whereby certain smaller and simpler firms may not need to have resolution valuation models in place.

Read more.]]></description>
					      
						      <pubDate>Wed, 13 Jun 2018 10:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Confirms-Approach-to-Valuation-Ca</guid>
				    </item>
			
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					      <title>UK Prudential Regulator Confirms its Approach to MREL Reporting</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulator-Confirms-its-Approach-to-</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a Policy Statement on reporting the minimum requirement for own funds and eligible liabilities and an updated Supervisory Statement &quot;Resolution Planning&quot;, following a consultation which ran from January 8 to April 9, 2018. MREL is a minimum requirement for firms to maintain equity and eligible debt liabilities that can bear losses before and in resolution and results in a top up to standard regulatory capital requirements, similar in concept to the old Tier 3 requirements under Basel II. The requirement will apply to U.K. authorized banks, building societies and PRA-designated investment firms, parent undertakings of those firms that are financial holding companies and to U.K. authorized subsidiaries of such firms. The MREL requirement is the EU implementation, in the Bank Recovery and Resolution Directive, of the standard for total loss-absorbing capacity (TLAC) set by the Financial Stability Board.

Read more.]]></description>
					      
						      <pubDate>Wed, 13 Jun 2018 10:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulator-Confirms-its-Approach-to-</guid>
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					      <title>Bank of England Confirms its Approach to Setting Internal MREL in Groups</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Confirms-its-Approach-to-Setting-</link>
					      <description><![CDATA[
The Bank of England has published a Policy Statement setting out its feedback to the responses it received to its October 2017 consultation on its approach to setting a minimum requirement for own funds and eligible liabilities. MREL is a minimum requirement for firms to maintain equity and eligible debt liabilities that can bear losses before and in resolution and results in a top-up to standard regulatory capital requirements, similar in concept to the old Tier 3 requirements under Basel II. The requirement will apply to U.K. authorized banks, building societies and PRA-designated investment firms, parent undertakings of those firms that are financial holding companies and to U.K. authorized subsidiaries of such firms. The MREL requirement is the EU implementation, in the Bank Recovery and Resolution Directive, of the standard for total loss-absorbing capacity (TLAC) set by the Financial Stability Board.

The BoE&apos;s October 2017 consultation set out proposals for changes to the BoE&apos;s 2016 Statement of Policy on its approach to setting &quot;external&quot; MREL for resolution entities, to include the BoE&apos;s approach to &quot;internal&quot; MREL, i.e. instruments that are issued to a resolution entity from other legal entities in a group. Internal MREL is intended to cover U.K.-headquartered banking groups as well as U.K. subsidiaries of overseas banking groups.

Read more.]]></description>
					      
						      <pubDate>Wed, 13 Jun 2018 10:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Confirms-its-Approach-to-Setting-</guid>
				    </item>
			
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					      <title>UK Payment Systems Regulator Publishes Discussion Paper on Use of Data in the Payments Industry</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Publishes-Discussion</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator has published a discussion paper seeking feedback on the use of data in the payments industry. The PSR is the regulator for designated payment systems in the U.K. These are currently BACS, CHAPS, Cheque &amp; Credit, the Faster Payments Scheme, LINK, Northern Ireland Cheque Clearing, Mastercard and Visa Europe.

As the U.K. payments sector undergoes rapid evolution and the collection, analysis and use of payments data plays an increasingly important part in the payments industry, the PSR wants to gain an understanding of the role it might play in ensuring that new uses of data work well for businesses and individuals using payment systems. &quot;Payments data&quot; in this context includes a mix of financial, transactional, behavioural and other types of data, which payment service providers collect in the course of providing payment services to end-users.

Read more.]]></description>
					      
						      <pubDate>Tue, 12 Jun 2018 11:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Publishes-Discussion</guid>
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					 <item>
					      <title>US Federal Reserve Board Nominations Approved by US Senate Banking Committee</title>
					      <link>https://finreg.aoshearman.com/US-Federal-Reserve-Board-Nominations-Approved-by-</link>
					      <description><![CDATA[
The U.S. Senate Committee on Banking, Housing, and Urban Affairs approved the nominations of the Honorable Richard Clarida to be a Member and Vice Chairman of the Federal Reserve Board and Ms. Michelle Bowman to be a Member of the Federal Reserve Board. The approved nominations will now advance to the full U.S. Senate for confirmation votes.

View further information regarding the nominations.]]></description>
					      
						      <pubDate>Tue, 12 Jun 2018 10:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Federal-Reserve-Board-Nominations-Approved-by-</guid>
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					 <item>
					      <title>US Federal Banking Regulators Issue Policy Statement Regarding Coordination of Enforcement Actions</title>
					      <link>https://finreg.aoshearman.com/US-Federal-Banking-Regulators-Issue-Policy-Statem</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System, U.S. Office of the Comptroller of the Currency and U.S. Federal Deposit Insurance Corporation issued a policy statement with respect to notification and coordination of formal enforcement actions. The policy statement was issued in response to the rescission of the Federal Financial Institutions Examination Council&apos;s &quot;Interagency Coordination of Formal Corrective Action by the Federal Bank Regulatory Agencies&quot; revised policy statement, which was issued on February 20, 1997. The interagency policy statement provides that when a federal banking regulator determines that it will take a formal enforcement action against any federally insured depository institution, depository institution holding company, non-bank affiliate, or institution-affiliated party, the agency should consider whether the enforcement action involves the interests of another federal banking regulator. If it is determined that the enforcement action does involve the interest of another federal banking regulator, the agency proposing the enforcement action should notify the other relevant federal banking agency or agencies at the earlier of when written notification is provided to the subject financial institution regarding the enforcement action, or when the respective agency determines that an enforcement action is expected to be taken. If it is determined that the enforcement action does involve the interest of another federal banking regulator, the agency proposing the enforcement action should provide sufficient information to allow the other federal banking regulator to take necessary action in examining or investigating the financial institution or institution-affiliated party.

Read more. ]]></description>
					      
						      <pubDate>Tue, 12 Jun 2018 10:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Federal-Banking-Regulators-Issue-Policy-Statem</guid>
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					      <title>UK Financial Conduct Authority Sets out Good Practice for Handling Financial Crime Risks from Crypto-Assets</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Sets-out-Good-Prac</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a &quot;Dear CEO&quot; letter to U.K. authorized banks, setting out its views on best practice that banks should adopt for handling the financial crime risks that may be posed by so-called crypto-assets. The FCA uses this term to refer to any publicly available electronic medium of exchange that features a distributed ledger and a decentralized system for exchange. Crypto-assets include crypto-currencies, a well-known example of which is Bitcoin. The FCA acknowledges that crypto-assets can be used without any criminal motives. However, the fact that crypto-assets can be held relatively anonymously and can be readily transferred between countries can make them attractive for criminal purposes. Banks should adopt proportionate measures to mitigate the risk that they are used to facilitate financial crimes involving crypto-assets.

Read more.]]></description>
					      
						      <pubDate>Mon, 11 Jun 2018 11:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Sets-out-Good-Prac</guid>
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					      <title>UK Implementing Regulations for the Money Market Funds Regulation Published</title>
					      <link>https://finreg.aoshearman.com/UK-Implementing-Regulations-for-the-Money-Market-</link>
					      <description><![CDATA[
The Money Market Funds Regulations 2018 have been laid before Parliament and will enter into force partly on June 28, 2018 and fully on July 21, 2018. The EU Money Market Funds Regulation came into force on July 20, 2017 and will apply directly across the EU from July 21, 2018. MMFs are fund vehicles that invest in highly liquid short-term debt instruments, such as government bonds, often used by institutions as a short-term cash management function as an alternative to bank deposits. The effect of the MMFR in the U.K. will be that authorized unit trusts, authorized contractual schemes, open-ended investment companies and alternative investment funds can all apply to be authorized as MMFs.

The MMFR does not require transposition into the national law of EU Member States. However, U.K. legislation must be amended to empower the Financial Conduct Authority to authorize funds as MMFs, to levy fees and to enforce requirements under MMFR.

Read more.]]></description>
					      
						      <pubDate>Mon, 11 Jun 2018 10:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Implementing-Regulations-for-the-Money-Market-</guid>
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					      <title>US Board of Governors of the Federal Reserve System Announces Scheduled Release Date for Stress Test and CCAR Results</title>
					      <link>https://finreg.aoshearman.com/USBG-of-the-FRS-Announces-Scheduled-Release-Date-for-Stress-Test-and-CCAR-Results</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System announced the dates for the release of the results from the most recent round of supervisory stress tests conducted as part of the Dodd-Frank Act and related Comprehensive Capital Analysis and Review exercise.  The results from the D-FAST supervisory stress tests and CCAR will be released on June 21, 2018, and June 28, 2018, respectively.

View Full text of the Federal Reserve Board press release.]]></description>
					      
						      <pubDate>Thu, 07 Jun 2018 16:12:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USBG-of-the-FRS-Announces-Scheduled-Release-Date-for-Stress-Test-and-CCAR-Results</guid>
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					      <title>EU Agrees Countering Money Laundering by Criminal Law Directive</title>
					      <link>https://finreg.aoshearman.com/EU-Agrees-Countering-Money-Laundering-by-Criminal</link>
					      <description><![CDATA[
The Council of the European Union and the European Parliament have announced their agreement on new EU criminal sanctions for money laundering. The proposed Countering Money Laundering by Criminal Law Directive will complement the Fifth Money Laundering Directive, which was adopted in May 2018.

The new Directive establishes minimum rules on the definition of criminal offences and sanctions in the area of money laundering. Member states will be required to implement national laws providing for money laundering offences by individuals to be punishable by a maximum term of imprisonment of at least four years. National laws will continue to provide for additional measures, such as fines, temporary or permanent exclusion from public tender procedures, grants and concessions, and national laws will also provide for national courts to take into account any aggravating factors for sentencing.

Read more.]]></description>
					      
						      <pubDate>Thu, 07 Jun 2018 11:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Agrees-Countering-Money-Laundering-by-Criminal</guid>
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					      <title>European Money Markets Institute Announces Cessation of Three Euribor Tenors</title>
					      <link>https://finreg.aoshearman.com/European-Money-Markets-Institute-Announces-Cessat</link>
					      <description><![CDATA[
The European Money Markets Institute has announced the planned cessation of three of the current tenors for the Euro Interbank Offered Rate (Euribor). EMMI is the administrator for Euribor, a major euro interest reference rate for unsecured interbank short-term lending and borrowing. Euribor was classed as a critical benchmark of systemic importance for financial stability by the European Commission in 2016.

EMMI published a consultation paper in March 2018 seeking views from stakeholders on a proposed hybrid determination methodology for Euribor that will transition Euribor away from a quote-based to a transaction-based methodology. As part of that consultation, EMMI sought feedback on whether to discontinue the calculation and publication of three of the eight tenors it publishes, due to low levels of activity underpinning the markets those tenors represent. The majority of respondents to the consultation supported the discontinuation of the two week, two month and nine month tenors and consequently EMMI will proceed with its proposal.

Read more.]]></description>
					      
						      <pubDate>Thu, 07 Jun 2018 10:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Money-Markets-Institute-Announces-Cessat</guid>
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					      <title>Bao Nguyen and Ted Dowd Named Deputy Chief Counsels of the US Office of the Comptroller of the Currency</title>
					      <link>https://finreg.aoshearman.com/Bao-Nguyen-and-Ted-Dowd-Named-Deputy-Chief-Counsels-of-the-US-OCC</link>
					      <description><![CDATA[
The U.S. Office of the Comptroller of the Currency announced that it had selected Bao Nguyen and Ted Dowd to serve as Deputy Chief Counsels in the OCC&apos;s Office of the Chief Counsel.  Mr. Nguyen will serve as the Principal Deputy Chief Counsel and the OCC Law Department&apos;s chief operating officer.  Mr. Nguyen will also supervise the Bank Activities and Structure and the Community and Consumer Law divisions, and the Northeast district counsel office.  Mr. Dowd will supervise the OCC&apos;s Legislative and Regulatory Activities and Securities and Corporate Practices divisions, and the Central and Western district counsel offices.

View full text of the OCC press release.]]></description>
					      
						      <pubDate>Wed, 06 Jun 2018 16:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bao-Nguyen-and-Ted-Dowd-Named-Deputy-Chief-Counsels-of-the-US-OCC</guid>
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					      <title>Bank of England Consults on Phased Move to Global Messaging Standards for UK Payment Systems</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Phased-Move-to-Global</link>
					      <description><![CDATA[
The Bank of England has published a consultation on adopting ISO 20022, the global messaging standard for payments which was first introduced in 2004 by the International Organization of Securities Commissions. Ten jurisdictions have already implemented the standard and another nine are intending to implement it by 2023, including the U.S., Canada, Singapore and the Eurozone. The consultation has been prepared in conjunction with the U.K. New Payment System Operator and the U.K. Payment Services Regulator.

It is intended that ISO 20022 will be adopted across the U.K.&apos;s three main interbank payment systems, namely CHAPS, BACS and Faster Payments. The BoE took over responsibility for the operation of the CHAPS system in November 2017 and the NPSO is responsible for the operation of BACS and Faster Payments. The fact that the three payment systems currently all have different information requirements, methodologies, formats, standards and rulebooks means that it can be difficult and expensive to move customers&apos; payments between the systems and costly for new entrants wishing to participate in payment systems. Moving to ISO 20022 will address these and related issues.

Read more.]]></description>
					      
						      <pubDate>Wed, 06 Jun 2018 15:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Consults-on-Phased-Move-to-Global</guid>
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					      <title>Financial Stability Board Seeks Comment on Technical Implementation of TLAC</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Seeks-Comment-on-Techni</link>
					      <description><![CDATA[
The Financial Stability Board is seeking feedback on the technical implementation of standards on the adequacy of total loss-absorbing and recapitalization capacity for Global Systemically Important Banks in resolution - the TLAC Standard. The FSB wants to assess whether implementation aligns with the timelines and objectives set out in the TLAC Standard. The TLAC Standard is being phased in, with G-SIBs expected to reach the first minimum requirement by January 1, 2019.

The FSB is due to report to the G20 on the implementation of TLAC by the end of 2019. The comments provided in response to the call for feedback will help the FSB to prepare that report. The FSB highlights that the objective of the call for feedback is to monitor implementation by jurisdictions of the TLAC Standard and to identify whether there are any technical issues or operational challenges in implementation. The aim is not to seek views on the substantive aspects of the standard or whether any changes should be made to it. The FSB will consider whether further implementation guidance is needed based on the feedback.

The FSB requests views and evidence on:

1. the regulatory adoption of the TLAC principles and Term Sheet;
2. cross-border aspects of the implementation of the TLAC Standard;
3. G-SIBs&apos; issuance strategies and overall progress towards meeting external and internal TLAC requirements;
4. distribution of TLAC instruments and liabilities in the market; and
5. any technical issues or material factors impacting implementation of the TLAC Standard.

Responses to the call for feedback should be submitted via email by August 20, 2018.

View the call for feedback.]]></description>
					      
						      <pubDate>Wed, 06 Jun 2018 15:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Seeks-Comment-on-Techni</guid>
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					      <title>Basel Committee on Banking Supervision&apos;s 2018-2019 Work Program</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision39s-2018-20</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published its 2018-2019 work program, setting out its focus areas for policy development, supervision, implementation and monitoring. Industry will welcome the news that the Committee intends to adopt a limited number of new policy initiatives, concentrating primarily on cyber risk, operational resilience and proportionality. On the implementation of the Committee&apos;s post-crisis reforms, one of the more immediate actions will be to finalize the revised market risk framework, which is due to be implemented by January 1, 2022. Other revisions to be finalized include the assessment framework for Global Systemically Important Banks and the Pillar 3 disclosure framework. Other work will include:

	Furthering discussions on the regulatory treatment of sovereign exposures.
	Continuing to promote strong supervision, which will involve holding discussion sessions and workshops on emerging challenges for supervision, such as how supervisors should comprehensively assess risks when banks change their business models, oversight of third-party origination practices and oversight of risk management practices, in particular, lending standards, collateral management and valuation practices.

Read more.]]></description>
					      
						      <pubDate>Tue, 05 Jun 2018 14:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision39s-2018-20</guid>
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					      <title>Jelena McWilliams Sworn in as Chair of US Federal Deposit Insurance Corporation</title>
					      <link>https://finreg.aoshearman.com/Jelena-McWilliams-Sworn-in-as-Chair-of-US-Federal-Deposit-Insurance-Corporation</link>
					      <description><![CDATA[
Jelena McWilliams was sworn in as the 21st Chair of the U.S. Federal Deposit Insurance Corporation. Chair McWilliams succeeds Martin J. Gruenberg, who served as Chairman of the FDIC since November of 2012 and as a Member of the FDIC Board of Directors since August of 2005.

View full text of the FDIC press release.]]></description>
					      
						      <pubDate>Tue, 05 Jun 2018 11:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Jelena-McWilliams-Sworn-in-as-Chair-of-US-Federal-Deposit-Insurance-Corporation</guid>
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					      <title>US Federal Financial Regulators Propose First Major Revisions to Volcker Rule</title>
					      <link>https://finreg.aoshearman.com/US-FFR-Propose-First-Major-Revisions-to-Volcker-Rule</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System, U.S. Office of the Comptroller of the Currency, U.S. Federal Deposit Insurance Corporation, U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission released for public comment a proposal that would simplify and tailor the Volcker Rule. The joint notice of proposed rulemaking includes 342 specific questions for public comment largely focused on reducing compliance burdens under the Volcker Rule.

Read more.]]></description>
					      
						      <pubDate>Tue, 05 Jun 2018 11:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FFR-Propose-First-Major-Revisions-to-Volcker-Rule</guid>
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					      <title>Commodity Futures Trading Commission Proposes to Maintain $8 Billion Swap Dealer De Minimis Threshold and Approves Proposed Changes to the Volcker Rule</title>
					      <link>https://finreg.aoshearman.com/Commodity-Futures-Trading-Commission-Proposes-to-</link>
					      <description><![CDATA[
At the Commodity Futures Trading Commission&apos;s open meeting on June 4, 2018, the CFTC voted to propose rules that would permanently maintain the swap dealer de minimis registration threshold at $8 billion. The Commission voted 2-1 to issue the proposal, with Chairman J. Christopher Giancarlo and Commissioner Brian Quintenz voting in favor and Commissioner Rostin Behnam dissenting.

Under the proposed rule, firms with less than $8 billion in notional value of OTC derivatives would be exempted from the CFTC&apos;s swap dealer registration requirements, as under the current regime. The proposed rule also would exclude swaps of insured depository institutions made in connection with loans from a firm&apos;s notional calculation. The proposal seeks comment on a number of other potential exclusions from the de minimis threshold, and Chairman Giancarlo stated that the CFTC is exploring with its counterparts at the Securities and Exchange Commission and prudential regulators further potential exclusions from swap dealer registration.

Read more.]]></description>
					      
						      <pubDate>Mon, 04 Jun 2018 15:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Commodity-Futures-Trading-Commission-Proposes-to-</guid>
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					      <title>Financial Stability Board Launches Third Thematic Peer Review on Bank Resolution Planning</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Launches-Third-Thematic</link>
					      <description><![CDATA[
The Financial Stability Board has launched its third thematic peer review on bank resolution planning, with the aim of evaluating implementation, by FSB member jurisdictions, of the resolution planning standard contained in the FSB&apos;s Key Attributes of Effective Resolution Regimes for Financial Institutions and associated guidance for banks.

The third thematic peer review will cover resolution planning for all globally or domestically systemically important banks in FSB member jurisdictions and any other banks that could be systemic in failure and that are included in resolution planning at a jurisdictional level. Given that much of the FSB&apos;s work has focused on G-SIBs in recent years, the focus of this third review will be on banks other than G-SIBs. It will consider how, and to what extent, the expectations in FSB guidance have been applied to these institutions.

Read more.]]></description>
					      
						      <pubDate>Mon, 04 Jun 2018 13:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Launches-Third-Thematic</guid>
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					      <title>Transitional Periods Further Extended for Own Funds Requirements for Exposures to CCPs</title>
					      <link>https://finreg.aoshearman.com/Transitional-Periods-Further-Extended-for-Own-Fun</link>
					      <description><![CDATA[
A Commission Implementing Regulation has been published in the Official Journal of the European Union, following a consultation by the European Commission in April 2018 which closed on May 15, 2018. The Commission Implementing Regulation extends the transitional periods related to own funds requirements for exposures to CCPs that are set out in the Capital Requirements Regulation and the European Market Infrastructure Regulation.

Thirty-two third-country CCPs have been recognized by the European Securities and Markets Authority to date. However, a number of third-country CCPs are still awaiting recognized status and their recognition process is not scheduled to be completed by the expiry of the existing CRR and EMIR transitional periods on June 15, 2018. Without an extension of the transitional periods, banks and investment firms in the EU (or which are subject to consolidated supervision in the EU) would need to increase their own funds requirements for their exposures to those CCPs that are awaiting recognized status.

The Commission Implementing Regulation takes effect on June 7, 2018 and will apply directly across the EU. The effect of the Commission Implementing Regulation is to extend the transitional periods by a further six months, to expire on December 15, 2018.

View the Commission Implementing Regulation ((EU) 2018/815).]]></description>
					      
						      <pubDate>Mon, 04 Jun 2018 12:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Transitional-Periods-Further-Extended-for-Own-Fun</guid>
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					      <title>US Office of the Comptroller of the Currency and US Federal Deposit Insurance Corporation Issue Final Rule to Shorten Settlement Cycle</title>
					      <link>https://finreg.aoshearman.com/USOCC-and-USFDIC-Issue-Final-Rule-to-Shorten-Settlement-Cycle</link>
					      <description><![CDATA[
The US Office of the Comptroller of the Currency and US Federal Deposit Insurance Corporation issued a final rule shortening the settlement cycle for securities purchased and sold by OCC- and FDIC-supervised financial institutions.  This final rule follows the transition from a T+3 settlement cycle to a T+2 settlement cycle that occurred in the securities industry on September 5, 2017.  The final rule codifies existing OCC and FDIC guidance published in June and July of 2017, respectively, which notified institutions that they should be in compliance with the T+2 settlement cycle by September 5, 2017.  The final rule follows a September 2017 notice of proposed rulemaking published by the OCC and FDIC suggesting two alternatives to the wording of the final rule; one that made specific reference to the T+2 settlement cycle and one that made reference to the &quot;standard settlement cycle followed by registered broker dealers in the United States.&quot; The OCC and FDIC settled on the latter of these two options in order to maintain better alignment with the settlement cycle followed by the securities industry going forward. The final rule takes effect 30 days from the date of its publication in the Federal Register.

View full text of the final rule.]]></description>
					      
						      <pubDate>Fri, 01 Jun 2018 20:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USOCC-and-USFDIC-Issue-Final-Rule-to-Shorten-Settlement-Cycle</guid>
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					      <title>European Securities and Markets Authority Adopts First Product Intervention Measures for Contracts for Difference and Binary Options</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Extend</link>
					      <description><![CDATA[
The European Securities and Markets Authority has adopted two Decisions on the provision of Contracts for Difference and binary options to retail investors. The effect of the Decisions is to prohibit the marketing, distribution and sale of binary options to retail investors and to impose a number of restrictions on the marketing, distribution and sale of Contracts for Difference to retail investors. Both CFDs and binary options are considered to have given rise to significant investor protection concerns, due to their complexity, the lack of transparent information at the point of sale, the risk of significant loss for investors and the deployment of aggressive marketing techniques by providers and distributors of the products.

Read more.]]></description>
					      
						      <pubDate>Fri, 01 Jun 2018 14:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Extend</guid>
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					      <title>Proposed UK Good Practice on Information Confidentiality for the FICC Markets</title>
					      <link>https://finreg.aoshearman.com/Proposed-UK-Good-Practice-on-Information-Confiden</link>
					      <description><![CDATA[
The U.K. Fixed Income, Currency and Commodities Markets Standards Board has published for consultation a Transparency Draft of a new Statement of Good Practice on Information and Confidentiality for fixed income and commodities markets. The proposed Statement of Good Practice will apply in the European Fixed Income and Commodities markets. It is not intended to apply to the FX markets to which the FX Global Code applies, or to the precious metals markets, which are covered by the Precious Metals Code. The aim of the proposal is to clarify data sharing in the relevant markets and dealing with confidential information within a firm, including what information should not be shared with parties outside of a firm and what can be revealed when discussing &quot;market color.&quot; The proposed Statement of Good Practice consists of nine Statements of Good Practice and an explanation of the rationale for each statement.

The consultation closes on August 31, 2018. The FMSB intends to publish the final Statement of Good Practice shortly thereafter. The Statements of Good Practice are not part of the FMSB Standards and are not binding on FMSB members, but reflect the FMSB&apos;s view of what constitutes good or best practice in the areas covered.

View the consultation paper.]]></description>
					      
						      <pubDate>Fri, 01 Jun 2018 14:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Proposed-UK-Good-Practice-on-Information-Confiden</guid>
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					      <title>EU Authorities Raise Concerns About Proposed Data Waiver for Non-Performing Loans</title>
					      <link>https://finreg.aoshearman.com/EU-Authorities-Raise-Concerns-About-Proposed-Data</link>
					      <description><![CDATA[
The European Banking Authority and the European Central Bank have written to the European Commission, the European Parliament and the Council of the European Union expressing concerns about the impact of proposed data waivers for non-performing loans. The letter refers to a proposal put forward by certain stakeholders, in particular the Bank of Italy, that losses due to the sale of NPLs should be permanently eliminated from the dataset used for the Loss Given Default (LGD) estimation for the firm disposing of the NPLs. The proposal is based on the belief by some stakeholders that the disposal of NPLs and the corresponding capital release is hindered by the regulatory framework for internal models, in particular the requirements in the Capital Requirements Regulation for LGD estimation.

Read more.]]></description>
					      
						      <pubDate>Fri, 01 Jun 2018 11:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Authorities-Raise-Concerns-About-Proposed-Data</guid>
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					      <title>New Chair Appointed to Bank of England&apos;s Governing Body</title>
					      <link>https://finreg.aoshearman.com/New-Chair-Appointed-to-Bank-of-England39s-Governi</link>
					      <description><![CDATA[
The Bank of England has announced the appointment of Bradley Fried as Chair of the Court of the BoE, replacing Sir Anthony Habgood, as of July 1, 2018. The Court is the BoE&apos;s governing body that manages its affairs except for the formulation of monetary policy. In addition, the BoE announced the appointment of Diana Noble and Anne Glover as non-executive directors to the Court and that Tim Frost had rotated off the Court, each as of May 31, 2018.

View the announcement.]]></description>
					      
						      <pubDate>Thu, 31 May 2018 11:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-Chair-Appointed-to-Bank-of-England39s-Governi</guid>
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					      <title>EU Authorities Highlight Importance of Bail-In Risk Disclosures for Retail Investors in Bank Debt Liabilities</title>
					      <link>https://finreg.aoshearman.com/EU-Authorities-Highlight-Importance-of-Bail-In-Ri</link>
					      <description><![CDATA[
The European Banking Authority and the European Securities and Markets Authority have published a joint statement on the treatment of retail holdings of debt financial instruments under the EU Bank Recovery and Resolution Directive and the revised Markets in Financial Instruments Directive. The EBA and ESMA highlight that care is needed when bail-in is implemented in relation to debt liabilities held by retail customers. There have been a number of mis-selling cases as a result of firms not complying with the investor protection requirements at the point of sale of banks&apos; debt liabilities to retail investors.

The EBA and ESMA emphasize that to ensure that debt instruments are distributed to clients for whom they are suitable, firms must properly implement the MiFID II investor protection requirements. Those requirements oblige firms to, among other things, act honestly, fairly, professionally and in the best interests of clients, disclose certain information to potential and existing clients and conduct suitability assessments. In addition, the product governance framework requires manufacturers and distributors of financial products to act in the client&apos;s best interests at all stages of the life-cycle of products or services. In particular, firms must identify the target market for complex products to a greater level of detail than other products. Instruments subject to bail-in must be classified as complex products.

Read more.]]></description>
					      
						      <pubDate>Wed, 30 May 2018 11:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Authorities-Highlight-Importance-of-Bail-In-Ri</guid>
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					      <title>EU Consultation on Duties of Third-Party Custodians Safe-Keeping Fund Assets</title>
					      <link>https://finreg.aoshearman.com/EU-Consultation-on-Duties-of-Third-Party-Custodia</link>
					      <description><![CDATA[
The European Commission is consulting on revisions to the Delegated Regulations on the safekeeping duties of depositaries under both the Alternative Investment Fund Managers Directive and the Undertakings for Collective Investment in Transferable Securities Directive. Both the AIFMD and the UCITS Directive require that where a depositary delegates safekeeping functions to third party custodians, the assets also need to be segregated at the level of the delegate. The respective Delegated Regulations set out how that obligation should be fulfilled to ensure a clear identification of assets belonging to a particular AIF or UCITS and the protection of assets in the event of the depositary or custodian entering insolvency.

The proposed changes follow the European Securities and Markets Authority&apos;s Opinion, &quot;Asset segregation and application of depositary delegation rules to CSDs&quot;, issued on July 20, 2017. In its Opinion, ESMA identified that the delegation rules are being applied in different ways by EU Member States&apos; national regulators and market participants and invited the Commission to make clarifications to the rules. The Commission concurs that the Delegated Regulations need to be amended to ensure a more uniform approach is adopted across the EU.

Read more.]]></description>
					      
						      <pubDate>Tue, 29 May 2018 16:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Consultation-on-Duties-of-Third-Party-Custodia</guid>
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					      <title>European Securities and Markets Authority Finalizes Guidelines on Anti-Procyclicality Margin Measures for CCPs</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Finali</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a Final Report, setting out Guidelines for national regulators of CCPs on the application of rules under the European Market Infrastructure Regulation that require CCPs to adopt anti-procyclicality margin measures.

EMIR requires CCPs to impose, call and collect margins to limit their credit exposures from clearing members. A CCP must also regularly monitor and, if necessary, revise the level of its margins to reflect current market conditions taking into account any potentially procyclical effects of those revisions. Procyclicality of margin is the term used to describe the fact that margin requirements for the same portfolio are higher in times of market stress and lower in calm conditions. Regulatory Technical Standards under EMIR set out requirements for CCPs to use at least one of three options to limit procyclicality to the extent that the financial soundness of the CCP is not negatively affected. This has been controversial, since U.S. regulators impose no such requirements in practice on U.S. CCPs, leading to more expensive margin requirements in Europe. The Guidelines seek to clarify and ensure consistent application of the requirements across the EU.

Read more.]]></description>
					      
						      <pubDate>Mon, 28 May 2018 17:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Finali</guid>
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					      <title>European Central Bank Updates Guide to Management Body Fit and Proper Assessments</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Updates-Guide-to-Management</link>
					      <description><![CDATA[
The European Central Bank has published an updated Guide to Fit and Proper assessments for the suitability of members of the management body and key function holders in significant institutions. The ECB is responsible for direct prudential supervision of certain significant banks based in the Eurozone as part of the Single Supervisory Mechanism. The ECB Guide covers fit and proper assessments of members of management bodies, both in their management function (executives) and supervisory function (non-executives). It applies to all institutions under the direct supervision of the ECB, namely in-scope credit institutions, financial holding companies and mixed financial holding companies. In the context of licensing or qualifying holdings, the ECB Guide will also apply to less significant institutions.

The ECB Guide has been updated following the publication of the joint European Banking Authority and European Securities and Markets Authority Guidelines on the suitability of management body members and key function holders, which will apply from June 30, 2018, and the EBA Guidelines on Internal Governance.

Read more.]]></description>
					      
						      <pubDate>Mon, 28 May 2018 17:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Updates-Guide-to-Management</guid>
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					      <title>European Securities and Markets Authority Issues Final Guidelines on MiFID II Suitability</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Iss</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a Final Report setting out finalized Guidelines on aspects of the suitability requirements under the revised Markets in Financial Instruments Directive. ESMA consulted previously on a draft version of the Guidelines between July and October 2017.

The finalized Guidelines largely confirm ESMA&apos;s previous 2012 guidelines on MiFID I, but have a broader scope and ESMA has added clarifications and refinements where necessary.

Read more.]]></description>
					      
						      <pubDate>Mon, 28 May 2018 15:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Iss</guid>
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					      <title>Jelena McWilliams Confirmed as Chair of the US Federal Deposit Insurance Corporation</title>
					      <link>https://finreg.aoshearman.com/Jelena-McWilliams-Confirmed-as-Chair-of-the-US-FDIC</link>
					      <description><![CDATA[
The U.S. Senate voted to confirm the nomination of Jelena McWilliams as Chair and Member of the Board of Directors of the U.S. Federal Deposit Insurance Corporation.

View ​Information regarding Chair Mc Williams&apos;s nomination.

View confirmation of Member of the Board of Directors.]]></description>
					      
						      <pubDate>Thu, 24 May 2018 18:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Jelena-McWilliams-Confirmed-as-Chair-of-the-US-FDIC</guid>
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					      <title>US President Trump Signs Dodd-Frank Act Reform Bill</title>
					      <link>https://finreg.aoshearman.com/US-President-Trump-Signs-Dodd-Frank-Act-Reform-Bill</link>
					      <description><![CDATA[
U.S. President Trump signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act; the first major financial services reform bill since the enactment of the Dodd-Frank Act in 2010.  While the act is not a wholesale repeal of the Dodd-Frank Act, and does not offer the broad regulatory relief that was proposed under the Financial Choice Act of 2017, it does modify or eliminate certain requirements on community and regional banks and nonbank financial institutions in particular that have been perceived to be especially burdensome.  The key aspect of the act may be the increase, from $50 billion to $250 billion, of the threshold at which a large banking organization automatically becomes subject to enhanced prudential standards.  The act contains several other important provisions, including: exempting banks with less than $10 billion in total consolidated assets from the Volcker Rule and easing certain fund naming restrictions under the Volcker Rule; exempting certain deposits held by custodial banks from the calculation of the supplementary leverage ratio; reducing reporting and supervision requirements applicable to community banks; and easing certain securities law requirements.  Many of the provisions in the act are self-executing, although a number of other provisions require positive action to be taken by U.S. federal financial regulatory agencies.

View ​more detailed discussion of the act.

View full text of the act.]]></description>
					      
						      <pubDate>Thu, 24 May 2018 18:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-President-Trump-Signs-Dodd-Frank-Act-Reform-Bill</guid>
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					      <title>US Office of the Comptroller of the Currency Publishes its Spring Semiannual Risk Perspective</title>
					      <link>https://finreg.aoshearman.com/US-OCC-Publishes-its-Spring-Semiannual-Risk-Perspective</link>
					      <description><![CDATA[
The U.S. Office of the Comptroller of the Currency announced the publication of its spring 2018 Semiannual Risk Perspective.  The OCC report discusses risks facing national banks and federal savings associations and provides high-level overviews of the economic operating environment, bank performance, and trends in supervisory actions. The report highlights key risks in three areas: easing underwriting practices with respect to credit underwriting practices, elevated operational risk, due, in part, to cybersecurity and increased use of third-party service providers, and compliance risk, particularly with respect to high BSA/AML/OFAC compliance risk, changing regulatory landscape and evolving risks outpacing compliance management systems.  The report also focuses on risk that is emerging with respect to rising interest rates and their effect on increased uncertainty in deposits. With respect to trends in supervisory actions, the report notes that the number of banks with composite ratings of 4 or 5 have declined year-over-year through the end of 2017, that the number of outstanding matters requiring attention has been declining over the past few years, and that the number of outstanding enforcement actions has declined since 2010.

View ​full text of the OCC report.]]></description>
					      
						      <pubDate>Thu, 24 May 2018 17:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-OCC-Publishes-its-Spring-Semiannual-Risk-Perspective</guid>
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					      <title>UK Authorities Publish Progress Report on the Fair and Effective Markets Review</title>
					      <link>https://finreg.aoshearman.com/UK-Authorities-Publish-Progress-Report-on-the-Fai</link>
					      <description><![CDATA[
The Bank of England, the Financial Conduct Authority and HM Treasury have published a progress report on the Fair and Effective Markets Review, outlining the progress made in responding to the FEMR recommendations that were originally published in June 2015 and followed by an implementation report in June 2016.

The three authorities commend the significant progress that has been made by firms, both collectively and individually, in driving up standards in the Fixed Income, Currency and Commodities Markets since the implementation report. The progress report sets out the assessment of the three authorities of the impact of the FEMR&apos;s recommendations.

Read more.]]></description>
					      
						      <pubDate>Thu, 24 May 2018 17:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Authorities-Publish-Progress-Report-on-the-Fai</guid>
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					      <title>European Commission Publishes Proposal for a Regulation on Sovereign Bond-Backed Securities</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Proposal-for-a-Regu</link>
					      <description><![CDATA[
The European Commission has published a proposal for a Regulation to provide an enabling framework for a market-led development of Sovereign Bond-Backed Securities, following the publication of an inception impact statement in January 2018. The proposal forms part of the Commission&apos;s efforts to enhance the Banking Union and Capital Markets Union.

SBBSs are to be defined as instruments created by the private sector, whereby a private sector entity would assemble an underlying portfolio of sovereign bonds from the market and would subsequently transfer them to a legally separate, self-standing entity, specifically established for the sole purpose of issuing to investors a series of securities representing claims on the proceeds from this underlying portfolio. Losses from the portfolio would be borne in a certain sequence by tranches of issued securities.

Read more.]]></description>
					      
						      <pubDate>Thu, 24 May 2018 17:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Proposal-for-a-Regu</guid>
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					      <title>European Commission Proposes Legislation to Promote SME Growth Markets</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Proposes-Legislation-to-Promo</link>
					      <description><![CDATA[
The European Commission has published a proposal for a Regulation to amend the Market Abuse Regulation and the new Prospectus Regulation. The aim of the proposed Regulation is to promote the use of SME Growth Markets by making technical adjustments to the MAR and the new PR to make the regulatory framework applying to listed Small and Medium-sized Enterprises more proportionate and to foster the liquidity of equity instruments listed on SME Growth Markets, while maintaining a high level of investor protection and market integrity. The proposed Regulation is in line with the objectives of the EU Capital Markets Union of reducing the overreliance on bank funding and diversifying market-based sources of financing for European companies.

SME Growth Markets are a new sub-category of multilateral trading facility introduced by the revised Markets in Financial Instruments Directive in January 2018. Companies listed on an SME Growth Market are required to comply with MAR and the PR and are impacted by some aspects of MiFID II. The adjustments in the proposal for a Regulation are designed to lower the administrative burden and costs for issuers on SME Growth Markets stemming from compliance with MAR and the PR and to address regulatory shortcomings in MAR that can affect the liquidity of SME financial instruments. The European Commission has also published a separate proposal for a regulation amending delegated legislation under MiFID II to address regulatory barriers to the take-up of the SME Growth Markets.

Read more.]]></description>
					      
						      <pubDate>Thu, 24 May 2018 13:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Proposes-Legislation-to-Promo</guid>
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					      <title>European Commission Proposes MiFID II Amendments to Promote SME Growth Markets</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Proposes-MiFID-II-Amendments-</link>
					      <description><![CDATA[
The European Commission has published for consultation a draft Delegated Regulation on registration conditions to promote the use of SME Growth Markets for the purposes of the revised Markets in Financial Instruments Directive. MiFID II introduced SME Growth Markets as a new sub-category of multilateral trading facility in January 2018 to facilitate access to capital for Small and Medium-sized Enterprises. The proposed delegated regulation will amend existing delegated legislation under MiFID II to address regulatory barriers to the take-up of SME Growth Markets. The European Commission has also published separately a legislative proposal to make adjustments to the Market Abuse Regulation and the Prospectus Regulation is to promote the use of SME Growth Markets.

Read more.]]></description>
					      
						      <pubDate>Thu, 24 May 2018 13:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Proposes-MiFID-II-Amendments-</guid>
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					      <title>European Commission Proposes Legislative Package on Sustainable Finance</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Proposes-Legislative-Package-</link>
					      <description><![CDATA[
The European Commission has published a package of legislative reforms on sustainable finance. The aim of the package of reforms, which form part of the Commission&apos;s broader Capital Markets Union initiative, is to ensure that environmental, social and governance considerations are consistently integrated into the investment and advisory process across sectors. The proposed measures comprise:

(i) a proposed Regulation on the establishment of a framework to facilitate sustainable investment. This will establish an EU-wide classification system for environmentally sustainable economic activities and ensure that investment strategies are oriented towards economic activities that genuinely contribute to achieving environmental objectives. The proposed Regulation will empower the European Commission to adopt delegated acts to specify technical screening criteria to assess the contribution of a given economic activity to a particular environmental objective as substantial. A list of six environmental objectives is set out in the proposed regulation, namely: climate change mitigation; climate change adaptation; sustainable use and protection of water and marine resources; transition to a circular economy, waste prevention and recycling; pollution prevention and control; and protection of healthy ecosystems (which includes biodiversity conservation).

Read more.]]></description>
					      
						      <pubDate>Thu, 24 May 2018 10:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Proposes-Legislative-Package-</guid>
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					      <title>US Office of the Comptroller of the Currency Encourages Banks to Meet Consumers&apos; Short-Term, Small-Dollar Credit Needs</title>
					      <link>https://finreg.aoshearman.com/US-OCC-Encourages-Banks-to-Meet-Consumers-Short-Term-Small-Dollar-Credit-Needs</link>
					      <description><![CDATA[
The U.S. Office of the Comptroller of the Currency issued a bulletin encouraging banks to offer responsible short-term small-dollar loans to help meet the credit needs of their customers.  The OCC reminded banks, however, that any short-term small-dollar lending should be done in accordance with three core lending principles, including:  (i) that all bank products should be consistent with safe and sound banking, treat customers fairly and comply with applicable laws and regulations, (ii) that banks should effectively manage the risks associated with the products they offer, including credit, operational, compliance and reputational risk, and (iii) that all credit products should be underwritten based upon reasonable policies and practices, including guidelines governing the amounts borrowed, frequency of borrowing and repayment requirements.  The OCC bulletin also lists a number of policies and procedures topics specific to short-term small dollar lending, including with respect to loan pricing and repayment terms, effective management of credit risk, loan servicing and timely reporting of repayment activities to credit bureaus.  In addition, the OCC bulletin encourages banks to discuss their plans to offer short-term small-dollar lending products with their OCC portfolio manager or other OCC supervisory authority, especially if the offering of these products represents a substantial deviation from a bank&apos;s existing business plan.

View ​full text of the OCC bulletin.]]></description>
					      
						      <pubDate>Wed, 23 May 2018 18:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-OCC-Encourages-Banks-to-Meet-Consumers-Short-Term-Small-Dollar-Credit-Needs</guid>
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					      <title>UK Sanctions and Anti-Money Laundering Act 2018 Receives Royal Assent</title>
					      <link>https://finreg.aoshearman.com/UK-Sanctions-and-Anti-Money-Laundering-Act-2018-R</link>
					      <description><![CDATA[
The Sanctions and Anti-Money Laundering Act 2018 has received Royal Assent and came partly into force on May 23, 2018. The majority of the provisions of the Act will enter into force on a day appointed by the Secretary of State. The Act will provide a domestic sanctions framework after the U.K. leaves the EU, enabling the U.K. to continue to meet its international obligations and use sanctions as a national security and foreign policy tool.

The Act&apos;s provisions empower the U.K. Government to make sanctions regulations to be imposed, where appropriate, to comply with United Nations obligations or other international obligations, to further the prevention of terrorism, for the purposes of national security or international peace and security, or to further foreign policy objectives. The Act also empowers the U.K. Government to create, amend and update regulations for the detection, investigation and prevention of money laundering and terrorist financing and for the purposes of implementing standards published by the Financial Action Task Force relating to combating threats to the integrity of the international financial system.

View the Sanctions and Anti-Money Laundering Act 2018.]]></description>
					      
						      <pubDate>Wed, 23 May 2018 09:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Sanctions-and-Anti-Money-Laundering-Act-2018-R</guid>
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					      <title>European Banking Authority Consults on Standards for Estimating and Identifying an Economic Downturn in IRB Modelling</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Standards-</link>
					      <description><![CDATA[
The European Banking Authority has launched two consultations on standards for estimation and identification of an economic downturn in Internal Ratings Based modelling.

The first consultation sets out draft Regulatory Technical Standards on the specification of the nature, severity and duration of an economic downturn in accordance with the Capital Requirements Regulation. The nature of the economic downturn is defined as a set of relevant economic factors and its severity is specified via the most severe values observed on the relevant economic factors over a given historical period. The duration of an economic downturn is specified using the concept of a &quot;downturn period&quot;, namely the period of time where the peaks or troughs, which relate to the most severe values of one or several economic factors, are observed. The aim of the RTS is to ensure that institutions using the IRB approach can use a well-defined and common specification of the nature, duration and severity of an economic downturn for portfolios relating to comparable types of exposure.

Read more.]]></description>
					      
						      <pubDate>Tue, 22 May 2018 13:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Standards-</guid>
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					      <title>UK Prudential Regulation Authority Consults on Its Approach to New EU Securitization Framework and Significant Risk Transfer</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Consults-on-I</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a Consultation Paper, setting out the PRA&apos;s proposals on its approach to supervision under the new EU securitization framework that will take effect from January 1, 2019. The incoming EU framework consists of: (i) the Securitization Regulation, which imposes general requirements for all EU securitization activity and outlines the criteria and process for designating certain securitizations as &quot;Simple, Transparent and Standardised&quot;; and (ii) revisions to the banking securitization capital framework within the Capital Requirements Regulation.

Read more.]]></description>
					      
						      <pubDate>Tue, 22 May 2018 08:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Consults-on-I</guid>
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					      <title>New Memorandum of Understanding Signed Between UK Financial Conduct Authority and Insolvency Service</title>
					      <link>https://finreg.aoshearman.com/New-Memorandum-of-Understanding-Signed-Between-UK</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority and the Insolvency Service have signed a Memorandum of Understanding to establish a framework for their cooperation in matters of common interest.

Both the FCA and the IS have statutory powers of investigation and enforcement under their respective enabling legislation. Both organizations are also legally obliged, from May 25, 2018, to handle personal information according to the requirements of the EU General Data Protection Regulation.

The areas of cooperation include misconduct, investigations and enforcement within their respective remits.

The MoU outlines the structure and process for the FCA and IS to be able to exchange information (including personal data) and intelligence, in a lawful and proportionate manner, to further their respective objectives. The MoU includes details of the circumstances in which the FCA will be permitted to disclose confidential information (such disclosure generally being prohibited under the Financial Services and Markets Act 2000) and outlines how each of the two organizations will treat information that is subject to legal professional privilege, including the circumstances in which privilege might be waived. The FCA and IS have agreed to apply a number of principles for the exchange and use of information, including the sharing of intelligence, the use of information for investigations and enforcement or other action, how data security controls will be applied and how data breaches will be handled.

The FCA and IS will monitor the effectiveness of the MoU and review it from time to time as necessary. The MoU has been published on the website of each organization.

View the MoU.]]></description>
					      
						      <pubDate>Mon, 21 May 2018 16:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-Memorandum-of-Understanding-Signed-Between-UK</guid>
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					      <title>Updated Guidance on Monetary Penalties for Financial Sanctions Breaches Published by UK Office of Financial Sanctions Implementation</title>
					      <link>https://finreg.aoshearman.com/Updated-Guidance-on-Monetary-Penalties-for-Financ</link>
					      <description><![CDATA[
The Office of Financial Sanctions Implementation has published an updated version of its guidance on monetary penalties for breaches of financial sanctions. The guidance was first published in April 2017. The update sets out more detail on OFSI&apos;s expectations around voluntary disclosure of breaches of financial sanctions. The chapter on the right of individuals to appeal to the Upper Tribunal has also been updated.

View the updated guidance.]]></description>
					      
						      <pubDate>Mon, 21 May 2018 14:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Updated-Guidance-on-Monetary-Penalties-for-Financ</guid>
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					      <title>EU Secondary Legislation Published on the Exclusion of Transactions With Non-EU Non-Financial Counterparties From Credit Valuation Adjustment Risk Charges</title>
					      <link>https://finreg.aoshearman.com/EU-Secondary-Legislation-Published-on-the-Exclusi</link>
					      <description><![CDATA[
A Commission Delegated Regulation has been published in the Official Journal of the European Union, setting out Regulatory Technical Standards on procedures for excluding from the own funds requirement for credit valuation adjustment risk transactions with non-financial counterparties that are established in a third country and that do not hold positions over the clearing threshold under the European Market Infrastructure Regulation (so called NFC-s). The RTS supplement the requirements of the Capital Requirements Regulation.

Under the CRR, transactions between an institution and a NFC- are excluded from the own funds requirements for CVA risk, irrespective of whether that NFC- is established in the EU or in a third country. As NFC-s established in third countries are not subject directly to EU regulation, the RTS clarify that EU firms are responsible for: (i) taking the necessary steps to identify all NFC-s under this exemption and calculating accordingly their own funds requirements for CVA risk; (ii) ensuring that exempt counterparties established outside the EU would qualify as NFC-s if they were established in the EU; and (iii) ensuring that counterparties calculate the clearing threshold according to the relevant provisions in EMIR and do not exceed those thresholds.

Read more.]]></description>
					      
						      <pubDate>Fri, 18 May 2018 18:55:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Secondary-Legislation-Published-on-the-Exclusi</guid>
				    </item>
			
					 <item>
					      <title>EU Implementing Regulation Published for Revised Benchmarking Portfolios, Reporting Templates and Reporting Instructions under the Capital Requirements Directive</title>
					      <link>https://finreg.aoshearman.com/EU-Implementing-Regulation-Published-for-Revised-</link>
					      <description><![CDATA[
A Commission Implementing Regulation has been published in the Official Journal of the European Union, setting out changes to Implementing Technical Standards contained in a Commission Implementing Regulation published in 2016. The ITS cover benchmarking portfolios, reporting templates and reporting instructions for the purposes of the supervisory benchmarking exercise under the Capital Requirements Directive. The benchmarking exercise is conducted at least annually to assess the internal approaches used by firms for calculating own funds. The European Banking Authority consulted on the proposed revisions to the ITS in a consultation which closed in January 2018 and subsequently submitted draft revised ITS to the European Commission, on which provisions of the Amending Regulation are based.

Read more.]]></description>
					      
						      <pubDate>Fri, 18 May 2018 10:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Implementing-Regulation-Published-for-Revised-</guid>
				    </item>
			
					 <item>
					      <title>UK Joint Money Laundering Steering Group Publishes Revised AML/CTF Guidance For Asset Finance and Syndicated Lending</title>
					      <link>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group-Publish</link>
					      <description><![CDATA[
The U.K. Joint Money Laundering Steering Group has finalized minor changes to Part II of its anti-money laundering and counter-terrorist financing guidance in relation to two sectors, namely asset finance and syndicated lending.

The JMLSG consulted on the proposed changes in a consultation that closed on March 30, 2018. The revisions do not make substantive changes to the existing guidance. Instead, the revised guidance provides clarification on the workings of these two sectors, how to identify customers and how risks should be assessed.

View the JMLSG announcement.

View details of the JMLSG consultation.]]></description>
					      
						      <pubDate>Thu, 17 May 2018 15:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group-Publish</guid>
				    </item>
			
					 <item>
					      <title>US Federal Reserve Board Vice Chairman for Supervision Randal Quarles Discusses Cross-Border Resolution</title>
					      <link>https://finreg.aoshearman.com/US-FRB-Vice-Chairman-for-Supervision-Randal-Quarles-Discusses-Cross-Border-Resolution</link>
					      <description><![CDATA[
U.S. Board of Governors of the Federal Reserve System Vice Chairman for Supervision Randal Quarles discussed the importance of finding the correct balance in cross-border resolution.

Read more.]]></description>
					      
						      <pubDate>Wed, 16 May 2018 20:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FRB-Vice-Chairman-for-Supervision-Randal-Quarles-Discusses-Cross-Border-Resolution</guid>
				    </item>
			
					 <item>
					      <title>FinCEN Provides Temporary Exception Under the Beneficial Ownership Rule for CDs and Loan Accounts that Automatically Rollover or Renew</title>
					      <link>https://finreg.aoshearman.com/FinCEN-Provides-TE-Under-BO-Rule-for-CDs-and-Loan-Accounts-that-Automatically-Rollover-or-Renew</link>
					      <description><![CDATA[
The U.S. Financial Crimes Enforcement Network announced that it was granting a 90-day exception from compliance with the beneficial ownership requirements under its Customer Due Diligence Requirements for Financial Institutions rule.

Read more.]]></description>
					      
						      <pubDate>Wed, 16 May 2018 20:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FinCEN-Provides-TE-Under-BO-Rule-for-CDs-and-Loan-Accounts-that-Automatically-Rollover-or-Renew</guid>
				    </item>
			
					 <item>
					      <title>Implementing Technical Standards Published For Reporting by Money Market Fund Managers</title>
					      <link>https://finreg.aoshearman.com/Implementing-Technical-Standards-Published-For-Re</link>
					      <description><![CDATA[
A Commission Implementing Regulation has been published in the Official Journal of the European Union, setting out Implementing Technical Standards for a standard reporting template to be used by money market fund managers when complying with their reporting requirements under the Money Market Funds Regulation. The Commission Implementing Regulation is based on the final draft ITS submitted by the European Securities and Markets Authority to the European Commission in November 2017.

The MMFR requires MMF managers to report quarterly to the relevant national regulator, supplying information including on the characteristics, portfolio indicators, assets, and liabilities of the MMF. This information is required to enable those national regulators to detect, monitor and respond to risks in the MMF market. The information is also forwarded to ESMA, which maintains a central database of MMFs.

Read more.]]></description>
					      
						      <pubDate>Tue, 15 May 2018 15:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Implementing-Technical-Standards-Published-For-Re</guid>
				    </item>
			
					 <item>
					      <title>EU Fifth Money Laundering Directive Adopted</title>
					      <link>https://finreg.aoshearman.com/EU-Fifth-Money-Laundering-Directive-Adopted</link>
					      <description><![CDATA[
The Council of the European Union has adopted the EU&apos;s Fifth Money Laundering Directive, following the agreement reached between the European Parliament and the Council in December 2017. 5MLD will amend the existing EU Money Laundering Directive.

Read more.]]></description>
					      
						      <pubDate>Mon, 14 May 2018 14:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Fifth-Money-Laundering-Directive-Adopted</guid>
				    </item>
			
					 <item>
					      <title>International Bodies Publish Identification Criteria and Capital Treatment for Simple, Transparent and Comparable Short-Term Securitizations</title>
					      <link>https://finreg.aoshearman.com/International-Bodies-Publish-Identification-Crite</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision and the International Organization of Securities Commissions have published an updated version of the sound practices document, &quot;Criteria for identifying simple, transparent and comparable short-term securitisations&quot;, which was originally published in 2015. The Basel Committee has also published an updated version of its standards document, &quot;Capital treatment for simple, transparent and comparable short-term securitisations&quot;.

The Basel Committee and IOSCO consulted on the proposed updated Criteria in July 2017. The Basel Committee consulted at the same time on proposed additional guidance and requirements for the purpose of applying preferential regulatory capital treatment for banks acting as investors in, or as sponsors of, STC short-term securitizations, typically in asset-backed commercial paper structures.

Read more.]]></description>
					      
						      <pubDate>Mon, 14 May 2018 08:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Bodies-Publish-Identification-Crite</guid>
				    </item>
			
					 <item>
					      <title>FFIEC Publishes Customer Due Diligence and Beneficial Ownership Overviews and Examination Procedures</title>
					      <link>https://finreg.aoshearman.com/FFIEC-Publishes-CDD-and-BO-Overviews-and-Examination-Procedures</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System, U.S. Office of the Comptroller of the Currency, and U.S. Federal Deposit Insurance Corporation published the customer due diligence and beneficial ownership examination sections of the Federal Financial Institutions Examination Council BSA/AML Examination Manual.

Read more.]]></description>
					      
						      <pubDate>Fri, 11 May 2018 18:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FFIEC-Publishes-CDD-and-BO-Overviews-and-Examination-Procedures</guid>
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					 <item>
					      <title>UK Competition and Markets Authority Issues Working Paper on Gains from Engagement as Part of Its Investment Consultants Market Investigation</title>
					      <link>https://finreg.aoshearman.com/UK-Competition-and-Markets-Authority-Issues-Worki</link>
					      <description><![CDATA[
The U.K. Competition and Markets Authority has issued the latest in a series of working papers as part of its Investment Consultants Market Investigation. This latest Working Paper sets out the CMA&apos;s findings following its analysis of whether pension schemes that are more engaged with the market receive better outcomes, in terms of price, than pension schemes that are less engaged. It should be read alongside the Issues Statement on the investigation, published in September 2017, as well as the other working papers, published earlier in 2018.

The CMA&apos;s emerging findings are that engaged schemes pay significantly less, and disengaged schemes pay significantly more, when schemes transition into fiduciary management with the same provider as they used for investment consultancy services. The CMA believes that this is indicative that the market is not working well for disengaged schemes, or for schemes facing barriers to engagement.

Read more.]]></description>
					      
						      <pubDate>Thu, 10 May 2018 14:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Competition-and-Markets-Authority-Issues-Worki</guid>
				    </item>
			
					 <item>
					      <title>Draft UK Legislation Published to Broaden Range of Permitted Trading Venues for Islamic Finance Instruments</title>
					      <link>https://finreg.aoshearman.com/Draft-UK-Legislation-Published-to-Broaden-Range-o</link>
					      <description><![CDATA[
A draft of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2018 has been laid before Parliament. The draft Order makes amendments to the definition of &quot;Alternative Finance Investment Bonds&quot; in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.

AFIBs, such as Sukuk, are currently not permitted to trade on multilateral trading facilities or organised trading facilities, due to the wording of the AFIB definition in the RAO, however conventional bonds can be traded on these venues. This disparity of treatment between AFIBs and conventional bonds creates an obstacle to the use of U.K. venues for the issue and trading of AFIBs and is contrary to the U.K. Government&apos;s standing commitment to provide a level playing field for Islamic finance instruments in regulation and taxation in the U.K. The draft Order amends the RAO to expand the criteria for AFIBs to qualify as a specified investment under the RAO. This will allow AFIBs to be traded on U.K. MTFs and OTFs and ensure AFIBs are treated in the same way as conventional bonds for trading purposes.

Read more.]]></description>
					      
						      <pubDate>Wed, 09 May 2018 10:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Draft-UK-Legislation-Published-to-Broaden-Range-o</guid>
				    </item>
			
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					      <title>Jens Weidmann Re-Elected as Chair of the Bank of International Settlements Board</title>
					      <link>https://finreg.aoshearman.com/Jens-Weidmann-Re-Elected-as-Chair-of-the-Bank-of-</link>
					      <description><![CDATA[
The Board of Directors of the Bank for International Settlements has announced the re-election of Jens Weidmann, President of the Deutsche Bundesbank, as Chair of the BIS Board.

View the announcement.]]></description>
					      
						      <pubDate>Tue, 08 May 2018 15:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Jens-Weidmann-Re-Elected-as-Chair-of-the-Bank-of-</guid>
				    </item>
			
					 <item>
					      <title>Eurozone Risk Data Aggregation and Risk Reporting Needs Strengthening</title>
					      <link>https://finreg.aoshearman.com/Eurozone-Risk-Data-Aggregation-and-Risk-Reporting</link>
					      <description><![CDATA[
The European Central Bank has published a report on the thematic review on effective risk data aggregation and risk reporting. The ECB launched the thematic review in 2016 to carry out an in-depth assessment of credit institutions&apos; governance, data aggregation capabilities and reporting practices. The thematic review was based on 25 Eurozone significant institutions and took into account the Basel Committee on Banking Supervision&apos;s principles for effective risk data aggregation and risk reporting.

The ECB has ascertained that implementation of the Basel Committee&apos;s principles is unsatisfactory and that the issues are mostly as a result of a lack of clarity around responsibility for data quality. The ECB considers that further efforts are needed to enhance the effectiveness of risk data aggregation and risk reporting.

View the report.]]></description>
					      
						      <pubDate>Tue, 08 May 2018 14:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Eurozone-Risk-Data-Aggregation-and-Risk-Reporting</guid>
				    </item>
			
					 <item>
					      <title>Final Global Strategy to Address Wholesale Payments Fraud</title>
					      <link>https://finreg.aoshearman.com/Final-Global-Strategy-to-Address-Wholesale-Paymen</link>
					      <description><![CDATA[
Following a consultation late last year, the Committee on Payments and Market Infrastructure has published the final strategy for reducing the risk of wholesale payments fraud related to endpoint security. The strategy is directed to all relevant public and private sector stakeholders in reducing the risk of wholesale payments fraud, including the operators of wholesale payments systems and messaging networks, their participants and relevant regulators and authorities responsible for supervising these operators and participants.

The strategy comprises seven elements that are intended to work holistically for preventing, detecting, responding to and communicating about wholesale payments fraud. The elements are:

1. Identifying and understanding the range of risks;
2. Establishing endpoint security requirements;
3. Promoting adherence;
4. Providing and using information and tools to improve prevention and detection;
5. Responding in a timely way to potential fraud;
6. Supporting ongoing education, awareness and information-sharing; and
7. Learning, evolving and coordinating.

The CPMI and each of its member central banks have committed to promoting the effective operationalization of the strategy within and across jurisdictions and systems. They will be monitoring progress in 2018 and 2019 with a view to assessing whether further action is needed.

View the strategy.]]></description>
					      
						      <pubDate>Tue, 08 May 2018 14:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Global-Strategy-to-Address-Wholesale-Paymen</guid>
				    </item>
			
					 <item>
					      <title>US Department of Labor Issues Guidance on Fiduciary Rule Compliance</title>
					      <link>https://finreg.aoshearman.com/US-Department-of-Labor-Issues-Guidance-on-Fiduciary-Rule-Compliance</link>
					      <description><![CDATA[
The U.S. Department of Labor issued a Field Assistance Bulletin regarding an anticipated mandate by the United States Court of Appeals for the Fifth Circuit effectuating its opinion that vacates the Fiduciary Rule and related exemptions and amendments in their entirety.  The DOL guidance notes that fiduciaries may continue to rely on its previously issued temporary enforcement policy, which notes that the DOL will not pursue prohibited transaction claims against fiduciaries who are working in good faith to comply with certain prohibited transaction exemptions issued in connection with the Fiduciary Rule or treat those fiduciaries as violating the applicable prohibited transaction rules.  In addition, the temporary enforcement policy notes that investment advice fiduciaries may also choose to rely upon other available exemptions to the extent applicable after the Fifth Circuit&apos;s decision.

View full text of the DOL bulletin.]]></description>
					      
						      <pubDate>Mon, 07 May 2018 20:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Department-of-Labor-Issues-Guidance-on-Fiduciary-Rule-Compliance</guid>
				    </item>
			
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					      <title>US Federal Reserve Board Approves Amendments to Regulation A</title>
					      <link>https://finreg.aoshearman.com/US-FRB-Approves-Amendments-to-Regulation-A</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System approved final amendments to Regulation A (Extensions of Credit by Federal Reserve Banks).  The amendments make technical changes to provisions regarding establishing the primary credit rate in a financial emergency and delete obsolete provisions of Regulation A. With respect to the former, Regulation A will be amended to provide that in a financial emergency (defined as &quot;a significant disruption to the U.S. money markets resulting from an act of war, military or terrorist attack, natural disaster, or other catastrophic event&quot;), the primary credit rate will be the target federal funds rate or, if the Federal Open Market Committee has established a target range for the federal funds rate, a rate corresponding to the top of the target range. The amendments also delete references to credit ratings for Term Asset-Backed Securities Loan Facilities, given that the program has expired. The amendments to Regulation A will take effect on June 8, 2018.

View full text of the final rule.]]></description>
					      
						      <pubDate>Mon, 07 May 2018 20:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FRB-Approves-Amendments-to-Regulation-A</guid>
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					 <item>
					      <title>European Banking Authority to Provide Technical Advice on Implementation of Final Basel III Reforms</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-to-Provide-Technical-A</link>
					      <description><![CDATA[
The European Banking Authority has announced that the European Commission had requested technical advice on implementing the final Basel III reforms into EU law. The Basel Committee on Banking Supervision published the final revisions to Basel III on December 7, 2017. The revisions cover the standardized approach and the Internal Ratings-Based approach for credit risk, the Credit Valuation Adjustment risk framework, the leverage ratio framework, including the introduction of a leverage buffer for Global Systemically Important Banks, the operational risk framework and the new output ratio floor. The revised standards will take effect from January 1, 2022, except for the output floor which may be phased-in until January 1, 2027.

The Commission has asked the EBA to provide technical advice on the potential impact of the revisions on the EU banking sector and the wider EU economy and on any potential implementation challenges. The Commission has also requested that the EBA consider the potential changes to the Basel market risk framework, on which the Basel Committee is currently consulting.

Read more.]]></description>
					      
						      <pubDate>Mon, 07 May 2018 15:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-to-Provide-Technical-A</guid>
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					 <item>
					      <title>Financial Stability Board Consults on Reporting on the Use of Compensation Tools to Address Misconduct Risk</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Consults-on-Reporting-o</link>
					      <description><![CDATA[
The Financial Stability Board has published proposed Recommendations for consistent national reporting of data concerning the use of compensation tools to address misconduct risk in significant financial institutions. The FSB is proposing a supervisory framework for the collection and reporting of data, which can be used by supervisors for monitoring and analyzing the effectiveness of compensation frameworks in addressing misconduct risk. The information so collected is intended to assist supervisors to understand and review: (i) the importance of individual conduct within the firm&apos;s incentive compensation framework and the role of compensation policy in establishing a sound risk and conduct culture; and (ii) the use of compensation tools in practice and their role in ensuring accountability when misconduct occurs.

Read more.]]></description>
					      
						      <pubDate>Mon, 07 May 2018 13:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Consults-on-Reporting-o</guid>
				    </item>
			
					 <item>
					      <title>European Commission Adopts Delegated Legislation on Central Contact Points for AML/CTF Purposes</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Adopts-Delegated-Legislation-</link>
					      <description><![CDATA[
The European Commission has adopted a draft delegated regulation under the Fourth Money Laundering Directive. The draft regulation sets out Regulatory Technical Standards on the criteria that EU Member States should use when deciding whether or not payment service providers or electronic money institutions that are headquartered in another EEA Member State and that operate establishments (other than a branch) in their territory should appoint a central contact point for compliance with anti-money laundering and counter-terrorist financing obligations. The draft regulation also sets out RTS on the functions that may be entrusted to such a central contact point.

The draft regulation will now be subject to a three-month scrutiny period by the European Parliament and the Council of the European Union. Following this period, should neither of the co-legislators object, the draft regulation will then be published in the Official Journal of the European Union and enter into force twenty days later. Once in force, the delegated regulation will have direct effect across the EU.

View the draft delegated regulation.]]></description>
					      
						      <pubDate>Mon, 07 May 2018 10:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Adopts-Delegated-Legislation-</guid>
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					      <title>US Federal Reserve Board Vice Chairman for Supervision Randal Quarles Discusses Liquidity Regulation and the Federal Reserve Board&apos;s Balance Sheet</title>
					      <link>https://finreg.aoshearman.com/US-FRB-Vice-Chairman-for-Supervision-Randal-Quarles-Discusses-LR-and-FRBs-Balance-Sheet</link>
					      <description><![CDATA[
U.S. Board of Governors of the Federal Reserve System Vice Chairman for Supervision Randal Quarles discussed the relationship between liquidity and other post-crisis regulation and the Federal Reserve Board&apos;s balance sheet.

Read more.]]></description>
					      
						      <pubDate>Fri, 04 May 2018 20:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FRB-Vice-Chairman-for-Supervision-Randal-Quarles-Discusses-LR-and-FRBs-Balance-Sheet</guid>
				    </item>
			
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					      <title>EU Supervisory Authorities Consult on Aligning EMIR Clearing and Risk-Mitigation Obligations For Securitizations With Those For Covered Bonds</title>
					      <link>https://finreg.aoshearman.com/EU-Supervisory-Authorities-Consult-on-Aligning-EM</link>
					      <description><![CDATA[
The Joint Committee of the European Supervisory Authorities has published two consultations on proposed amendments to: (i) Regulatory Technical Standards on the clearing obligation under the European Market Infrastructure Regulation for certain classes of OTC derivatives; and (ii) RTS on risk-mitigation techniques for OTC derivative contracts not cleared by a CCP. The proposed changes aim to incorporate the provisions of the Securitization Regulation (also known as the STS Regulation), which entered into force on January 17, 2018.

The Securitization Regulation notes that there is a degree of substitutability between covered bonds and securitizations. The Securitization Regulation therefore amends EMIR, among other things, to ensure consistency of treatment between the regime for derivatives transactions associated with covered bonds and the one for securitizations, with respect to the clearing obligation and the margin requirements for non-centrally cleared OTC derivatives. The ESAs have been mandated to make the necessary changes to existing RTS to effect consistent treatment.

Read more.]]></description>
					      
						      <pubDate>Fri, 04 May 2018 11:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Supervisory-Authorities-Consult-on-Aligning-EM</guid>
				    </item>
			
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					      <title>FINRA Updates AML Rules to Conform to Upcoming Customer Due Diligence Requirements</title>
					      <link>https://finreg.aoshearman.com/FINRA-Updates-AML-Rules-to-Conform-to-Upcoming-CDD-Requirements</link>
					      <description><![CDATA[
The Financial Industry Regulatory Authority published amendments to FINRA Rule 3310, the anti-money laundering compliance program rule.  The FINRA amendments seek to harmonize Rule 3310 with the Customer Due Diligence Requirements for Financial Institutions rule issued by the U.S. Financial Crimes Enforcement Network on May 11, 2016.  Amended Rule 3310 requires firms to conduct ongoing customer due diligence, establish procedures to understand the nature and purpose of customer relationships for the purpose of developing a customer risk profile, conduct ongoing monitoring to identify and report suspicious transactions and, on a risk basis, maintain and update customer information, including information regarding the beneficial ownership of legal entity customers.  Amended Rule 3310 becomes effective on May 11, 2018, which coincides with the compliance date for FinCEN&apos;s CDD Rule.

View full text of Regulatory Notice 18-19.]]></description>
					      
						      <pubDate>Thu, 03 May 2018 20:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FINRA-Updates-AML-Rules-to-Conform-to-Upcoming-CDD-Requirements</guid>
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					      <title>EURIBOR Administrator Starts 3-Month Testing Phase for Hybrid Methodology</title>
					      <link>https://finreg.aoshearman.com/EURIBOR-Administrator-Starts-3-Month-Testing-Phas</link>
					      <description><![CDATA[
The European Money Markets Institute has announced the start of the testing phase for a new hybrid methodology it proposes to introduce to determine Euribor. The testing phase will run from May 2, 2018 to July 31, 2018.
 
EMMI launched a consultation on the introduction of the hybrid methodology and on some related issues in March 2018. That consultation closes on May 15, 2018 and EMMI intends to publish a summary of responses in June 2018.

The testing phase will involve EMMI conducting data analysis and assessing the methodology&apos;s parameters. EMMI hopes to gain a better understanding of panel banks&apos; overall contribution patterns and how they make submissions using Level 3 of three-level &quot;hybrid&quot; methodology. Based on the results, EMMI will launch a second consultation in Q3 2018.

It is intended that the new hybrid methodology will be launched by Q4 2019 at the latest, in line with the transitional period provided by the EU Benchmarks Regulation.

View the EMMI announcement.

View details of the March 2018 consultation.
]]></description>
					      
						      <pubDate>Wed, 02 May 2018 10:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EURIBOR-Administrator-Starts-3-Month-Testing-Phas</guid>
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					      <title>New Payment Systems Operator for UK Retail Payment Systems</title>
					      <link>https://finreg.aoshearman.com/New-Payment-Systems-Operator-for-UK-Retail-Paymen</link>
					      <description><![CDATA[
The Bank of England and the Payment Systems Regulator have announced that the New Payment System Operator is now responsible for the operation of BACS and Faster Payments, two U.K. retail payment systems. The NPSO is expected to assume responsibility for the Cheque and Credit Clearing Company over the next few months. The consolidation of the three payment systems was one of the recommendations made in the Payments Strategy Forum&apos;s November 2016 report, which sets out a wide-ranging strategy for reforming the U.K. retail payments industry. The NPSO will also be responsible for delivering the New Payments Architecture, which is an industry-led initiative to increase competition, resilience and innovation across the payments and banking industry.

View the BoE and PSR announcement.

View the NPSO press release.]]></description>
					      
						      <pubDate>Tue, 01 May 2018 10:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/New-Payment-Systems-Operator-for-UK-Retail-Paymen</guid>
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					      <title>US District Court Dismisses Challenge to US Office of the Comptroller of the Currency FinTech Charter</title>
					      <link>https://finreg.aoshearman.com/US-District-Court-Dismisses-Challenge-to-US-OCC-FinTech-Charter</link>
					      <description><![CDATA[
The U.S. District Court for the District of Columbia granted the U.S. Office of the Comptroller of the Currency&apos;s motion to dismiss a lawsuit brought by the Conference of State Bank Supervisors challenging the OCC&apos;s authority to grant special purpose national bank charters to companies that provide bank-like services but do not accept deposits (largely FinTech companies.) The D.C. District Court&apos;s decision follows the December 2017 dismissal by the U.S. District Court for the Southern District of New York of a similar lawsuit filed by the New York State Department of Financial Services against the OCC. The court found that CSBS did not have standing to bring the action, as it did not plead an injury in fact and that any of the grounds asserted by the CSBS were speculative and contingent on whether the OCC in fact charters a FinTech company, and that regardless, CSBS failed to identify an imminent injury to a particular member of its organization.  In addition, the court dismissed the action on ripeness grounds, citing, among other reasons, that the OCC still has yet to issue a charter to a FinTech company.

View full text of the court&apos;s decision.]]></description>
					      
						      <pubDate>Mon, 30 Apr 2018 20:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-District-Court-Dismisses-Challenge-to-US-OCC-FinTech-Charter</guid>
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					      <title>US Treasury Counselor to the Secretary Craig Phillips Discusses Regulatory Reform</title>
					      <link>https://finreg.aoshearman.com/US-Treasury-Counselor-to-Secretary-Craig-Phillips-Discusses-Regulatory-Reform</link>
					      <description><![CDATA[
U.S. Treasury Counselor to the Secretary, Craig Phillips, spoke at the International Swaps and Derivatives Association&apos;s 33rd annual general meeting regarding regulatory policies of relevance to ISDA members.

Read more.]]></description>
					      
						      <pubDate>Mon, 30 Apr 2018 20:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Treasury-Counselor-to-Secretary-Craig-Phillips-Discusses-Regulatory-Reform</guid>
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					      <title>UK Prudential Regulation Authority Finalizes Policy on Groups and Double Leverage</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Finalizes-Poli</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a Policy Statement setting out its proposals to amend the Groups policy framework it has in place for the application of prudential standards to firms on an individual and consolidated basis within banking groups.

The PRA consulted between October 2017 and January 2018 on proposals to enable: (i) assessment and mitigation of the risks to group resilience due to the use of &quot;double leverage&quot; (which occurs when one or more parent entities in a group funds some of the capital in its subsidiaries by raising debt or lower forms of capital externally); (ii) assessment and mitigation of the risks highlighted by prudential requirements applied by local national regulators on overseas subsidiaries of U.K. consolidation groups; and (iii) improved monitoring of the distribution of financial resources across different group entities.

Following feedback received, the PRA has made three changes to the proposals, which it does not consider to be significant changes. The first and second changes affect the PRA Supervisory Statement, &quot;The Internal Capital Adequacy Assessment Process (ICAAP) and the Supervisory Review and Evaluation Process (SREP)&quot; by: (a) changing the definition of &quot;double leverage&quot; so that it is accounting based to reflect the reporting practices of stand-alone holding companies; and (b) clarifying the level of application of the double leverage formula. The third change affects the PRA Statement of Policy, &quot;The PRA&apos;s methodologies for setting Pillar 2 capital&quot; by amending the formula for double leverage.

Read more.]]></description>
					      
						      <pubDate>Mon, 30 Apr 2018 12:23:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Finalizes-Poli</guid>
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					      <title>UK Prudential Regulation Authority Finalizes Model Risk Management Principles for Stress Testing
</title>
					      <link>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Finalizes-Mode</link>
					      <description><![CDATA[
The U.K. Prudential Regulation Authority has published a Policy Statement and a finalized Supervisory Statement following a consultation which ran from December 2017 to March 2018 on model risk management principles for stress testing. In the consultation, the PRA proposed that firms that use stress testing models, and that participate in the Bank of England&apos;s annual concurrent stress test, should follow in full a set of four proposed principles when establishing and adopting risk management practices in relation to their models. Firms not participating in the BoE&apos;s annual stress test should instead seek to apply the four principles on a proportionate basis, taking into account their size, complexity, risk profile and the relevance to the firm of using stress test models.

The Policy Statement sets out feedback on the three responses it received to the consultation. The PRA has made a number of changes to the consultation draft of the Supervisory Statement to address issues raised by respondents. In particular, the PRA has made changes to the wording of Principles 1.2 (Model Inventory), 2.1 (Board oversight), 2.3 (Model developers, owners, users and control functions), 3.1 (Model purpose and design), 3.7 (Business Involvement), 3.8 (Model uncertainty), 3.9 (Model Monitoring), 4.1 (Scope and validation of review) and 4.2 (Independence). In addition, it has included a further section in the Supervisory Statement to set out its expectations on the application of materiality considerations.

Read more.]]></description>
					      
						      <pubDate>Mon, 30 Apr 2018 12:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prudential-Regulation-Authority-Finalizes-Mode</guid>
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					      <title>UK Regulator Confirms Revised Pillar 2 Reporting Requirements</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Confirms-Revised-Pillar-2-Reporting-</link>
					      <description><![CDATA[
The Prudential Regulation Authority has published a Policy Statement confirming that updated Pillar 2 reporting requirements will apply from October 1, 2018 for banks, building societies and PRA-designated investment firms. This follows the PRA&apos;s consultation on the proposed updates, which ran from December 6, 2017 to March 5, 2018. The PRA proposed a new data item to capture stress-testing data currently included in firms&apos; Internal Capital Adequacy Assessment Process documents. This change aims to increase transparency and comparability in stress test data provided alongside ICAAP documents and to decrease the operational risks associated with capturing stress test data manually. The PRA also proposed reducing the frequency of reporting of the data items in the Reporting Pillar 2 part of the PRA Rulebook for some firms as well as consolidating the definition of several reporting parts of the PRA Rulebook into the Glossary.

Read more.]]></description>
					      
						      <pubDate>Mon, 30 Apr 2018 10:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Confirms-Revised-Pillar-2-Reporting-</guid>
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					      <title>Thomas M. Hoenig Steps Down as US Federal Deposit Insurance Corporation Vice Chairman</title>
					      <link>https://finreg.aoshearman.com/Thomas-M-Hoenig-Steps-Down-as-US-FDIC-Vice-Chairman</link>
					      <description><![CDATA[
Thomas M. Hoenig announced that, effective April 30, 2018, he was stepping down as Vice Chairman and Member of the Board of Directors of the U.S. Federal Deposit Insurance Corporation.  Mr. Hoenig served a full six-year term at the FDIC, since joining in April of 2012. Prior to his service with the FDIC, Mr. Hoenig served as President of the Federal Reserve Bank of Kansas City, and was a member of the Federal Open Market Committee.

View full text of the FDIC press release.]]></description>
					      
						      <pubDate>Fri, 27 Apr 2018 13:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Thomas-M-Hoenig-Steps-Down-as-US-FDIC-Vice-Chairman</guid>
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					      <title>EU and UK to Establish Technical Working Group for Risk Management Around Brexit</title>
					      <link>https://finreg.aoshearman.com/EU-and-UK-to-Establish-Technical-Working-Group-fo</link>
					      <description><![CDATA[
The European Commission and HM Treasury have announced that the European Central Bank and the Bank of England will establish a technical working group on risk management in the period around March 30, 2019 for financial services. The U.K. leaves the EU on March 29, 2019, although the provisionally agreed transition period means that most EU laws will continue to apply in the U.K. until December 31, 2020.

The Terms of Reference for the working group state that the European Commission and HM Treasury will attend the group as observers. Other regulatory authorities will be invited to attend on an issue-specific basis.

View the announcement.

View the terms of reference.]]></description>
					      
						      <pubDate>Fri, 27 Apr 2018 09:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-and-UK-to-Establish-Technical-Working-Group-fo</guid>
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					      <title>European Banking Authority Consults on Draft Guidelines on Disclosure of Non-Performing and Forborne Exposures</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Consults-onGuid</link>
					      <description><![CDATA[
The European Banking Authority has launched a consultation on draft Guidelines on disclosure of non-performing and forborne exposures. Since the 2007/08 financial crisis, there has been a build-up of non-performing loans in the EU, which impacts banks&apos; viability and lending capabilities. The European authorities have agreed various actions to tackle NPLs in Europe, resulting in several recent steps being taken by the European Commission, the European Central Bank and the EBA.

The proposed Guidelines set out the content, format and frequency of disclosures for non-performing exposures, forborne exposures and foreclosed assets. The draft Guidelines would apply to all banks that are subject to any of the disclosure requirements under the Capital Requirements Regulation and would apply to all exposures that fall within the definition of either non-performing or forbearance in the ITS on Supervisory Reporting (Commission Implementing Regulation (EU) No 680/2014). The level and frequency of disclosure will depend on the significance of a firm and the level of NPEs.

The draft Guidelines should be read with the EBA&apos;s proposed Guidelines on sound risk management practices for banks for managing NPEs, FBEs and foreclosed assets.

As with the proposed risk management Guidelines, the EBA intends to publish the finalized disclosure Guidelines before the end of 2018 and for the Guidelines to apply from January 1, 2019. Feedback on the proposed Guidelines can be provided by June 27, 2018. The EBA is holding a public hearing on the draft Guidelines on June 27, 2018.

View the consultation paper.

View the EBA&apos;s proposed Guidelines on sound risk management practices for NPEs.

View the Commission&apos;s proposals to address the build-up of NPLs.]]></description>
					      
						      <pubDate>Fri, 27 Apr 2018 09:48:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Consults-onGuid</guid>
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					      <title>Clarification on Scope of EMIR Obligations for Public Entity Clearing Members Needed</title>
					      <link>https://finreg.aoshearman.com/Clarification-on-Scope-of-EMIR-Obligations-for-Pu</link>
					      <description><![CDATA[
The Chair of the European Securities and Markets Authority, Steven Maijoor, has written to the European Commission recommending that clarification of certain provisions of the European Market Infrastructure Regulation should be made during the current revision of EMIR. EMIR requires clearing members of CCPs to provide initial margin and default fund contributions. ESMA has noticed that CCPs across the EU, as well as their national regulators, are adopting different approaches to these requirements for public entities. Some CCPs and national regulators exempt public entity clearing members from the requirement to provide initial margin and default fund contributions while others grant no exemptions.

ESMA requests the Commission to consider whether the scope of EMIR needs to be clarified and whether a specific amendment could be made to EMIR during the current review process.

The European Commission published legislative proposals to amend EMIR in May - the technical revisions in so-called EMIR 2.1 - and June 2017 - the Brexit-driven CCP &quot;location policy&quot; or so-called EMIR 2.2, which attempts to force the relocation of UK CCPs to the Eurozone. The legislative procedures to finalize those changes are ongoing.

View the letter.

View the Commission&apos;s technical amendments legislative proposal.

View the Commission&apos;s location policy legislative proposal.]]></description>
					      
						      <pubDate>Fri, 27 Apr 2018 09:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Clarification-on-Scope-of-EMIR-Obligations-for-Pu</guid>
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					      <title>Financial Stability Board Publishes Second Consultation on Governance of the Unique Product Identifier</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Second-Consul</link>
					      <description><![CDATA[
The Financial Stability Board has opened a second consultation on governance of the Unique Product Identifier. The FSB identified UPIs in September 2014 as a critical element towards a mechanism to produce and share global aggregated derivatives reporting data, along with the development of a unique transaction identifier and the harmonization of other key data elements. The receipt of aggregated derivatives reporting data will enable national regulators to better assess systemic risk and perform other market oversight functions.

The purpose of the UPI is to uniquely identify OTC derivatives products that regulators require, or may require in the future, to be reported to trade repositories. The UPI system will assign a code to each OTC derivative product which maps to a set of data elements describing the product in a corresponding reference database, the UPI Reference Data Library. The Library will be administered by either one or a number of UPI Service Provider(s).

This second consultation paper seeks feedback on specific issues relating to the UPI Governance Arrangements, including fee models and cost recovery, intellectual property, standardization and potential restrictions on the activities of a UPI service provider. The FSB is also asking for feedback on whether a single UPI service provider model would be more suitable than having a competitive multi-UPI service provider model.

The consultation closes on May 24, 2018. The FSB intends to finalize the UPI governance arrangements and identify one or more UPI service provider(s) by mid-2019.

View the consultation paper.]]></description>
					      
						      <pubDate>Thu, 26 Apr 2018 09:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Second-Consul</guid>
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					      <title>UK Competition and Markets Authority Consults Further on Aspects of the Investment Consultants Market Investigation</title>
					      <link>https://finreg.aoshearman.com/UK-Competition-and-Markets-Authority-Consults-Fur</link>
					      <description><![CDATA[
The U.K. Competition and Markets Authority has published three more consultative working papers as part of its Investment Consultants Market Investigation. The CMA is assessing the supply and acquisition of investment consultancy services and fiduciary management services. These working papers should be read alongside the Issues Statement on the investigation, published in September 2017, as well as the other working papers, published earlier this year.

The first working paper is on barriers to entry and expansion in the investment consultancy and fiduciary management sectors. The paper sets out the CMA&apos;s emerging findings, focusing on the financial and other costs of entry and expansion. The CMA has neither identified, nor concluded whether there is, any adverse effect on competition in relation to barriers to entry or expansion. The CMA&apos;s separate emerging finding in relation to new market entrants is that the barriers are not excessively high but are greater in the fiduciary management sector than in the investment consultancy sector. In relation to barriers to expansion, the CMA&apos;s emerging finding is that the potential barriers to winning new clients are greater than the barriers to new entry and are also greater in the fiduciary management sector than in the investment consultancy sector.

Read more. ]]></description>
					      
						      <pubDate>Thu, 26 Apr 2018 07:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Competition-and-Markets-Authority-Consults-Fur</guid>
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					      <title>ICE LIBOR Administrator Sets Out Transition Plan for New Submission Methodology</title>
					      <link>https://finreg.aoshearman.com/ICE-LIBOR-Administrator-Sets-Out-Transition-Plan-</link>
					      <description><![CDATA[
ICE Benchmark Administration, the administrator of the LIBOR benchmark, has published a report setting out how it proposes to transition panel banks to the new &quot;Waterfall Methodology&quot; outlined in its ICE LIBOR Output Statement, which was updated following a feedback statement in March 2017 on the evolution of the London Interbank Offered Rate. LIBOR is a widely used benchmark for short-term interest rates. It is produced for five currencies and seven tenors, resulting in the publication of 35 rates every applicable London business day.

The ICE LIBOR Output Statement sets out a single LIBOR definition and a more standardized, transaction data-driven methodology for LIBOR panel banks&apos; submissions. IBA&apos;s intention in introducing the new methodology is to publish, in all market circumstances, a wholesale funding rate anchored in unsecured, wholesale funding transactions to the greatest extent possible.

Read more.]]></description>
					      
						      <pubDate>Wed, 25 Apr 2018 11:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/ICE-LIBOR-Administrator-Sets-Out-Transition-Plan-</guid>
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					      <title>European Commission Adopts Revised Implementing Technical Standards on Mapping of External Credit Ratings</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Adopts-Revised-Implementing-T</link>
					      <description><![CDATA[
A Commission Implementing Regulation has been published in the Official Journal of the European Union. This Amending Regulation, which takes effect on May 15, 2018, revises a Commission Implementing Regulation adopted in October 2016 under the Capital Requirements Regulation.

Under the CRR, firms that use the Standardised Approach for the purposes of calculating their capital requirements for credit risk can use external credit assessments to determine the credit quality of exposures. These external credit assessments must be made by External Credit Assessment Institutions. ECAIs are either credit rating agencies registered under the CRA Regulation or central banks that issue credit ratings (which are exempt from the application of the CRA Regulation). The 2016 Implementing Regulation set out Implementing Technical Standards for the mapping of the credit quality of exposures (obtained from ECAIs) to their corresponding risk weights.

The Joint Committee of the European Supervisory Authorities consulted in July 2017 on the need to make changes to the 2016 Implementing Regulation to reflect the fact that, since it was adopted, five additional ECAIs had been recognized and one ECAI had been de-registered. The Joint Committee submitted draft revised ITS to the Commission in December 2017 and the Commission has adopted them in the Amending Regulation.

View the Amending Regulation ((EU) 2018/634).

View details of the July 2017 consultation.]]></description>
					      
						      <pubDate>Tue, 24 Apr 2018 14:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Adopts-Revised-Implementing-T</guid>
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					      <title>Financial Action Task Force Publishes Outcomes of its 2018 Private Sector Consultative Forum</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Publishes-Outcomes-of</link>
					      <description><![CDATA[
The Financial Action Task Force held its annual private sector consultative forum in Vienna on April 23 - 24, 2018. The annual forum provides a platform for the FATF to learn more about the private sector&apos;s views and concerns on issues related to anti-money laundering and countering the financing of terrorism. Attendees at the forum included representatives from the financial sector and other businesses and professions subject to AML/CTF obligations.

Read more.]]></description>
					      
						      <pubDate>Tue, 24 Apr 2018 13:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Publishes-Outcomes-of</guid>
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					      <title>Basel Committee on Banking Supervision Progress Report on Basel III Implementation</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Progress-</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published its 14th progress report on implementation of the Basel III prudential framework, based on responses from Basel Committee member jurisdictions, and reports the status as of the end of March 2018. The Report sets out in tabular form the results of the Basel Committee&apos;s monitoring of the adoption progress of all Basel III standards agreed to date, which will come into effect by 2022. The table omits details of those Basel III standards that have already been implemented by all Basel Committee member jurisdictions. It sets out the ongoing implementation progress of each member jurisdiction on aspects of the risk-based capital standards, leverage ratio requirements, liquidity requirements, the requirements for systemically important banks, interest rate risk in the banking book, the supervisory framework for large exposures and the Pillar 3 disclosure requirements.

Read more.]]></description>
					      
						      <pubDate>Mon, 23 Apr 2018 14:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on-Banking-Supervision-Progress-</guid>
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					      <title>European Commission Proposes Protective Legislation for Whistleblowers Reporting EU Law Breaches</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Proposes-Protective-Legislati</link>
					      <description><![CDATA[
The European Commission has published a proposal for a Directive on the protection of persons reporting on breaches of Union law. Whistleblowers help prevent damage and detect threat or harm to the public interest that may otherwise remain hidden, but fear of retaliation can often discourage them from reporting concerns.

The importance of providing effective whistleblower protections for safeguarding the public interest has been acknowledged both at European and international level. At EU level, whistleblower protections are currently provided only for specific sectors and to varying degrees. This means that, in many situations, whistleblowers are not properly protected against retaliation. The proposed Directive will address this fragmentation by encompassing &quot;the broadest possible range of categories of persons, who, by virtue of work-related activities (irrespective of the nature of these activities and whether they are paid or not), have privileged access to information about breaches.&quot; Areas covered include financial services, money laundering and terrorist financing.

Read more.]]></description>
					      
						      <pubDate>Mon, 23 Apr 2018 14:24:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Proposes-Protective-Legislati</guid>
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					      <title>Corrigendum to the Revised Payment Services Directive Published</title>
					      <link>https://finreg.aoshearman.com/Corrigendum-to-the-Revised-Payment-Services-Direc</link>
					      <description><![CDATA[
A two-page corrigendum to the revised Payment Services Directive has been published in the Official Journal of the European Union. The corrigendum makes 11 corrections to the text of the PSD2 across one recital and eight of the directive&apos;s articles.

In addition to minor textual corrections, the corrigendum makes important clarifications to provisions on: (i) the liability of a payment service provider for initiation or execution of payment transactions; (ii) liability in respect of payment initiation services among those provisions of PSD2 that can be disapplied, or applied only in part, by agreement between a payment service provider and a non-consumer payment service user; (iii) the limited circumstances in which a payment services provider is permitted to charge for fulfilling information obligations or performing corrective or preventive measures; and (iv) the circumstances in which compensation can be obtained by a payment service provider from another payment service provider or intermediary for losses incurred for non-execution or defective execution of a payment order.

View the corrigendum.]]></description>
					      
						      <pubDate>Mon, 23 Apr 2018 13:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Corrigendum-to-the-Revised-Payment-Services-Direc</guid>
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					      <title>Bank of England Confirms Implementation of SONIA reforms</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Confirms-Implementation-of-SONIA-</link>
					      <description><![CDATA[
The Bank of England has confirmed that it has implemented its reforms to the SONIA interest rate benchmark. SONIA, the Sterling Overnight Index Average Rate, which has been administered since April 2016 by the BoE, is the existing unsecured reference rate for the sterling Overnight Indexed Swap market.

The BOE announced in October 2017 that the methodology for calculating SONIA would move from being based on a market for brokered deposits (which has limited transaction volumes) to a methodology involving a volume-weighted trimmed mean. The BOE has also separately published the key features and policies for SONIA, which summarize how SONIA is calculated and administered, including the governance arrangements. The BoE intends to publish an assessment of the benchmark&apos;s compliance with the International Organization of Securities Commissions&apos; Principles for Financial Benchmarks in Summer 2018.

View the BoE press release.

View the SONIA key features and policies document.]]></description>
					      
						      <pubDate>Mon, 23 Apr 2018 10:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Confirms-Implementation-of-SONIA-</guid>
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					      <title>Financial Stability Board Publishes Toolkit to Abate Misconduct Risk</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Toolkit-to-Ab</link>
					      <description><![CDATA[
The Financial Stability Board has published a report, &quot;Strengthening Governance Frameworks to Mitigate Misconduct Risk: A Toolkit for Firms and Supervisors.&quot; The report is part of the FSB&apos;s work on measures to reduce misconduct in the financial sector and follows the FSB&apos;s stocktake of endeavors by international bodies, national authorities, industry associations and firms.

The Toolkit is designed to provide firms and authorities with a set of tools that can be used, taking into account the applicable legislative, judicial and regulatory frameworks. Rather than creating an international standard or adopting a prescriptive approach, the FSB&apos;s Toolkit allows firms and supervisors to decide whether and how to use the Toolkit to address misconduct risk. The FSB also states that firms and their supervisors can use individual tools separately or in combination.

The Toolkit comprises 19 tools, divided into three categories and assigned between firms and national authorities.

Read more. ]]></description>
					      
						      <pubDate>Fri, 20 Apr 2018 11:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Toolkit-to-Ab</guid>
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					      <title>European Banking Authority Consults on Simple Transparent and Standardized Criteria for ABCP and non-ABCP Securitizations</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Simple-Tra</link>
					      <description><![CDATA[
The European Banking Authority has published consultations on two sets of draft guidelines under the Securitization Regulation (also known as the STS Regulation) which, along with targeted amendments to the Capital Requirements Regulation, forms part of the new EU Securitization Framework for simple, transparent and standardized securitizations from January 2019. The STS Regulation establishes two sets of criteria for STS securitizations, namely for term (i.e. non-Asset Backed Commercial Paper) securitizations and for short-term (i.e. ABCP) securitizations respectively. The EBA is mandated under the STS Regulation to develop, by October 18, 2018, (i) guidelines and recommendations interpreting the STS criteria applicable to non-ABCP securitization; and (ii) guidelines and recommendations interpreting the transaction level and programme level criteria applicable to ABCP securitization.

Read more.]]></description>
					      
						      <pubDate>Fri, 20 Apr 2018 10:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Consults-on-Simple-Tra</guid>
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					      <title>US Federal Reserve Board Governor Lael Brainard Discusses Cyclical Regulation</title>
					      <link>https://finreg.aoshearman.com/USFRB-Governor-Lael-Brainard-Discusses-Cyclical-Regulation</link>
					      <description><![CDATA[
U.S. Board of Governors of the Federal Reserve System Governor Lael Brainard spoke at the Global Finance Forum regarding maintaining resiliency across economic cycles.  Governor Brainard drew comparisons between the current state of the economy and the economy prior to the financial crisis, noting positive growth, but highlighting elevated risks in asset valuation and business leverage.  Governor Brainard discussed that post-crisis regulation has greatly improved the capital and liquidity positions of financial institutions, and highlighted the importance of maintaining a dynamic capital regime, but cautioned against purely backward-looking analysis, rather than proactively seeking out emerging risks.  Governor Brainard discussed the importance of properly tailoring and calibrating existing regulations, such as the countercyclical capital buffer rule, but also stressed the importance of implementing additional critical regulatory elements, such as finalizing the net stable funding ratio, which she noted was close to finalization, and the Dodd-Frank Act limits on large counterparty exposure.  Governor Brainard also expressed her support for improving the efficiency of the Volcker Rule without undermining its efficacy, and for moving forward with minimum haircuts for securities financing transactions.  Governor Brainard distinguished these regulations, designed to promote the resiliency of large financial institutions, with the regulation of smaller institutions, suggesting that with respect to the latter, regulations should be appropriately tailored to reduce regulatory burden.

View full text of Governor Brainard&apos;s speech.]]></description>
					      
						      <pubDate>Thu, 19 Apr 2018 15:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USFRB-Governor-Lael-Brainard-Discusses-Cyclical-Regulation</guid>
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					 <item>
					      <title>US Federal Reserve Board Vice Chairman for Supervision Randal Quarles Delivers Semi-Annual Supervision and Regulation Testimony to Congress</title>
					      <link>https://finreg.aoshearman.com/USFRB-VC-for-Supervision-Randal-Quarles-Delivers-Semi-Annual-Supervision-and-RT-to-Congress</link>
					      <description><![CDATA[
U.S. Board of Governors of the Federal Reserve System Vice Chairman for Supervision Randal Quarles testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs regarding the Federal Reserve Board&apos;s regulation and supervision of financial institutions.  Vice Chairman Quarles submitted identical remarks to the U.S. House Financial Services Committee two days earlier on April 17, 2018.

Read more.]]></description>
					      
						      <pubDate>Thu, 19 Apr 2018 13:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USFRB-VC-for-Supervision-Randal-Quarles-Delivers-Semi-Annual-Supervision-and-RT-to-Congress</guid>
				    </item>
			
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					      <title>UK Regulator Warns CEOs of Listed Companies About Their Obligations on Irredeemable Preference Shares</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Warns-CEOs-of-Listed-Companies-About</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a &quot;Dear CEO&quot; letter to the Chief Executive Officers of U.K. listed companies on capital instruments expressed to be perpetual, irredeemable or in some other way that suggests permanence. The FCA wishes to ensure that investors have access to all the information necessary for them to be able to assess properly the risks and rewards attaching to such shares. The letter lists the information that listed companies may wish to make readily accessible to all holders and potential holders of such shares, including:

	the terms and conditions of the instrument as included in the original prospectus or similar document issued at the time of the offer or admission of the shares, and details of any changes made after the issue of the shares;
	the articles of association of the issuer, particularly the articles relevant to the shares concerned; and
	a Q&amp;A or similar publication.

Read more.]]></description>
					      
						      <pubDate>Thu, 19 Apr 2018 10:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Warns-CEOs-of-Listed-Companies-About</guid>
				    </item>
			
					 <item>
					      <title>US and UK Establish Financial Regulatory Working Group</title>
					      <link>https://finreg.aoshearman.com/US-and-UK-Establish-Financial-Regulatory-Working-</link>
					      <description><![CDATA[
The U.S. Treasury Department and HM Treasury have issued a joint statement announcing the establishment of a Financial Regulatory Working Group. The Working Group will be a forum for treasury staff and financial regulatory authorities to exchange views on the regulatory relationship between the United States and the U.K. The objectives of the Working Group will be to further financial regulatory cooperation, improve transparency, reduce regulatory uncertainty, identify possible cross-border implementation issues, address regulatory arbitrage and work towards achieving compatibility of U.S. and U.K. laws and regulations.

View the statement.]]></description>
					      
						      <pubDate>Thu, 19 Apr 2018 10:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-and-UK-Establish-Financial-Regulatory-Working-</guid>
				    </item>
			
					 <item>
					      <title>US Securities and Exchange Commission Proposes Broker-Dealer Standard of Care and Guidance on Investment Advisers&apos; Fiduciary Standard</title>
					      <link>https://finreg.aoshearman.com/US-SEC-Proposes-Broker-Dealer-Standard-of-Care-and-Guidance-on-IAF-Standard</link>
					      <description><![CDATA[
The U.S. Securities and Exchange Commission published three proposed rules with request for public comment that would seek to enhance and clarify the standards of care applicable to broker-dealers and investment advisers when dealing with retail clients. The three proposals are designed to be interlocked and complementary, and, as noted by SEC Chairman Jay Clayton in his introduction of the proposals, are aimed, in part, at better aligning regulations and obligations of broker-dealers and investment advisers with the expectations of retail investors, and preserving retail investor choice.

Read more.]]></description>
					      
						      <pubDate>Wed, 18 Apr 2018 13:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-SEC-Proposes-Broker-Dealer-Standard-of-Care-and-Guidance-on-IAF-Standard</guid>
				    </item>
			
					 <item>
					      <title>US Federal Reserve Board Governor Lael Brainard Discusses Modernization of the Community Reinvestment Act</title>
					      <link>https://finreg.aoshearman.com/US-FRB-Governor-Lael-Brainard-Discusses-Modernization-of-the-CRA</link>
					      <description><![CDATA[
U.S. Board of Governors of the Federal Reserve System Governor Lael Brainard spoke at the Federal Reserve Bank of Richmond Baltimore Community Development Gathering regarding efforts to modernize the Community Reinvestment Act.  Governor Brainard provided a brief summary of the history and importance of the CRA, noting that the current CRA regulations date back to 1995 and are in need of update to better reflect how banks currently operate and the customer base they serve, given structural and technological changes in the banking industry.

Read more.]]></description>
					      
						      <pubDate>Tue, 17 Apr 2018 14:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FRB-Governor-Lael-Brainard-Discusses-Modernization-of-the-CRA</guid>
				    </item>
			
					 <item>
					      <title>US Federal Financial Regulators Propose Revisions to Capital Rules to Reflect Change in US AAP Relating to Credit Losses</title>
					      <link>https://finreg.aoshearman.com/US-FFR-Propose-Revisions-to-Capital-Rules-to-Reflect-Change-in-US-AAP-Relating-to-Credit-Losses</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System, U.S. Office of the Comptroller of the Currency and U.S. Federal Deposit Insurance Corporation announced proposed revisions to the agencies&apos; regulatory capital rules to reflect changes to U.S. generally accepted accounting principles regarding credit losses.  The proposed revisions will identify which of the new credit loss allowances will be eligible for inclusion in a financial institution&apos;s regulatory capital.  The proposal will further provide for an optional transition period that will allow financial institutions to phase in the adverse effects on certain regulatory capital components over a three-year period.  The proposal also seeks to amend the stress testing regulations to allow covered institutions that have adopted these changes to U.S. GAAP to not include the effects from adopting this new standard until the 2020 stress test cycle.  The proposed amendment will also make conforming changes, including with respect to certain definitions, disclosures and regulatory reporting forms.  Comments to the proposal are due 60 days from the proposal&apos;s publication in the Federal Register.

View ​full text of the agencies&apos; proposal.]]></description>
					      
						      <pubDate>Tue, 17 Apr 2018 13:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FFR-Propose-Revisions-to-Capital-Rules-to-Reflect-Change-in-US-AAP-Relating-to-Credit-Losses</guid>
				    </item>
			
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					      <title>European Banking Authority Proposes Draft Guidelines on the Exposures to be Associated With High Risk</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Proposes-Draft-Guideli</link>
					      <description><![CDATA[
The European Banking Authority has launched a consultation on draft Guidelines on certain types of exposures and the circumstances in which they can be categorized as being associated with high risk for regulatory capital purposes. The Capital Requirements Regulation provides that when firms use the Standardised Approach for determining minimum capital requirements for credit risk, risk weightings must be allocated to an exposure, based on its exposure class. One of the exposure classes is &quot;exposures associated with particularly high risk,&quot; which are: investments in venture capital firms or private equity, speculative immovable property financing and investments in Alternative Investment Funds where the fund&apos;s mandate allows a higher leverage than required in the UCITS Directive. An exposure that is of particularly high risk receives a risk weight of 150%.

The EBA&apos;s mandate is to prepare guidelines on the types of exposures other than those set out in the CRR that must be associated with particularly high risk and under which circumstances. The EBA&apos;s draft Guidelines aim to implement that mandate by specifying that firms should classify exposures as items of high risk where the exposure has a &quot;high risk of loss due to being structurally different from common exposures of the same asset class.&quot; The EBA provides a list of those exposures that would fall within the scope of this category.

Read more. ]]></description>
					      
						      <pubDate>Tue, 17 Apr 2018 10:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Proposes-Draft-Guideli</guid>
				    </item>
			
					 <item>
					      <title>European Commission Proposes Legislation Broadening Access to Centralized Financial Information</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Proposes-Legislation-Broadeni</link>
					      <description><![CDATA[
The European Commission has published a proposal for a directive aimed at increasing security within EU member states and across the EU by improving access to financial information, including bank account information, to the relevant authorities and bodies in charge for the prevention, investigation and prosecution of serious forms of crimes. It is envisaged that this will enhance their ability to conduct financial investigations and analysis and improve their cooperation. In addition, the proposal contains measures to improve the ability of Financial Intelligence Units to carry out their tasks under the 4th Money Laundering Directive.

Currently, most EU national authorities competent for the prevention, detection, investigation or prosecution of criminal offences do not have direct access to information on the identity of bank account holders held in centralized account registries or data retrieval systems. Indeed, such registries and systems are currently only operational in 15 EU member states and the relevant authorities only have direct access in 6 of those member states. This lack of, or lack of access to, centralized information means the relevant authorities must send blanket information requests to all financial institutions. Delays in replies to these blanket requests can significantly hamper criminal investigations.

Read more.]]></description>
					      
						      <pubDate>Tue, 17 Apr 2018 10:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Proposes-Legislation-Broadeni</guid>
				    </item>
			
					 <item>
					      <title>European Commission Consults on Again Extending the Transitional Measures for Exposures to CCPs</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Consults-on-Again-Extending-t</link>
					      <description><![CDATA[
The European Commission has published a legislative proposal to extend until December 15, 2018 the transitional periods related to own funds requirements for exposures to CCPs set out in the Capital Requirements Regulation and European Market Infrastructure Regulation. Thirty-two third-country CCPs have been recognized by the European Securities and Markets Authority to date. However, there are still third-country CCPs that are awaiting recognition status. Without an extension of the transitional periods, banks and investment firms in the EU (or which are subject to consolidated supervision in the EU) would need to increase their own funds requirements for their exposures to those CCPs that are not yet recognized.

Feedback on the proposal can be provided until May 15, 2018.

The proposals to amend the CRR include an amendment to these transitional provisions. The proposed amendment would remove the need for the European Commission to continuously extend the transitional period by basing the transitional deadline instead on the timing of an application for recognition by a third-country CCP.

View the proposed ITS and the consultation feedback page.]]></description>
					      
						      <pubDate>Tue, 17 Apr 2018 08:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Consults-on-Again-Extending-t</guid>
				    </item>
			
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					      <title>President Donald Trump Announces Intent to Nominate Two New Board Members of the US Board of Governors of the Federal Reserve System</title>
					      <link>https://finreg.aoshearman.com/President-Donald-Trump-Announces-Intent-to-Nominate-Two-New-Board-Members-of-the-USBG-of-FRS</link>
					      <description><![CDATA[
President Donald Trump announced his intent to nominate Michelle Bowman and Richard Clarida to serve as Members of the U.S. Board of Governors of the Federal Reserve System.  Ms. Bowman, currently the Kansas State Bank Commissioner, is to be nominated to serve as a Member of the Federal Reserve Board as the Community Bank Representative representing Region eight. She is being nominated to serve the remainder of a 14-year term that expires on January 31, 2020. Mr. Clarida, currently the Lowell Harriss Professor of Economics at Columbia University, is to be nominated to serve as Vice Chairman of the Federal Reserve Board for a 4-year term, and to serve the remainder of a 14-year term as a Member of the Federal Reserve Board representing Region 1, expiring on January 31, 2022.

View full text of the White House press release.]]></description>
					      
						      <pubDate>Mon, 16 Apr 2018 13:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/President-Donald-Trump-Announces-Intent-to-Nominate-Two-New-Board-Members-of-the-USBG-of-FRS</guid>
				    </item>
			
					 <item>
					      <title>European Banking Authority Proposes Revised Technical Standards for Resolution Reporting</title>
					      <link>https://finreg.aoshearman.com/European-Authority-Proposes-Revised-Techn</link>
					      <description><![CDATA[
The European Banking Authority has published a final report and final revised draft Implementing Technical Standards on resolution reporting requirements. The EBA proposes to replace the existing ITS with the revised ITS to reflect the evolution in the policy and practices applied by authorities in the development of resolution plans for financial institutions. The new framework is proposed to become operational in 2019 when resolution authorities collect information as of December 31, 2018.

The revised draft ITS set out the procedures and a minimum set of standard templates for use by institutions when providing information to resolution authorities that is needed to draw up and implement resolution plans. The power of resolution authorities to apply simplified obligations or to require further information from a firm is specifically provided for in the revised draft ITS, in line with the EU Bank Recovery and Resolution Directive. In addition, the revised draft ITS specify the information required from groups and from individual entities. Furthermore, the revised draft ITS set the frequency, reference dates and remittance dates and the format for submission of information.

The EBA confirms that the final draft revised ITS take into account comments received during consultation and provides a summary of the main changes that have been made.

Read more. ]]></description>
					      
						      <pubDate>Mon, 16 Apr 2018 08:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Authority-Proposes-Revised-Techn</guid>
				    </item>
			
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					      <title>Director of US Office of Foreign Assets Control, John E. Smith to Step Down</title>
					      <link>https://finreg.aoshearman.com/Director-of-US-OFAC-John-E-Smith-to-Step-Down</link>
					      <description><![CDATA[
The U.S. Department of the Treasury announced that John E. Smith will be stepping down as director of the U.S. Office of Foreign Assets Control in early May 2018.  Mr. Smith&apos;s 11-year career with OFAC includes serving as Acting Director/Director of OFAC since February 2015, and previously serving as OFAC&apos;s Deputy Director and as an Associate Director.  OFAC Deputy Director Andrea M. Gacki will serve as Acting Director upon Mr. Smith&apos;s departure.

View the full text of the Treasury Department announcement.]]></description>
					      
						      <pubDate>Thu, 12 Apr 2018 17:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Director-of-US-OFAC-John-E-Smith-to-Step-Down</guid>
				    </item>
			
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					      <title>UK Competition Authority Consults on Trustee Engagement With Investment Consultancy and Fiduciary Management</title>
					      <link>https://finreg.aoshearman.com/UK-Competition-Authority-Consults-on-Trustee-Enga</link>
					      <description><![CDATA[
The U.K. Competition and Markets Authority has published a working paper seeking views on its initial analysis on trustee engagement with investment consultancy and fiduciary management service providers. This is the fourth working paper in the CMA&apos;s Investment Consultants Market Investigation in which it is assessing the supply and acquisition of investment consultancy services and fiduciary management services. The working paper should be read alongside the Issues Statement on the investigation, published in September 2017. The intention to publish a series of working papers on aspects of the investigation was outlined in a progress report in February 2018. The first working paper, relating to information on fees and quality, was published on March 1, 2018. The second working paper, on asset manager product recommendations, was published on March 22, 2018. The third working paper was published on March 29, 2018 and covered competition issues that may arise when firms offer both investment consultancy and fiduciary management services. This working paper builds on the CMA&apos;s second working paper, analyzing the information available to pension trustees on the fees and quality of investment consultants and fiduciary managers.

Read more. ]]></description>
					      
						      <pubDate>Thu, 12 Apr 2018 09:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Competition-Authority-Consults-on-Trustee-Enga</guid>
				    </item>
			
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					      <title>European Supervisory Authorities Make Recommendations to Address Risks in EU Securities, Banking and Insurance Sectors</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Make-Recommendat</link>
					      <description><![CDATA[
The Joint Committee of the European Supervisory Authorities has published a report on risks and vulnerabilities in the EU financial system. The ESAs are the European Securities and Markets Authority, the European Banking Authority and the European Insurance and Occupational Pensions Authority. The ESAs make recommendations for policy actions by the ESAs, national regulators and financial institutions. A summary of the risks and recommendations contained in the report is set out below.

	To combat cyber risks, the ESAs recommend that financial institutions should continue to improve IT systems, explore risks in the context of information security and take steps to resolve risks surrounding connectivity and outsourcing to third-party providers. The ESAs will continue to keep these risks under review. ESMA is launching a supervisory project on cloud computing outsourcing and will continue work to address supervisory convergence. The EBA is developing guidelines on the management of information and communication technology risks. EIOPA is conducting a qualitative exercise on cyber risk with national regulators and the industry.

Read more. ]]></description>
					      
						      <pubDate>Thu, 12 Apr 2018 09:22:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Make-Recommendat</guid>
				    </item>
			
					 <item>
					      <title>Two US Banking Regulators Propose Amendments to Supplementary Leverage Ratio Calculations for GSIBs and Their Insured Depository Institution Subsidiaries</title>
					      <link>https://finreg.aoshearman.com/Two-US-Bank-Regulators-Propose-Amendments-to-SLR-Calculations-for-GSIBs-and-TIDIS</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System and U.S. Office of the Comptroller of the Currency published a joint notice of proposed rulemaking and request for comment that would modify the calculation of the enhanced supplementary leverage ratio for U.S. global systemically important bank holding companies and certain of their insured depository institutions subsidiaries regulated by the Federal Reserve Board and OCC.

Read more.]]></description>
					      
						      <pubDate>Wed, 11 Apr 2018 19:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Two-US-Bank-Regulators-Propose-Amendments-to-SLR-Calculations-for-GSIBs-and-TIDIS</guid>
				    </item>
			
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					      <title>US Federal Financial Institutions Examination Council Issues Joint Statement Regarding Cyber Insurance</title>
					      <link>https://finreg.aoshearman.com/US-FFIEC-Issues-Joint-Statement-Regarding-Cyber-Insurance</link>
					      <description><![CDATA[
The U.S. Federal Financial Institutions Examination Council members released a joint statement with respect to cyber insurance and its role in risk management.  FFIEC members include the U.S. Board of Governors of the Federal Reserve System, the U.S. Office of the Comptroller of the Currency and the U.S. Federal Deposit Insurance Corporation. The statement and corresponding press release note that the frequency, sophistication and severity of cybersecurity incidents are increasing. As a result, general insurance policies may not provide adequate coverage in the event of a cybersecurity event and cyber insurance options are increasing and evolving in response to these factors.  The statement highlights that cyber insurance options vary greatly, and can be in the form of either a standalone policy or an endorsement to an existing insurance policy.  The statement cautions, however, that cyber insurance should be viewed as a risk mitigation tool and not as an alternative to sound internal controls, policies and procedures to guard against cybersecurity events.  The statement notes that institutions, in considering cyber insurance, should assess their existing cybersecurity risk framework to determine the potential impact and magnitude of residual risk.  In weighing cost and benefits of cyber insurance, the statement suggests that institutions should consider involving multiple stakeholders in the decision-making process, perform adequate due diligence to fully understand available policies and coverage options and incorporate cyber insurance into their annual budgeting processes.

View full text of the FFIEC statement.]]></description>
					      
						      <pubDate>Wed, 11 Apr 2018 16:53:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FFIEC-Issues-Joint-Statement-Regarding-Cyber-Insurance</guid>
				    </item>
			
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					      <title>Two US Banking Regulators Propose Amendments to Supplementary Leverage Ratio Calculations for GSIBs and Their Insured Depository Institution Subsidiaries
</title>
					      <link>https://finreg.aoshearman.com/Two-US-BR-Propose-ASL-Ratio-Calculations-for-GSIBs-Their-IDIS</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System and U.S. Office of the Comptroller of the Currency published a joint notice of proposed rulemaking and request for comment that would modify the calculation of the enhanced supplementary leverage ratio for U.S. global systemically important bank holding companies and certain of their insured depository institutions subsidiaries regulated by the Federal Reserve Board and OCC.

Read more.]]></description>
					      
						      <pubDate>Wed, 11 Apr 2018 16:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Two-US-BR-Propose-ASL-Ratio-Calculations-for-GSIBs-Their-IDIS</guid>
				    </item>
			
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					      <title>US Federal Reserve Board Proposes to Integrate its Regulatory Capital and Stress Test Rules for Large Banks</title>
					      <link>https://finreg.aoshearman.com/USFRB-Proposes-to-Integrate-its-RCS-Test-Rules-for-Large-Banks</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System published a notice of proposed rulemaking and request for comment intended to integrate its capital and stress rules and thereby simplify the capital regime applicable to bank holding companies with $50 billion or more in total consolidated assets and to the U.S. intermediate holding companies of foreign banking organizations.

Read more.]]></description>
					      
						      <pubDate>Tue, 10 Apr 2018 16:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USFRB-Proposes-to-Integrate-its-RCS-Test-Rules-for-Large-Banks</guid>
				    </item>
			
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					      <title>European Central Bank Consults on Cyber Resilience Oversight Expectations for Eurozone Financial Market Infrastructures</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Cyber-Resilienc</link>
					      <description><![CDATA[
The European Central Bank has launched a consultation on draft &quot;cyber resilience oversight expectations&quot; for financial market infrastructures.

The CROE use, as a basis, the Guidance on Cyber Resilience for Financial Market Infrastructures that was published jointly in June 2016 by the Committee on Payments and Market Infrastructures and the Board of the International Organization of Securities Commissions. FMIs were required to implement immediately that Guidance, which was supplemental to the Principles for Financial Market Infrastructures published in 2012 by IOSCO and the Committee on Payment and Settlement Systems. The PFMIs were adopted by the Governing Council of the ECB in June 2013. In developing the CROE, the ECB also took into account existing international guidance documents, in particular the Cyber Security Framework published by the U.S. National Institute of Standards and Technology, the ISO/IEC 27002 good practice standard for information security, the COBIT 5 framework for the governance and management of enterprise IT, the Information Security Forum&apos;s Standard of Good Practice for Information Security and the U.S. Federal Financial Institutions Examination Council&apos;s Cybersecurity Assessment Tools.

Read more.]]></description>
					      
						      <pubDate>Tue, 10 Apr 2018 16:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Cyber-Resilienc</guid>
				    </item>
			
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					      <title>European Banking Authority Reports on Compensation Trends in EU Credit Institutions and Investment Firms</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Reports-on-Compensatio</link>
					      <description><![CDATA[
The European Banking Authority has published a report entitled &quot;Benchmarking of remuneration practices at the European Union level and data on high earners.&quot; The report sets out the EBA&apos;s analysis of the compensation data provided to it by national regulators for 2016, which the EBA has compared with data from 2015 and 2014. The Capital Requirements Directive requires the EBA to benchmark remuneration trends in credit institutions and investment firms at EU level and to publish aggregated data on high earners earning EUR 1 million or more per financial year. National regulators are required to collect the relevant information from credit institutions and investment firms and to submit it to the EBA.

The analysis shows a slight decrease in 2016 in the number of high earners paid EUR 1 million or more. There was also a significant decrease in the number of identified staff subject to a cap on the ratio of fixed to variable compensation, although the EBA notes that this was due to a significant reduction by two banks of their numbers of identified staff. The EBA also notes that the supervisory framework for compensation practices is still not sufficiently harmonized, with significant differences among Member States and among institutions in the application of deferral and payout in instruments.

Read more.]]></description>
					      
						      <pubDate>Tue, 10 Apr 2018 16:02:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Reports-on-Compensatio</guid>
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					      <title>International Standard Setters Publish Framework for Supervisory Stress Testing of Multiple CCPs</title>
					      <link>https://finreg.aoshearman.com/International-Standard-Setters-Publish-Framework-</link>
					      <description><![CDATA[
The Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions have published a Framework for the supervisory stress testing of CCPs, following a joint consultation launched in June 2017.

In April 2015 the CPMI and IOSCO were asked by the G20 to develop, in conjunction with the Financial Stability Board and the Basel Committee on Banking Supervision, a &quot;CCP workplan&quot; for identifying and addressing remaining gaps and potential financial stability risks related to CCPs that are systemic across multiple jurisdictions and for helping to enhance their resolvability.

Read more.]]></description>
					      
						      <pubDate>Tue, 10 Apr 2018 10:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Standard-Setters-Publish-Framework-</guid>
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					      <title>European Securities and Markets Authority Seeks Clarity on the Ancillary Activity Exemption under MiFID II</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Seeks-C</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a letter from its Chair, Steven Maijoor, to the European Commission seeking clarification on how to interpret the ancillary activity exemption under the revised Markets in Financial Instruments Directive.

MiFID II exempts non-financial entities that deal on own account, or provide investment services to clients, in commodity derivatives from having to obtain authorization as an investment firm under MiFID II provided that, among other things, this activity is ancillary to their main business. The provisions of MiFID II are supplemented by a Commission Delegated Regulation setting out the Regulatory Technical Standard on the criteria to establish when an activity is considered to be ancillary to the main business. The wording of both MiFID II and the RTS suggest that the tests for whether activity is ancillary should be carried out at the level of the entity&apos;s group. However, some drafting amendments that were introduced by the Commission have led to uncertainty as to whether the tests should be carried out at the level of the entity rather than at group level.

ESMA states that it would not be appropriate for it to address this uncertainty through its usual Questions and Answers and invites the Commission to provide further guidance on the interpretation and implementation of the ancillary activity criteria, in particular on the level at which the tests should be applied.

View the ESMA letter.

View the Commission Delegated Regulation (2017/592).]]></description>
					      
						      <pubDate>Mon, 09 Apr 2018 09:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Seeks-C</guid>
				    </item>
			
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					      <title>UK Financial Conduct Authority Publishes its 2018/19 Business Plan</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-its-2018</link>
					      <description><![CDATA[
The Financial Conduct Authority has published its Business Plan for 2018/19 which sets out its key priorities for the coming year. The FCA confirms that it will continue to focus on issues relating to the U.K.&apos;s withdrawal from the EU by working with the Government, ensuring appropriate transition measures for EEA firms, working towards operational readiness and cooperating at international level.

The FCA divides the remainder of its priorities into cross-sector priorities and sector priorities. There are seven cross-sector priorities: firms&apos; culture and governance; financial crime and anti-money laundering; data security, resilience and outsourcing; innovation, big data, technology and competition; treatment of existing customers; long-term savings, pensions and intergenerational differences; and high-cost credit. There are seven sector priority areas: wholesale financial markets; investment management; retail lending; pensions and retirement income; retail investments; retail banking; and general insurance and protection. The FCA also published Sector Views for each of these sectors which provide an FCA view of how each sector was performing as of mid-2017.

Read more. ]]></description>
					      
						      <pubDate>Mon, 09 Apr 2018 09:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Publishes-its-2018</guid>
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					      <title>Final Global Technical Guidance on Critical OTC Derivatives Data Published</title>
					      <link>https://finreg.aoshearman.com/Final-Global-Technical-Guidance-on-Critical-OTC-D</link>
					      <description><![CDATA[
The Committee on Payments and Market Infrastructures and the Board of the International Organization of Securities Commissions have published final Technical Guidance on the harmonization of critical OTC derivatives data reported to trade repositories. The Technical Guidance does not cover the Unique Transaction Identifier and Unique Product Identifier. The Financial Stability Board identified the development of a UTI, UPI and other key data elements as critical for a mechanism to produce and share global aggregated derivatives reporting data. The Technical Guidance sets out the definition, format and allowable values of critical elements that would facilitate consistent aggregation of reported data at global level. It does not specify which data elements must be reported because those requirements are set by the relevant authorities in each jurisdiction. The Guidance is for national authorities to use and it is not intended to function as a set of rules for market participants.

View the Technical Guidance.]]></description>
					      
						      <pubDate>Mon, 09 Apr 2018 08:31:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Global-Technical-Guidance-on-Critical-OTC-D</guid>
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					      <title>UK Financial Conduct Authority Consults on Ex Post Impact Evaluation</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Ex-Pos</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a discussion paper on its proposed approach to using ex post impact evaluation to assess the impact of its work on consumers, firms and markets. The consultation paper sets out what the FCA means by ex post impact evaluation, why it is important to the FCA, the scope of ex post impact evaluations, how the FCA will select which work to evaluate, how such evaluations will be conducted and the key challenges involved in ex post impact evaluations. The FCA is seeking feedback on its proposed approach.

Responses to the discussion paper should be submitted by July 9, 2018.

View the discussion paper. ]]></description>
					      
						      <pubDate>Mon, 09 Apr 2018 08:27:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Ex-Pos</guid>
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					      <title>UK Prudential Regulation Authority Publishes its 2018/19 Business Plan</title>
					      <link>https://finreg.aoshearman.com/-Prudential-Regulation-Authority-Publishes-its-</link>
					      <description><![CDATA[
The Prudential Regulation Authority has published its Business Plan for 2018/19 which sets out its strategic goals and workplan to deliver those goals. The PRA also published a consultation paper on its fees and levies for 2018/19 alongside the Business Plan as well as a report to the Prudential Regulation Committee on the adequacy of PRA resources and independence of PRA functions.

Read a summary of the PRA&apos;s goals and workplan.]]></description>
					      
						      <pubDate>Mon, 09 Apr 2018 08:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/-Prudential-Regulation-Authority-Publishes-its-</guid>
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					      <title>European Commission Reports on the Potential Procyclical Effects of the EU Regulatory Capital Framework</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Reports-on-the-Potential-Proc</link>
					      <description><![CDATA[
The European Commission has published a report on the effects of the EU regulatory capital framework on the economic cycle. The Capital Requirements Regulation requires the Commission to assess periodically whether risk-sensitive regulatory requirements contained in the CRR and the Capital Requirements Directive create unintended procyclical effects and to consider whether it would be appropriate to implement any remedies. The report is addressed to the European Parliament and the Council of the European Union and was prepared in cooperation with the European Banking Authority, the European Systemic Risk Board and Member States.

The Commission analyzed whether capital ratio requirements are procyclical and, if so, if they have an impact of the level of capital held by banks. The Commission has concluded that there is only weak evidence of any procyclical effects resulting from the requirements in CRR and CRD. The EU regulatory framework already provides various tools that deal with procyclical effects, such as the capital conservation buffer, the countercyclical capital buffer, the leverage ratio and risk weight adjustments for specific exposures. The Commission does not consider that any major changes to the EU framework are required at this time.

View the report.]]></description>
					      
						      <pubDate>Mon, 09 Apr 2018 08:07:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Reports-on-the-Potential-Proc</guid>
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					      <title>UK Financial Conduct Authority Confirms Regulatory Status of Cryptocurrency Derivatives</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Confirms-Regulator</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a statement confirming the regulatory requirements applicable to firms engaged in cryptocurrency derivatives. The FCA does not regulate cryptocurrencies, provided that they do not form part of other regulated services or products. However, the FCA states that cryptocurrency derivatives may be categorized as financial instruments under the revised Markets in Financial Instruments Directive II and that firms carrying out regulated activities in cryptocurrency derivatives should comply with the FCA&apos;s Handbook rules as well as the directly applicable EU provisions. The FCA points out that dealing in, arranging transactions in, advising on or providing other services that are regulated activities in relation to derivatives that reference cryptocurrencies or tokens issued through an Initial Coin Offering will require FCA authorization.

View the FCA&apos;s statement.]]></description>
					      
						      <pubDate>Fri, 06 Apr 2018 11:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Confirms-Regulator</guid>
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					      <title>UK Financial Conduct Authority Finalizes Rules Enhancing Governance of Authorized Fund Managers</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Finalizes-Rules-En</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a Policy Statement and final rules relating to strengthening the governance arrangements of U.K. authorized fund managers. The need to enhance these arrangements was identified by the FCA in the Asset Management Market Study launched in 2015. The final AMMS report was published in June 2017 and set out remedies the FCA intended to implement to address identified issues. At the same time, the FCA published a consultation paper on the first set of proposals.

The Policy Statement sets out the FCA&apos;s response to the feedback on its proposals and the final rules and guidance. The new rules and guidance applies to U.K. AFMs in relation to their management of authorized funds (that is, authorized open-ended collective investment schemes). The rules will apply either on April 1, 2019 or on September 30, 2019, depending on the lead time that the FCA considers the industry needs to implement the required changes.

Read more for a summary of the FCA&apos;s decision on the various consultation points. ]]></description>
					      
						      <pubDate>Thu, 05 Apr 2018 10:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Finalizes-Rules-En</guid>
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					      <title>UK Financial Conduct Authority Consults on Proposals to Improve Disclosure to Fund Investors by Authorized Fund Managers</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Propos</link>
					      <description><![CDATA[
The Financial Conduct Authority has published a second consultation paper on remedies arising out of the Asset Management Market Study. This consultation concerns improving disclosure by authorized fund managers to their investors and should be read with the Policy Statement, final rules and revised guidance on enhanced governance arrangements for U.K. AFMs, which were published alongside the consultation paper. The FCA is proposing:

	new guidance on how AFMs should make fund objectives and investment policies clear and more useful for investors;
	new rules requiring managers to be clear about why (or why not) a benchmark has been used and how investors should assess the performance of the fund;
	new rules requiring AFMs that use benchmarks to use and reference them consistently across marketing materials;
	new rules requiring that where managers present past performance they must do so in an appropriate and consistent manner; and
	amending the performance fee rules to require that performance fees be calculated on performance net of other fees.

The proposed rules would apply to AFMs in respect of their management of authorized funds. Responses to the consultation should be submitted by July 5, 2018.

View the second consultation on remedies arising from the AMMS.

View details of the Policy Statement and final rules.

View the AMMS final report and the first consultation paper.]]></description>
					      
						      <pubDate>Thu, 05 Apr 2018 10:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Consults-on-Propos</guid>
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					      <title>International Standards Body Recommendations for Secondary Corporate Bond Market Transparency and Regulatory Reporting</title>
					      <link>https://finreg.aoshearman.com/International-Standards-Body-Recommendations-for-</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has published a final report on regulatory reporting and public transparency in the secondary corporate bond markets. The report discusses the importance to robust capital markets of making information accessible to regulators and the public via regulatory reporting requirements and pre- and post-trade transparency requirements respectively. The report discusses the approach taken in various jurisdictions to impose these requirements before setting out seven recommendations for national regulators.

The recommendations update IOSCO&apos;s 2004 report, &quot;Transparency of Corporate Bond Markets,&quot; which discussed the then-existing transparency arrangements for corporate bond markets, as well as the regulatory regimes that were in place in member jurisdictions and set out Core Measures for national regulators to consider to ensure adequate transparency and regulatory reporting arrangements. The recommendations also take into account IOSCO&apos;s 2017 report, &quot;Examination of the Liquidity of the Secondary Corporate Bond Markets,&quot; which set out the findings of an evidence-based examination of the state of secondary corporate bond markets from 2004 until approximately 2015 and provided a detailed overview and discussion of the markets and how they had evolved since 2004.

Read more.]]></description>
					      
						      <pubDate>Thu, 05 Apr 2018 10:19:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Standards-Body-Recommendations-for-</guid>
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					      <title>John C. Williams Named President and CEO of the Federal Reserve Bank of New York</title>
					      <link>https://finreg.aoshearman.com/John-C-Williams-Named-President-and-CEO-of-the-FRB-of-New-York</link>
					      <description><![CDATA[
The Federal Reserve Bank of New York announced that John C. Williams has been named its president and chief executive officer.  Mr. Williams currently serves as the president and chief executive officer of the Federal Reserve Bank of San Francisco, a position he has held since 2011.  Mr. Williams joined the Federal Reserve Bank of San Francisco in 2002, and prior to his appointment as president, served as executive vice president and director of research.  Mr. Williams has also served as a senior economist at the White House Council of Economic Advisers.  Mr. Williams will begin as president and chief executive officer on June 18, 2018, succeeding current president William C. Dudley, who is retiring.

View Tte full text of the Federal Reserve Bank of New York announcement.]]></description>
					      
						      <pubDate>Tue, 03 Apr 2018 20:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/John-C-Williams-Named-President-and-CEO-of-the-FRB-of-New-York</guid>
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					      <title>US Federal Reserve Bank of New York Introduces Three New Reference Rates</title>
					      <link>https://finreg.aoshearman.com/US-FRB-of-New-York-Introduces-Three-New-Reference-Rates</link>
					      <description><![CDATA[
The U.S. Federal Reserve Bank of New York, in conjunction with the U.S. Office of Financial Research, introduced three new reference rates.  These three rates, the Secured Overnight Financing Rate, the Broad General Collateral Rate and the Tri-Party General Collateral Rate, are based upon overnight repurchase agreement transactions collateralized by Treasury Securities.  The Federal Reserve Bank of New York has previously published indicative historical data for these three new rates.  In connection with the production of these new rates, the Federal Reserve Bank of New York indicated that it plans to update its International Organization of Securities Commissions statement of compliance during the second quarter of 2018 to include these rates.

View the FRB of NY&apos;s announcement.]]></description>
					      
						      <pubDate>Tue, 03 Apr 2018 20:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FRB-of-New-York-Introduces-Three-New-Reference-Rates</guid>
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					      <title>US Department of the Treasury Releases Report Outlining Community Reinvestment Act Recommendations</title>
					      <link>https://finreg.aoshearman.com/US-Department-of-the-Treasury-Releases-Report-Out</link>
					      <description><![CDATA[
The U.S. Department of the Treasury issued recommendations to the U.S. Office of the Comptroller of the Currency, U.S. Board of Governors of the Federal Reserve System and the U.S. Federal Deposit Insurance Corporation regarding the modernization of the Community Reinvestment Act.  The report is a follow-up to Treasury&apos;s 2017 report to the President entitled A Financial System That Creates Economic Opportunities: Banks and Credit Unions.

Read more.]]></description>
					      
						      <pubDate>Tue, 03 Apr 2018 18:58:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Department-of-the-Treasury-Releases-Report-Out</guid>
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					      <title>US Financial Crimes Enforcement Network Releases Customer Due Diligence FAQs</title>
					      <link>https://finreg.aoshearman.com/US-FinCEN-Releases-Customer-Due-Diligence-FAQs</link>
					      <description><![CDATA[
The U.S. Financial Crimes Enforcement Network released answers to 37 frequently asked questions regarding its final rule on Customer Due Diligence Requirements for Financial Institutions, which was published in the Federal Register on May 11, 2016 and amended on September 29, 2017.  This is the second series of FAQs FinCEN has released.  The FAQs cover various topics in connection with the requirement that financial institutions obtain beneficial ownership information for legal entity customers, including the beneficial ownership threshold and its interaction with other AML program obligations, collection and verification of identifying information, particularly for legal entity customers with complex ownership structures and the definition of &quot;legal entity customer,&quot; including the treatment of foreign financial institutions.  The FAQs also provide guidance regarding the beneficial ownership certification requirement, including when a single customer opens multiple accounts and in respect of product or service renewals, obligations to update beneficial ownership information and requirements to understand the nature and purpose of the customer relationship.

View FinCEN FAQs.]]></description>
					      
						      <pubDate>Tue, 03 Apr 2018 18:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FinCEN-Releases-Customer-Due-Diligence-FAQs</guid>
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					      <title>European Securities and Markets Authority Publishes Final Technical Advice under the Prospectus Regulation</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Auth</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published its final report on its technical advice to the European Commission to supplement the provisions of the Prospectus Regulation with delegated legislation. The Prospectus Regulation entered into force on July 20, 2017 and certain provisions took effect directly across the EU on July 20, 2017. It will further take effect partly on July 21, 2018 with the remainder of its provisions taking effect on July 21, 2019. The Prospectus Regulation is a major part of the European Commission&apos;s drive towards EU Capital Markets Union. It will repeal and replace the existing Prospectus Directive as well as its supplemental Regulation on the form and content of a prospectus.

ESMA was mandated by the European Commission to provide technical advice on possible delegated acts on the format and content of the prospectus, the content, format and sequence of the EU Growth Prospectus (a new type of prospectus for small and medium-sized enterprises and in certain cases non-SMEs for small issuances) and scrutiny and approval of the prospectus. ESMA consulted on its draft technical advice in three consultations launched in July 2017. ESMA has made a number of amendments to its technical advice, based on feedback received on the consultations.

Read more.]]></description>
					      
						      <pubDate>Tue, 03 Apr 2018 09:49:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Auth</guid>
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					      <title>US Consumer Financial Protection Bureau Releases Semi-Annual Report</title>
					      <link>https://finreg.aoshearman.com/US-Consumer-Financial-Protection-Bureau-Releases-Semi-Annual-Report</link>
					      <description><![CDATA[
The U.S. Consumer Financial Protection Bureau published its semi-annual report.  The report, which is mandated by the Dodd-Frank Act, highlights and summarizes various topics the CFPB is working on, including a list of rules, orders and initiatives to be undertaken in the upcoming period.  The report notes upcoming proposed and final rules, including reconsideration of certain aspects of Regulation C (Home Mortgage Disclosure), finalization of amendments to Regulation P (Annual Privacy Notice Requirements Under the Gramm-Leach-Bliley Act), and finalizing an amendment to Regulation Z (Federal Mortgage Disclosure Requirements under the Truth in Lending Act).  In his introductory letter to the report, CFPB Acting Director Mick Mulvaney was critical of past actions by the CFPB, contending that the CFPB was too powerful and subject to very little oversight.  Acting Director Mulvaney noted that the CFPB &quot;will continue to execute the law, but will no longer go beyond its statutory mandate.&quot;  In addition, Acting Director Mulvaney requested Congress enact four changes in order to promote and establish CFPB accountability: funding the CFPB through the congressional appropriations process; requiring congressional approval of major CFPB rules; ensuring that the CFPB Director is accountable to the President in the exercise of executive authority; and creating an independent Inspector General for the CFPB.

View the CFPB report.]]></description>
					      
						      <pubDate>Mon, 02 Apr 2018 19:57:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Consumer-Financial-Protection-Bureau-Releases-Semi-Annual-Report</guid>
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					      <title>US Federal Financial Regulators Issue Final Rule Exempting Commercial Real Estate Transactions of $500,000 or Less from Appraisal Requirements</title>
					      <link>https://finreg.aoshearman.com/US-FFR-Issue-Final-Rule-Exempting-CRE-Transactions-of-half-million-or-Less-from-AR</link>
					      <description><![CDATA[
The U.S. Office of the Comptroller of the Currency, U.S. Board of Governors of the Federal Reserve System and the U.S. Federal Deposit Insurance Corporation issued a final rule that exempts commercial real estate transactions of $500,000 or less from the appraisal requirements promulgated under Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.  The final rule raises the threshold from $250,000 to $500,000, for which appraisals are not required in connection with commercial real estate transactions.  The agencies originally proposed to increase the threshold to $400,000, but they determined that an increase to $500,000 would not pose a threat to the safety and soundness of financial institutions, and would result in a material reduction in the compliance-related regulatory burden for financial institutions.  For purposes of the final rule, &quot;commercial real estate transaction&quot; is defined as &quot;a real estate-related financial transaction that is not secured by a single 1-to-4 family residential property.&quot; The final rule clarifies that construction loans of $500,000 or less secured by a single 1-to-4 family residential property are not exempted from the appraisal requirement.  In lieu of an appraisal, financial institutions are required to obtain an evaluation of the collateral that is sufficient to support the institution&apos;s decision to engage in the transaction and consistent with safe and sound business practices.  The final rule took effect on April 9, 2018.

View full text of final rule.]]></description>
					      
						      <pubDate>Mon, 02 Apr 2018 19:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FFR-Issue-Final-Rule-Exempting-CRE-Transactions-of-half-million-or-Less-from-AR</guid>
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					      <title>U.S. Board of Governors of the Federal Reserve System Commission Study Regarding Payments Fraud and Security Vulnerabilities</title>
					      <link>https://finreg.aoshearman.com/US-BoG-of-the-FRSC-Study-Regarding-Payments-Fraud-and-Security-Vulnerabilities</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System announced that it is undertaking a study that will begin this month with respect to fraud in the U.S. payments system.  The study will identify causes and contributing factors to fraud in the U.S. payments system, such as payment security vulnerabilities, and will measure the costs associated with such fraud.  The study was commissioned as part of the Federal Reserve Board&apos;s Next Steps in the Payment Improvement Journey paper that was released last year.  A global management consulting firm will conduct the study, which is expected to last up to six months.  The study is intended to provide data to assist the Federal Reserve with its collaboration with the payments system industry with respect to the security of the payments system.

View the full text of the Federal Reserve Board announcement.]]></description>
					      
						      <pubDate>Thu, 29 Mar 2018 20:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-BoG-of-the-FRSC-Study-Regarding-Payments-Fraud-and-Security-Vulnerabilities</guid>
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					      <title>UK Authority Considers Competition Issues Arising From the Provision of Investment Consultancy Services and Fiduciary Management Services</title>
					      <link>https://finreg.aoshearman.com/UK-Authority-Considers-Competition-Issues-Arising</link>
					      <description><![CDATA[
The U.K. Competition and Markets Authority has published the third in a series of working papers on specific aspects of its market investigation into the supply and acquisition of investment consultancy services and fiduciary management services. The working paper should be read alongside the Issues Statement on the investigation, which was published in September 2017. The intention to publish a series of working papers on aspects of the investigation was outlined in a progress report in February 2018. The first working paper, relating to information on fees and quality, was published on March 1, 2018. The second working paper on asset manager product recommendations was published on March 22, 2018.

The third working paper provides the CMA&apos;s initial analysis of competition issues arising when firms offer both investment consultancy and fiduciary management services, in particular, where customers receiving investment consultancy services are directed towards a firm&apos;s fiduciary management services. The CMA is concerned that customers may not always receive the solution or deal that is in their best interests. In addition, conflicts of interest may arise between the firm and its clients. The CMA is of the view that it is not clear whether existing regulation fully addresses these potential conflicts of interest.

Read more. ]]></description>
					      
						      <pubDate>Thu, 29 Mar 2018 11:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Authority-Considers-Competition-Issues-Arising</guid>
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					      <title>U.S. Federal Deposit Insurance Corporation Vice Chairman Thomas M. Hoenig Discusses Finding the Correct Regulatory Balance</title>
					      <link>https://finreg.aoshearman.com/US-FDIC-Vice-Chairman-Thomas-M-Hoenig-Discusses-Finding-the-Correct-Regulatory-Balance</link>
					      <description><![CDATA[
Outgoing U.S. Federal Deposit Insurance Corporation Vice Chairman Thomas M. Hoenig discussed the importance of attaining meaningful regulatory relief without undermining the safety and soundness of the financial system.  Citing a few historical examples, Vice Chairman Hoenig discussed the similarities among past crises, as well as the deregulatory attitude that has followed these crises once the economy begins to recover.  Vice Chairman Hoenig noted that with a strong regulatory foundation, including strong capital and constraints on the reliance on government bail-outs, a number of costly administrative rules could be minimized or eliminated.

Read more.]]></description>
					      
						      <pubDate>Wed, 28 Mar 2018 20:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FDIC-Vice-Chairman-Thomas-M-Hoenig-Discusses-Finding-the-Correct-Regulatory-Balance</guid>
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					      <title>European Commission Proposes Extending Fee Cap to Non-Eurozone Member States</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Proposes-Extending-Fee-Cap-to</link>
					      <description><![CDATA[
The European Commission has published a proposed Regulation to amend the Regulation on cross-border payments in the EU. The Regulation on cross-border payments provides, among other things, that charges for cross-border euro payments within the Eurozone must be the same as charges for domestic euro payments. Member States outside of the Eurozone were given the option to extend the application of the Regulation to their domestic currency. Only Sweden opted to do so.

The proposed amending Regulation extends the scope of the fee cap provisions to EU Member States outside of the Eurozone for euro-denominated payments. A payment service providers&apos; charges for cross-border euro payments will be required to be the same as that charged by the PSP for a domestic payment of the same value in the official currency of the customer&apos;s Member State. Cross-border transactions in currencies other than the euro are outside of the scope of the fee cap proposals. The proposals aim to put an end to the high cost of intra-EU cross-border transactions in euro.

Read more. ]]></description>
					      
						      <pubDate>Wed, 28 Mar 2018 11:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Proposes-Extending-Fee-Cap-to</guid>
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					      <title>European Central Bank Consults on Guide to Internal Models</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Guide-to-Intern</link>
					      <description><![CDATA[
The European Central Bank has begun a consultation on the first chapter of a proposed guide to internal models. The Capital Requirements Regulation requires the ECB to assess and grant permission for banks directly supervised by the ECB to use internal models for credit risk, counterparty credit risk and market risk. The ECB&apos;s proposed guide aims to set out how the ECB intends to approach the assessment of whether a firm meets the necessary requirements for the permission to be granted.

The consultation covers only the first chapter of the proposed guide. This chapter is on general topics comprising overarching principles for internal models, implementation of the internal ratings-based approach, internal model governance, internal validation and audit, model use and change management as well as third-party involvement. The ECB intends to consult on model-specific chapters, including for credit, market and counterparty credit risks, at a later date.

The consultation closes on May 25, 2018.

View the consultation paper.]]></description>
					      
						      <pubDate>Wed, 28 Mar 2018 07:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Guide-to-Intern</guid>
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					      <title>Final EU Guidelines on Internalized Settlement Reporting Under the Central Securities Depositories Regulation</title>
					      <link>https://finreg.aoshearman.com/Final-EU-Guidelines-on-Internalized-Settlement-Re</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published final Guidelines on Internalized Settlement Reporting under the Central Securities Depositories Regulation. The CSDR, which introduces common standards for settlements across the EU, will apply directly across the EU from January 1, 2023 to transferable securities issued after that date and, from January 1, 2025, to all transferable securities. The CSDR requires settlement internalizers to report the aggregated volume and value of all securities transactions that they settle outside of securities settlement systems to their national regulator on a quarterly basis. Settlement internalizers are firms that execute transfer orders on behalf of clients or on own account other than through a securities settlement system. National regulators must, without delay, transmit the information received from settlement internalizers to ESMA and inform ESMA of any resulting potential risk. Regulatory Technical Standards on internal settlement (Commission Delegated Regulation (EU) 2017/391) provide the content of internalized settlement reporting and Implementing Technical Standards (Commission Implementing Regulation (EU) 2017/393) provide the templates and procedures for reporting and transmission of the information.

The Guidelines on Internalized Settlement Reporting aim to ensure the consistent application of the requirements under CSDR and the related technical standards. The Guidelines set out the scope of data to be reported to national regulators and the entities responsible for reporting the information. The Guidelines also provide the process for submission of information by national regulators to ESMA.

The Guidelines will apply to national regulators and to settlement internalizers from the date that they are published on ESMA&apos;s website in the official languages of the EU.

View the final Guidelines on reporting internalized settlement.]]></description>
					      
						      <pubDate>Wed, 28 Mar 2018 07:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-EU-Guidelines-on-Internalized-Settlement-Re</guid>
				    </item>
			
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					      <title>European Banking Authority Proposes Extending the Scope of the Complaints-Handling Guidelines</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Proposes-Extending-the</link>
					      <description><![CDATA[
The European Banking Authority has published proposals to extend the Joint Committee Guidelines on complaints-handling for the securities and banking sectors to the new institutions established under the revised Payment Service Directive and the Mortgage Credit Directive. The Joint Committee&apos;s Guidelines on complaints-handing for the securities and banking sectors, published in June 2014, apply to national regulators responsible for supervising complaints-handling by credit institutions, investment firms, certain fund managers, payment institutions and electronic money institutions where complaints are made by natural or legal persons about the regulated activities carried out by these entities.

The MCD, which has applied since March 2016, covers non-bank creditors. Similarly, PSD2, in application since January 2018, introduced two new providers of payment services - payment initiation service providers and account information service providers. Complaints-handling by these entities do not currently fall within the scope of the Guidelines.

The EBA is proposing to extend the scope of the existing Guidelines to these entities to ensure that consumers receive the same level of protection when they interact with these new entities as when they interact with in-scope regulated entities. The extended Guidelines would only apply to security-related complaints for account information services provided by account information service providers under PSD2. The EBA proposes that national regulators should apply the extended Guidelines on a proportionate basis, taking into account the nature, scale and complexity of the business of each entity as well as the nature and range of services they offer.

The consultation closes on May 27, 2018.

View the consultation paper.

View the existing Guidelines.]]></description>
					      
						      <pubDate>Wed, 28 Mar 2018 07:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Proposes-Extending-the</guid>
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					      <title>UK Regulators Confirm Approach to Authorization and Supervision of International Banks, Investment Firms, Insurers and CCPs Under Brexit Transitional Agreement</title>
					      <link>https://finreg.aoshearman.com/UK-Regulators-Approach-to-Authorization-a</link>
					      <description><![CDATA[
Following the announcement on March 19, 2018 that a transitional period for Brexit had been agreed between the U.K. and the EU, the U.K. regulators have published statements setting out their expectations regarding firms&apos; preparations for the U.K.&apos;s withdrawal from the EU. The agreed transitional period is from March 29, 2019 until December 31, 2020 and EU law will remain applicable in the U.K. during that time. Both the Financial Conduct Authority and the Bank of England have stated that, subject to the ratification of the transitional agreement, firms carrying on regulated activities in the U.K. through an EU passport can plan to continue doing so during the implementation period on the same basis as they do now and that U.K. authorization would only be needed by the end of that period.

The BoE has also confirmed its approach to the authorization and supervision of international banks, designated investment firms and insurers. The Prudential Regulation Authority has published &quot;Dear CEO&amp;&quot; letters addressed to the CEOs and branch managers of banks, insurers and designated investment firms that undertake cross-border activities between the U.K. and the rest of the EU, together with updated Policy Statements and Supervisory Statements on the PRA&apos;s approach to the branch authorization and supervision of EEA banks, insurers and designated investment firms. Following consideration of feedback to the PRA&apos;s consultation on updating its approach to branch authorization and supervision, the PRA confirms that it has not made any significant changes to the versions it consulted on, except that the threshold for liabilities protected by the Financial Services Compensation Scheme has been increased from &amp;pound;200 million to &amp;pound;500 million. The PRA&apos;s new approach for banks, investment firms and insurers comes into effect on March 29, 2018.

Read more. ]]></description>
					      
						      <pubDate>Wed, 28 Mar 2018 07:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulators-Approach-to-Authorization-a</guid>
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					      <title>European Securities and Markets Authority Confirms Product Intervention for Contracts for Difference and Binary Options</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Confirm</link>
					      <description><![CDATA[
The European Securities and Markets Authority has confirmed that it will use its product intervention powers under the Markets in Financial Instruments Regulation to prohibit the marketing, distribution and sale of binary options to retail investors. It will also impose a number of restrictions on the marketing, distribution and sale of Contracts for Difference to retail investors. Both CFDs and binary options have given rise to significant investor protection concerns, due to their complexity, the lack of transparent information at the point of sale, the risk of significant loss for investors and the deployment of aggressive marketing techniques by providers and distributors of the products.

Read more.]]></description>
					      
						      <pubDate>Tue, 27 Mar 2018 10:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Confirm</guid>
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					      <title>European Securities and Markets Authority Issues Final Guidelines for Position Calculation by Trade Repositories</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Mar</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published finalized Guidelines on position calculation by trade repositories under the European Market Infrastructure Regulation. ESMA consulted on a draft version of the Guidelines at the end of 2017. 

EMIR requires that derivatives contracts are reported to a trade repository by the parties to the contract or by the CCP. Reporting parties do not have to report their trades to the same trade repositories. Instead, trade repositories must take steps to reconcile records among one another.  Trade repositories are required to calculate the positions by class of derivatives and the reporting entity, based on the reports received. Trade repositories are also required to publish aggregate positions by class of derivatives.

ESMA has introduced new Guidelines to provide a framework for trade repositories to provide the relevant calculations in a common format and follow a consistent methodology and timeline. This will promote the provision to relevant authorities with more consistent and harmonized position data in relation to derivatives and higher standards as regards the data that is made available to authorities.

Read more]]></description>
					      
						      <pubDate>Tue, 27 Mar 2018 08:56:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Mar</guid>
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					      <title>EU Authority Seeks to Clarify the Third-Country Endorsement Regime for Credit Ratings</title>
					      <link>https://finreg.aoshearman.com/EU-Authority-Seeks-to-Clarify-the-Third-Country-E</link>
					      <description><![CDATA[
The European Securities and Markets Authority has opened a consultation on proposed supplementary guidance on the application of the endorsement regime under the EU Credit Rating Agencies Regulation. The CRA Regulation provides that banks, investment firms, insurers, reinsurers, management companies, investment companies, alternative investment fund managers and CCPs may only use credit ratings for certain regulatory purposes where such ratings have been issued by CRAs established in the EU and registered with ESMA. Credit ratings issued in a third country may only be used for such regulatory purposes in the EU under an endorsement regime or an equivalence/certification regime. Endorsement allows credit ratings issued by a third-country CRA and endorsed by an EU CRA to be used for regulatory purposes in the EU. The equivalence/certification regime allows credit ratings issued by a third-country CRA in relation to a third-country entity or financial instrument to be used in the EU for regulatory purposes - it does not cover ratings issued by a third-country CRA for an EU entity or a financial instrument issued in the EU. However, the equivalence regime requires an affirmative assessment by ESMA and the Commission as to the legal regime for credit ratings agency in the third country.

In November 2017, ESMA published an updated version of the Guidelines on the endorsement regime, which clarified that ESMA expects an endorsing CRA to verify, and be able to demonstrate, that the third-country CRA has established internal requirements which are at least as stringent as the corresponding requirements in the relevant provisions of the CRA Regulation, or that the third-country CRA fulfills the endorsement requirements under the CRA Regulation.

Read more. ]]></description>
					      
						      <pubDate>Tue, 27 Mar 2018 07:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Authority-Seeks-to-Clarify-the-Third-Country-E</guid>
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					      <title>UK Regulator Proposes Guidance on Obligations to Counter Insider Dealing and Market Manipulation</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Proposes-Guidance-on-Obligations-to-</link>
					      <description><![CDATA[
The Financial Conduct Authority has launched a consultation on adding a proposed chapter on insider dealing and market manipulation to its Financial Crime Guide. The Financial Crime Guide is not part of the FCA&apos;s rules but it is a guide to assist firms in implementing the regulator&apos;s rules. A firm that does not comply with the Guide is not necessarily deemed by the FCA to be in breach of the rules. However, the FCA expects firms to use the guide to inform their financial crime systems and controls.

The FCA is proposing to add a new chapter on insider dealing and market manipulation to the Financial Crime Guide. The EU Market Abuse Regulation, which applies directly across the EU, requires firms arranging or executing transactions to establish and maintain effective arrangements, systems and controls to detect and report suspicious transactions. The FCA emphasizes that the U.K. rules extend these obligations under MAR and require firms to also counter the risk of financial crime. The FCA explains that this &apos;countering&apos; obligation extends to insider dealing and market manipulation.

The consultation paper also covers other minor amendments proposed by the FCA, including updating the Guide to reflect the introduction of the Money Laundering Regulations 2017 and removing outdated references on Sanctions.

Responses to the consultation are due by June 28, 2018. The FCA intends the final revised Guide to come into effect on October 1, 2018

View the consultation paper.

View the existing Financial Crime Guide.]]></description>
					      
						      <pubDate>Tue, 27 Mar 2018 07:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Proposes-Guidance-on-Obligations-to-</guid>
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					      <title>Federal Reserve Bank of New York President William Dudley Discusses the Role of Incentives in Ensuring a Resilient and Robust Financial System</title>
					      <link>https://finreg.aoshearman.com/FRBNY-President-William-Dudley-Discusses-Role-of-Incentives-in-Ensuring-Resilient-and-Robust-FS</link>
					      <description><![CDATA[
Federal Reserve Bank of New York President William Dudley spoke at the U.S. Chamber of Commerce regarding the role incentives play in ensuring a resilient and robust financial system.  In his remarks, President Dudley noted the considerable progress that has been made since the financial crisis in creating a more robust and resilient financial system, including with respect to the safety and soundness of, and to the resolution process for, systemically important financial institutions.

Read more.]]></description>
					      
						      <pubDate>Mon, 26 Mar 2018 21:03:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/FRBNY-President-William-Dudley-Discusses-Role-of-Incentives-in-Ensuring-Resilient-and-Robust-FS</guid>
				    </item>
			
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					      <title>European Money Markets Institute Consults on Hybrid Methodology for Euribor</title>
					      <link>https://finreg.aoshearman.com/European-Money-Markets-Institute-Consults-on-Hybr</link>
					      <description><![CDATA[
The European Money Markets Institute has published a consultation paper seeking views from stakeholders on a hybrid determination methodology for the Euro Interbank Offered Rate (Euribor). EMMI is the administrator for Euribor, a major euro interest reference rate for unsecured interbank short-term lending and borrowing. Euribor was classed as a critical benchmark of systemic importance for financial stability by the European Commission in 2016.

Euribor is currently determined using a survey approach entailing the collection of quotes from contributing panel banks active in the euro money markets, supplemented by expert judgement. In line with the Financial Stability Board&apos;s 2014 report, &quot;Reforming Major Interest Rate Benchmarks&quot;, EMMI has been working towards a methodology which will strengthen Euribor by underpinning it, to the greatest extent possible, with real transaction data. In 2016, EMMI proposed a new determination methodology for Euribor that was fully anchored in real transactions. However, viability testing of the proposed methodology revealed that a seamless transition from a quote-based to a fully transaction-based methodology was not feasible.

EMMI is now proposing a three-level &quot;hybrid&quot; methodology, under which the calculation of Euribor at particular defined tenors is supported by euro money market transaction data from contributing panel banks whenever available and relies on other related market pricing sources or banks&apos; own appreciation of their funding costs when necessary.

Read more.]]></description>
					      
						      <pubDate>Mon, 26 Mar 2018 10:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Money-Markets-Institute-Consults-on-Hybr</guid>
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					      <title>Final Draft EU Technical Standards Amending Systematic Internalisers&apos; Quote Rules</title>
					      <link>https://finreg.aoshearman.com/Final-Draft-EU-Technical-Standards-Amending-Syste</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published a final report and final draft amending Regulatory Technical Standards to amend the RTS on the equity transparency obligations of trading venues and investment firms (Commission Delegated Regulation (EU) 2017/587, known as RTS 1). The Markets for Financial Instruments Regulation requires Systematic Internalisers to make public firm quotes in equity instruments. The quotes must: (i) be at least equivalent of 10% of the standard market size for the quoted instrument; (ii) include both a bid and offer price; and (iii) reflect the prevailing market conditions for that instrument. RTS 1 specifies the concept of &quot;prices reflecting prevailing market conditions&quot; as being &quot;close in price, at the time of publication, to quotes of equivalent sizes for the same financial instrument on the most relevant market in terms of liquidity&quot;.

ESMA considers that this concept needs to be further elaborated and consulted on proposed amendments last year. ESMA has not made any changes to its proposal.  The final draft amending RTS provide that the quotes of an SI can only adequately reflect prevailing market conditions when the quotes reflect the minimum price increments (&apos;tick sizes&apos;) quoted for a financial instrument on a trading venue.

Read more. ]]></description>
					      
						      <pubDate>Mon, 26 Mar 2018 08:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Final-Draft-EU-Technical-Standards-Amending-Syste</guid>
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					      <title>European Regulatory Technical Standards under ELTIF Regulation published</title>
					      <link>https://finreg.aoshearman.com/European-Regulatory-Technical-Standards-under-ELT</link>
					      <description><![CDATA[
A Commission Delegated Regulation has been published in the Official Journal of the European Union. The Delegated Regulation supplements the Regulation on European Long-Term Investment Funds, setting out Regulatory Technical Standards to specify the criteria for establishing the circumstances in which the use of financial derivative instruments solely serves hedging purposes, the circumstances in which the life of a ELTIF is considered sufficient in length and the criteria to be used for certain elements of the itemized schedule for the orderly disposal of the ELTIF assets and the facilities available to retail investors.

The Delegated Regulation will enter into force on April 12, 2018.

View the Commission Delegated Regulation ((EU) 2018/480).]]></description>
					      
						      <pubDate>Fri, 23 Mar 2018 13:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Regulatory-Technical-Standards-under-ELT</guid>
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					      <title>Financial Stability Board Launches Survey on Legal Barriers to Reporting OTC Derivatives Trades</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Launches-Survey-on-Lega</link>
					      <description><![CDATA[
The Financial Stability Board has launched a survey seeking feedback from financial institutions and other reporting entities on legal barriers that prevent or hinder them from reporting full transaction information on over-the-counter derivatives trades to Trade Repositories.

Legal barriers that can prevent full trade reporting include blocking laws, client confidentiality laws, data protection laws and related requirements or restrictions. Trade reporting is an important component of the comprehensive reforms of OTC derivatives markets agreed by the G20 in 2009.  A thematic peer review of derivative trade reporting conducted by the FSB in 2015 revealed a number of legal barriers to trade reporting. These barriers can hamper national regulators in carrying out their regulatory obligations, such as monitoring and analyzing systemic risk and market activity. The FSB has previously published progress reports in 2016 and 2017 setting out steps FSB member jurisdictions have taken and are planning to take. FSB member jurisdictions have committed to take action to remove legal barriers by June 2018.

Read more.]]></description>
					      
						      <pubDate>Fri, 23 Mar 2018 12:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Launches-Survey-on-Lega</guid>
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					      <title>European Central Bank Issues Final Guides on Licensing Credit Institutions and FinTech Credit Institutions</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Issues-Final-Guides-on-Lice</link>
					      <description><![CDATA[
The European Central Bank has published finalized versions of its guides &quot;Guide to Assessments of Licence Applications&quot; and &quot;Guide to Assessments of FinTech Credit Institution Licence Applications&quot;, following consideration of the responses to consultations on draft versions of the guides, which the ECB ran between September and November 2017.

The ECB has been exclusively competent, since November 2013, to authorize all Eurozone credit institutions and credit institutions established in any other EU Member States that participate in the Single Supervisory Mechanism via close cooperation arrangements.

The ECB exercises its competence in close cooperation with the relevant national regulators. The ECB has developed the Guides, which are not legally binding, to promote awareness and enhance the transparency of the assessment criteria and processes for establishing a credit institution within the SSM. These should serve as practical tools to support applicants and all other entities involved in the process of bank authorization to ensure a smooth and effective procedure and assessment.

Read more.
]]></description>
					      
						      <pubDate>Fri, 23 Mar 2018 11:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Issues-Final-Guides-on-Lice</guid>
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					      <title>Consultation on Proposed EU Technical Standards for Securitization Repositories</title>
					      <link>https://finreg.aoshearman.com/Consultation-on-Proposed-EU-Technical-Standards-f</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published two consultation papers relating to the regulation of EU securitization repositories under the Securitization Regulation (also known as the STS Regulation). The first consultation paper proposes draft technical standards on applications for registration of a securitization repository and draft Guidelines on data portability between securitization repositories. The second consultation paper consults on draft advice to the European Commission on supervisory fees payable by securitization repositories.

The Securitization Regulation requires, among other things, securitization special purpose entities, originators and sponsors of a securitization to make certain information available via a securitization repository to holders of a securitization position, to national regulators and, upon request, to potential investors. ESMA will register and supervise securitization repositories, as it does trade repositories under the European Market Infrastructure Regulation and the Securities Financing Transactions Regulation. Unlike EMIR and SFTR, the Securitization Regulation does not contemplate non-EU firms as securitization repositories.

Read more. ]]></description>
					      
						      <pubDate>Fri, 23 Mar 2018 08:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Consultation-on-Proposed-EU-Technical-Standards-f</guid>
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					      <title>Financial Action Task Force Launches Survey on Correspondent Banking Guidance</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Launches-Survey-on-Co</link>
					      <description><![CDATA[
The Financial Action Task Force has launched an online private sector survey on correspondent banking and the usefulness of its 2016 Guidance on correspondent banking services. The Guidance was published in response to increased concerns about so-called &quot;de-risking,&quot; whereby financial institutions avoid, rather than manage, the risks associated with money laundering or terrorist financing by terminating business relations with entire regions or classes of customers. The FATF considers that de-risking is inconsistent with FATF Recommendations, that it has negatively impacted correspondent banking and that it may result in financial transactions being directed into less regulated areas, which would reduce transparency and increase exposure to money laundering and terrorist financing risks.

The FATF wants to assess whether its Guidance is helping to address the de-risking issues. The survey is intended to track their understanding of adoption and usefulness of the guidance.

The survey is open until April 16, 2018.

View the survey.

View the 2016 Guidance on correspondent banking. ]]></description>
					      
						      <pubDate>Fri, 23 Mar 2018 07:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Launches-Survey-on-Co</guid>
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					      <title>U.S. Federal Financial Institutions Examination Council Provides Update on Examination Modernization Project</title>
					      <link>https://finreg.aoshearman.com/US-FFIEC-Provides-Update-on-Examination-Modernization-Project</link>
					      <description><![CDATA[
The U.S. Federal Financial Institutions Examination Council announced an            update regarding its Examination Modernization Project.  The project initially grew out of the regulatory review process undertaken pursuant to the Economic Growth and Regulatory Paperwork Reduction Act, and is intended to identify potential improvements that can be made in the efficiency and efficacy of the community financial institutions safety and soundness examination processes.  The project has focused primarily on leveraging improved technology to streamline and simplify the examination process for community financial institutions.  As part of the project, the FFIEC has identified four key areas where the supervisory burden can potentially be reduced, including, better communication throughout the examination process, using technology to move examination tasks offsite, tailoring examinations based upon risk and improving electronic file transfer systems. While the FFIEC will first focus on these four areas, the Examination Modernization Project is envisioned as a long-term process, and the FFIEC will continue to identify new parts of the examination process that could benefit from further improvement.  To facilitate improvements in the first key area regarding transparency, the U.S. federal financial regulatory agencies have committed to issue reinforcing and clarifying guidance to examination staff about the importance of being transparent and communicative throughout the examination process.

View full tex of FFIEC press release.]]></description>
					      
						      <pubDate>Thu, 22 Mar 2018 20:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FFIEC-Provides-Update-on-Examination-Modernization-Project</guid>
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					      <title>UK Government Launches FinTech Sector Strategy</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Launches-FinTech-Sector-Strategy</link>
					      <description><![CDATA[
HM Treasury has published a document entitled &quot;FinTech Sector Strategy: Securing the Future of U.K. FinTech&quot; to coincide with the U.K. government&apos;s second International Fintech Conference.

The Strategy Paper provides an overview of the work already conducted by successive U.K. governments to support the FinTech sector by promoting competition and removing barriers to entry. Drawing on the findings of the 2017 &quot;UK FinTech Census,&quot; which set out a comprehensive review of the sector and the challenges it faces, the government has identified further action it might take to remove barriers to entry and growth faced by FinTech firms. These further actions focus on reducing the cost of regulatory compliance, ensuring access to skilled talent, improving FinTech firms&apos; access to equity finance, improving the take-up of new FinTech services, increasing competition and providing access to new markets.

Read more.]]></description>
					      
						      <pubDate>Thu, 22 Mar 2018 14:05:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Launches-FinTech-Sector-Strategy</guid>
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					      <title>Basel Committee Updates Frequently Asked Questions on Basel III Standards</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-Updates-Frequently-Asked-Question</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published updated versions of its frequently asked questions on two aspects of the Basel III prudential framework.

The Basel Committee has updated the FAQ it published in August 2015 on the standardized approach for measuring counterparty credit risk exposures, providing answers to additional questions concerning collateral taken outside of netting sets, the treatment of Eurodollar futures, supervisory delta adjustments for negative interest rates, credit derivatives and effective notional calculations. The Basel Committee has also updated the FAQ it published in January 2017 on market risk capital requirements, with the addition of answers to three new questions on the standardized approach, the internal models approach and the trading book boundary and scope of application.

View the updated FAQ on the standardized approach for counterparty credit risk.

View the updated FAQ on market risk capital requirements.]]></description>
					      
						      <pubDate>Thu, 22 Mar 2018 13:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-Updates-Frequently-Asked-Question</guid>
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					      <title>UK and Australian Regulators Agree Enhancements to FinTech Bridge</title>
					      <link>https://finreg.aoshearman.com/UK-and-Australian-Regulators-Agree-Enhancements-t</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority and the Australian Securities and Investments Commission have signed an enhanced cooperation agreement on FinTech innovation. The new agreement supersedes the previous cooperation agreement entered into by the two countries&apos; regulators in March 2016. It aims to enable public officials and private parties to work together to foster Fintech innovation and help early-stage Fintech firms to expand their businesses. The FCA and ASIC will, through their Innovation Hubs, explore ways to speed up the process of authorization of innovative businesses that are already authorized in the other jurisdiction. The framework agreed between the regulators includes a referral mechanism and mutual access to regulatory sandbox testing environments, enabling the two authorities to refer FinTech businesses between their respective sandboxes. The Authorities also plan to share and use information on innovation in their respective markets.

Commenting on the enhanced cooperation agreement, U.K. Chancellor of the Exchequer Philip Hammond stated that &quot;This is our most ambitious collaboration to date, bringing together regulators, policy-makers and private sector leaders to collaborate on growing our respective fintech markets in tandem.&quot;

View the Enhanced Cooperation Agreement.

View the FCA press release.]]></description>
					      
						      <pubDate>Thu, 22 Mar 2018 12:16:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-and-Australian-Regulators-Agree-Enhancements-t</guid>
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					      <title>UK Competition and Markets Authority Publishes Second Working Paper on its Investment Consultancy Investigation</title>
					      <link>https://finreg.aoshearman.com/UK-Competition-and-Markets-Authority-Publishes-Se</link>
					      <description><![CDATA[
The U.K. Competition and Markets Authority has published the second in a series of working papers on specific aspects of its market investigation into the supply and acquisition of investment consultancy services and fiduciary management services. The working paper should be read alongside the Issues Statement on the investigation, which was published in September 2017. The intention to publish a series of working papers on aspects of the investigation was outlined in a progress report in February 2018. The first working paper, relating to information on fees and quality, was published on March 1, 2018.

Read more.]]></description>
					      
						      <pubDate>Thu, 22 Mar 2018 11:52:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Competition-and-Markets-Authority-Publishes-Se</guid>
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					      <title>Basel Committee on Banking Supervision Consults on Amending Pillar 3 Disclosure Requirements</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-on--Supervision-Consults-o</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published a consultation document on a technical amendment to the Pillar 3 disclosure requirements and the regulatory treatment of accounting provisions. The proposals are relevant in jurisdictions implementing an expected credit loss accounting model and for those adopting transitional arrangements for the regulatory treatment of accounting provisions. The Basel Committee is proposing to introduce a new requirement in the Pillar 3 standard to reflect any transitional effects for the impact of ECL accounting on regulatory capital.

The consultation closes on May 4, 2018.

View the consultation paper.]]></description>
					      
						      <pubDate>Thu, 22 Mar 2018 08:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-on--Supervision-Consults-o</guid>
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					      <title>Basel Committee Consults on Proposed Revisions to Minimum Capital Requirements for Market Risk</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-Consults-on-Proposed-Revisions-to</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published a consultation on proposed revisions to the standard it published in January 2016 on the minimum capital requirements for market risk. The Basel Committee has been monitoring the implementation of the standard and its impact on banks&apos; market risk capital requirements since the standard was published and has identified several issues.

Read more.]]></description>
					      
						      <pubDate>Thu, 22 Mar 2018 07:51:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Basel-Committee-Consults-on-Proposed-Revisions-to</guid>
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					      <title>UK Secondary Legislation on Regulatory Treatment of Peer-to-Peer Borrowers</title>
					      <link>https://finreg.aoshearman.com/UK-Secondary-Legislation-on-Regulatory-Treatment-</link>
					      <description><![CDATA[
The Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) (Amendment) Order 2018 has been published. This Amendment Order amends the Financial Services and Markets Act 2000 (Carrying on Regulated Activities By Way of Business) Order 2001 to clarify the position of borrowers who raise funds through peer-to-peer lending platforms.

The Amendment Order provides that, subject to a number of conditions, if a borrower using peer-to-peer lending uses the capital of, or interest on, money received by way of deposit solely to finance its other business activities, this is to be regarded as evidence indicating that the borrower is not carrying on the business of accepting deposits. This clarifies that only firms whose core business involves borrowing through a peer-to-peer platform would need to obtain a banking license and be regulated as a &quot;deposit taker.&quot; The Amendment Order resolves uncertainty for businesses borrowing via peer-to-peer platforms (and for the platforms themselves) by clarifying the circumstances in which those borrowers would be considered to be carrying on the regulated activity of accepting deposits.

The Amendment Order comes into force on March 22, 2018.

View the Amendment Order (S.I. 2018 No. 394)..

View the explanatory memorandum.]]></description>
					      
						      <pubDate>Wed, 21 Mar 2018 15:00:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Secondary-Legislation-on-Regulatory-Treatment-</guid>
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					      <title>European Banking Authority Final Guidelines on Internal Governance Under the Capital Requirements Directive</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Final-Guidelines-on-In</link>
					      <description><![CDATA[
The European Banking Authority has published a compliance notification form on its website, seeking confirmation, by May 21, 2018, of compliance (or intention to comply) with the Final Guidelines on Internal Governance it published in September 2017.

The EBA was mandated under the Capital Requirements Directive to provide guidelines on the corporate governance arrangements, processes and mechanisms required under that Directive. CRD IV requires that institutions must have robust governance arrangements, which include a clear organizational structure with well-defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks they are or might be exposed to, adequate internal control mechanisms, including sound administration and accounting procedures and remuneration policies and practices that are consistent with and promote sound and effective risk management. The EBA consulted in October 2016 on proposed updates to its previous guidelines on internal governance, which were published in September 2011.

Read more.]]></description>
					      
						      <pubDate>Wed, 21 Mar 2018 14:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Final-Guidelines-on-In</guid>
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					      <title>European Banking Authority Reports on the Credit Risk Mitigation Framework</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Reports-on-the-Credit-</link>
					      <description><![CDATA[
The European Banking Authority has published a report following its assessment of the credit risk mitigation framework under the Capital Requirements Regulation. Credit risk mitigation is defined in the CRR as a &quot;technique used by an institution to reduce the credit risk associated with an exposure or exposures which that institution continues to hold&quot;. The incentive for institutions in using CRM techniques is that CRM can attract a reduction in capital requirements.

This CRM report forms the fourth and final phase of the EBA&apos;s roadmap for the implementation of the regulatory review of the internal models based approach. That roadmap, launched in February 2016, favoured continued use of the IRB approach (that is, the Foundation IRB Approach and the Advanced IRB Approach) and set out plans for the introduction, in four phases, of changes which aim at harmonizing definitions and supervisory practices in the definition of default, the estimation of risk parameters and treatment of defaulted assets, credit risk mitigation techniques and disclosure in four phases.

The EBA considers that increased clarity of the CRM framework is an integral part of the IRB review and the EBA has analyzed, in the CRM report, whether an overhaul of the CRM framework as presented in the CRR would be beneficial.

Read more.]]></description>
					      
						      <pubDate>Wed, 21 Mar 2018 14:26:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Reports-on-the-Credit-</guid>
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					      <title>European Securities and Markets Authority and European Banking Authority Final Guidelines on Suitability of Management Body Members and Key Function Holders</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-and-Eur</link>
					      <description><![CDATA[
Following consultation in late 2017, the European Securities and Markets Authority and European Banking Authority have jointly published final Guidelines on the assessment of the suitability of members of management bodies and key function holders in credit institutions, investment firms, financial holding companies and mixed financial holding companies. These assessments are required under the Capital Requirements Directive and the revised Markets in Financial Instruments Directive.

Under the CRD and MiFID II, an assessment of the suitability of members of a management body should take into account factors such as sufficiency of time commitment, honesty, integrity and independence of mind of a member of the management body. The management body must have adequate collective knowledge, skills and experience among its members.  Firms should devote adequate human and financial resources to the induction and training of such members. Diversity is also to be taken into account when selecting members of the management body. In the case of key function holders, the Guidelines also specify requirements regarding the suitability of the heads of internal control functions and the chief financial officer of credit institutions and certain investment firms. The Guidelines apply to any other persons assessed as key function holders under the firm&apos;s risk-based approach. An Annex is provided as a template for firms to record the results of relevant assessments.

Read more.]]></description>
					      
						      <pubDate>Wed, 21 Mar 2018 14:25:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-and-Eur</guid>
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					      <title>UK Regulator Consults on Mission Approach Documents for Supervision and Enforcement</title>
					      <link>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Mission-Approach-Documen</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published two consultations, seeking feedback on draft documents setting out its regulatory approach to supervision and enforcement. The two documents, once finalized, will form part of a series of formal &quot;approach documents&quot; explaining the FCA&apos;s approach to regulation in more depth. They should be read alongside the FCA&apos;s Mission document, which was first published in October 2016 and most recently updated in November 2017.

Read more.]]></description>
					      
						      <pubDate>Wed, 21 Mar 2018 11:21:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Regulator-Consults-on-Mission-Approach-Documen</guid>
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					      <title>European Securities and Markets Authority Issues Opinion on Application of MiFIR Trading Obligation to Package Orders</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Issu-</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published an Opinion on the treatment of package orders in the context of the trading obligation for derivatives under the Markets in Financial Instruments Regulation. The trading obligation requires that the trading of certain derivatives must take place on a regulated market, multilateral trading facility, organised trading facility or on an equivalent third-country trading venue.

Package orders are used by investment firms and their clients to conduct trades for risk management and hedging purposes. They are composed of two or more financial instruments that are priced as a single unit. The execution of each component is simultaneous and contingent upon on the execution of all the other components. Under MiFIR, the trading obligation is designed to apply at instrument level, not package level - the obligation attaches to the components of a package, but not to the package as a whole. Difficulties may arise where a package order contains a mixture of instruments, where some are subject to the trading obligation while others are not. ESMA considers that the components of a package need to be executed on a trading venue only where it is feasible to do so without creating undue operational or execution risk.

Read more.]]></description>
					      
						      <pubDate>Wed, 21 Mar 2018 10:35:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Issu-</guid>
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					      <title>Wolfsberg Group Issues Frequently Asked Questions on Country Risk</title>
					      <link>https://finreg.aoshearman.com/Wolfsberg-Group-Issues-Frequently-Asked-Questions</link>
					      <description><![CDATA[
The Wolfsberg Group has published a set of Frequently Asked Questions on financial crime country risk. Country risk is the additional risk created by investing in, or lending cross border to, a foreign country in the context of credit facilities.

The FAQs cover: (i) the meaning of country risk in the context of financial crime compliance; (ii) the data sources that should be considered when developing a methodology to assess country risk; (iii) the frequency with which data sources should be refreshed; (iv) how sanctions should be considered in country risk methodologies; (v) the models or methodologies available to financial institutions to measure country risk, and how (and how frequently) financial institutions should test and validate their effectiveness; (vi) matters to be considered when purchasing and using an off-the-shelf commercial product to determine financial crime country risk ratings; (vii) whether there is standard or conventional methodology to assess country risk; (viii) how missing data points should be dealt with; (ix) whether overrides or discretionary risk rating changes should be allowed; (x) who should maintain ownership of the organization&apos;s FCCR Methodology; (xi) who uses the assessment results and how are the ratings disseminated; (xii) how the FCCR rating methodology should drive customer due diligence and enhanced due diligence requirements; and (xiii) whether a financial institution should have a country risk assessment expressed as a country risk rating.

Read more.]]></description>
					      
						      <pubDate>Tue, 20 Mar 2018 20:28:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Wolfsberg-Group-Issues-Frequently-Asked-Questions</guid>
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					      <title>Financial Stability Board Publishes Progress Update on its Work to Develop a Cyber Lexicon</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Progress-Upda</link>
					      <description><![CDATA[
The Financial Stability Board has published a Progress Update on its work on the creation of a common lexicon of terms to support the work of the FSB, standard-setting bodies, authorities and private sector participants to address cyber-security and cyber-resilience in the financial sector.

The FSB explains in the Progress Update that the cyber lexicon is not intended as a comprehensive lexicon of all cyber-security and cyber-resilience related terms. Its scope will be limited and focused on the core terms necessary to support the objective of the lexicon, which is to support the work of the above bodies, in particular by creating a cross-sector common understanding of relevant cyber security and cyber resilience terminology and by facilitating assessment and monitoring of financial stability risks in cyber-risk scenarios. It is expected that the lexicon will assist in the work of the FSB and standard-setting bodies to provide guidance related to cyber-security and cyber resilience.

Read more.]]></description>
					      
						      <pubDate>Tue, 20 Mar 2018 14:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Progress-Upda</guid>
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					      <title>UK and EU Negotiators Agree Brexit Transition Period</title>
					      <link>https://finreg.aoshearman.com/UK-and-EU-Negotiators-Agree-Brexit-Transition-Per</link>
					      <description><![CDATA[
The European Commission and the U.K. government have jointly published the latest draft withdrawal agreement for the U.K.&apos;s departure from the EU which, among other things, reflects the agreement reached on the post-Brexit transition period.

The draft withdrawal agreement includes some sections which are agreed (subject to legal drafting) and others which remain to be finalized. It includes final wording concerning an agreed &quot;transition&quot; or &quot;implementation&quot; period, that will run until December 31, 2020. The draft agreement departs from the previous draft circulated by the European Commission on March 15, 2018, by providing that the U.K. will be free to negotiate, sign and ratify international agreements in its own capacity during the transition. Any agreements negotiated by the U.K. must not enter into force or apply during the transition period, unless authorised by the EU.

The draft agreement also contains the agreed legal text for citizens&apos; rights and concerning the financial settlement, as well as agreed text on a number of other provisions. Financial services and other services remain among issues that are not addressed by any agreed text. The U.K. and EU negotiators aim to finalize the entire withdrawal agreement by October 2018.

View the draft withdrawal agreement.]]></description>
					      
						      <pubDate>Mon, 19 Mar 2018 12:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-and-EU-Negotiators-Agree-Brexit-Transition-Per</guid>
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					      <title>G20 Communiqu&amp;eacute; Calls for Recommendations for Regulation of Crypto-Assets</title>
					      <link>https://finreg.aoshearman.com/G20-Communiqueacute-Calls-for-Recommendations-for</link>
					      <description><![CDATA[
The G20 has published a Communiqu&amp;eacute; following the meeting of Finance Ministers &amp; Central Bank Governors in Buenos Aires on March 19 - 20, 2018. 

Among other things, the Communiqu&amp;eacute; states that the G20 welcomes the finalization of Basel III and remains committed to full, timely and consistent implementation and finalization of the reforms. The G20 looks forward to the outcome of the evaluation of the reforms to identify and address any unintended consequences, which is being led by the Financial Stability Board. 

The G20 also commits to continue to address the decline in correspondent banking relationships. It welcomes the FSB&apos;s March 2018 progress report on correspondent banking and calls on the FSB to monitor, with the FATF, the International Monetary Fund, the World Bank Group and the Global Partnership for Financial Inclusion, the adoption of the recommendations in the FSB&apos;s March 2018 report &quot;Stocktake of Remittance Service Providers&apos; Access to Banking Services.&quot;

Read more.
]]></description>
					      
						      <pubDate>Sun, 18 Mar 2018 10:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/G20-Communiqueacute-Calls-for-Recommendations-for</guid>
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					      <title>Financial Action Task Force Report to G20 Finance Ministers and Central Bank Governors</title>
					      <link>https://finreg.aoshearman.com/Financial-Action-Task-Force-Report-to-G20-Finance</link>
					      <description><![CDATA[
The Financial Action Task Force has published its report to G20 Finance Ministers and Central Bank Governors, in advance of their meeting in Buenos Aires scheduled for March 19 - 20, 2018. In the report, the FATF reiterates its commitment to tackle all sources, techniques and channels used in terrorist financing and to continue its work to increase financial transparency and improve the environment for remittances.

The report gives an overview of the FATF&apos;s recent work by providing stock-takes on the following workstreams:

	strengthening the FATF&apos;s institutional basis, governance and capacity;
	countering the financing of terrorism and proliferation;
	improving transparency and the availability of beneficial ownership information;
	supporting financial inclusion and access to regulated financial services;
	bank de-risking and the impact on remittances;
	FATF engagement with judges and prosecutors to improve the effectiveness of the criminal justice system; and
	the risks and opportunities of FinTech, RegTech and virtual currencies.


Read more
 ]]></description>
					      
						      <pubDate>Fri, 16 Mar 2018 10:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Action-Task-Force-Report-to-G20-Finance</guid>
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					      <title>Financial Stability Board Action Plan on Access to Banking Services by Remittance Providers</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Action-Plan-on-Access-t</link>
					      <description><![CDATA[
The Financial Stability Board has published two reports relating to its actions to address the decline in correspondent banking. The first report is a progress report addressed to the G20 Finance Ministers and Central Bank Governors on the FSB&apos;s four-point action plan to assess and address the decline in correspondent banking relationships. It sets out the actions taken since the FSB&apos;s July 2017 progress report and describes the work that remains to be completed at international level and implemented at national level by regulators and banks. That work includes:

	Implementing the recommendations and action plan on access to banking services by remittance providers (set out in the second report, which is described below);
	National implementation of the new Financial Action Task Force and revised Basel Committee guidance on correspondent banking, which the FSB thinks can mostly be achieved by national regulators issuing statements to clarify their expectations so that they are reflected in supervisory practices as well as banks&apos; risk management practices;
	Improving efficiencies in and enhancing standardization of Know Your Customer utilities, including encouraging the use of the Wolfsberg Correspondent Banking Due Diligence Questionnaire; and
	Progressing the enhancement and further development of solutions to capture the trade finance components of correspondent banking.

Read more. ]]></description>
					      
						      <pubDate>Fri, 16 Mar 2018 10:08:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Action-Plan-on-Access-t</guid>
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					      <title>European Commission Consults on Implementing the Final Basel III Requirements</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Consults-on-Implementing-the-</link>
					      <description><![CDATA[
The European Commission has opened an exploratory consultation on implementing the final aspects of Basel III into EU law, which will require changes to the Capital Requirements Directive and the Capital Requirements Regulation. Basel III was finalized on December 7, 2017. The final package revises the standardized and Internal Ratings-Based approach for credit risk, the Credit Valuation Adjustment risk framework, the leverage ratio framework, including the introduction of a leverage buffer for Global Systemically Important Banks, the operational risk framework and the new output ratio floor. The revised standards are due to take effect from January 1, 2022 and will be phased in over five years. The European Commission is seeking feedback on the various elements of the Basel III package, including how the revisions will impact the EU banking sector and wider economy, how they compare to the current EU requirements and whether they pose any particular implementation challenges.

The Commission&apos;s consultation closes on April 12, 2018.

View the consultation paper and response form.

View the final Basel III package.]]></description>
					      
						      <pubDate>Fri, 16 Mar 2018 08:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Consults-on-Implementing-the-</guid>
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					      <title>Bank of England Publishes Details of Its 2018 Stress Test</title>
					      <link>https://finreg.aoshearman.com/Bank-of-England-Publishes-Details-of-Its-2018-Str</link>
					      <description><![CDATA[
The Bank of England has published a report entitled &quot;Stress testing in the U.K. banking system: key elements of the 2018 stress test,&quot; providing details of the Annual Cyclical Scenario, which is the only stress test that the BoE will conduct in 2018. The report is accompanied by detailed guidance for participating banks and building societies.

The ACS will examine the impact on participant banks and building societies of three types of severe stress, which will be assumed to be synchronized. These are: (i) a U.K. and global macroeconomic stress; (ii) a traded risk stress (linked to a financial market scenario consistent with the macroeconomic scenario); and (iii) an independent misconduct costs stress. Seven banks and building societies will participate in the 2018 ACS. The report states that these participants account for around 80% of the outstanding stock of lending to the U.K. real economy by banks regulated by the Prudential Regulation Authority.

Read more.]]></description>
					      
						      <pubDate>Fri, 16 Mar 2018 08:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Bank-of-England-Publishes-Details-of-Its-2018-Str</guid>
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					      <title>European Central Bank Confirms Its Approach to Supervising Non-Performing Loans Levels</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Confirms-Its-Approach-to-Su</link>
					      <description><![CDATA[
Following its consultation in late 2017, the European Central Bank has published the final Addendum to its Guidance for Eurozone banks on non-performing loans. The ECB published its final Guidance for banks on NPLs on March 20, 2017. The Addendum sets out the ECB&apos;s supervisory expectations on the minimum levels of prudential provisions expected for new NPLs. It is intended to function as a starting point for dialogue between the ECB and individual institutions. As with the Guidance, the Addendum is not legally binding but would apply to all Eurozone Significant Institutions supervised by the ECB in the Single Supervisory Mechanism as well as their international subsidiaries. An institution that does not comply with the ECB&apos;s supervisory expectations, as set out in the Addendum, would be able to provide its rationale to the ECB as part of the dialogue. The supervisory expectations in the Addendum will be incorporated into the 2021 Supervisory Review and Evaluation Process. In the meantime, firms are expected to review their credit underwriting policies and begin provisioning for any loan classified as a NPL.

Read more.]]></description>
					      
						      <pubDate>Thu, 15 Mar 2018 10:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Confirms-Its-Approach-to-Su</guid>
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					      <title>European Central Bank Publishes Second Consultation on a New Euro Unsecured Overnight Rate</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Second-Consultati</link>
					      <description><![CDATA[
The European Central Bank has published a second consultation paper on a new unsecured overnight interest rate for euro transactions. This second consultation follows the ECB&apos;s announcement in September 2017 of its intention to develop the new benchmark and an initial consultation in November 2017 on its high level features. The new ECB rate will represent the euro unsecured money market in the very short tenor (i.e. overnight) and will be based entirely on transactions in euro that are reported by banks in accordance with the ECB&apos;s money market statistical reporting. It will complement existing benchmark rates produced by the private sector and serve as a backstop reference rate. The ECB proposes to produce the new rate by 2020.

The second consultation sets out a proposed definition of the underlying interest and scope of the benchmark, based on responses received to the first consultation. On the basis of the proposed definition of the rate&apos;s underlying interest, the second consultation considers the defined methodology of the new rate, along with the key operational and technical parameters. The consultation document also proposes contingency calculation rules in case certain representativeness thresholds are not met.

Read more.]]></description>
					      
						      <pubDate>Thu, 15 Mar 2018 08:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Publishes-Second-Consultati</guid>
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					      <title>European Supervisory Authorities Issue Final Report on Financial Institutions&apos; Use of Big Data</title>
					      <link>https://finreg.aoshearman.com/European-Supervisory-Authorities-Issue-Final-Repo</link>
					      <description><![CDATA[
The Joint Committee of the European Supervisory Authorities has published a final report on the use of Big Data by financial institutions. The Final Report has been prepared following feedback to a discussion paper published in December 2016 by the Joint Committee&apos;s sub-Committee on Consumer Protection and Financial Innovation. &quot;Big Data&quot; is the term used to refer to situations where high volumes of different types of data, produced with high velocity from a wide variety of data sets and sources, is processed (often in real time) by IT tools, such as powerful processors, software and algorithms. Big Data tools have been in use for several years in some sectors, but less so in others. Nevertheless most respondents to the ESAs&apos; discussion paper agreed that Big Data may have an impact on almost all financial institutions and on their products and services. The use of Big Data techniques can help financial institutions to improve their understanding of customers&apos; preferences and their interactions with customers and clients. This can enable them to tailor products to their target markets and support effective product governance. However, the use of Big Data also entails risk.

Read more.]]></description>
					      
						      <pubDate>Thu, 15 Mar 2018 08:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Supervisory-Authorities-Issue-Final-Repo</guid>
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					      <title>European Banking Authority Publishes FinTech Roadmap</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-FinTech-Road</link>
					      <description><![CDATA[
The European Banking Authority has published a Roadmap setting out its conclusions following responses to its August 2017 discussion paper on its approach to financial technology. The EBA adopts the definition of FinTech that is used by international standard-setting bodies, namely, &quot;technologically enabled financial innovation that could result in new business models, applications, processes or products with an associated material effect on financial markets and institutions and the provision of financial services&quot;.

Regulators and supervisors must balance, on the one hand, the needs for consumer protection, a level playing field, the integrity of financial markets and the stability of the financial system against, on the other hand, the need to ensure the opportunities presented by FinTech can be fully realized.

Read more.]]></description>
					      
						      <pubDate>Thu, 15 Mar 2018 08:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Publishes-FinTech-Road</guid>
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					      <title>US Federal Reserve Board Adopts Revised Forms, Including Bank Merger Act Application Form</title>
					      <link>https://finreg.aoshearman.com/USFRB-Adopts-Revised-Forms-including-Bank-Merger-Act-Application-Form</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System adopted a proposal to extend for three years, with revisions, certain forms, including the Interagency Notice of Change in Control (FR 2081a), Interagency Notice of Change in Director or Senior Executive Officer (FR 2081b), Interagency Biographical and Financial Report (FR 2081c) and the Interagency Bank Merger Act Application (FR 2070) forms. The revisions to the Interagency Bank Merger Act Application form include additional requested items, such as projected financial statements and capital figures as of the end of each of the first three years of operation following consummation of the merger.  In doing so, the Federal Reserve Board noted that the form&apos;s prior requirement of one year of projected financial statements was not viewed as sufficient.  The Federal Reserve Board also explained that the additional requested items in the revised Bank Merger Act Application form are typically requested in follow-up questions in connection with the application, and that the changes will increase the efficiency with which Bank Merger Act applications are processed. The revisions to the Bank Merger Act Application form also include clarifications, the deletion of certain requested items, definition updates and minor editing changes. The notice highlights that the Federal Reserve Board worked with the U.S. Office of the Comptroller of the Currency and U.S. Federal Deposit Insurance Corporation in drafting the revisions to these forms.

View full text of the Federal Reserve Board notice.]]></description>
					      
						      <pubDate>Thu, 15 Mar 2018 08:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/USFRB-Adopts-Revised-Forms-including-Bank-Merger-Act-Application-Form</guid>
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					      <title>US House of Representatives Passes Financial Institution Examination Reform Bill</title>
					      <link>https://finreg.aoshearman.com/US-House-of-Representatives-Passes-Financial-Institution-Examination-Reform-Bill</link>
					      <description><![CDATA[
The U.S. House of Representative passed the Financial Institutions Examination Fairness and Reform Act (H.R. 4545) by a vote of 283-133.  The bill would amend the Federal Financial Institutions Examination Council Act of 1978 to require federal financial institution regulatory agencies to issue final examination reports within 60 days of the later of a financial institution&apos;s exit report or the provision of additional information by a financial institution regarding its examination.  The bill would also permit financial institutions to obtain an independent review of material supervisory determinations contained in a final report of examination, including the right to an Administrative Law hearing.  The bill would also establish the Office of Independent Examination Review, which, among other things, would receive and investigate complaints from financial institutions with respect to examinations, examination practices and examination reports, review written examination procedures of federal financial regulatory agencies and conduct supervisory appeals.

View full text of the bill.]]></description>
					      
						      <pubDate>Thu, 15 Mar 2018 08:37:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-House-of-Representatives-Passes-Financial-Institution-Examination-Reform-Bill</guid>
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					      <title>European Banking Authority Advice on Measures to Address the Build-Up of Non-Performing Loans in the EU</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Advice-on-Measures-to-</link>
					      <description><![CDATA[
The European Banking Authority has published its advice to the European Commission on the use of statutory prudential backstops to prevent the building up of new non-performing loans. The Commission consulted in November 2017 on proposals for statutory prudential backstops to address insufficient provisioning for newly originated loans that turn into non-performing loans and requested the EBA to provide technical advice on its proposals by November 27, 2017. On March 14, 2018, the Commission published its legislative proposals to amend the Capital Requirements Regulation to require minimum loss coverage for non-performing exposures.

The EBA&apos;s advice provides an overview of the Commission&apos;s November 2017 proposal and discusses certain technical aspects, such as the interaction of the proposals with the introduction of IFRS 9 as well as the existing prudential framework. The EBA&apos;s advice also provides a quantitative assessment of the proposal which, the EBA stresses, is a conservative impact analysis given the data available and time constraints under which the report was produced.

Read more.]]></description>
					      
						      <pubDate>Wed, 14 Mar 2018 16:17:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Advice-on-Measures-to-</guid>
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					      <title>UK Financial Conduct Authority Outlines its Policy for Compelling Banks to Contribute to LIBOR</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Outlines-its-Polic</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has published a policy statement explaining the methodology the FCA would expect to use if it needed to compel banks to contribute to LIBOR (the London Interbank Offered Rate). LIBOR, which is administered by ICE Benchmark Administration, is a long-established and systemically important benchmark that underpins transactions in many different markets globally. The FCA&apos;s powers to compel contributions to LIBOR under the Financial Services and Markets Act 2000 have been superseded by similar powers under the EU Benchmarks Regulation, which came into effect on January 1, 2018. LIBOR has been designated a critical benchmark under the Benchmarks Regulation.

The FCA published a consultation paper in June 2017 on how its compulsion powers would need to be amended to align it with the Benchmarks Regulation. Since that consultation, the FCA has announced that all 20 panel banks that currently submit to LIBOR have agreed to continue to do so until the end of 2021. The FCA envisages that, by that time, sufficient progress will have been made on the evolution of LIBOR and transition to alternative benchmarks (which will be based on actual transactions) that the FCA may never need to use its compulsion powers.

View the policy statement (FCA PS18/5).]]></description>
					      
						      <pubDate>Wed, 14 Mar 2018 11:59:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Outlines-its-Polic</guid>
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					      <title>European Commission Launches Package to Address Non-Performing Loans Build-Up in the EU</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Launches-Package-to-Address-N</link>
					      <description><![CDATA[
The European Commission has launched a package of legislative and non-legislative measures to address remaining and future non-performing loans in the EU. Since the 2007/8 financial crisis, there has been a build-up of NPLs in the EU, which impacts banks&apos; viability and lending capabilities. NPLs are loans where the borrower has difficulties in making scheduled payments to cover interest and/or capital reimbursements. A loan is classified as an NPL when it is either more than 90 days past due or the loan is assessed as unlikely to be repaid by the borrower.

The package comprises:

	A proposed Regulation amending the Capital Requirements Regulation to introduce a statutory prudential backstop, which will require banks to have minimum loan loss coverage for newly originated loans;
	A proposed new Directive on credit services, credit purchasers and the recovery of collateral which seeks to enable banks to deal more efficiently with NPLs by introducing an accelerated extrajudicial collateral enforcement mechanism and facilitating the outsourcing of servicing of loans to specialized credit servicers; and
	A Technical Blueprint for Member States to set up National Asset Management Companies where NPLs have become a significant issue in a particular Member State. It is intended for use in restructuring of banks in compliance with the EU Bank Recovery and Resolution Directive and State Aid rules.


Read more.]]></description>
					      
						      <pubDate>Wed, 14 Mar 2018 09:34:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Launches-Package-to-Address-N</guid>
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					      <title>UK Payment Systems Regulator Consults on Reviewing its Directions on Access, Governance and Participants&apos; Relationships with the PSR</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Consults-on-Reviewin</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator has published a consultation on a review of the six formal General Directions (Directions GD 1-6) and one Specific Direction (SD1) it adopted in 2015 under the Financial Services (Banking Reform) Act 2013. These Directions were all intended to improve access to and the governance of payment systems in the U.K. GD1 sets out the PSR&apos;s expectations of regulated participants in payment systems to have an open and co-operative relationship with it. GD2, GD3 and SD1 set out requirements on operators relating to access to interbank and card payment systems and GD4-6 set out requirements for the governance of interbank payment systems.

Since the Directions were adopted in 2015, the PSR has gained experience of applying the Directions in practice and there have been a number of market and legislative changes, including the introduction of the Payment Services Regulations 2017. The PSR considers that the Directions should now be reviewed to reflect these market and legislative developments and to ensure that they remain relevant, proportionate and correctly targeted. The consultation paper sets out each of the Directives along with the PSR&apos;s proposals to revoke, revise or retain the Direction in its current form.

The PSR invites comments on the proposals by June 8, 2018.

View the consultation paper.]]></description>
					      
						      <pubDate>Wed, 14 Mar 2018 08:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-Consults-on-Reviewin</guid>
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					      <title>UK Banking Standards Board Publishes Annual Review for 2017-2018</title>
					      <link>https://finreg.aoshearman.com/UK-Banking-Standards-Board-Publishes-Annual-Revie</link>
					      <description><![CDATA[
The U.K. Banking Standards Board has published its Annual Review for the year 2017-2018. The BSB is a non-statutory organization established in April 2015 to help raise standards of behaviour and competence across the U.K. banking sector. Voluntary membership of the BSB is open to all banks and building societies operating in the U.K. The Annual Review sets out the key findings of the second annual assessment exercise conducted at member firms.

The BSB uses quantitative and qualitative data to assess firms against an Assessment Framework to establish how far each of nine characteristics is demonstrated within each firm. These characteristics are: honesty; competence; reliability; responsiveness; personal/organizational resilience; accountability; openness; respect; and shared purpose. The quantitative aspect of the assessment consists of an employee survey asking 37 core questions that allow comparison across and between firms and over time. The qualitative aspect incorporates views and perspectives from all levels and parts of the firm, obtained by various means, including written submissions, interviews and focus groups.

Read more.]]></description>
					      
						      <pubDate>Wed, 14 Mar 2018 08:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Banking-Standards-Board-Publishes-Annual-Revie</guid>
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					      <title>US Senate Passes Financial Regulatory Reform Bill</title>
					      <link>https://finreg.aoshearman.com/US-Senate-Passes-Financial-Regulatory-Reform-Bill</link>
					      <description><![CDATA[
The U.S. Senate passed a significant financial services reform bill 67-31 on a bipartisan basis that would eliminate certain requirements of the Dodd-Frank Act, including, most notably, increasing, from $50 billion to $250 billion, the threshold at which a large banking organization automatically becomes a systemically important financial institution that is subject to stricter supervisory standards.  The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) would also (i) exempt banks with less than $10 billion total consolidated assets from the Volcker Rule; (ii) exempt certain funds placed on deposit with certain central banks by a custodial bank from the calculation of the supplementary leverage ratio; (iii) reduce certain reporting and supervision requirements applicable to community banks; and (iv) ease certain securities law requirements.  A number of the provisions of the bill track legislation that has been passed by the U.S. House of Representatives over the past year, the most significant of which is the Financial Choice Act of 2017, which would amount to an omnibus revision of the Dodd-Frank Act.  The House will now have to consider the Senate bill, and the differences between the two bills will likely be negotiated and resolved in a Conference Committee of the House and Senate.

View full text of the bill.]]></description>
					      
						      <pubDate>Wed, 14 Mar 2018 08:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Senate-Passes-Financial-Regulatory-Reform-Bill</guid>
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					      <title>HM Treasury Consults on Cash and Digital Payments in the New Economy</title>
					      <link>https://finreg.aoshearman.com/HM-Treasury-Consults-on-Cash-and-Digital-Payments</link>
					      <description><![CDATA[
HM Treasury has published a call for evidence which aims to inform the government&apos;s understanding of cash and digital payments in the new economy. Statistics show that the advance of digital technology has impacted how people manage their finances, with a large increase in the use of digital payments and a decrease in the use of cash. The UK Government is seeking input on how it can support the transition from cash to digital payments. The Government would like to ensure that cash remains available and secure to those who need to use it. In addition, the Government is concerned with how it can do more to prevent cash being used illegitimately, mostly to evade tax and to launder money.

Responses to the consultation should be provided by June 5, 2018.

View the call for evidence.]]></description>
					      
						      <pubDate>Tue, 13 Mar 2018 08:45:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/HM-Treasury-Consults-on-Cash-and-Digital-Payments</guid>
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					      <title>EU Legislation on Strong Customer Authentication Published</title>
					      <link>https://finreg.aoshearman.com/EU-Legislation-on-Strong-Customer-Authentication-</link>
					      <description><![CDATA[
A Commission Delegated Regulation has been published in the Official Journal of the European Union. The Delegated Regulation supplements the revised Payment Services Directive with Regulatory Technical Standards for strong customer authentication and common and secure open standards of communication.

PSD2 requires that strong customer authentication is used for accessing a payment account online, initiating a payment transaction and carrying out a transaction through a remote channel. &quot;Strong customer authentication&quot; means an authentication based on the use of two or more elements categorized as knowledge (something only the user knows), possession (something only the user possesses) and inherence (something the user is) that are independent, in that the breach of one does not compromise the reliability of the others, and is designed in such a way as to protect the confidentiality of the authentication data.

Read more.]]></description>
					      
						      <pubDate>Tue, 13 Mar 2018 08:44:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/EU-Legislation-on-Strong-Customer-Authentication-</guid>
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					      <title>US Financial Stability Oversight Council Amends Procedures for Hearings Conducted Under the Dodd-Frank Act</title>
					      <link>https://finreg.aoshearman.com/US-FSOC-Amends-Procedures-for-Hearings-Conducted-Under-the-Dodd-Frank-Act</link>
					      <description><![CDATA[
The U.S. Financial Stability Oversight Council approved certain amendments to its procedures for hearings under Titles I and VIII of the Dodd-Frank Act.  The amendments add Section 117 of the Dodd-Frank Act to the scope of its hearing procedures, and make other conforming technical and streamlining amendments. Section 117 of the Dodd-Frank Act (the so-called Hotel California provision) applies to certain bank holding companies and provides that in the event one of these entities ceases to be a bank holding company, it shall thereupon be treated as a nonbank financial company subject to supervision by the U.S. Board of Governors of the Federal Reserve System. Section 117 also provides that an entity designated as a nonbank financial company pursuant to this section may request a hearing before the FSOC to appeal this treatment.  The amendments are effective immediately, but the FSOC will accept written comments received within 30 days of the publication of the amendments in the Federal Register.

View full text of the FSOC resolution.]]></description>
					      
						      <pubDate>Tue, 13 Mar 2018 08:39:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FSOC-Amends-Procedures-for-Hearings-Conducted-Under-the-Dodd-Frank-Act</guid>
				    </item>
			
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					      <title>European Commission Provides Clarification on the Law Applicable to the Proprietary Effects of Transactions in Securities</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Provides-Clarification-on-the</link>
					      <description><![CDATA[
The European Commission has published a Communication on the law applicable to the proprietary effects of transactions in securities. The Commission&apos;s objective is to clarify the conflicts of law provisions in the Financial Collateral Directive, the Settlement Finality Directive and the Winding-up Directive. These Directives apply to book-entry securities and instruments, the existence or transfer of which presupposes their recording in a register, an account, or centralized deposit system. All three Directives designate the applicable law based on the place of the relevant register or account. However, there is a degree of uncertainty because the provisions in the Directives use different language and because there is diverse interpretation and application of the provisions across the EU. The Communication confirms the Commission&apos;s view that the terms &apos;maintained&apos; and &apos;located&apos; used in these Directives mean the same thing and that the different ways across the EU of determining where the account or register is &apos;maintained&apos; or &apos;located&apos; are valid. The Commission&apos;s views are subject to any potential future decisions of the Court of Justice of the European Union on these issues.

The Commission will monitor developments in this area and assess whether any further action is necessary. National authorities are called upon to take the Commission&apos;s clarifications into account when applying the conflicts of law provisions of the FCD, SFD or WUD. The Communication should be read in conjunction with the Commission&apos;s proposed Regulation on the law applicable to the third-party effects of assignments of claims.

View the Communication.

View the proposed separate Regulation on assignment of claims.]]></description>
					      
						      <pubDate>Mon, 12 Mar 2018 08:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Provides-Clarification-on-the</guid>
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					      <title>European Commission Proposes Legislation to Provide Legal Certainty for Cross-Border Assignment of Claims</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Proposes-Legislation-to-Provi</link>
					      <description><![CDATA[
The European Commission has published a proposed Regulation on the law applicable to the third-party effects of assignments of claims. The proposed Regulation was published alongside a Communication on the law applicable to the proprietary effects of transactions in securities.

Existing conflicts of law rules as to the contractual elements of the assignment of claims are governed at EU-level by the Rome 1 Regulation. However, there are no EU-level conflicts of law rules on the proprietary elements (or third-party effects) of the assignment of claims. The proprietary elements relate to who has ownership rights over a claim, which requirements must be met by an assignee to give him legal title over the claim and the resolution of competing claims. Currently, each Member State&apos;s conflicts of law rules govern the assignment of claims. These rules are inconsistent across the EU because they use different connecting factors to determine the applicable law - the rules in some Member States are based on the law of the assigned claim, others are based on the law of the assignor&apos;s habitual residence and other conflicts of law rules are based on the law of the assignment contract. In addition, some conflicts of law rules are unclear, particularly where they are not stated in legislation. Without legal certainty, market participants may not be aware of or choose to ignore the risk and then encounter unexpected losses; or they may mitigate the risk by seeking legal advice which will result in higher transaction costs; or they may be dissuaded by the legal risk, choose to avoid it and miss business opportunities.

Read more. ]]></description>
					      
						      <pubDate>Mon, 12 Mar 2018 08:46:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Proposes-Legislation-to-Provi</guid>
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					      <title>European Commission Publishes Legislative Package for Cross-Border Distribution of Investment Funds</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Publishes-Legislative-Package</link>
					      <description><![CDATA[
As part of its work on creating a European Capital Markets Union, the European Commission has published a legislative package of amendments, comprising a proposed Regulation and a proposed Directive.

The proposed Directive amends the Directive on Undertakings for Collective Investment in Transferable Securities Directive and the Alternative Investment Fund Managers Directive by introducing new or amending existing elements of that legislation. This includes deletion or amendment of provisions of the UCITS Directive or AIFMD that are dealt with in the proposed new Regulation. The proposed Directive also inserts a definition of &quot;pre-marketing&quot; in AIFMD, which is designed to allow AIFMs to target investors by testing their appetite for upcoming investment opportunities or strategies through pre-marketing. Pre-marketing is defined as &quot;a direct or indirect provision of information on investment strategies or investment ideas... in order to test [investor] interest&quot; in an AIF that has not yet been established.

The proposed Regulation aims to increase transparency on the rules and procedures applicable to cross-border marketing of investment funds and regulatory fees and charges levied by national competent authorities.

Read more.]]></description>
					      
						      <pubDate>Mon, 12 Mar 2018 08:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Publishes-Legislative-Package</guid>
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					      <title>International Standard Setters Report on the Implications of Central Bank Digital Currencies</title>
					      <link>https://finreg.aoshearman.com/International-Standard-Setters-Report-on-the-Impl</link>
					      <description><![CDATA[
The Committee on Payments and Markets Infrastructures and the Markets Committee of the Bank for International Settlements have issued a joint report that considers two types of central bank digital currency: (i) a wholesale CBDC for use in financial markets and limited to select financial institutions; and (ii) a general purpose CBDC that would be available for use by the public. The report analyzes the implications of both types of digital currency in the core central banking areas of payments, monetary policy implementation and financial stability.

As regards wholesale CBDCs, the report finds that, while they might be useful for payments, more work is needed to assess their full potential. The report also finds that a wholesale CBDC would not alter the basic mechanics of monetary policy implementation, but that its transmission could be affected. The report states that a general purpose CBDC could have wide-ranging implications for banks and the financial system and could also have effects on the efficiency of financial intermediation. As a result, the report concludes that any jurisdiction considering the launch of a CBDC should carefully and thoroughly consider the implications before making any decision.

The joint report has been published in advance of the meeting of the G20 central bank governors and finance ministers, scheduled for March 19-20, 2018, which, among other things, proposes to discuss the technology behind cryptocurrencies.

View the joint report.

View the press release.]]></description>
					      
						      <pubDate>Mon, 12 Mar 2018 08:43:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Standard-Setters-Report-on-the-Impl</guid>
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					      <title>UK Banking Standards Board Publishes Principles for Strengthening Professionalism</title>
					      <link>https://finreg.aoshearman.com/UK-Banking-Standards-Board-Publishes-Principles-f</link>
					      <description><![CDATA[
The Banking Standards Board has published the &quot;BSB Statement of Principles for Strengthening Professionalism - The role of the firm&quot;, which is a guiding statement of principles intended to assist banks and building societies to strengthen professionalism in the banking sector. The BSB has defined professionalism in UK banking as &quot;attitudes, judgement and high standards of behaviour, knowledge and skill expected of individuals working in banking&quot;. The Statement consists of six principles, each of which is supported by action points on how the principle can be achieved.

The Statement does not impose any legal or regulatory obligations on firms or replace any regulation. It is intended to assist firms in structuring their own practices and to build on regulatory initiatives, such as the Senior Managers and Certification Regimes.

View the BSB Statement.]]></description>
					      
						      <pubDate>Mon, 12 Mar 2018 08:41:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Banking-Standards-Board-Publishes-Principles-f</guid>
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					      <title>European Commission Proposes EU Covered Bonds Legislative Package</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Proposes-EU-Covered-Bonds-Leg</link>
					      <description><![CDATA[
The European Commission has published legislative proposals for a new EU covered bonds framework. The legislative package consists of a proposed Directive on the issue of covered bonds and covered bond public supervision and a proposed Regulation to amend the prudential treatment of covered bonds under the Capital Requirements Regulation. The proposals are part of the EU&apos;s Capital Markets Union project and follow from the work of the European Banking Authority in this area, in particular, its 2016 recommendations for an EU covered bonds framework.

The proposed Covered Bonds Directive will apply to covered bonds issued by EU credit institutions, which means that only EU credit institutions will be able to issue covered bonds governed by the framework. Issuers using the EU covered bonds label will need to comply with the proposed Directive but can also use the label with national labels. Covered bonds are debt obligations issued by credit institutions and secured against a ring-fenced pool of assets to which bondholders have direct recourse as preferred creditors. The proposed Directive provides requirements for issuing covered bonds and the structural features of covered bonds, including dual recourse and bankruptcy remoteness. There are also provisions to address liquidity risk through the imposition of a liquidity buffer related to the cover pool and transparency provisions requiring information to be disclosed to covered bond investors. In addition, the proposed Directive provides for supervision at national level of covered bonds.

Read more. ]]></description>
					      
						      <pubDate>Mon, 12 Mar 2018 08:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Proposes-EU-Covered-Bonds-Leg</guid>
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					      <title>US Federal Reserve Board Provides Updated CCAR and DFAST Questions and Answers</title>
					      <link>https://finreg.aoshearman.com/US-FRB-Provides-Updated-CCAR-and-DFAST-Questions-and-Answers</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System published updates to its Comprehensive Capital and Analysis Review and Dodd-Frank Act Stress Tests questions and answers guide.  The Federal Reserve Board provided additional questions and answers with respect to a number of topics, including general CCAR considerations, range of practice and supervisory expectations, FR Y 14-A report supporting documentation and the remediation of supervisory findings.

Read more.]]></description>
					      
						      <pubDate>Fri, 09 Mar 2018 18:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FRB-Provides-Updated-CCAR-and-DFAST-Questions-and-Answers</guid>
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					      <title>European Central Bank Confirms Collective Agreement Between TARGET2 Participants</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Confirms-Collective-Agreeme</link>
					      <description><![CDATA[
The European Central Bank has confirmed that a collective agreement signed between the central banks operating TARGET2 component systems and the central securities depositories operating on the TARGET2-Securities platform can enter into force. The provisions of the Collective Agreement will take effect on March 20, 2018. The Collective Agreement provides a definition of a &quot;common moment of entry&quot; for payments and securities transfer orders that are matched in the systems of the signatories to the agreement. This common moment of entry will either be the moment at which a transfer order has been declared compliant with the technical rules of T2S by either the T2S platform or, if the CSD is operating a separate matching component, by the CSD. Defining the common moment of entry makes it possible to establish the point at which securities transactions become irrevocable and accordingly will provide certainty regarding the treatment of outstanding transactions if a participant becomes insolvent.

Read more.
]]></description>
					      
						      <pubDate>Fri, 09 Mar 2018 16:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Confirms-Collective-Agreeme</guid>
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					      <title>Financial Stability Board Issues Supplementary Guidance to its Principles and Standards on Sound Compensation Practices</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Issues-Supplementary-Gu</link>
					      <description><![CDATA[
The Financial Stability Board has published the finalized version of its Supplementary Guidance on its Principles and Standards on Sound Compensation Practices, following feedback to a consultation it launched in June 2017. The Supplementary Guidance relates to the use of compensation tools to address misconduct risk. Misconduct, for the purposes of the Supplementary Guidance, should generally be understood as conduct that falls short of expected standards, including legal, professional, internal conduct and ethical standards.

The Supplementary Guidance is consistent with the FSB&apos;s existing Principles and Standards on Sound Compensation Practices and provides guidance on better practice for addressing misconduct risk without adding any new or additional principles or standards. It is broken down into sections covering: (i) governance of compensation and misconduct risk; (ii) effective alignment of compensation with misconduct risk; and (iii) supervision of compensation and misconduct risk. FSB members are asked to apply the Supplementary Guidance to significant institutions and in a way consistent with the law and regulation of their jurisdictions.

View the Supplementary Guidance.
]]></description>
					      
						      <pubDate>Fri, 09 Mar 2018 16:11:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Issues-Supplementary-Gu</guid>
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					      <title>UK Financial Conduct Authority Launches Survey for EEA Firms Operating in the UK Under Single Market Passports</title>
					      <link>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Launches-Survey-fo</link>
					      <description><![CDATA[
The U.K. Financial Conduct Authority has launched a short online survey seeking information from European Economic Area firms currently operating in the UK under a passport. The information obtained will identify those firms for which a &quot;temporary permission&quot; may be relevant following the U.K.&apos;s withdrawal from the European Union. The possibility of a &quot;temporary permission regime&quot; was raised by HM Treasury in December 2017 as a means by which firms previously operating under a passport would be able to enter into new business and fulfil existing contracts with U.K. customers for a period of time after exit day, while seeking full authorization in the U.K.. HM Treasury has not yet prepared legislation relating to the temporary permissions regime, and EU-U.K. negotiations are in any event ongoing, however the FCA believes that it is likely that firms operating under a passport would need to inform it of their intention to operate under the temporary regime via a straightforward notification process in advance of the U.K.&apos;s withdrawal.

Read more.]]></description>
					      
						      <pubDate>Fri, 09 Mar 2018 13:29:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Financial-Conduct-Authority-Launches-Survey-fo</guid>
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					      <title>European Banking Authority Seeks Feedback on Draft Guidelines on Managing Non-Performing Exposures</title>
					      <link>https://finreg.aoshearman.com/European-Banking-Authority-Seeks-Feedback-on-Draf</link>
					      <description><![CDATA[
The European Banking Authority has commenced a consultation on draft Guidelines on the management of non-performing and forborne exposures. The Capital Requirements Directive requires in-scope banks and investment firms to have robust governance arrangements and effective processes to identify, manage, monitor and report the risks to which the firm is exposed. The EBA is responsible for issuing related guidelines to further harmonize across the EU how firms implement these obligations.

Since the 2007/08 financial crisis, there has been a build-up of non-performing loans in the EU, which impacts banks&apos; viability and lending capabilities. In March 2017, the European Central Bank finalized its Guidance on managing NPLs, which applies to all Eurozone Significant Institutions supervised by the ECB in the Single Supervisory Mechanism as well as their international subsidiaries. The EBA&apos;s draft Guidelines similarly aim to reduce the build-up of non-performing exposures (NPEs) in a bank&apos;s balance sheet.

The EBA&apos;s proposed Guidelines set out sound risk management practices for banks for managing NPEs, forborne exposures (FBE) and foreclosed assets and apply to all exposures that fall within the definition of non-performing and forbearance in the ITS on Supervisory Reporting (Commission Implementing Regulation (EU) No 680/2014). The finalized Guidelines will also apply to national regulators responsible for assessing firms&apos; risk management of NPEs and FBEs, as part of the Supervisory Review and Evaluation Process. National regulators must also ensure that firms comply with the Guidelines on an individual, sub-consolidated and consolidated basis.

Read more.]]></description>
					      
						      <pubDate>Thu, 08 Mar 2018 15:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Banking-Authority-Seeks-Feedback-on-Draf</guid>
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					      <title>UK Joint Money Laundering Steering Group Consults on Revised AML/CTF Guidance for Asset Finance and Syndicated Lending</title>
					      <link>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group-Consults</link>
					      <description><![CDATA[
The U.K. Joint Money Laundering Steering Group has launched a short consultation on minor changes to Part II of its anti-money laundering and counter-terrorist financing guidance in relation to two sectors, namely asset finance and syndicated lending.

In the press release announcing the draft revised guidance, the JMLSG clarifies that the revisions do not make substantive changes to the existing guidance. Instead, the proposals provide clarification on the workings of these two sectors, how to identify customers and how risks should be assessed.

The JMLSG invites comments on the proposed revisions by March 30, 2018.

View the consultation.]]></description>
					      
						      <pubDate>Thu, 08 Mar 2018 13:30:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group-Consults</guid>
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					      <title>European Commission Outlines its Action Plan for FinTech</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Outlines-its-Action-Plan-for-</link>
					      <description><![CDATA[
The European Commission has issued a Communication on FinTech to the European Parliament, the European Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions.

The Communication sets out the Commission&apos;s Action Plan for FinTech, building on responses from the Commission&apos;s public consultation on its policy approach to FinTech, which ran from March to June 2017, and on the work of the Task Force on Financial Technology which was established in November 2016. The Action Plan is part of the Commission&apos;s efforts to build a Capital Markets Union and a true single market for consumer financial services. It is also part of its drive to create a Digital Single Market. The Communication is accompanied by Frequently Asked Questions on FinTech and a factsheet.

At this stage, the Commission considers that there is limited need for regulatory or legislative action or reform. However, the outcome of ongoing monitoring and assessment of innovative technologies may point to the need for regulatory action at EU level in the future. The current Action Plan is concerned with initiatives designed to facilitate the emergence of innovative models throughout the EU (through sandboxes and similar approaches), to enable innovative models to scale up (through consistent licensing, common standards and interoperability). The Commission also aims to improve the uptake of technological innovation in the financial sector, by ensuring the suitability of the regulatory regime, reducing barriers to entry for innovative firms such as cloud service providers and, in particular, harnessing the potential of blockchain and other distributed ledger technologies. The Action Plan further outlines planned initiatives to strengthen cybersecurity as well as the integrity of the financial system.

Read more. ]]></description>
					      
						      <pubDate>Thu, 08 Mar 2018 12:38:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Outlines-its-Action-Plan-for-</guid>
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					      <title>European Commission Proposed Legislation to Regulate Cross-Border Crowdfunding Service Providers</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Proposed-Legislation-to-Regul</link>
					      <description><![CDATA[
The European Commission has published a proposed Regulation on European Crowdfunding Service Providers for Business. The proposed ECSP Regulation is part of the EU Capital Markets Union initiative and the Commission&apos;s FinTech Action Plan. It aims to increase access to finance through crowdfunding for innovative companies, start-ups and SMEs.

The Commission is seeking to introduce an &quot;EU label for crowdfunding service providers&quot; which would be authorized and supervised by the European Securities and Markets Authority and able to passport their services across the EU. Currently, different EU Member States apply different levels of regulatory requirements to CSPs. Some Member States require CSPs to comply with onerous obligations under the Markets in Financial Instruments package, some apply more lenient regimes, while others allow CSPs to benefit from exemptions and remain unregulated. The Commission&apos;s view is that this divergence hampers the potential scaling-up of crowdfunding activity, because CSPs need to comply with different legal and regulatory requirements and adjust their business models accordingly if they want to provide services in more than one EU Member State. The Commission is not proposing that current national frameworks be repealed. Instead, those frameworks can continue to exist, which will allow CSPs to choose to either provide or continue providing services on a domestic basis under national laws or to provide services under the proposed ECSP Regulation. However, the Commission is proposing that the MiFID II Directive be amended to exclude CSPs from its obligations.

Read more. ]]></description>
					      
						      <pubDate>Thu, 08 Mar 2018 11:47:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Proposed-Legislation-to-Regul</guid>
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					      <title>European Commission Calls for Acceleration of Completion of the Capital Markets Union</title>
					      <link>https://finreg.aoshearman.com/European-Commission-Calls-for-Acceleration-of-Com</link>
					      <description><![CDATA[
The European Commission has published a Communication on completing the Capital Markets Union by 2019. The Communication confirms the Commissions commitment to completing the CMU by mid-2019 and announces the publication of the FinTech Action Plan, including a proposed Regulation on Crowdfunding, and the Sustainable Finance Action Plan. Legislative proposals on covered bonds, the cross-border distribution of collective investment funds and the law applicable to third-party effects of assignment are expected to be published on March 12, 2018. In May 2018, the Commission intends to publish a proposed Directive on credit servicers, credit purchasers and the recovery of collateral as well as impact assessments on the SME listing regime and the resolution of investment disputes.

The Commission states that completion of the CMU is more urgent due to the impending exit by the UK from the EU because the UK is currently the EUs largest financial centre. The Commission notes that an effective CMU will need to &quot;open-up markets to give better access to finance for EU businesses and more and innovative investment opportunities for savers.&quot; 

Read more. ]]></description>
					      
						      <pubDate>Thu, 08 Mar 2018 11:18:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Commission-Calls-for-Acceleration-of-Com</guid>
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					      <title>European Securities and Markets Authority Releases Double Volume Cap Data for Dark Pool Trading</title>
					      <link>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Release</link>
					      <description><![CDATA[
The European Securities and Markets Authority has published on its website trading volumes and calculations for the purposes of the Double Volume Cap under the Markets in Financial Instruments Directive and the Markets in Financial Instruments Regulation. The published data covers the periods January 1, 2017 to December 31, 2017 and February 1, 2017 to January 31, 2018.

The DVC has been introduced under MiFIR as a measure to limit the amount of dark pool trading, which can harm price formation in equity markets. The DVC places a cap on the volume of equities trading using two of the available waivers from the pre-trade transparency obligations of the MiFIR, namely the negotiated transaction waiver and the reference price waiver. The double cap comprises a per-venue cap of 4% of the total volume of trading in a particular financial instrument on all EU trading venues across over the previous 12 months and an EU-wide cap of 8%. ESMA is required to publish reports on the volume of trades that have relied on the waivers.  National regulators must suspend, for six months, trading under the waivers that exceeds either of the caps.

The publication of the data follows a delay announced by ESMA in January 2018 due to issues with the quality and completeness of data that had been submitted.

View the ESMA press release.]]></description>
					      
						      <pubDate>Wed, 07 Mar 2018 15:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Securities-and-Markets-Authority-Release</guid>
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					      <title>International Standards Body Proposes Recommendations for Trading Venues on Managing Extreme Market Volatility</title>
					      <link>https://finreg.aoshearman.com/International-Standards-Body-Proposes-Recommendat</link>
					      <description><![CDATA[
The International Organization of Securities Commissions has launched a consultation on proposed recommendations for trading venues and their regulators to consider when implementing, operating and monitoring volatility control mechanisms to preserve orderly trading. The consultation supports IOSCO&apos;s objective of ensuring that markets are fair, efficient and transparent and focuses on automatic volatility interruptions and mechanisms to halt trading or reject orders.

Read more.]]></description>
					      
						      <pubDate>Wed, 07 Mar 2018 14:13:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/International-Standards-Body-Proposes-Recommendat</guid>
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					      <title>US House of Representatives Passes Regulatory Reform Bills and Senate Continues Debate on Regulatory Reform Bill</title>
					      <link>https://finreg.aoshearman.com/US-HoR-Passes-Regulatory-Reform-Bills-and-Senate-Continues-Debate-on-RRB</link>
					      <description><![CDATA[
The U.S. House of Representatives passed four bills from the U.S. House Financial Services Committee, all by voice vote, which are primarily designed to reduce the regulatory burden on financial institutions.

Read more.]]></description>
					      
						      <pubDate>Tue, 06 Mar 2018 19:15:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-HoR-Passes-Regulatory-Reform-Bills-and-Senate-Continues-Debate-on-RRB</guid>
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					      <title>US Federal Reserve Board Proposes Amendments to Regulation J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire)</title>
					      <link>https://finreg.aoshearman.com/US-Federal-Reserve-Board-Proposes-Amendments-to-Regulation-J</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System published a proposed rule for that would amend Regulation J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire).  The proposed amendments are intended to better harmonize Regulation J with the Federal Reserve Board&apos;s recent amendments to Regulation CC (Availability of Funds and Collection of Checks), and to reflect a transition from a paper-based check collection system to one that is essentially entirely electronic.  The proposed amendments are designed to clarify and simplify provisions of Subpart A of Regulation J, while removing obsolete provisions, and to better reflect the rights of stakeholders, including with respect to the Federal Reserve Banks.  The amendments also include proposed clarifications to Subpart B of Regulation J to reinforce that terms used in financial messaging standards do not confer legal status or responsibilities.  Comments to the Federal Reserve Board&apos;s proposal are due 60 days from its publication in the Federal Register.

View full text of the Federal Reserve Board proposal.]]></description>
					      
						      <pubDate>Tue, 06 Mar 2018 18:54:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-Federal-Reserve-Board-Proposes-Amendments-to-Regulation-J</guid>
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					      <title>Financial Stability Board Releases Updated Data Report on Correspondent Banking</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Releases-Updated-Data-R</link>
					      <description><![CDATA[
The Financial Stability Board has published an update to its correspondent banking data report. The latest data report updates the data report the FSB published in July 2017 alongside a report for the G20 on progress made on the four point action plan the FSB launched in November 2015 to address the decline in correspondent banking relationships. The latest data report updates the July 2017 data report with additional information provided by SWIFT incorporating the period from January to June 2017. 

This new data reveals the average number of active corridors per country (that is, direct relationships between countries, measured by the flow of SWIFT messages) increased in the first half of 2017 in Oceania, Eastern Europe, and Northern America but declined in the rest of the Americas and of Europe, as well as Africa and Asia. There was continued reduction in the total number of active correspondents (as measured by the number of banks that have sent or received messages corridor by corridor in a given month). This decline in active correspondents has not resulted in a lower number of payment messages (volume) or a lower underlying value of the messages processed through SWIFT, leading the FSB to conclude that the higher volume of messages could in part reflect a lengthening of payment chains, as previously discussed in its July 2017 report. Concentration levels of correspondent banking remain high. 
Read more.]]></description>
					      
						      <pubDate>Tue, 06 Mar 2018 15:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Releases-Updated-Data-R</guid>
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					      <title>UK Government Launches Independent Review Into the Prudential Supervision of the Co-operative Bank</title>
					      <link>https://finreg.aoshearman.com/UK-Government-Launches-Independent-Review-Into-th</link>
					      <description><![CDATA[
HM Treasury has directed the Prudential Regulation Authority to conduct an independent investigation into the prudential regulation of the Co-operative Bank plc during the period 2008 to 2013. HM Treasury is empowered to require the Financial Conduct Authority or PRA to undertake investigations where it considers that such an investigation is in the public interest and the relevant regulator has not launched an investigation on its own initiative. The investigation will consider the actions, policies and approach of the Financial Services Authority and one of the successors to its functions, the PRA, during their respective periods in charge of prudential supervision, including the withdrawal by the Co-operative Bank from the bidding process to purchase bank branches from Lloyds Banking Group (known as Project Verde).

Read more.]]></description>
					      
						      <pubDate>Tue, 06 Mar 2018 13:33:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Government-Launches-Independent-Review-Into-th</guid>
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					      <title>Wolfsberg Group Updates Correspondent Banking Due Diligence Questionnaire</title>
					      <link>https://finreg.aoshearman.com/Wolfsberg-Group-Updates-Correspondent-Banking-Due</link>
					      <description><![CDATA[
The Wolfsberg Group has published an updated version of its Correspondent Banking Due Diligence Questionnaire (dated February 22, 2018). The CBDDQ has been enhanced and expanded in line with regulatory expectations on strengthening and building due diligence tools. The Group has also published guidance on completing the CBDDQ, frequently asked questions and a glossary. The CBDDQ is intended to provide a standardized document for use by those needing to conduct due diligence on correspondent banks. Over time, it is hoped that use and availability of the CBDDQ may, among other things, help prevent unnecessary de-risking.

The Wolfsberg Group was established in 2002 and comprises thirteen banks. Its objective is to develop frameworks and guidance for the management of financial crime risks. The CBDDQ is intended to support the work on de-risking in correspondent banking by the Financial Stability Board, the Financial Action Task Force and the Committee on Payments and Market Infrastructures.
 
View the updated CBDDQ (version 1.2).

View the completion guidance.

View the FAQs.

View the Glossary.
]]></description>
					      
						      <pubDate>Tue, 06 Mar 2018 13:06:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Wolfsberg-Group-Updates-Correspondent-Banking-Due</guid>
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					      <title>US Federal Reserve Board Vice Chairman for Supervision Discusses Regulatory Agenda for Foreign Banking Organizations</title>
					      <link>https://finreg.aoshearman.com/US-FRB-Vice-Chairman-for-Supervision-Discusses-Regulatory-Agenda-for-FBO</link>
					      <description><![CDATA[
Randal Quarles, U.S. Board of Governors of the Federal Reserve System Vice Chairman for Supervision, discussed the need to examine post-crisis reforms.  Focusing on post-crisis regulations that impact foreign banking organizations operating in the U.S., he noted that regulations should be reviewed to ensure not only efficacy, but also efficiency and transparency.

Read more.]]></description>
					      
						      <pubDate>Mon, 05 Mar 2018 18:09:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FRB-Vice-Chairman-for-Supervision-Discusses-Regulatory-Agenda-for-FBO</guid>
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					      <title>UK Joint Money Laundering Steering Group Obtains Ministerial Approval for Updated Guidance</title>
					      <link>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group-Obtains-</link>
					      <description><![CDATA[
The U.K.&apos;s Joint Money Laundering Steering Group has confirmed that it has received approval from HM Treasury for the final revised guidance it published in December 2017 on anti-money laundering and counter-terrorist financing for the financial services sector. The revisions to the guidance align it with the provisions of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, which is the UK implementing legislation for the Fourth EU Money Laundering Directive (4MLD) and the revised Wire Transfer Regulation (WTR) which came into effect on June 26, 2017. 4MLD seeks to give effect to the updated Financial Action Task Force (FATF) global standards which promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. WTR sets out the minimum requirements that are essential to ensure the traceability of transfers of funds.
Read more.]]></description>
					      
						      <pubDate>Mon, 05 Mar 2018 13:36:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Joint-Money-Laundering-Steering-Group-Obtains-</guid>
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					      <title>Financial Stability Board Publishes Reporting Guidelines for Global Securities Financing Data Collection</title>
					      <link>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Reporting-Gui</link>
					      <description><![CDATA[
The Financial Stability Board has published final Reporting Guidelines for implementing the November 2015 Global FSB Securities Financing Data Standards, which set out the standards and processes for global securities financing data collection, aggregation and reporting by national regulators for financial stability purposes. The standards, among other things, define the data elements for repurchase agreements, securities lending and margin lending and set out recommendations for national regulators on the collection of data from market participants, so that timely and comprehensive visibility into trends and developments in these markets can be obtained. National regulators must report in USD to the Bank for International Settlements, acting as the global aggregator.

Read more.]]></description>
					      
						      <pubDate>Mon, 05 Mar 2018 13:14:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Financial-Stability-Board-Publishes-Reporting-Gui</guid>
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					      <title>European Central Bank Consults on Draft Guides to Assessing Adequacy of Internal Capital and Liquidity</title>
					      <link>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Draft-Guides-to</link>
					      <description><![CDATA[
The European Central Bank has published two consultations on draft guides on the internal capital adequacy assessment process (ICAAP) and the internal liquidity adequacy assessment process (ILAAP). The draft Guides, which will be relevant to institutions within the Single Supervisory Mechanism, are designed to assist institutions in strengthening their ICAAPs and ILAAPs and encourage the use of best practices by explaining in greater detail the ECB&apos;s expectations.

Read more.
]]></description>
					      
						      <pubDate>Fri, 02 Mar 2018 13:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Central-Bank-Consults-on-Draft-Guides-to</guid>
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					      <title>UK Prime Minister Speech on the UK&apos;s Future Economic Partnership with the EU</title>
					      <link>https://finreg.aoshearman.com/UK-Prime-Minister-Speech-on-the-UKrsquos-Future-E</link>
					      <description><![CDATA[
The U.K. Prime Minister delivered her third major speech on the future partnership between the U.K. and the European Union following Brexit. In it, the Prime Minister restated the key elements and provided greater detail about the U.K.&apos;s aims for a free trade agreement with the EU post-Brexit.

 The Prime Minister was candid about the fact there are some &quot;hard facts&quot; to be accepted, one of which is that access to each other&apos;s markets may in certain ways be less than it is now. Two key aspects of the speech are of particular interest for financial services businesses and their advisers.

Read more
]]></description>
					      
						      <pubDate>Fri, 02 Mar 2018 13:40:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Prime-Minister-Speech-on-the-UKrsquos-Future-E</guid>
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					      <title>US Federal Reserve Board Announces Upcoming Conclusion of Secure Payments Task Force</title>
					      <link>https://finreg.aoshearman.com/US-FRB-Announces-Upcoming-Conclusion-of-Secure-Payments-Task-Force</link>
					      <description><![CDATA[
The U.S. Board of Governors of the Federal Reserve System announced that the Secure Payments Task Force will conclude its efforts this month with a final publication detailing the lifecycles and security profiles of today&apos;s primary payment methods.  Established in 2015, the Secure Payments Task Force, which has engaged more than 200 financial institutions, payment service providers, and other stakeholders, has made a number of contributions to improve the security and resiliency of payment systems, including identifying key security priorities, developing resources and documentation to educate stakeholders and providing feedback to the Federal Reserve Board.  The members of the Secure Payments Task Force will transition into the FedPayments Improvement Community, a network established to provide stakeholders with opportunities to engage in the Federal Reserve Board with respect to its payment improvement initiatives.

View full text of the Federal Reserve Announcement.]]></description>
					      
						      <pubDate>Thu, 01 Mar 2018 18:32:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-FRB-Announces-Upcoming-Conclusion-of-Secure-Payments-Task-Force</guid>
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					      <title>UK Competition and Markets Authority Publishes Working Paper on its Investment Consultancy Investigation</title>
					      <link>https://finreg.aoshearman.com/UK-Competition-and-Markets-Authority-Publishes-Wo</link>
					      <description><![CDATA[
As part of its market investigation into the supply and acquisition of investment consultancy services and fiduciary management services, the U.K. Competition and Markets Authority has published the first in a series of working papers on specific aspects of the investigation, as envisaged by the progress report it published in February 2018. The working paper sets out the CMA&apos;s analysis and emerging findings to date in respect of the information available to pension trustees on the fees and quality of investment consultants and fiduciary managers. It should be read together with the issues statement for the investigation, which was published in September 2017. The working paper also provides an update on the CMA&apos;s developing thinking on potential remedies that might be applied in the event that the CMA was to find an adverse effect on competition. Remedies being considered by the CMA include guidance and off-the-shelf materials for running better tenders, standardised information for prospective clients in response to tenders, better fee information, standardised performance metrics and stronger service quality metrics.

Read more.]]></description>
					      
						      <pubDate>Thu, 01 Mar 2018 13:42:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Competition-and-Markets-Authority-Publishes-Wo</guid>
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					      <title>Federal Reserve Bank of New York Announces Plans to Begin Publication of Treasury Repo Reference Rates on April 3, 2018</title>
					      <link>https://finreg.aoshearman.com/Federal-Reserve-Bank-of-New-York-Announces-Plans-</link>
					      <description><![CDATA[
The Federal Reserve Bank of New York has announced it will begin publication of three Treasury repo reference rates on April 3, 2018. The rates will reflect data from the previous day and will be published each day at approximately 8:00 a.m. Eastern Time.

These rates include the Secured Overnight Financing Rate (SOFR), which will be based on triparty repo data from Bank of New York Mellon and cleared bilateral and GCF Repo data from the Depository Trust &amp; Clearing Corporation; the Triparty General Collateral Rate (TGCR), which will solely include triparty repo data; and the Broad General Collateral Rate (BGCR), which will be based on triparty repo data and GCF Repo data. In December, the Alternative Reference Rates Committee recommended SOFR as an alternative to U.S. dollar LIBOR in certain new U.S. dollar derivatives and other financial contracts.

Read more.]]></description>
					      
						      <pubDate>Wed, 28 Feb 2018 15:04:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/Federal-Reserve-Bank-of-New-York-Announces-Plans-</guid>
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					      <title>UK Payment Systems Regulator To Proceed With Plans To Reimburse Payment Scam Victims</title>
					      <link>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-To-Proceed-With-Plan</link>
					      <description><![CDATA[
The U.K. Payment Systems Regulator has published the outcome of the consultation it launched in November 2017 on a contingent reimbursement model for the victims of so-called &quot;authorized push payment&quot; scams. That consultation, which closed on January 12, 2018, outlined high level principles for the CRM and requested input from stakeholders on how the model should be further developed, implemented and administered.

Taking into account responses to the consultation, the PSR proposes to proceed with the CRM model and will establish a dedicated steering group to develop it, in the form of an industry code for reimbursement of APP scam victims. The steering group will be comprised of representatives from key stakeholder groups, particularly consumer representatives and PSPs, with oversight and support from the PSR. Other relevant regulatory and governmental bodies will also be involved as observers.

Read more
]]></description>
					      
						      <pubDate>Wed, 28 Feb 2018 14:10:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/UK-Payment-Systems-Regulator-To-Proceed-With-Plan</guid>
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					      <title>US House of Representatives Votes to Pass Bill on Operational Risk Capital Requirements for Financial Institutions</title>
					      <link>https://finreg.aoshearman.com/US-House-of-Representatives-Votes-to-Pass-Bill-on-ORC-Requirements-for-Financial-Institutions</link>
					      <description><![CDATA[
The U.S. House of Representatives voted 245-169 in favor of passing H.R. 4296.  The bill prohibits federal financial regulators from establishing operational risk capital requirements for financial institutions unless the requirements are based upon, and appropriately sensitive to, the risks posed by the institution&apos;s current business and operations.  The requirements also must be forward-looking, rather than focused on historical losses of the financial institution, and provide for adjustment to capital requirements based upon the operational risk mitigating activities of the financial institution.  The bill was originally part of the larger Financial CHOICE Act, which passed the House in June 2017.  The bill was read in the U.S. Senate and referred to the U.S. Senate Committee on Banking, Finance, &amp; Urban Affairs.

View full text of the bill.]]></description>
					      
						      <pubDate>Tue, 27 Feb 2018 18:20:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/US-House-of-Representatives-Votes-to-Pass-Bill-on-ORC-Requirements-for-Financial-Institutions</guid>
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					      <title>European Systemic Risk Board Final Report and Opinion on Use of Structural Macroprudential Instruments in the EU</title>
					      <link>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Final-Report-and-Opi</link>
					      <description><![CDATA[
The European Systemic Risk Board has published a final report setting out proposed amendments to the ESRB Handbook on Operationalising Macroprudential Policy and policy proposals on the legal framework of the systemic risk buffer and the structural buffers for global systemically important institutions (G-SIIs) and O-SIIs. Alongside the final report, the ESRB has also published an Opinion to the European Commission on structural macroprudential buffers.
Read more.]]></description>
					      
						      <pubDate>Tue, 27 Feb 2018 17:50:00 GMT</pubDate>
						    
					      <guid>https://finreg.aoshearman.com/European-Systemic-Risk-Board-Final-Report-and-Opi</guid>
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					      <title>Basel Committee Proposes Revisions to Pillar 3 Disclosure Framework</title>
					      <link>https://finreg.aoshearman.com/Basel-Committee-Proposes-Revisions-to-Pillar-3-Di</link>
					      <description><![CDATA[
The Basel Committee on Banking Supervision has published a Consultation on its proposals for the third phase of the Pillar 3 Framework. Pi